CREDIT AGRICOLE SA : Unchanged ECB capital requirements for Crédit Agricole Group and Crédit Agricole S.A.
22 Décembre 2017 - 5:45PM
Unchanged ECB capital
requirements for Crédit Agricole Group and Crédit Agricole
S.A.
Crédit Agricole Group and Crédit
Agricole S.A. have been recently notified by the European Central
Bank (ECB) of the new minimum capital requirements following the
results of the Supervisory Review and Evaluation Process (SREP),
confirming the current level of pillar 2 requirements.
Since the opinion of the European
Banking Authority (EBA) on Friday 18 December 2015, both Pillar 1
and Pillar 2 capital requirements must be fulfilled before common
equity tier 1 capital (CET1) is allocated to meet combined buffer
requirements.
As a result, distributions on
shares and additional Tier 1 hybrid instruments and payment of
variable compensation to identified staff by institutions that fail
to meet the Pillar 2 minimal capital requirements (including any
systemic surcharge) will be restricted or prohibited, as the case
may be. The EBA also recommended that Pillar 2 capital requirements
be made public.
Crédit Agricole Group will need to
meet a minimum consolidated CET1 ratio (including the Pillar 1,
Pillar 2 and conservation buffer requirements) of at least 7.875%,
phased in, as of 1 January 2018. In addition, the G-SIB buffer
required by the Financial Stability Board to be applied on top of
these requirements will result in a 0.75% surcharge on a
transitional basis from 1 January 2018 (bringing the minimum
capital requirement at this date to 8.625%) and is expected to
reach 1% on a fully loaded basis in 2019.
In this context, Crédit Agricole
Group demonstrates a best-in-class solvency level among European
banking peers with a consolidated CET1 capital ratio as at 30
September 2017 standing at 14.9% calculated by applying CRD IV
transitional arrangements for 2017, that is a 627 basis points
buffer above the 8.625% minimum level applicable as at 1 January
2018. On a fully loaded basis the consolidated
CET1 capital ratio as at 30 September 2017 standing at 14.9% as
well result in a 540 basis points buffer above the level applicable
in 2019.
Crédit Agricole S.A. will need to
meet a minimum consolidated CET1 ratio (including the Pillar 1,
Pillar 2 and conservation buffer requirements) of 7.875%, phased
in, as of 1 January 2018.
No additional capital buffer
applies to Crédit Agricole S.A.. Crédit Agricole S.A., as the
central body of Crédit Agricole Group, fully benefits from the
solidarity mechanism as well as internal flexibility on capital
circulation within the very strongly capitalised Crédit Agricole
Group.
Crédit Agricole S.A.'s aim is to
operate with solid cushions above the minimum consolidated ECB
requirements that will be applicable from 1 January 2018. Crédit
Agricole S.A.'s consolidated CET1 capital ratio as at 30 September
2017 was 12.0% calculated by applying CRD IV transitional
arrangements for 2017, which makes it already perfectly compliant
with these requirements. Crédit Agricole S.A.'s target is to have a consolidated CET1 ratio of
approximately 11%, on a fully loaded basis, which translated into
250 basis points above the 8.5% fully loaded minimum ECB
requirement.
CRÉDIT
AGRICOLE PRESS CONTACT
Charlotte de
Chavagnac + 33 1 57
72 11
17
charlotte.dechavagnac@credit-agricole-sa.fr
Alexandre
Barat
+ 33 1 43 23 07
31
alexandre.barat@credit-agricole-sa.fr
Find our press release on: www.credit-agricole.com
UK 22 12 17 PR CA SREP
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: CREDIT AGRICOLE SA via Globenewswire
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