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Amendment of section 845C of Principal Act (treatment of Additional Tier 1 instruments)
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22. Section 845C of the Principal Act is amended in subsection (1) by substituting the following for the definition of “Additional Tier 1 instrument”:
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“‘Additional Tier 1 instrument’ means an instrument—
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(a) which qualifies, or has qualified, as an Additional Tier 1 instrument under Article 52 of the Capital Requirements Regulation, or
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(b) which is an instrument that has not been issued by an institution within the meaning of Article 4 of the Capital Requirements Regulation but which satisfies conditions that, with any necessary modification of them by virtue of the fact that the instrument has not been issued by a foregoing institution, are equivalent to the conditions specified in Article 52 of the Capital Requirements Regulation;”.
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