Betekenis van:
preferred shares

Voorbeeldzinnen

1. Of the instruments mentioned above, trust preferred securities and perpetual preferred shares are not accepted in Germany.
2. As regards the loss compensation function, Wfa's special reserve can be compared to perpetual preferred shares.
3. This immediately excluded from any comparison non-voting preference shares, profit participation rights and perpetual preferred shares.
4. Recapitalisation will take the form of subscription of ordinary shares and preference shares ensuring a preferred dividend.
5. As regards perpetual preferred shares and profit participation certificates, a number of specific points should be stressed.
6. Data from the US and British markets were used for perpetual preferred shares because these instruments are not available in Germany.
7. IB's capital is therefore said to be closest in nature to perpetual preferred shares, profit participation certificates and silent partnership reserves.
8. Perpetual preferred shares constitute original own funds (core capital) in some countries but are still not accepted as such in Germany.
9. Equity capital comprises equity in branches, all shares (whether voting or nonvoting) in subsidiaries and associates (except non-participating, preferred shares that are treated as debt securities and included under other direct investment capital), and other capital contributions.
10. This immediately excluded from any comparison non-voting preference shares, profit participation rights and perpetual preferred shares. In Germany these three equity instruments are recognised not as core capital but as additional capital (‘tier 2 capital’).
11. As to the two instruments which, as the closest benchmarks, play the central role in Germany's comparison, namely perpetual preferred shares and profit participation certificates, a number of specific points should be stressed.
12. Other direct investment capital (or intercompany debt transactions) covers the borrowing and lending of funds - including debt securities, suppliers’ credits and nonparticipating preferred shares (which are treated as debt securities), between direct investors and subsidiaries, branches, and associates.
13. A historical margin before tax of between 1,0 % and 1,2 % is quoted for profit participation certificates, one of between 1,1 % and 1,5 % for dormant holidays and one of between 1,5 % and 2,0 % for perpetual preferred shares.
14. Wfa's special reserve is therefore said to present a higher level of risk than profit participation certificates and dormant holdings. Once again, it can be compared in terms of its risk to perpetual preferred shares.
15. In Germany these three equity instruments are recognised not as core capital but as additional capital (‘tier II capital’). Moreover, perpetual preferred shares did not exist in Germany at the beginning of the 1990s.