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Division (b) Subject to the remaining provisions of this paragraph 3, all or some of the callable shares shall be redeemed on the day immediately following the 2016 Annual Meeting with the number of the shares to be redeemed being calculated by applying an agreed formula (the Agreed Formula) based on the unutilised callable capital, if any, at the end of the CRR4 period relative to a statutory capital utilisation threshold of 87 % at the end of the CRR4 Period. For calculation purposes, such unutilised callable capital, if any, shall be equal to an amount which is the lesser of EUR 9 000 000 000 and ((87 % of A) – B), where:

United Kingdom

Original text. Later amendments are not shown.

  1. (i)

    A is the aggregate amount of the Bank’s unimpaired subscribed capital, reserves and surpluses at the end of the CRR4 Period; and

  2. (ii)

    B is the aggregate amount of the Bank’s operating assets at the end of the CRR4 Period.

The number of shares, if any, to be redeemed pursuant to the Agreed Formula shall be equal to that amount divided by the par value of the shares (EUR 10 000).f1

Annotations

Footnotes

f1

According to the Agreed Formula, the amount of unutilised callable capital would be zero if the Bank’s operating assets are equal to or in excess of 87 % of the unimpaired subscribed capital, reserves and surpluses.