> **来源：[研报客](https://pc.yanbaoke.cn)** # CEBS Public Hearing on Hybrid Capital Instruments (CP 27) Summary ## Core Content On 8 September 2009, the Committee of European Banking Supervisors (CEBS) held a public hearing to present its draft proposal for implementation guidelines on Hybrid Capital Instruments (HCIs), in response to the Capital Requirements Directive (CRD) amendments. The hearing was chaired by Thomas Huertas and David Guillaume, and it attracted around 80 participants from various sectors including banks, associations, rating agencies, investors, and supervisory bodies. ## Main Objectives of the Draft Proposal CEBS aims to provide guidance for the convergence of supervisory practices regarding HCIs. The proposal outlines five main areas of focus: 1. **Permanence** - CEBS emphasizes the importance of permanence in HCIs. - Buybacks are treated similarly to redemptions in prudential terms. - Supervisory approval is required for buybacks, and a five-year minimum holding period is proposed for instruments eligible as original own funds. 2. **Flexibility of Payments** - Concerns were raised about constraints on Alternative Coupon Satisfaction Mechanisms (ACSM) and dividend pushers/stoppers. - CEBS clarified that ACSM are acceptable only if they have the same effect as payment cancellation. - Regulators must have the ability to cancel coupons, and contractual terms must allow for such actions. 3. **Loss Absorbency** - A participant questioned the automatic and mandatory nature of conversion, suggesting it should be optional. - CEBS stressed that HCIs must be able to absorb losses, ensuring that they can support bank recapitalization during financial stress. 4. **Limits** - A concern was raised about the obligation to include "innovative" instruments within the 15% limit even after the call date has expired without redemption. - CEBS noted that such instruments were originally marketed with an incentive to redeem, and investors may expect early redemption after the step-up date. 5. **SPV Issuances** - Clarification was requested on how SPV (Special Purpose Vehicle) issuances should be considered in solo consolidation. - CEBS explained that the Directive criteria in Article 70 must be met for SPV issuances to be included in own funds. ## Additional Points - **Grandfathering** - Some participants requested more detailed guidance on grandfathering. - CEBS mentioned that transitional arrangements are already provided by the CRD and that specific guidelines on grandfathering are not planned at this time. - However, CEBS may consider how non-compliant instruments should be included in the different sets of limits. - **Basel Collaboration** - CEBS highlighted close cooperation with the Basel Committee on Banking Supervision (BCBS). - While BCBS is working on capital-related issues, CEBS indicated that its guidelines are not expected to undergo radical changes in the short term. ## Next Steps - Written comments on CP27 were requested by 23 September 2009. - All comments will be published on the CEBS website unless the respondents opt for confidentiality. - A revised version of the document, incorporating feedback from the public consultation, is expected to be published by the end of 2009. ## Key Takeaways - The draft proposal is aligned with the latest CRD amendments and focuses on ensuring the prudential soundness of HCIs. - CEBS is committed to convergence in supervisory practices and has outlined clear criteria for permanence, flexibility, loss absorbency, limits, and SPV issuances. - Feedback from stakeholders is crucial, and the final guidelines will be shaped by the input received. - CEBS remains in close coordination with BCBS and will continue to monitor the implementation of its guidelines.