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ARTICLE · 19 SEPTEMBER 2011

Blog: More Basel III

Norton Rose Fulbright Australia
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Blogs relating to Basel Committee on Banking Supervision agreement on measures to rengthen global capital standards.

AustraliaFinance and Banking
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Canadian implementation of Basel III capital rules (Issuance of non-viability contingent capital)

15 September 2011

To meet Basel III's minimum requirements to qualify as Tier 1 or Tier 2 capital (Tiered Capital), all non-common instruments issued by deposit-taking institutions must include a provision whereby the instrument is either written off or converted into common equity upon the occurrence of a trigger event at the point of non-viability. On August 16, 2011, the Canadian regulatory authority (OSFI) that supervises banks and other federally-regulated deposit-taking institutions (DTIs) released its final advisory (the Advisory) outlining its expectations with respect to the issuance of Non-Viability Contingent Capital (NVCC) that would qualify as Tiered Capital for Basel III purposes.

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