Others reckon the proposed unpreferred senior asset class would be optional, allowing countries like Germany to stick to their original plans while ensuring others do not opt for structural subordination.
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The French approach, which introduces a new layer of senior debt known as "unpreferred" senior, offers greater flexibility and should not impact funding costs over that period, the stakeholders said.
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The proposal leaves Europe facing a multi-track senior unsecured market, with most institutions issuing a combination of unpreferred and preferred senior debt; similar to the route favoured by the French.
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Issuance of unpreferred senior could hit 550bn in the next four to five years, according to Morgan Stanley, but some 770bn of senior debt is due to mature during that period.
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"The impact assessment concludes that the creation of a specific 'unpreferred' senior class for unsecured debt is the most cost effective way to comply with the subordination requirement of the TLAC standard for G-SIIs," the EC said.
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"It's important to remember that dogs jogging alongside people on leash may be forced to move in an unpreferred gait pattern or speed," says Chris Frye, an assistant clinical professor of sports medicine and rehabilitation at Cornell University's Companion Animal Hospital.
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The EC thinks that so-called "unpreferred" senior unsecured debt, which would sit beneath existing senior debt, is the most cost-effective way for banks to comply with the subordination requirement of the total loss-absorbing capacity standard for global systemically important institutions.
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An edge that is not a heavy edge is referred to as a light edge. The light- depth refers to the number of light edges on a given path from root to vertex v. Light-depth ≤ lg n because each time we traverse a light-edge we decrease the number of nodes by at least a factor of 2 (since it can have at most half the nodes of the parent). So a given edge in the represented tree can be any of four possibilities: heavy-preferred, heavy-unpreferred, light-preferred or light-unpreferred.
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The number of heavy edges becoming preferred can be for any given operation, but it is amortized. Over a series of executions we can have n-1 heavy edges become preferred (as there are at most n-1 heavy edges total in the represented tree), but from then on the number of heavy edges that become preferred is equal to the number of heavy edges that became unpreferred on a previous step. For every heavy edge that becomes unpreferred a light edge must become preferred. We have seen already that the number of light edges that can become preferred is at most log n.
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Geremi line up for Chelsea. After an impressive FIFA Confederations Cup campaign with Cameroon, Chelsea paid Real Madrid £6.9 million for him in July 2003, and he went on to have an excellent first season at Stamford Bridge. Although towards the end of his career at Chelsea, under José Mourinho he was played less regularly and when he was played he was put in his unpreferred position of right-back. Geremi, however, was held in high regard by Mourinho.
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Their paper states that there are indirect and direct fitness benefits that outweigh the cost of inbreeding. In species where there is low parental investment and sexual encounters are rare and sequential, incestuous breeding is indirectly beneficial. If the prospective mates are related there is an increase mutual interest in finding a resolution with respect to playing the unpreferred sexual role. With less time allotted to conflicting over sexual roles and dominating one another, procreation is more cost-effective.
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In one study, shore crabs, Carcinus maenas received electric shocks in a preferred dark shelter but not if they remained in an unpreferred light area. Analgesia from morphine should have enhanced movement to the preferred dark area because the crabs would not have experienced 'pain' from the electric shock. However, morphine inhibited rather than enhanced this movement, even when no shock was given. Morphine produced a general effect of non- responsiveness rather than a specific analgesic effect, which could also explain previous studies claiming analgesia.
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This primarily occurs in runoff voting when a voter already believes that their favored candidate will make it to the next round – the voter then ranks an unpreferred, but easily beatable, candidate higher so that their preferred candidate can win later. In the United States, for instance, voters of one party sometimes vote in the other party's primary to nominate a candidate who will be easy for their favorite to beat, especially after that favorite has secured their party's own nomination. ;Bullet voting: With bullet voting, a voter votes for just one candidate, despite having the option to vote for more than one due to a voting method such as approval voting, plurality-at-large voting, and Condorcet methods. A voter helps their preferred candidate by not supplying votes to potential rivals.
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