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CA-2.1.7F

Where the provisions governing AT1 instruments require their principal amount to be written down upon the occurrence of a trigger event, the write down must reduce all the following:

(a)The claim of the holder of the instrument in the insolvency or liquidation of the conventional bank licensee;
(b)The amount required to be paid in the event of the call or redemption of the instrument; and
(c)The distributions made on the instrument.
January 2015