BoE paper assesses contingent capital risk

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A Financial Stability Paper, published by the Bank of England on May 31, examines the implications of contingent capital as an element of equity requirements for systemically important financial institutions.

The authors, Gareth Murphy, Mark Walsh and Matthew Willison, examine the risks associated with contingent capital when a bank needs to rapidly raise equity. The paper warns that conversion of the capital from debt to equity must occur well in advance of the time when equity is needed, and

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