CREDIT AGRICOLE SA: Unchanged ECB capital requirements for 2020
12 December 2019 - 6:30PM
CREDIT AGRICOLE SA: Unchanged ECB capital requirements for 2020
Unchanged ECB capital requirements for
2020
The European Central Bank (ECB) has just
notified Crédit Agricole Group and Crédit Agricole S.A. of their
capital requirements following the completion of the Supervisory
Review and Evaluation Process (SREP), confirming the current level
of requirements in respect of Pillar 2 (P2R) i.e. 1.5% for Crédit
Agricole Group and for Crédit Agricole S.A.
Crédit Agricole Group must comply with a CET1
ratio of at least 9.7% from 1 January 2020, including Pillar 1 and
Pillar 2 capital requirements as well as the applicable combined
buffer requirement (conservation buffer of 2.5%, buffer for
systemically important institutions of 1% and countercyclical
buffer estimated at 20 bps as of 1 January 2020). Crédit Agricole
S.A. must comply with a CET1 ratio of at least 8.7% from 1 January
2020, including Pillar 1 and Pillar 2 capital requirements as well
as the applicable combined buffer requirement (conservation buffer
of 2.5% and countercyclical buffer estimated at 17 bps as of 1
January 2020).
The CET1 ratio of Crédit Agricole Group stood at
15.5% at end-September 2019 and would have amounted pro-forma to
15.7% at the same date taking into account the Conseil d’Etat
decision on 8 November 2019 in relation to Emporiki1. Crédit
Agricole Group shows, as a result, one of the highest solvency
levels amongst European peers, well above the minimum CET1
requirement of 9.7%.
As the central body of Crédit Agricole Group,
Crédit Agricole S.A. fully benefits from the legal solidarity
mechanism as well as internal flexibility on capital circulation
within the Group. Crédit Agricole S.A.’s CET1 ratio stood at 11.7%
at end-September 2019 and would have amounted pro-forma to 12% at
the same date taking into account the Conseil d’Etat decision on 8
November 2019 in relation to Emporiki, a level well above the
Medium Term Plan target of 11%.
In this context, Crédit Agricole S.A. confirms
its intention to start the partial dismantling of the Switch
guarantee mechanism in early 2020, if conditions allow so. Without
any impact on Crédit Agricole Group CET1 ratio, this operation will
lower Crédit Agricole S.A. CET1 ratio and improve its earning
capacity.
CRÉDIT AGRICOLE PRESS
CONTACT
Charlotte de
Chavagnac + 33 1 57
72 11
17
charlotte.dechavagnac@credit-agricole-sa.frOlivier
Tassain
+ 33 1 43 23 25 41
olivier.tassain@credit-agricole-sa.fr Pauline
Vasselle
+ 33 1 43 23 07
31
pauline.vasselle@credit-agricole-sa.fr
Find our press release on: www.credit-agricole.com
1 The Conseil d’Etat has recognised the deductibility of a
charge incurred by Crédit Agricole S.A. in 2012 on the occasion of
the disposal of the Greek bank Emporiki, which will translate in
the fourth quarter results of 2019 into a provision write back
amounting to EUR 1,038 million.
- 20191212_SREP_Press release_EN_FINAL
Credit Agricole (EU:ACA)
Historical Stock Chart
From Apr 2024 to May 2024
Credit Agricole (EU:ACA)
Historical Stock Chart
From May 2023 to May 2024