Regulatory capital

Our leading banking & finance team have a fantastic track record of advising specialist insurers and building societies on their regulatory capital issues.

We’ve advised on two of the four issues of Core Capital Deferred Shares done by UK building societies to date. 

Raising regulatory capital is not just about following the process, and what works for one issuer may not suit another. We bring an ability to innovate and make the process fit your requirements and values, from a bespoke bilateral deal to a public issuance.    

Our team members all  have particular specialisms in helping issuers, first time or not , with an environmental, social or ethical focus to  get to grips with the process and make it work for them.

Our experience

  • Cambridge Building Society - We advised the Society on its issuance of £15 million Core Capital Deferred Shares to the Cambridgeshire County Council Pension Fund. The partnership was the first its kind in the UK between a building society and local authority. 
  • Ecology Building Society - We advised on the Society’s issuance of £3 million Core Capital Deferred Shares. The proceeds will enable the Society to further grow its sustainable lending and invest in innovation. 
  • Randall & Quilter Investment Holdings - We advised R&Q on a $100 million+ issue of Senior Notes governed by English law to institutional investors in a private placing. The Notes have been approved by the Bermuda Monetary Authority as Tier 2 regulatory capital for group supervision purposes. 
  • Accredited Insurance Europe Limited - We advised AIEL the issuance of €20 million of floating rate subordinated Notes which were approved as Tier 2 Capital by the Maltese Financial Services Authority, and a subsequent tap issue of €5 million. 

Value added services

  • Free kick-off meeting to help us get to know you and understanding what matters to you. 
  • Free teach-in for your board or governing body to set out what to expect from the process. 
  • Free “user guide” to your documents at the end of the transaction to help you go forward. 
Mills & Reeve Sites navigation
A tabbed collection of Mills & Reeve sites.
My Mills & Reeve navigation
Subscribe to, or manage your My Mills & Reeve account.
My M&R


Register for My M&R to stay up-to-date with legal news and events, create brochures and bookmark pages.

Existing clients

Log in to your client extranet for free matter information, know-how and documents.


Mills & Reeve system for employees.