Since the publication of its fifth updated list of CET1 capital instruments on 23 May 2017, the EBA has continued its monitoring and assessment of new CET1 instruments. This update includes two new forms of CET1 instrument issued in two Member States, which have been assessed and evaluated as compliant with the CRR and added to the CET1 list.
Since its first publication, the EBA has been assessing the terms and conditions of all new instruments included in the CET1 list against the regulatory provisions, with the aim of identifying any discrepancy with the eligibility criteria. In several cases, the EBA requested amendments to the terms and conditions of such instruments, mainly relating to the flexibility of payments.
The list has to be read in conjunction with the CET1 Report, published last May, which provides some background on the monitoring work done to establish the CET1 list. The Report also provides external stakeholders with further guidance on the content and objectives of the CET1 list, clarity on the consequences of the inclusion (or exclusion) of an instrument in (or from) the list and feedback on the outcome of the EBA monitoring work on CET1 issuances across the EU.
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