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UniCredit: EBA Test Final Results

UniCredit notes the announcements made today by the European Banking Authority and Bank of Italy regarding the final assessment of the capital exercise and fulfilment of the EBA December 2011 Recommendation, which shows the following result for UniCredit.


UniCredit meets the 9% Core Tier 1 ratio including the sovereign buffer as stated in the EBA December  2011 recommendation.


Federico Ghizzoni, CEO of UniCredit, said: "These results are well above the requested levels and confirm the strength of UniCredit which was able to put in place successfully capital strengthening measures through market operations - such as the Rights issue,  the buy-back of Tier I and Upper Tier II securities and the active management of Market RWAs -, that allow UniCredit to be a major European commercial bank with a rock solid balance sheet".



Background on the EBA capital exercise



The EBA Recommendation on the creation of temporary capital buffers to restore market confidence was adopted by the Board of Supervisors on 8 December 2011 to address the difficult situation in the EU banking system, especially with regard to the sovereign exposures, by restoring stability and confidence in the markets. The Recommendation was part of a suite of measures agreed at EU level.


The Recommendation called on National Authorities to require banks included in the sample to strengthen their capital positions by building up an exceptional and temporary buffer such that their Core Tier 1 capital ratio reaches a level of 9% by the end of June 2012. In addition, banks were required to an exceptional and temporary capital buffer against sovereign debt exposures to reflect market prices as at the end of September 2011. The amount of the sovereign capital buffer has not been revised. 


The initial sample of the Capital Exercise included 71 banks. However, the 6 Greek banks were treated separately as the country is currently under an EU/IMF assistance programme. Moreover, four banks (Öesterreichische Volksbank AG, Dexia, WestLB AG and Bankia) from the original sample have been identified as undergoing a significant restructuring process, and are being monitored separately. Therefore, the final assessment published today refers to 61 banks. 


For more details on the EU measures to restore confidence in the banking sector please refer to EBA website (



Milan, October 3, 2012