The European Central Bank set minimum capital requirements for various Italian banks, as of Jan. 1, 2017, following the results of the Supervisory Review and Evaluation Process for 2016.
UniCredit SpA said it is required to maintain, on a consolidated basis, a transitional common equity Tier 1 ratio of 8.75%, a transitional Tier 1 ratio of 10.25% and a transitional total capital ratio of 12.25%. These ratios include a 0.50% buffer for being a global systemically important bank, a 1.25% capital conservation buffer and 2.5% for the Pillar 2 requirement. The G-SIB buffer and the capital conservation buffer will reach, on a fully loaded basis, 1% and 2.5%, respectively, in 2019. UniCredit said it had a transitional CET1 ratio, transitional Tier 1 ratio and transitional total capital ratio of 11.00%, 11.81% and 14.50%, respectively, as of Sept. 30.
Banca Popolare dell'Emilia Romagna SC said it is required to maintain a consolidated CET1 ratio of 7.25%, including a Pillar 1 requirement of 4.50%, a Pillar 2 requirement of 1.50% and a capital conservation buffer of 1.25%. BPER was also required to maintain a consolidated total capital ratio of 10.75%. The lender had a phased-in CET1 ratio of 14.47% and a phased-in total capital ratio of 15.98%, as of Sept. 30.
Credito Emiliano SpA said it required a CET1 ratio of 6.75%, including a capital conservation buffer of 1.25%, compared to the current requirement of 7%. The lender is also required to maintain a Tier 1 ratio of 8.25% and total capital ratio of 10.25%. Credem's CET1 ratio, Tier 1 ratio and total capital ratio, all on a phased-in basis, stood at 13.51%, 13.51% and 14.69%, respectively, as of Sept. 30.
Unione di Banche Italiane SpA must maintain a phased-in CET1 ratio of 7.5%, including a Pillar 1 capital ratio of 4.5%, Pillar 2 requirement of 1.75% and capital conservation buffer of 1.25%. UBI Banca also noted it needed to maintain a total SREP capital requirement of 9.75%, including the Pillar 1 capital ratio of 8% and Pillar 2 requirement of 1.75%. The requirement in terms of total capital ratio is 11%, by adding the capital conservation buffer of 1.25%. The bank's phased-in CET1 ratio and phased-in total capital ratio stood at 11.68% and 14.55%, respectively, as of Sept. 30.
Intesa Sanpaolo SpA was informed by the central bank that it needs to meet a phased-in CET1 ratio of 7.25% and fully loaded CET1 ratio of 9.25%. As of Sept. 30, the bank had, on a consolidated basis — net of €2.25 billion in dividends accrued for the first nine months — a CET1 ratio of 12.8% and a fully loaded CET1 ratio of 16.9%.