September 1, 2011


Toronto (Canada) - Fasken Martineau, a leading international business law and litigation firm, announced today that James Lisson, counsel with the firm, is available to comment on the final advisory by the Office of the Superintendent of Financial Institutions (OSFI) on Non-Viability Contingent Capital (NVCC). This advisory marks the latest development in Canada's implementation of Basel III. The adoption of non-viability contingent capital by the Basel Committee on Banking Supervision represents a key capital initiative designed to ensure all classes of a financial institution's capital fully absorb losses at the point of the institution's non-viability before taxpayers are exposed to loss.

The initiative is part of Basel's capital reforms intended to stabilize financial institutions and prevent a new worldwide financial crisis. In its advisory, OSFI has set forth its expectations concerning the implementation of the Basel NVCC requirements in relation to the capital of Canadian banks and other deposit taking institutions. The final advisory provides that non-common capital instruments must, in order to qualify as regulatory capital, contain a feature providing for their automatic conversion to common shares upon the occurrence of a "trigger event." While cooperative credit associations and insurers are not subject to the final advisory, OSFI notes that is currently considering the application of NVCC to these institutions.

James Lisson has been a senior legal advisor with the firm in both Canada and London, England. He has extensive experience advising Canadian and global financial institutions on capital and a wide range of other strategic issues. He has worked with the Canadian Department of Finance on both financial services reform and financial institution restructurings. Any members of the media who would like to speak with James Lisson may contact Mathieu Rompré, media relations specialist, at 514 397-4349.

About Fasken Martineau DuMoulin LLP

Fasken Martineau is a leading international business law and litigation firm. With over 675 lawyers, the firm has offices in Vancouver, Calgary, Toronto, Ottawa, Montréal, Québec City, London, Paris and Johannesburg. For additional information, please visit the firm's website at www.fasken.com.