What’s happening?
The Central Bank of Russia (CBR) published Regulation 395P in December 2012, which set out its implementation of Basel III capital requirements, including the definition of capital, the minimum ratios allowed, and the legal framework for equitising subordinated debt, as an alternative to permanent write-down provisions. The regulation came into force in March 2013, and banks had until October 2013 to comply with the new capital requirements.