Political Tier 1 Capital: PT1
An evaluation of RBNZ's hybrid capital securities
Will the RBNZ's latest innovation on bank capital, the Redeemable Perpetual Preference Shares, contribute to more and better bank capital? The analysis below casts doubt on the success of RBNZ's attempt to help New Zealand banks to issue capital at a low cost. A victim of its own cakeism, the RBNZ instead…
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