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contingent convertible instrument

169

a financial instrument which meets the requirements for either:

  1. (a) Additional Tier 1 instruments under article 52; or
  2. (b) Tier 2 instruments under article 63, if the provisions governing the instrument require that, upon the occurrence of a trigger event, the principal amount of the instrument be written down on a permanent or temporary basis or the instrument be converted to one or more common equity Tier 1 instruments;

in each case of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012.