63It is clear from the reasoning followed by the ECB in the present case, as reproduced in paragraph 38 above, that the risk it identified was the overvaluation of Common Equity Tier 1 capital, a risk arising from the fact that IPCs are treated as an off-balance-sheet item, that they are therefore not recorded on that credit institution’s balance sheet and that the guarantee attached to IPCs is unavailable until the IPCs have been paid.
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