Capital Smorgasbord

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In a financial crisis, capital is king - but that capital can be of questionable quality, and vary from country to country. The result is confusion. Initially reassured by the state-backed recapitalisation of the banking industry, markets have since begun to look more carefully at the support being provided. What they have found is a wide variety of capital types, many of which bend existing national laws and all of which, together, drive a coach and horses through regulatory ambitions to

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