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UniCredit: update MREL requirement to 10.67 percent of TLOF from June 2022

UniCredit SpA has received from the Single Resolution Board and Banca d'Italia the updated decision on the Minimum Requirement for Own Funds and Eligible Liabilities (MREL), which supersedes the previous one communicated in May 2018.


UniCredit SpA shall comply with MREL on a consolidated basis at the level of 10.67 percent of Total Liabilities and Own Funds (TLOF), of which 8.29 percent shall be met with subordinated instruments taking into account an allowance of 2.5 percent of Risk Weighted Assets (RWAs), which shall be reached by 30 June 2022 and from that day shall be met at all times.


The 10.67 percent of TLOF, which corresponds to 25.18 percent of RWAs as of 31 December 2017, considers the 2017 SPREP Pillar 2 requirement at 2.0 percent of RWAs.

The MREL requirements, adjusted for the reduction of the Pillar 2 requirement from 2.0 percent to 1.75 percent of RWAs as per the latest SREP, are already factored in the Group 2020-23 Multi Year Funding Plan.



Milan, 2 December 2019





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