Following the communication received from the ECB in relation to the 2022 Supervisory Review and Evaluation Process (SREP), UniCredit's Pillar 2 Capital Requirement (P2R) is 200 basis points1
There is no impact on UniCredit's 2022 and future distribution ambitions, funding plan and capital targets, which remain as per guidance. The Maximum Distributable Amount ("MDA") buffer as of 30 September 2022 was a very robust 635 basis points, and pro forma for the P2R would be 621 basis points.
UniCredit shall respect from 1 January 2023 the following capital requirements on a consolidated basis:
- 9.20 per cent CET1 ratio
- 11.08 per cent Tier 1 ratio
- 13.58 per cent Total Capital ratio
The above capital ratios include the Combined Buffer Requirement to be met with CET1 instruments, composed by 2.50 per cent Capital Conservation Buffer (CCB), 1.00 per cent G-SIB buffer and 0.08 per cent Countercyclical Capital Buffer (CCyB)2
As of 30 September 2022, UniCredit's capital ratios on a consolidated basis stood at:
- 15.41 per cent CET 1 ratio, fully loaded
- 16.04 per cent CET 1 ratio, transitional
- 17.94 per cent Tier 1 ratio, transitional
- 20.76 per cent Total Capital ratio, transitional
Milan, 15 December 2022
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1Following CRD V Art. 104a, banks shall meet the Pillar 2 Capital Requirement (P2R) with at least 75% of Tier 1 capital and at least 56.25% of Common Equity Tier 1 (CET1) capital.
2As of 30 September 2022. 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.