July 9, 2018 / 11:48 AM / 7 months ago

EBA to issue assessment of capital treatment of UniCredit 'CASHES'

FILE PHOTO: Unicredit's bank logo is pictured on block notes and pens at the headquarters in Milan, Italy, February 9, 2016. REUTERS/Stefano Rellandini/File Photo

LONDON (Reuters) - The European Banking Authority (EBA) said on Monday it plans to issue a public judgement on the regulatory treatment of a complex financial instrument issued by UniCredit (CRDI.MI) as core capital, without giving a timeframe.

British hedge fund firm Caius Capital had in May asked the EBA to open an investigation into the 2.98 billion euro ($3.46 billion) convertible and subordinated hybrid equity-linked securities known as CASHES, which UniCredit issued in 2008. Caius said the CASHES had been misclassified as the best-quality capital held by a bank.

Reporting by Maiya Keidan; editing by Carolyn Cohn

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