The EBA announced its intention to provide clarity by mid-2020 on the appropriate treatment of the so-called ‘legacy instruments' at the end of 2021 with the expiration of the benefits of the grandfathering period introduced with the Capital Requirements Regulation (CRR). The CRR provided a transition period for certain capital instruments that did not comply with the new definition of own funds with the objective of phasing them out from own funds. The beneficial treatment provided by the grandfathering provisions will come to an end on 31 December 2021. The EBA will also clarify by mid-2020 the interaction with the new grandfathering provisions introduced by the recent amendments to the CRR (CRR II) and the Bank Recovery and Resolution Directive (BRRD II), where relevant for own funds instruments and eligible liabilities.

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