Following the communication received by the Single Resolution Board (SRB) and Banca d'Italia, the following Minimum Requirements for Own Funds and Eligible Liabilities (MREL) apply to UniCredit SpA on a consolidated basis.
The intermediate binding MREL is confirmed equal to:
- 20.73 percent of Risk Weighted Assets (RWA) plus the applicable Combined Buffer Requirement (CBR);
- 5.90 percent of Leverage Ratio Exposures (LRE).
The intermediate binding MREL subordinated component, i.e. to be met with subordinated instruments, is confirmed equal to:
- 11.79 percent of RWA plus the applicable CBR;
- 5.68 percent of LRE.
From 1 January 2024 the fully loaded MREL will be equal to:
- 21.83 percent of RWA plus the applicable CBR;
- 5.90 percent of LRE*.
The fully loaded MREL subordinated component will be equal to:
- 15.53 percent of RWA plus the applicable CBR;
- 5.77 percent of LRE*.
The above subordination requirements take into account the "senior allowance" benefit, which allows to meet part of the subordinated requirement with senior (non-subordinated) instruments.
As of 1Q22, UniCredit is well above these requirements, with MREL eligible liabilities equal to:
- 26.85 percent of RWA;
- 8.46 percent of LRE.
The MREL subordinated eligible liabilities are equal to:
- 21.28 percent of RWA;
- 6.71 percent of LRE.
Milan, 5 May 2022
*LRE requirement defined and communicated by SRB in line with "SRB approach to CRR discretion on leverage and MREL calibration" published on 22 December 2021 and 7 March 2022.
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