Tier 1 — List of own-fund items
Article 69
The following basic own-fund items shall be deemed to substantially possess the characteristics set out in Article 93(1)(a) and (b) of Directive 2009/138/EC, taking into consideration the features set out in Article 93(2) of that Directive, and shall be classified as Tier 1, where those items display all of the features set out in Article 71: (a) the part of excess of assets over liabilities, valued in accordance with Article 75 and Section 2 of Chapter VI of Directive 2009/138/EC, comprising the following items: (i) paid-in ordinary share capital and the related share premium account; (ii) paid-in initial funds, members' contributions or the equivalent basic own-fund item for mutual and mutual-type undertakings; (iii) paid-in subordinated mutual member accounts; (iv) surplus funds that are not considered as insurance and reinsurance liabilities in accordance with Article 91(2) of Directive 2009/138/EC; (v) paid-in preference shares and the related share premium account; (vi) a reconciliation reserve; (b) paid-in subordinated liabilities valued in accordance with Article 75 of Directive 2009/138/EC.