Article 494a
Grandfathering of issuances through special purpose entities
1.
By way of derogation from Article 52, capital instruments not issued directly by an institution shall qualify as Additional Tier 1 instruments until 31 December 2021 only where all the following conditions are met:
(a)
the conditions set out in Article 52(1), except for the condition requiring that the instruments are directly issued by the institution;
(b)
the instruments are issued through an entity within the consolidation pursuant to Chapter 2 of Title II of Part One;
(c)
the proceeds are immediately available to the institution without limitation and in a form that satisfies the conditions set out in this paragraph.
2.
By way of derogation from Article 63, capital instruments not issued directly by an institution shall qualify as Tier 2 instruments until 31 December 2021 only where all the following conditions are met:
(a)
the conditions set out in Article 63, except for the condition requiring that the instruments are directly issued by the institution;
(b)
the instruments are issued through an entity within the consolidation pursuant to Chapter 2 of Title II of Part One;
(c)
the proceeds are immediately available to the institution without limitation and in a form that satisfies the conditions set out in this paragraph.