境外银行永续债损失吸收机制探析及启示

Loss Absorption Mechanisms of Banks’ Perpetual Notes

在巴塞尔协议III框架下,银行资本工具需要嵌入合格的损失吸收机制,以保障资本属性。本文通过考察境外资本工具特别是补充其他一级资本的永续债,总结提出其损失吸收机制的主要设计范式和路径,以期增进该品种在中国域内的生命力和投资者保护。

Under the Basel III framework,banks'capital instruments are required to have a qualified loss absorption mechanism to ensure capital integrity.There are at least three major aspects within the core concept of the mechanism:the trigger,the method and the amount.By examining the loss absorption mechanisms of banks'capital instruments on overseas markets,particularly perpetual notes which qualify as additional tier one capital,this paper addresses some major norms and approaches in the design of these instruments.The objective is to enhance the vitality of the instruments and protect investors within the jurisdiction of China.