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COREP Guidance COREP Terms & Definitions CONTACT US What are CET1 Instruments in UK?

What are CET1 Instruments in UK?


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Updated 5 August 2019

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 22nd July 2019, which was the eighth revision to the list.  

Member States CET1 instruments affected by the latest update include:

Per the EBA’s 22nd July 2019 CET1 Instrument List, the following instruments are considered eligible CET1 within the United Kingdom:

UK- Eligible as CET1 under CRR Article 28:

UK - Eligible as CET1 under CRR Article 29:

Remember that the reference to an instrument as being issued in addition to another does not mean that there is necessarily a joint issuance of those instruments or that the holders of both instruments are the same; it only means that it is possible for firms to include the two instruments in their CET1.

Also remember that  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 full CET1 Instrument list for all jurisdictions can be found on the EBA website.

“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, July 2019