No battle plan survives first contact with the enemy
In March 2009, the International Accounting Standards Board started an ambitious plan to make accounting for banks easier to understand. In no less than 97 pages, the IABS laid out its plan to reduce complexity in the…
Kiwibank capital flip-flop
About a fortnight ago Kiwibank announced that its formerly disqualified capital instruments now re-qualify as capital. Yay! This after a the capital disqualification event on which I wrote not so long ago. There was almost no…
Kiwibank puts its money where its mouth should be
Kiwibank’s capital cock-up took an unexpected turn this week when the bank made another extraordinary announcement. On Friday, the bank let us know that its parents will bail out the bank with an infusion of…
Free rider problems and tax bills? The Kiwibank capital cock-up
On 15 March, New Zealand Kiwibank issued two odd statements regarding their Basel III compliant (or is it compliant) capital instruments. The announcements raised the prospect of disqualification of two capital instruments: the Tier 2 convertible subordinated…
That feeling when you notice that EU leverage ratio requirements are at risk
This week, the EBA and BCBS published the Basel III monitoring results. They show a further improvement of European banks’ capital positions, largely fulfilling the future regulatory capital requirements, with only a very small number…
Five years after the first Basel III coco issuance, the Netherlands “gets” CoCos.
Uh oh, Jeroen Dijsselbloem form the Netherlands got into rough water this week: Dutch newspaper NRC had a nice scoop that showed how he relied on ING word smiths for writing a tax rule that…
UPDATE 2: The EBA’s laudable effort to tame Additional Tier 1 issuances
This week, the EBA held a public hearing on the 4 May report on AT1 issuances, see my previous posts on this. Click here for the PowerPoint that the EBA prepared. Apparently no surprises. On…
UPDATE: The EBA’s laudable effort to tame Additional Tier 1 issuances
Today, the EBA held a public hearing on the 4 May report on AT1 issuances, see my previous post on this. Click here for the PowerPoint that the EBA prepared. Apparently no surprises. On the…
The EBA’s laudable effort to tame Additional Tier 1 issuances
This week, the EBA issued its preliminary report on the monitoring of Additional Tier 1 (AT1) instruments of EU. It is a great document for outsiders to obtain a feel for what these instruments are…
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