South African Banks Eye Unsecured Loans for Loss-Absorbing Funds [BNN Bloomberg (Canada)]
ABSA GROUP LTD S/ADR (AGRPY)
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Source: BNN Bloomberg
The central bank estimates South Africa's six largest lenders will need to raise as much as 360 billion rand ($20 billion) by 2030 in the new tool, which is designed to allow the orderly resolution of a big bank that runs into trouble. They need to start raising the funds in January. Called financial loss absorbing capacity – or flac – instruments, they will be convertible into equity in a so-called “bail-in” exercise that avoids the need for a taxpayer bailout if a big bank suffers heavy losses that threaten its ability to stay open. “The plan is to roll over maturing senior unsecured notes into new loss-absorbing flac instruments,” Moody's Ratings Senior Vice President Constantinos Kypreos said in an interview on Tuesday. Absa Group Ltd. and Nedbank Group Ltd. confirmed they plan to meet the new regulatory proposal in this manner. “At Absa, the intention is that, in time, the domestic market will absorb the full flac amount within the portfolios currently holding the bank's
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