contingent convertible instrument

a financial instrument which meets the requirements for:

1. (a) Additional Tier 1 instruments under article 52 of the Own Funds (CRR) Part of the PRA Rulebook;
2. (aa) Additional tier 1 instruments; or
3. (b) Tier 2 instruments under article 63 of the Own Funds (CRR) Part of the PRA Rulebook or Tier 2 instruments, provided:
   1. (i) the provisions governing the instrument require that, upon the occurrence of a trigger event, the principal amount of the instrument be written down on a permanent or temporary basis or the instrument be converted to one or more common equity Tier 1 instruments; and
   2. (ii) the trigger mechanism in (i) is different from, or additional to, any discretionary mechanism for converting or writing down the principal amount of the instrument which is activated following a determination by the relevant authority that the issuer of the financial instrument (or its group, or any member of its group) is no longer viable, or will no longer be viable unless the relevant instrument is converted or written down.