Submission #12

Deutsche Börse Group

General comments For our detailed general comments please see attached/uploaded files.

Is a trigger event of no less than 7 % of the CET 1 appropriate for AT1 instruments to ensure that the instrument reflects appropriately credit quality as a going concern? -

Would it be preferable for the trigger events for different instruments to be based uniformly on a CET1 ratio? -

What would be an appropriate differentiation with regard to the percentages set for a trigger event based on CET1 ratios for Additional Tier 1, Tier 2 and other instruments? Should there be a unique trigger level for all classes of instruments? -

Is the cap on distributions in Article 1 (2) (a) set at an appropriate level? -

Is the definition of the cap appropriate or should another rate be used as a basis for calculating the cap? -

What are the additional costs of ensuring that instruments meet the criterion in Article 1 (2)(b) (60 % issued to other investors)? -

Are the trigger events for Tier 2 instruments based on the Tier 1 capital ratio appropriately defined and easy to apply? -

Are the percentages set for the trigger events appropriate? -

Is the write-down and write-up mechanism for Tier 2 instruments easy to apply? -

Are there other write-down mechanisms which would be better suited for instruments used for the purpose of variable remuneration? -

Is it appropriate to include instruments linked to Additional Tier 1 and Tier 2 instruments in the class of other instruments? -

Are the requirements set for linked instruments appropriate? -

Is it appropriate to allow for conversion of other instruments? -

Is is appropriate to require a permanent write-down for other instruments? -

Are the trigger events for other instruments appropriately defined and easy to apply? -

Are the percentages set for the trigger event appropriate? -

Are the specified conditions appropriate? Should additional conditions be considered? -

Is the conversion and write-down mechanism for other instruments sufficiently clear and easy to apply? -

Are the above requirements regarding conversion sufficiently clear and easy to apply? -

Do you agree with our analysis of the impact of the proposals in this consultation paper? -

Can you provide any evidence or data that may further inform our analysis of the likely impacts of the proposals? Is there any relevant impact of the draft RTS on other areas which the EBA has not considered? -

Do the draft RTS lead to any impediments regarding the issuance of own funds instruments? -

Upload files GDB Position paper to EBA - CP-2013-32.pdf

Name of organisation Deutsche Börse Group