On 30 May 2014, the Prudential Regulation Authority (PRA) in the UK published a consultation paper on subordinated guarantees and the quality of capital for insurers (CP9/14).  Comments are invited until 11 July 2014 in relation to a draft supervisory statement setting out PRA expectations with regard to insurers' use of subordinated guarantees as part of their capital structures. The draft statement sets out actions which should be taken by firms in this regard and information to be provided to the PRA when using such guarantees. The PRA's focus is that insurers' quality of capital should not be negatively affected by the use of such guarantees and the draft statement provides examples of acceptable outcomes in this regard.