Following the publication of our revised bank hybrid capital criteria on Sept. 18, 2014, we have taken various rating actions on just under 1,200 hybrid capital instruments issued by European financial institutions. We believe that European regulators are adopting a tougher "bail-in" stance toward hybrid capital instruments, as indicated by the implementation of the EU Bank Recovery and Resolution Directive (BRRD) and recent treatment of subordinated capital instruments in the recapitalization of struggling banks. We consider the terms of the BRRD to introduce statutory contingent capital features into EU bank hybrids and we expect this feature to be used in the event of a stress. We see similar legislations in the rest of Europe; therefore the ratings on all EU,
