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of Justice, raising the question of whether they will have the cash to be able to make payments such as those on their additional Tier 1 notes. While failure to pay interest would be tantamount to default for most debt securities, coupon payments on CoCos are discretionary. Once missed, they are also gone forever. Theres a sort of theme emerging that these banks had heavy losses last year for all sorts of reasons, said Adamson in a telephone interview. Thats affected profits, and therefore retained profits, he said. In the case of UniCredit, there are huge provisions that have called into q

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