Large US banks have increased the portion of their total regulatory capital made up of Additional Tier 1 (AT1) instruments since 2014, with aggregate amounts outstanding of $114 billion at end-2018 compared with $72 billion four years ago.
In aggregate, the eight US global systemically important banks (G-Sibs) had 11% of their overall capital comprised of AT1, which includes preferred stock and qualifying minority interests, at the end of last year, up from 7% four years prior.
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