Putting this behind us removes earnings volatility and meaningfully improves our pro forma Tier 1 Common ratio under Basel III.

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The rules could mean a Tier 1 common risk-based capital ratio requirement to 7% and an addition a surcharge of up to 2.5% for the most complex financial firms.

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Its Capital Trust II 11% preferred has a mandatory conversion on Aug. 16, 2003 at a floating conversion ratio of between 0.7792 and 0.8649 shares of common.

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The Tier 1 Common Ratio has advanced from 4.49% to 8.65% and is now estimated to be over 9.00% under Basel 1, he notes.

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We anticipate reaching a Basel III Tier I common ratio of 9.5% by the end of this year after these capital actions and with the ongoing growth in our businesses.

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