Changes in 1996 by the Federal Reserve Bank regarding the definition of so-called Tier 1 capital for banks unlocked new opportunities for depositories as well as investors. While the former tapped a non dilutive source of growth capital, the latter earned a yield premium, and the ability to diversify their financial services risk profile into community and local banks. This material was published first by Merrill Lynch, which was granted first rights to publication in a book about structured finance products, and was later included as a chapter in a book by investment banker Cohen Brothers & Company called Perspectives on Banking.