...In February 2009, Fitch Ratings published a comment ("Fitch Sees Elevated Risk of Bank Hybrid Capital Coupon Deferral in 2009" dated 4 February 2009 and available at www.fitchresearch.com) on its perception of increased coupon deferral risk for banks badly affected by the current financial crisis, one component of which was the fact that "in Europe there is the additional complication of the role of the European Commission in approving, and setting conditions on, state aid packages to ailing banks." Consequently, Fitch has lowered the ratings of hybrid capital instruments of ailing banks within the EU and elsewhere. Since the inception of the financial crisis, and in particular since the collapse of Lehmans, the EU Commission ("the Commission" essentially the executive arm of the EU) has published a series of communications on the functioning of state aid to financial institutions (primarily banks, but it is reasonable to presume that the guidance could be applied to insurance companies...
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| Company(ies): | Bank of Scotland plc, Dexia Banque Internationale à Luxembourg, Lloyds TSB Bank plc, Natixis SA, ABN AMRO Bank N.V., Equitable of Iowa Companies Capital Trust II, HBOS plc, ING Groep NV, SNS Bank NV, The Royal Bank of Scotland Group plc, Dexia Funding Luxembourg S.A. , The Royal Bank of Scotland plc, BPCE S.A., Dexia Credit Local, Fortis Capital Company Ltd., National Westminster Bank plc
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