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Europe’s banks strode towards a revival of the increasingly important tier two capital market this week when the European Commission published its long awaited proposal on bank recovery and resolution, writes Katie Llanos-Small.
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Despite continuing uncertainty over the structure of future tier two instruments, this week’s European Commission draft directive on bank resolution and recovery has opened the way for a new class of bail-in buffer capital.
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Prospects of Europe’s banks issuing Basel III compliant tier two have moved sharply closer with yesterday's announcement of a new bank resolution and recovery directive proposal. But complete certainty on issuance remains tantalisingly out of reach.
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Portugal on Monday set the terms of its banking sector recapitalisation, under which two of its three big listed banks will raise most of the required funds through hybrid capital injections and only a small part from state-underwritten rights issues. The country’s troika-backed bail-out has already earmarked the funds required.
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Regulators will be able to intervene early in a troubled bank in an attempt to turn it around before it goes into resolution, under proposals for a directive on bank resolution and recovery published by the European Commission on Wednesday. The draft directive also elaborated on what constitutes the point of non-viability, but gave the ultimate authority on defining such a moment to the European Banking Authority.