Related provisions for GENPRU 2.2.79F

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GENPRU 2.2.6GRP

This table belongs to GENPRU 2.2.5 G

Topic

Location of text

Application and purpose of the rules in this section

GENPRU 2.2.1 R to GENPRU 2.2.4 G

BIPRU firms that only have simple types of capital resources (simple capital issuers)

GENPRU 2.2.7 G

Principles underlying the definition of capital resources

GENPRU 2.2.8 G

Which method of calculating capital resources applies to which type of firm

GENPRU 2.2.17 R to GENPRU 2.2.19 R

Purpose of the limits on the use of different forms of capital

GENPRU 2.2.24 G

Use of higher tier capital in lower tiers

GENPRU 2.2.25 R to GENPRU 2.2.28 R

Calculation of capital resources for insurers

GENPRU 2.2.22 G to GENPRU 2.2.23 G; GENPRU 2 Annex 1

Limits on the use of different forms of capital for insurer (capital resources gearing rules for insurer)

GENPRU 2.2.29 R to GENPRU 2.2.41 R

Calculation of capital resources for banks

GENPRU 2 Annex 2

Calculation of capital resources for building societies

GENPRU 2 Annex 3

Limits on the use of different forms of capital for banks and building societies (certain types of capital resources cannot be used for certain purposes)

GENPRU 2.2.44 R8 to GENPRU 2.2.45 R; GENPRU 2.2.47 R to GENPRU 2.2.48 R

8

Limits on the use of different forms of capital for banks and building societies (capital resources gearing rules)

GENPRU 2.2.29 R to GENPRU 2.2.31 G; GENPRU 2.2.46 R; GENPRU 2.2.49 R

Calculation of capital resources for BIPRU investment firms

GENPRU 2.2.20 G to GENPRU 2.2.21 G; GENPRU 2 Annex 4 to GENPRU 2 Annex 6

Limits on the use of different forms of capital for BIPRU investment firms (certain types of capital resources cannot be used for certain purposes)

GENPRU 2.2.44 R8 to GENPRU 2.2.45 R; GENPRU 2.2.47 R to GENPRU 2.2.48 R

8

Limits on the use of different forms of capital for BIPRU investment firms (capital resources gearing rules)

GENPRU 2.2.29 R to GENPRU 2.2.31 G; GENPRU 2.2.46 R; GENPRU 2.2.50 R

Example of how the capital resources calculation for BIPRU firms works

GENPRU 2.2.51 G to GENPRU 2.2.59 G

Capital used to meet the base capital resources requirement for BIPRU firms

GENPRU 2.2.60 R to GENPRU 2.2.61 G12

12Notification of issuance of capital instruments.

GENPRU 2.2.61A R to GENPRU 2.2.61H G

Tier one capital instruments: general

GENPRU 2.2.9 G to GENPRU 2.2.10 G; GENPRU 2.2.62 R to GENPRU 2.2.69 G; GENPRU 2.2.80 R to GENPRU 2.2.82 G

8Tier one capital: payment of coupons (BIPRU firm only)

GENPRU 2.2.69A R to GENPRU 2.2.69F G

Core tier one capital: permanent share capital

GENPRU 2.2.83 R to 10GENPRU 2.2.84A G10

10General conditions for eligibility of capital instruments as core tier one capital (BIPRU firm only)

GENPRU 2.2.83A R to GENPRU 2.2.83D G; GENPRU 2.2.84A G

10Core tier one capital: exception to eligibility criteria (building societies only)

GENPRU 2.2.83E R to GENPRU 2.2.83H G

Core tier one capital: profit and loss account and other reserves: material applicable to all firms

GENPRU 2.2.85 R; GENPRU 2.2.87 R to GENPRU 2.2.89 G; GENPRU 2.2.91 G

Core tier one capital: profit and loss account and other reserves: material specific to BIPRU firms

GENPRU 2.2.86 R; GENPRU 2.2.90 R; GENPRU 2.2.92 G

Core tier one capital: provisions relating to partnerships and limited liability partnerships

GENPRU 2.2.93 R to GENPRU 2.2.100 R

Core tier one capital: share premium account

GENPRU 2.2.101 R

Core tier one capital: externally verified interim net profits

GENPRU 2.2.102 R to GENPRU 2.2.103 G

Core tier one capital: valuation differences and fund for future appropriations for insurer

GENPRU 2.2.104 R to GENPRU 2.2.108 R

Core tier one capital: deferred shares (building society only)

GENPRU 2.2.108A R to GENPRU 2.2.108B G

Tier one capital: perpetual non-cumulative preference shares (insurer only)8

GENPRU 2.2.109 R to GENPRU 2.2.110 G

Innovative tier one capital (excluding issues through SPVs) (insurer only)8

GENPRU 2.2.76 R; GENPRU 2.2.113 R to GENPRU 2.2.122 G

8Hybrid capital (excluding issues through SPVs) (BIPRU firm only)

GENPRU 2.2.115A R to GENPRU 2.2.119 G

Hybrid capital8 (issues through SPVs) (BIPRU firm only)8

8

GENPRU 2.2.123 R to GENPRU 2.2.137 R

Tier one capital: conversion ratio

GENPRU 2.2.138 R to GENPRU 2.2.144 G

Tier one capital: requirement to have sufficient unissued stock

GENPRU 2.2.145 R

Deductions from tier one capital resources

GENPRU 2.2.155 R to GENPRU 2.2.156 G

Tier two capital

GENPRU 2.2.11 G; GENPRU 2.2.157 G to GENPRU 2.2.197 G

Deductions from tier one capital resources and tier two capital resources

GENPRU 2.2.202 R to GENPRU 2.2.240 G

Tier three capital

GENPRU 2.2.12 G; GENPRU 2.2.241 R to GENPRU 2.2.249 R

Deductions from total capital resources

GENPRU 2.2.14 G to GENPRU 2.2.16 G; GENPRU 2.2.250 R to GENPRU 2.2.265 R

The effect of swaps

GENPRU 2.2.198 R to GENPRU 2.2.201 R

Step-ups (Tier one capital and tier two capital)

GENPRU 2.2.76 R; GENPRU 2.2.146 R to GENPRU 2.2.154 G

Redemption of tier one instruments

GENPRU 2.2.64R (3); GENPRU 2.2.70 R to GENPRU 2.2.79 G

8Purchases of tier one instruments: BIPRU firm only

GENPRU 2.2.79A R to GENPRU 2.2.79H G; GENPRU 2.2.79L G10

Redemption of tier two instruments

GENPRU 2.2.172 R to GENPRU 2.2.174 R; GENPRU 2.2.177 R to GENPRU 2.2.178 R (upper tier two instruments); GENPRU 2.2.194 R to GENPRU 2.2.197 G (lower tier two instruments)

Non-standard capital instruments

GENPRU 2.2.13 G

Standard form documentation for subordinated debt

GENPRU 2.2.164 G

Public sector guarantees

GENPRU 2.2.276 R

Other capital resources for insurers: unpaid share capital or unpaid initial funds and calls for supplementary contributions

GENPRU 2.2.266 G to GENPRU 2.2.269 G

Additional requirements for insurer carrying on with-profits insurance business

GENPRU 2.2.270 R to GENPRU 2.2.275 G
GENPRU 2.2.28RRP
In the case of a BIPRU firm, the8 requirement to obtain a legal opinion in GENPRU 2.2.159R (12) does not apply to hybrid capital treated under GENPRU 2.2.25 R8 but the requirements to obtain a legal opinion in GENPRU 2.2.118 R continue to apply.88
GENPRU 2.2.30ARRP
8In relation to the tier one capital resources of a BIPRU firm, calculated at stage F of the calculation in the capital resources table (Total tier one capital after deductions):(1) no more than 50% may be accounted for by hybrid capital;(2) no more than 35% may be accounted for by hybrid capital included at stages B2 and C of the calculation in the capital resources table; and (3) no more than 15% may be accounted for by hybrid capital included at stage C of the calculation in
GENPRU 2.2.31GRP
The purpose of the requirements8 in GENPRU 2.2.29 R and GENPRU 2.2.30AR (1) is to ensure that the firm'stier one capital resources includes a minimum proportion of core tier one capital which provides the highest quality capital.8 Within the 50% limit on non-core tier one capital:88(1) 8GENPRU 2.2.30 R places a further sub-limit on the amount of innovative tier one capital that an insurer may include in its tier one capital resources; and(2) 8GENPRU 2.2.30AR (2) and GENPRU 2.2.30AR
GENPRU 2.2.115ARRP
8A BIPRU firm must not include a capital instrument at stage B1 of the calculation in the capital resources table unless (in addition to satisfying all the other requirements in relation to tier one capital and hybrid capital) its contractual terms are such that:(1) it cannot be redeemed in cash but can only be converted into core tier one capital;(2) it must be converted into core tier one capital by the firm during emergency situations; (3) the emergency situations referred
GENPRU 2.2.115DRRP
8A BIPRU firm may include a capital instrument at stage B2 of the calculation in the capital resources table if (while satisfying all the other requirements in relation to tier one capital and hybrid capital)it cannot be included at stage B1 of that calculation as it does not satisfy the requirements of GENPRU 2.2.115A R.
GENPRU 2.2.115FRRP
8A BIPRU firm may include a capital instrument at stage C of the calculation in the capital resources table, and must not include it in stage B1 or B2 of that calculation, if (in addition to satisfying all the other requirements in relation to tier one capital and hybrid capital) it either:(1) is dated; or(2) provides an incentive for the firm to redeem it, as assessed at the date of its issue.
GENPRU 2.2.116ARRP
8A BIPRU firm must not include a capital instrument that is not a share at stage B1, B2 or C of the calculation in the capital resources table unless (in addition to satisfying all the other requirements in relation to tier one capital and hybrid capital) the firm's obligations under the instrument either:(1) do not constitute a liability (actual, contingent or prospective) under section 123(2) of the Insolvency Act 1986; or(2) do constitute such a liability but the terms of the
GENPRU 2.2.117ARRP
8A BIPRU firm must not include a capital instrument at stage B1, B2 or C of the calculation in the capital resources table unless (in addition to satisfying all the other requirements in relation to tier one capital and hybrid capital) its contractual terms provide for a mechanism within the instrument which:(1) is clearly defined and legally certain;(2) is disclosed and transparent to the market;(3) makes the recapitalisation of the firm more likely by adequately reducing the