(Alliance News) - illimity Bank Spa reports that the board of directors at its meeting on Wednesday took note of the notice received from the Bank of Italy

of the start of the annual Supervisory Review Evaluation Process (SREP) regarding the application of the minimum capital requirements (Overall Capital Requirements), at the same time resolving not to submit any comments in this regard.

The new requirements set forth below will have to be met on a consolidated basis as of the first own funds reporting date following the date of receipt of the order. These are 9.60 percent in terms of CET1 ratio; 11.10 percent in terms of Tier 1 ratio; and 13.10 percent in terms of Total Capital ratio.

These ratios include an additional Pillar 2 requirement (P2R) of 2.60 percent and a Capital Conservation Buffer component of 2.50 percent, both of which are to be maintained in the form of primary tier 1 capital (CET 1 capital).

As of September 30, 2023, illimity Bank Group's capital ratios are well above these minimum requirements, "and are expected to remain at high levels in the future to support business growth," the bnaca writes in the released note.

These are 14.75 percent in terms of CET1 ratio; 14.75 percent in terms of Tier 1 ratio; and 18.98 percent in terms of Total Capital ratio.

illimity opened Thursday's session in the red by 0.5 percent to EUR5.35 per share

By Maurizio Carta, Alliance News reporter

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