The Bank of Spain has informed Caixabank that at the start of 2021 it must have a 'anti-crisis' solvency buffer equal to 22.70% of its risk-weighted assets, slightly higher than the 22.50% set last year for the same term.
To account for said piggy bank takes the bank's balance sheets at the end of 2018, compared to 2017 used last year, as detailed by the entity to the National Securities Market Commission (CNMV).
The requirement for this solvency piggy bank or also called MREL will be 16.77%, taking as a reference the own resources collected with subordinated instruments and also in relation to risk-weighted assets.
Caixabank already fulfilled this subordinate MREL requirement in March, having a 19.6% ratio, and was close to the total ratio required, having a total MREL of 22.6%, as detailed by the CNMV.
The requirements communicated by the Bank of Spain are established by the European Resolution Board (JUR), and may vary as they are subject to modifications by the resolution authorities, in particular regarding entry in force on December 28, 2020 of the Bank Recovery and Resolution Directive (BRRD II).
In the current situation generated by Covid-19, the SRB has also stated your intention to take a prospective approach in relation to the currently existing MREL requirements and be more flexible in the computations.
However, Caixabank indicated that the established MREL requirement "coincides" with its forecasts and its achievement is included in the long-term financing plan, "so that it allows the MREL requirements to be met comfortably on the dates they enter. in force".
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