(Alliance News) – FinecoBank Spa announced on Friday that it has received the updated decision from the Single Resolution Board and the Bank of Italy regarding the minimum requirement for own funds and eligible liabilities, which the bank significantly exceeds.
At a consolidated level, Fineco will be required to maintain an MREL TREA of 19.16%–to which the applicable Combined Buffer Requirement must be added–and an MREL LRE requirement confirmed at 5.25%.
The determination of these thresholds takes into account the maximum discount factor allowed by the regulator for FinecoBank’s resolution strategy, set at 24.95%–within the regulatory range of 15-25%–in consideration of the group’s specific characteristics and risk profile.
The bank notes that, as of September 30, its indicators far exceed the new requirements: MREL TREA stood at 46.24% and MREL LRE at 7.26%. FinecoBank also specifies that, for the purpose of meeting the requirements and calculating eligible liabilities, there is no obligation of subordination in the issuance of MREL-eligible instruments.
FinecoBank shares are down 1.3% at EUR20.56 per share.
By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter
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