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What are CET1 Instruments in UK?


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Updated 13 December 2016

What are CET1 Instruments in UK?

The European Banking Authority (EBA) is tasked with monitoring and assessing the capital instruments that qualifies as Common Equity Tier 1 (‘CET1’) within each EU Member State per the Capital Requirement Regulations (CRR).

EBA: The CET1 Instrument List

There have been a number of changes to the CET1 Instrument list since it was first published by the EBA on 28 May 2014.

Most recently, the EBA updated the CET1 Instrument List on 1st December 2016.

This was the fourth revision to the list, which can be found on the EBA website.

Per the EBA’s 1st December 2016 CET1 Instrument List, the following instruments are considered eligible CET1 within the United Kingdom:

Eligible as CET1 under CRR Article 28:

Eligible as CET1 under CRR Article 29:

As of the 8th September 2016, Royal Bank of Scotland Group plc (RBS) Series 1 Class B Shares and Series 1 Dividend Access Shares are no longer classified as eligible CET1 within the United Kingdom.

“the inclusion of an instrument in the list implies the instrument meets the eligibility criteria” of the CRR and therefore “can be included in the CET1 capital by all institutions in the Member State to which is refers”.

EBA, December 2016