The new rules will not come into effect until 2009, but what is proposed would substantially alter the nature of certain forms of innovative hybrid tier 1 capital in various European countries.
Notably, the UK’s Financial Services Authority has recently published its own paper that opened up a wider discussion on the definition of capital. In a world of joined-up thinking, the FSA’s exercise should be part of what the Committee of European Banking Supervision is canvassing opinion for.
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