Just one year ago, bank capital specialists were getting ready for the big push. The objective was to persuade authorities throughout Europe to accept tax-deductible tier one securities. Victory in this battle would give every bank access to a cheaper form of core capital than equity. This hybrid tier one capital, said its advocates, would become the perfect way for banks to fund acquisitions as they turned themselves into pan-European institutions.
A year on, and the same bankers can hardly believe the scale of their achievement.
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