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UniCredit: ECB lowers SREP Pillar 2 Capital Requirement by 25 basis points to 175 basis points

UniCredit well above the specific capital requirements set by the ECB

UniCredit has been informed by the European Central Bank ('ECB') of its final decision concerning capital requirements following the results of its annual Supervisory Review and Evaluation Process ('SREP').

UniCredit is required to meet the following overall capital requirements on a consolidated basis from 1 January 2020:

  • 9.84 per cent CET1 ratio
  • 11.34 per cent Tier 1 ratio
  • 13.34 per cent Total Capital ratio

As a result of the strengthening and de-risking of its balance sheet and given the successful execution of Transform 2019, the ECB has improved the risk evaluation of UniCredit compared to 2018. As a consequence, the Single Supervisor has lowered UniCredit's SREP Pillar 2 Capital Requirement (P2R) by 25 basis points to 175 basis points.


Further to the minimum capital requirements set by the CRR article 92, the above capital ratios include the following capital buffers, to be met with CET1 instruments: 1.75 per cent P2R, 2.50 per cent Capital Conservation Buffer (CCB), 1.00 per cent G-SIB buffer and 0.09 per cent Countercyclical Capital Buffer (CCyB) [1]. The CCyB depends on UniCredit's exposure towards the countries where countercyclical buffer rates are or will be set, therefore it may vary on a quarterly basis.


As of 30 September 2019, UniCredit's capital ratios [2] on a consolidated basis stood at:

  • 12.60 per cent CET 1 ratio, fully loaded
  • 14.23 per cent Tier 1 ratio, transitional
  • 17.11 per cent Total Capital ratio, transitional



Milan, 2 December 2019




[1] As of 30 September 2019

[2] With effect from 1 January 2019, UniCredit's fully-loaded and transitional CET1 ratios are the same, since the applicable transitional periods under CRR (Regulation (EU) 575/2013) have expired and the Group has decided not to apply the IFRS 9 transitional arrangements. Tier 1 and Total Capital Ratios are defined as transitional since they benefit from the application of the phase-out limits for the Additional Tier 1 and Tier 2 capital instruments subject to grandfathering as per CRR article 486 and CRR2 (CRR amended by Regulation (EU) 2019/876) article 494.



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