??? ??? (???????: capital note ) ??? ????? ????? ????? ?? ?????? ??? . ?????? ??? ??????? "??? ???" ?????? ?????? ????? ?????? ???????: ??? ??? ??? ?? ???? ??? ???? , ??? ??? ??? ?? ????? ??? ???? ???? ??? ???? ??? ????? ?????? ????? ( ????? ).

???? ??? ????? ?? ??? ????? ????? ?????? ???? (claim) ???? ?????? ????????, ???? ???? ????? ??????, ??? ?????? ??????? ???????? ???????? ?? ???? ????. ?????? ?????? "???" ?"??? ???" ???? ?? ??? ????? ???? ???? ???? ???? "?????" ?? "?????" (junior ?? subordinated) ???? ????? ??????, ?????, ???? ?????? ??? ??? ????? ????? ??????? ????? ?? ???? ???? ? ??? ????? ?? ??????, ???? ???? ???? ??? ????? ?????? ?? ???? ?????? ????? ?????? ? ????? ?????? ???????? ???.

???? ??? ???? [ ????? ??? ???? | ????? ]

??? ??? ??? ??? ?? ???? ??? ????, ????? ????? ? ????? . ?????? ??????? ?????? ???? ???? ??? ???? ????? ?? ???? ????? ?? ??????. ???? ??? ????? ???? ? ???? ?????? , ????, ???? ???, ??? ??? ???? ????? (????? ????? ?? ???? ??? ????? ?? ??? ???? ?? ????? ?????) ?? ????? ????? (????? ??????? ??? ??????? ??? ??????? ???? ????). ?????, ?? ?????? ??????? ???? ????, ???? ? ????? ??????? ?? ?????? ?????? ??? ???? ??? ????, ?????? ?????? ??? ??? ????? ??? ???? ????. ??????, ????? ??? ???? ???? ???? ??? ??? ???? ????? ???? ????? ?? ??? ???? ?????? ?????. ??? ????? ?? ?????? ??? ????? ??????? ????? ????? ???? ?????, ???? ???? ????? ???? ????? ????? (buyback) ?? ???? ??? ??? ????? ??????? ?????? ?????? ??????? ????. ^[1]

??????, ???? ??? ??????? ??? ???? ??? ????? ???? ?? ???? ??? ???? ???? (debt-for-equity swap). ????? ?????? ?????? ????? ?? ??????, ????? ?????? ???? ??? ????? ?????? ????? ?????? ????? ????? ????. ???, ??? ????, ?? ??? ????? ?? ???? ? ????? ?? ???? ?????? ????????.

????? ???? ??? ???? ???? ??? ???? ?????? ???? ???? ?????? ?? ??? ????? ??????????? ??"? ??? 2006 ?-2009, ^[2] ?????? ???? ??? ????? ????? ?? ??? ??????. ?????? ????? ????? (??? ???? ??????), ??? ?????? ???? ??? ??? ??-250% ?? ??? ????? ?? ????? ?????, ?? ??? ????? ????? ????????? ???? ????. ?? ??? 2017, ????? ??????, ?? ???? ??????? ????? ???, ????? ?-95% ????? ??? ???.

????? ??? [ ????? ??? ???? | ????? ]

??? ??? ??? ??? ?? ????? ???, ????????? ????? ?????? ???????? ???????? ???? ?????? ??? "?????". ?????, ???? ??? ?? ???? ????? ???? ???? ???? ????? ?????? ? ??????, 100 ???? ?? ????. ?????? ????? ???? ??? ??? ?? ???? ????? (?????? ??????, ????), ?????? ????? ????? ??? ? ?????????? (liabilities) ? ???? ?????? ??????. ????, ???? ????? ?????? ???? ?? ???? ?????, ???? ?????, ?????? ???? ??? ???? ????? ????? ???? ???? ????. ????? ??????, ???? ??? ??????? ?????? ????? ?? ?????? ??????? ??????, ???? ????? ??????? ????????, ???? ??? ???? ????.

?????? ?? ??????? ???? ??? ?????? (perpetual capital notes), ??? ???? ??? ??? ???? ????? ???. ????? ???, ?? ?? ??????? ????? ???? ????? ??????? ?? ??? ????, ?????? ????? ????? ??? ????? ????? ?? ??????.

????? ??? ?? ?????? ??????, ???????? ?????? ?? ???? ?"????????" ???? ?????? ?? ?"???", ???? ?????? ????? ?? ???? ?????? ? ????? ????? ??? ?????? ?????? ?? ??? ???? ???? (subordinated) ???? ??????????? ????? ?? ?????? ?????? ? ??????, ???? ? ?? ???????????? ??????. ??? ?? ??, ???? ????? ????? ??? ???? ?? ?????? ?????? ???? ?????? ?? ?????? ?????? ????? ?????, ?? ?????? ?????? (?? ??????? ??? ?????? ?????) ????? ??-????, ?? ?? ????? ?????? ?? ??????? ????? ??????? ???????? ???????? (????, ?? ??? ?????? ???? ??? ??? ???? ???? ??????).

?????? ??? ?? ??? ???? ???????? ????? ???? ??????? ??? ????? ??????? ???????? ?????. ????? ??????? ???? ??? ?? ??? ????? ??????? ?? ?????? ???? . ^[3] ?????? ??? ??????? ???? ?? ??????? ???????? ?? ??????, ?? ??? ????? ?? ??? ???????, ??? ?????, ??? "???" ???? (?????? ????? ????? ?????? ???????? ??????? ???????? "????? ??? ????", ????? ?????? ???? ???? ???) ???? ?? ????? ???. ??, ???? ??? ??????? ????? ????? ?? ?????? ???? ??? (The Basel Accords), ????? ??? 2 , ????? ???? ?????? ?? ?????? ????? ?????? ????? ???? ?? ???? ???? ????. ?????? ??????? ???? ???? ??? ????? ?????? (tiers) ??????? ?? ??? ????, ??? ?????? ?????????? ??? ??????? ??? ?????. ???? ??????, ????? ?"???" ??????? ???? ??? ????? ?? ??? ?????? ??????? ????? ?????, ??? ???? ??????? ???? ?????? ?? ???? ?????? ????????, ?? ??????? ???????? (????? ???????? ) ??? ??????? ???????? (????? ?????? ? ???? ?????? ).

????? ????? ???? ?? ???? ??? ???? ????? ?????? ????? ?? ????? ????? .

?? ????? ?????? ?????? ?????? ??? ???? ???? ???. ??, ??????, ??? ????? ????? ??"? ????? ?????? ???? ??? ?? ???? ???. ???? ?????? ????? ?? ?????, ??????? ??????? ?-2006, ?? ????? 100 ???? ? ?-2106. ???? ???? ???? ??????, ??? ????, ?? ????????? ??????? ????: ?? ???? ?????? ??????; ?? ????? ???? ?? ???????????? ?????? ?? ????; ???? ???? ?????? ?? ?????? ?????? ????? ?? ???? ????, ??????? ????? ??????? ?? ??? ?????? ???????? ???????? ?? ???? (???? ????? ???? ??? ???? ????? ??????); ???? ???? ????? ?? ???? ???? ??????, ??? ???? ????? ????? ???? ????. ^[4]

????? ????? [ ????? ??? ???? | ????? ]

??? ??? ??? ???? ???? ????? (junior) ????? ?????? ?? ??? ????? ?????? ??????? ( SIV ) ??????? ????? ????? ( structured finance ) ?? "?????". ^[5] ????? ?-SIV, ?????? ???? ??? ???? ?????? ??? ???????????. ????, ?? ???????? ?????? ?????? ?-SIV ???? ???? ???????? ????? ???? ?? ????? ?"??????????" ???????. ???, ????? ?????? ??-SIV ???? ????? ?????? ?? ???? ??? ????, ??? ?? ??????? ????? ??????? ??????? ????? ?? ??? ???? ?????. ????? ????? ??????, ??????, ??? ???? ??? ???? ????? ???? ?? ???? ??????? ?? ??? ????, ????? ????? ?????? ???????? ????? ?-SIV ???? ????? ?? ?????. ???? ?????? (tranches) ?????? ?? ?????? ???? ?????? ?-SIV, ??? ???? ??? ????? ????? ???????? ????? ?? ??? ????? ??????? ???????? ????? ????. ?? ????? ???????? ???? ???? ???? ??????? ???? ?? ?? ?????????? ?-SIV ??????, ???? ??? ???? ???? ???????? ????? ???-????? (default).

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