It also helps to explain the Banks' rush to buy back hybrid debt at discounted prices: they can book the gains as profits and use these to beef up capital where it counts.

并且这同样有助于解释银行急于以折现价格回购组合债务的行为：他们可以将增加的资本记做利润，做账时用它来充实资金。

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The original Basel rules on capital adequacy sought to limit such “hybrid” capital that sits between equity and debt.

原始的巴塞尔协议对资本充足率的规定是为了限制对介于权益和债务之间的“混合”资本持有。

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Hybrid forms of capital were meant to combine the cheapness of debt with the support that equity offers to Banks in times of crisis.

多种资本形式的组合意味着是廉价债务与危机期间银行供股的结合体。

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The first problem was that the equity layer was far too thin, and that banks were wary of imposing losses on holders of hybrid debt.

ECONOMIST: Bank bondholders

This complex and risky hybrid of debt and equity was sometimes sold as a safe investment.

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American banks own much of the preferred stock (a hybrid of debt and equity) that the two firms issued.

ECONOMIST: American banks