Law stated as at 01 Jan 2011 • Switzerland |
Name of instrument and date | Conversion/writedown features |
Enhanced capital notes (Lloyds) 2009. | Conversion into ordinary shares of Lloyds Banking Group plc, if Lloyds Banking Group's consolidated core Tier 1 ratio is less than 5%. |
EUR500 million non-cumulative step-up fixed/floating rate subordinated notes (Unicredit), 2010. | Principal write-down if either:
|
US$2 billion perpetual non-cumulative capital securities (Rabobank), January 2011. | Principal write-down either:
|
CHF2.5 billion and US$3.5 billion Tier 1 buffer capital notes (BCNs), announced February 2011 (Credit Suisse Group) (source: Credit Suisse Group press release, 14 February 2011). | Conversion into ordinary shares of Credit Suisse Group if either:
|
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T +41 58 800 8000
F +41 58 800 8080
E [email protected]
W www.nkf.ch