Banks to build tier two buffers in face of bail-in
The European Union has struck a deal with member states to bring senior bail-in forward to 2016. The deal matched what many in the market were expecting, but bankers anticipate an increase in tier two capital issuance from banks next year in order to protect their senior bondholders.
Late on Wednesday, negotiators for the European parliament and council agreed on a common rule book for bank resolution that will apply across the EU from January 1, 2015 and bring in senior bail-in two years earlier than first envisaged.
There is a widespread view among investors that
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