It should also be noted that ‘headline’ capital requirements are not always as they appear. International comparisons of capital ratios are inherently difficult to make due to differing regulatory frameworks, which are sometimes not fully transparent. For example, many regulators apply capital ‘add-ons’ that are not visible to the market. Notwithstanding these difficulties, there are many different endeavours to compare capital ratios.
There is a fundamental difference between buying on the primary market, which is forbidden because the money would go to the government, and buying on the secondary market where the money does not go to the government but to bond holders.