LONDON, March 20 (Reuters) - The Bank of England said on
Monday that Britain had a clear statutory order in which
shareholders and creditors of failed banks bear losses,
following the wipeout of some bondholders in the rescue of
Credit Suisse .
"AT1 instruments rank ahead of CET1 and behind T2 in the
hierarchy. Holders of such instruments should expect to be
exposed to losses in resolution or insolvency in the order of
their positions in this hierarchy," the BoE said in a statement.
(Reporting by Kylie MacLellan, Writing by Andy Bruce; Editing
by Kate Holton)
Messaging: @brucereuters))
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.