Financial Services Authority - New Building Society Capital Instrument12 Jun 2009
Slaughter and May has been advising the Financial Services Authority alongside HM Treasury in relation to the development of a more loss-absorbing capital instrument for building societies, profit participating deferred shares, which are capable of being treated as core tier 1 capital. Profit participating deferred shares (PPDS) may be offered to existing investors (as in the case of West Bromwich Building Society, which has announced that it will be converting their subordinated debt into the newly developed PPDS) or may be offered to new investors.
Charles Harvey-Kelly (partner)
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