Banco Santander S.A. SREP Capital Requirements 2024 (3618W)
December 11 2023 - 6:24AM
UK Regulatory
TIDMBNC
RNS Number : 3618W
Banco Santander S.A.
11 December 2023
Banco Santander, S.A., ("Santander") in accordance with the
provisions of the securities market legislation, communicates the
following:
INSIDE INFORMATION
Santander has been informed by the European Central Bank
("ECB"), after following its Supervisory Review and Evaluation
Process ("SREP"), of its decision regarding the minimum prudential
capital requirements effective as of 1 January 2024.
The ECB's decision establishes a Pillar 2 requirement ("P2R") of
1.74% at a consolidated level of which at least 0.98% must be
covered with Common Equity Tier 1 capital ("CET1"). The revised P2R
entails an increase of 16 basis points over the previous decision,
of which (i) 15 basis points are due to a methodological change in
the determination of the P2R by the ECB, and (ii) 1 basis point
reflects the increase of the capital add-on due to the ECB's
prudential expectations on calendar provisioning in connection with
non-performing loans.
The following table shows the minimum CET1 and total capital
requirements applicable at the consolidated level as of 1 January
2023 and as of 1 January 2024, as well as Santander's ratios [1] as
of 30 September 2023:
Minimum Requirement Data
---------------
As of 01/01/2023 As of 01/01/2024 As of 30/09/2023
--------------- ----------------- ----------------- -----------------
CET1 8.91% 9.60% [2] 12.35%
----------------- ----------------- -----------------
Total Capital 13.11% 13.86% [3] 16.31%
----------------- ----------------- -----------------
As described in the table above, Santander maintains a surplus
of capital over these requirements, both in CET1 and total capital
terms.
Boadilla del Monte (Madrid), 11 December 2023
IMPORTANT INFORMATION
Not a securities offer
This document and the information it contains does not
constitute an offer to sell nor the solicitation of an offer to buy
any securities.
Past performance does not indicate future outcomes
Statements about historical performance or growth rates must not
be construed as suggesting that future performance, share price or
results (including earnings per share) will necessarily be the same
or higher than in a previous period. Nothing in this document
should be taken as a profit and loss forecast.
[1] Phased-in ratios.
[2] The minimum requirement ratio of CET1 at consolidated level
consists of: (a) the minimum capital requirement of Pillar 1
(4.50%), (b) P2R (0.98%), (c) the capital conservation buffer
(2.50%), (d) the requirement arising from the consideration of
Santander as Other Systemically Important Institution ("OSII"),
which has been fixed for 2024 by the Banco de España (1.25%), and
(e) the countercyclical capital buffer requirement (0.3693%),
calculated as of 30 September 2023. With respect to the minimum
requirement applicable as of 01/01/2023, variations are given in
the items listed in limbs (b), (d) and (e), whose values were
0.89%, 1% and 0.02530%, respectively, as they were disclosed in the
inside information filing dated 22 December 2022.
[3] In addition to the CET1 requirement, the minimum total
capital requirement at consolidated level includes: (i) Pillar 1
requirements of Additional Tier 1 (1.5%) and Tier 2 (2%), and (ii)
part of the P2R requirements that can be covered by Additional Tier
1 and Tier 2 (0.33% y 0.44%, respectively). With respect to the
minimum requirement applicable as of 01/01/2023, variations are
given in the CET1 minimum requirement, as specified in the previous
footnote, and in the items listed in limb (ii), whose values were
0.30% and 0.40% respectively, as published in the inside
information filing dated 22 December 2022.
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END
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