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UniCredit: update post ECB changes to terms and conditions of TLTRO facilities


UniCredit S.p.A. ("UniCredit") today announces the financial effects of the European Central Bank ("ECB") changes to the terms and conditions of Targeted Longer-Term Refinancing Operations ("TLTRO") facilities, which generally negatively affect credit institutions with TLTRO borrowings.


In light of UniCredit's conservative recognition of the TLTRO benefit and factoring in all the economic consequences of the ECB announcement, the full year 2022 Net Interest Income ("NII") guidance excluding Russia is updated to over €9.7 billion including a full year TLTRO positive contribution to NII of around €0.4 billion. There is no positive effect of TLTRO to UniCredit's financial results from 2023 onwards.


The disclosure provided in the third quarter 2022 regarding NII for 2023 is unchanged, resulting in an expectation of at least €10.1 billion for the Group excluding Russia. This assumes a Deposit Facility Rate ("DFR") of 1.5% and can vary depending on future developments in interest rates, volumes, deposit betas and other. UniCredit's NII sensitivity as disclosed with third quarter 2022 financial results remains unchanged at circa €0.5 billion on an annualised basis for a further 100 basis points increase in the DFR.


The changes announced by the ECB to the remuneration of minimum reserves at the ECB's DFR have no meaningful impact.



Milan, October 31, 2022






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