Question
Will preference shares issued in 2009 subscribed by the government and currently accepted as Core Tier 1 qualify for grandfathering of State aid?
Answer
These instruments subscribed by the State will fall under Article 483 of Regulation (EU) No 575/2013and will be grandfathered as Core Equity Tier (CET) 1 instruments until 31 December 2017 since they were issued before the date of application of Regulation (EU) No 575/2013.