Morgan Stanley: Ceiops’ altered hybrid proposal requires no additional capital

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The Committee of European Insurance and Occupational Pensions Supervisors’ (Ceiops) reformed hybrid capital proposals would not result in any European insurer needing to raise additional capital, according to research by US bank Morgan Stanley. Ceiops prompted a storm of industry protest in September last year over consultation paper 46 which dealt with own funds. Industry figures said the restrictions placed on the use of hybrid instruments – and the absence of grandfathering &nd