1.   If the receipt is distributed to shareholders as dividends then the capital base of the business has been eroded.

2.   The first step was to help broaden the capital base of many of its members.

3.   Worse, the recent fall in the Nikkei is eroding their capital base.

4.   The slump in stock prices put Japanese creditor banks under an additional pressure because it simultaneously eroded their own capital bases.

5.   Discount houses have borrowing facilities at the Bank, with limits related to the capital base of each discount house.

6.   If the target has a captive insurance company this must have an adequate capital base, sufficient reserves to pay its outstanding liabilities, and adequate reinsurance.

7.   The crucial determinants there are profitability, cash flow and capital base.

8.   And as the capital base weakens, investors no longer want to hold the stocks, and this selling further depresses the shares.