Old-style Tier 1 requalifying as CRR Tier 2 capital

Any material change in the contract will be considered as a new issuance. The instrument will be fully eligible in Tier 2 in its own right if and only if, as a result of the changes in the contract, it complies fully with Article 63 of Regulation (EU) No 575/2013 (CRR). In particular, settlements of coupon payments in a form other than cash or an own funds instrument may only be effected provided the requirements of Article 73 (1) and (2) are met. In addition, dividend pusher and stopper clauses interfere with the institution's flexibility to cancel distributions on other classes of capital instruments (see related question QA 2013_21 for further information). For the avoidance of doubt, the answer to this question does not apply to the exercise of a substitution and variation clause in the case where said clause only allows non-material changes to the contract.