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报告摘要

Summary of Hybrid Instruments Eligible as Original Own Funds

Core Content

This summary outlines the eligibility of hybrid capital instruments as original own funds in various European countries. The information includes the type of instruments, whether they are issued directly or through SPVs, prior supervisory authorisation requirements, accounting treatment, tax treatment, disclosure provisions, and limitations on inclusion in own funds.

Main Characteristics and Eligibility

Country	Type of Instrument	Issued and Fully Paid	Characteristics of the Issuer: Direct or Through SPV	Prior Supervisory Authorisation Required
Austria	Any type as long as it meets § 24 (2) 5 and 6	Yes	Direct or through SPV (if proceeds are available only via SPV)	No
Belgium	Mandatory convertible bonds, profit sharing certificates, preferred shares (issued by SPV)	Yes	Direct and indirect	Yes
Cyprus	Debt Instrument	Yes	Direct	Yes
Czech Republic	Innovative instruments (including preference shares) are not acceptable as eligible own funds	-	-	-
Denmark	Hybrid Core Capital	Yes	Direct	No
Estonia	-	na	na	-
Finland	Capital loans (subordinated)	Yes	Direct	Yes
France	Deeply subordinated notes (TSS), indirect preferred shares	Yes	Direct or through SPV	Yes
Germany	Silent partnership, trust preferred shares/securities	Yes	Direct or via SPV	No
Greece	Preferred securities (callable after 5 or 10 years)	Yes	Through SPV	Yes
Hungary	Core loan capital, Additional loan capital	Yes	Direct	License not necessary before issuance, but approval required for early repayment
Ireland	Any type	Yes	Direct or through SPV	Yes
Italy	Preferred securities, Convertible Preferred Securities	Yes	Through Trust and SPV	Yes
Latvia	Cumulative preference shares of unlimited duration	Yes	Direct	na
Lithuania	Directive 2000/12 related to preference shares	na	-	na
Luxembourg	Any type	Yes	Direct	Yes
Malta	Preference shares, Innovative instruments	Yes	Direct	na
Netherlands	Trust preferred securities, perpetual debt securities, member (share) certificates	Yes	SPV/direct, through holding company	Yes
Norway	Hybrid capital eligible as tier 1 capital	Yes	Direct	Yes
Poland	Innovative instruments (including preference shares) are not acceptable as eligible own funds	-	-	-
Portugal	Preferential shares, Mandatory Convertible Securities	Yes	Direct or through SPV	Yes
Slovakia	Innovative instruments (including preference shares) are not acceptable as eligible own funds	-	-	-
Slovenia	Innovative instruments	Issued and fully paid	Direct	Prior approval of the Bank of Slovenia required
Spain	Partecipaciones preferentes, preferential shares	Yes	Direct or through SPV	Yes
Sweden	Capital contributions	Yes	Direct	Yes
UK	Instruments eligible to be classified as innovative tier 1 (deeply subordinated debt, preference shares)	Yes	SPV issuance permitted	Prior supervisory authorisation required 1 month before redemption
UK	Preference shares classified as non-innovative tier 1	Yes	Direct	Prior supervisory authorisation required 1 month before redemption
UK	PIBS - Permanent Interest Bearing Shares	Yes	Direct	Prior supervisory authorisation required 1 month before redemption

Accounting Treatment and Tax Deductibility

Country	Type of Instrument	Accounting Treatment	Tax Deductibility
Austria	Any type	Liability item	-
Belgium	Mandatory convertible bonds, profit sharing certificates, preferred shares (issued by SPV)	Depending on features	Depending on features
Cyprus	Debt Instrument	Liability	Yes
Denmark	Hybrid Core Capital	Liability	Yes
Finland	Capital loans (subordinated)	Liability after 2005	Interest paid is tax deductible
France	Deeply subordinated notes, Indirect preferred shares	Liability (French rules)/Equity (IFRS)	Coupons tax deductible; Dividends not deductible
Germany	Silent partnership, Trust preferred shares/securities	Equity or Liability	Generally deductible; Some taxed like common equity
Greece	Preferred securities	Liability/Equity	No
Latvia	Cumulative preference shares of unlimited duration	Liability	Yes
Luxembourg	Any type	Equity	Yes
Malta	Innovative instruments	na	na
Netherlands	Trust preferred securities, perpetual debt securities, member (share) certificates	Liability	Coupons deductible
Norway	Hybrid capital	Liability	Tax deductible coupons
UK	Innovative tier 1 instruments (deeply subordinated debt, preference shares)	Liability or Equity	Typically tax deductible
Spain	Partecipaciones preferentes	Liability	Tax deductible
Sweden	Capital contributions	Liability	Presumed deductible
UK	PIBS - Permanent Interest Bearing Shares	Equity	Typically tax deductible

Disclosure and Regulatory Provisions

Country	Type of Instrument	Provisions for Public Disclosure
Austria	Any type	Yes (printed publication or internet)
Belgium	Mandatory convertible bonds, profit sharing certificates, preferred shares (issued by SPV)	Yes
Cyprus	Debt Instrument	Yes
Denmark	Hybrid Core Capital	Not regulated
Finland	Capital loans (subordinated)	Yes
France	Deeply subordinated notes, Indirect preferred shares	Yes
Germany	Silent partnership, Trust preferred shares/securities	Basically regulated
Greece	Preferred securities	Yes
Hungary	Core loan capital, Additional loan capital	Not regulated
Ireland	Any type	Issues must meet disclosure requirements
Italy	Preferred securities, Convertible Preferred Securities	Offering circular required
Latvia	Cumulative preference shares of unlimited duration	Yes
Luxembourg	Any type	Yes
Malta	Innovative instruments	Marketing must be in line with regulations
Netherlands	Trust preferred securities, perpetual debt securities, member (share) certificate	Public disclosure required
Norway	Hybrid capital	Yes (regulated market instruments)
Portugal	Preferential shares, Mandatory Convertible Securities	Yes
Slovenia	Innovative instruments	Main features must be easily understood and publicly disclosed
Spain	Partecipaciones preferentes	Issuance prospectus required
Sweden	Capital contributions	No
UK	Instruments eligible to be classified as innovative tier 1	Description of characteristics must be consistent with prudential treatment
UK	Preference shares classified as non-innovative tier 1	-
UK	PIBS - Permanent Interest Bearing Shares	-

Limitations and Ceilings

Country	Type of Instrument	Part of Own Funds	Ceilings (e.g. up to x%)
Austria	Any type	Tier 1	Up to 15% or 30% of core capital
Belgium	Mandatory convertible bonds, profit sharing certificates, preferred shares	Original own funds	Up to 15% of original own funds; some non-callable instruments up to 33%
Cyprus	Debt Instrument	Limit 15% of Tier 1	The rest included in Tier 2
Denmark	Hybrid Core Capital	Tier 1	Up to 15% of Tier 1; excess in Tier 2
Finland	Capital loans (subordinated)	Non-core original own funds	Up to 15% (exceptionally 33% or 50%)
France	Deeply subordinated notes, Indirect preferred shares	Tier 1	Up to 15% (innovative) or 25% (non-innovative)
Germany	Silent partnership, Trust preferred shares/securities	Tier I	Up to 50% of Tier I; some limited to 15%
Greece	Preferred securities (callable after 5 or 10 years)	Non-core Tier 1 or Tier 2	Up to 15% (until 2005), 10% (from 2006); up to 30% or 25% for Tier 2
Hungary	Core loan capital, Additional loan capital	Core loan capital is part of original own funds	Core loan capital not exceeding 15% of total original own funds
Italy	Preferred securities, Convertible Preferred Securities	Tier 1	Up to 15% of Tier 1
Latvia	Cumulative preference shares of unlimited duration	Tier 2	No additional limits except Tier 2 cannot exceed Tier 1
Lithuania	Directive 2000/12 related to preference shares	-	Preference shares may constitute less than 1/3 of statutory capital
Luxembourg	Any type	Original own funds	Up to 15% of consolidated original own funds
Malta	Preference shares, Innovative instruments	Tier 1	0.15 (in some cases)
Netherlands	Trust preferred securities, perpetual debt securities, member (share) certificate	Tier 1	Up to 50% (innovative) or 15% (dated)
Norway	Hybrid capital	Tier 1	Up to 15% of total tier 1 capital
Portugal	Preferential shares, Mandatory Convertible Securities	Tier 1	Up to 20% of consolidated own funds; excess in Tier 2
Slovenia	Innovative instruments	Tier 1	Up to 15% of Tier 1; excess in Tier 2
Spain	Partecipaciones preferentes	Tier 1	-
Sweden	Capital contributions	Tier 1	No additional limits except Tier 2 cannot exceed Tier 1
UK	Instruments eligible to be classified as innovative tier 1	Tier 1	Up to 15% of total Tier 1 capital
UK	Preference shares classified as non-innovative tier 1	Tier 1	-
UK	PIBS - Permanent Interest Bearing Shares	Tier 1	-

Key Information

Eligibility varies by country and instrument type, with most countries relying on Basel Committee recommendations.
Prior authorisation is generally required for the issuance and redemption of hybrid instruments.
Accounting treatment often depends on whether the instrument is classified as equity or liability, and this can vary by jurisdiction.
Tax deductibility is common for coupons but not always for dividends.
Disclosure requirements are in place in most countries to ensure transparency and clarity of instrument features.
Ceilings are set for the inclusion of hybrid instruments in own funds, typically up to 15% or 25% of Tier 1 capital. Some countries allow higher percentages under specific conditions.

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