Examples of Creditor Hierarchy Directive in a sentence
In addition, as per Article 108 of the BRRD (as amended by the Creditor Hierarchy Directive), debt instruments with variable interest derived from a broadly used reference rate and debt instruments not denominated in the domestic currency of the issuer, provided that principal, repayment and interest are denominated in the same currency, must not be considered to be debt instruments containing embedded derivatives solely because of those features.
Statutory subordination: in addition to referring to the applicable transposition of the Creditor Hierarchy Directive, a clear description of where the notes sit in the national hierarchy is conducive to additional clarity.
For example, Article 108 of the BRRD, as amended by the Creditor Hierarchy Directive, introduces a harmonised level of statutory subordination in all Member States by providing for an intermediary ranking between subordinated claims and ordinary unsecured claims, and therefore meeting, depending on the national insolvency applicable regime, in principle the subordination criteria of Article 72b(2)(d)(ii) of the CRR.
Statutory subordination is expected to be possible, following the UK transposition of the EU Bank Creditor Hierarchy Directive (2017/2399).
The Creditor Hierarchy Directive, when transposed into national law, will introduce a new creditor hierarchy for unsecured debt instruments with the inclusion of a new MREL/TLAC eligible subordinated debt class within that hierarchy.
A description of instruments ranking junior and senior to a note under consideration constitutes good practice, particularly if the note is not statutorily subordinated as a result of Article 108 of the BRRD, as amended by the Creditor Hierarchy Directive.
Then we will turn to his ar- guments about the denial of a preliminary injunction and the evi- dentiary issues associated with that order.
The Senior Non-Preferred Notes and the relative Coupons rank within the class of unsecured debt instruments of the Issuer having the lower priority ranking contemplated by Article 108(2) of the BRRD, as set out in the Creditor Hierarchy Directive (for the avoidance of doubt, should there be any inconsistency between any statutory ranking in Norway in order to implement the provisions of Article 108(2) of the BRRD and the ranking as set out in Condition 2(b)(ii) above, such statutory ranking shall prevail).
As the Creditor Hierarchy Directive was only adopted in December 2017 and was due for transposition by the end of 2018, most of the senior non- preferred instruments issued before the entry into force of the national measures implementing the directive were either subordinated purely as a result of contractual provisions (contractual subordination) that gave them that ranking, or by cross- reference to early national legislation (statutory subordination) that anticipated the directive.
Member States have until 29 December 2018 to transpose the Creditor Hierarchy Directive into national law.