UK banks triple AT1 capital in four years

The top five UK banks tripled the amount of Additional Tier 1 (AT1) capital they hold on aggregate over the four years since 2014.

Total outstanding amounts of AT1 – consisting mostly of preferred stock and contingent convertible bonds – at Barclays, HSBC, Lloyds, RBS and Standard Chartered amounted to £42 billion ($56 billion) at end-2018, compared with £14 billion in 2014.

AT1 made up 13% of the five lenders’ total capital, up from 5% five years ago.

Over the same period, the share of Tier 2

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