detected 2026-08-13 MODIFIED+74 −132§
no amending act named
applies from: unchanged
Paragraph 1 no longer refers to a defined period from 1 January 2014 to 31 December 2021 as being subject to requirements in paragraphs 2 to 7, but instead refers to instruments being subject to the whole Article from 1 January 2014 to 31 December 2021.
The phrase in paragraph 2 changed from stating conditions are met to stating that the following conditions are met, with equivalent wording changes in paragraph 3 from a bare provided list to a provided that list.
These wording adjustments are formatting and phrasing changes without altering the substantive conditions listed in paragraphs 2 and 3.
Cited: Art. 489, v1 · Art. 489, v2
text before / after
32013R0575 → 02013R0575-20130628
Article 489
Hybrid instruments with a call and incentive to redeem
1. By way of derogation from Articles 51 and 52, during the period from From 1 January 2014 to 31 December 2021, instruments referred to in Article 484(4) that include in their terms and conditions a call with an incentive for them to be redeemed by the institution shall shall, by way of derogation from Articles 51 and 52, be subject to the requirements laid down in paragraphs 2 to 7 of this Article.
2. The instruments shall qualify as Additional Tier 1 instruments provided that the following conditions are met:
(a) the institution was able to exercise a call with an incentive to redeem only prior to 1 January 2013;
(b) the institution did not exercise the call;
(c) the conditions laid down in Article 52 are met from 1 January 2013.
3. The instruments shall qualify as Additional Tier 1 instruments with their recognition reduced in accordance with Article 484(4) until the date of their effective maturity and thereafter shall qualify as Additional Tier 1 items without limit provided: provided that:
(a) the institution was able to exercise a call with an incentive to redeem only on or after 1 January 2013;
(b) the institution did not exercise the call on the date of the effective maturity of the instruments;
(c) the conditions laid down in Article 52 are met from the date of the effective maturity of the instruments.
4. The instruments shall not qualify as Additional Tier 1 instruments, and shall not be subject to Article 484(4), from 1 January 2014 where the following conditions are met:
(a) the institution was able to exercise a call with an incentive to redeem between 31 December 2011 and 1 January 2013;
(b) the institution did not exercise the call on the date of the effective maturity of the instruments;
(c) the conditions laid down in Article 52 are not met from the date of the effective maturity of the instruments.
5. The instruments shall qualify as Additional Tier 1 instruments with their recognition reduced in accordance with Article 484(4) until the date of their effective maturity, and shall not qualify as Additional Tier 1 instruments thereafter, where the following conditions are met:
(a) the institution was able to exercise a call with an incentive to redeem on or after 1 January 2013;
(b) the institution did not exercise the call on the date of the effective maturity of the instruments;
(c) the conditions laid down in Article 52 are not met from the date of the effective maturity of the instruments.
6. The instruments shall qualify as Additional Tier 1 instruments in accordance with Article 484(4) where the following conditions are met:
(a) the institution was able to exercise a call with an incentive to redeem only prior to or on 31 December 2011;
(b) the institution did not exercise the call on the date of the effective maturity of the instruments;
(c) the conditions laid down in Article 52 were not met from the date of the effective maturity of the instruments.