sto sudiando...

penso di aver trovato la clausula di loss absorption... ma non capisco, prima fanno haircut e poi reintegrano?
ho cercato in rete, ma non ho trovato spiegazione al rigurdo
Upon the occurrence of a Capital Deficiency Event, the obligations
of the Subsidiary in respect of principal and cumulative interest from
prior periods under the Subsidiary Subordinated Instrument will be
reduced by an amount equal to the lesser of the Bank Loss and the
amount necessary to reinstate the consolidated risk-based capital
ratio of the Bank to a percentage that is higher than 5.00%. Any
such reduction shall (a) be made on a pro rata basis with any
Strumenti Innovativi di Capitale issued by the Bank, or issued by
any subsidiary of the Bank with the benefit of a Bank Parity
Guarantee, which are subject to loss absorption provisions on a
consolidated basis similar to those described herein and
outstanding upon occurrence of a Capital Deficiency Event, and (b)
apply first to any unpaid cumulative interest from prior periods, and
subsequently to principal. The obligations of the Subsidiary in
respect of principal and interest under the Subsidiary Subordinated
Instrument will be reinstated in the event of any voluntary or
involuntary dissolution, liquidation or winding up of the Bank.