Keywords: Equity instrument, financial liability, bonds, Committee of European Banking Supervisors, Tier I hybrid.
Hybrid capital instruments play an important role in the ongoing capital management of credit institutions. Those instruments allow credit institutions to achieve a diversified capital structure and to access a wide range of financial investors. The article examines the hybrid capital instruments according to the Italian banking law, Directive 2006/48/EC of 14 June 2006 (relating to the taking up and pursuit of the business of credit institutions), as amended by Directive 2009/111/EC of 16 September 2009 and the last related documents of the Committee of European Banking Supervisors, (i.e. Implementation Guidelines for Hybrid Capital Instruments of 10 December 2009 and Consultation Paper on Implementation Guidelines regarding Instruments referred to in Article 57(a) of Directive 2006/48/EC of 17 December 2009) and of the Basel Committee on Banking Supervision (i.e. Strengthening the resilience of the banking sector of December 2009), trying to classify such instruments according to Italian Civil Code (are they bonds or financial instrument according to Article 2346?) and International Accounting Standard 32 (Financial Instruments: Presentation) (are they equity instruments?).