Banco Bilbao Vizcaya Argentaria SA MREL Requirement (9718T)
19 Noviembre 2019 - 12:30PM
UK Regulatory
TIDMBVA
RNS Number : 9718T
Banco Bilbao Vizcaya Argentaria SA
19 November 2019
Banco Bilbao Vizcaya Argentaria, S.A. ("BBVA"), in compliance
with the Securities Market legislation, hereby communicates the
following:
INSIDE INFORMATION
BBVA has received a new communication from the Bank of Spain
regarding its minimum requirement for own funds and eligible
liabilities, as determined by the Single Resolution Board ("SRB"),
that has been calculated taking into account the financial and
supervisory information as of December 31, 2017. This communication
supersedes the communication previously received and which was
published as relevant information on May 23, 2018.
In accordance with such communication, BBVA has to reach, by
January 1, 2021, an amount of own funds and eligible liabilities
equal to 15.16% of the total liabilities and own funds of its
resolution group, on sub-consolidated level([1]) ("MREL"). Within
this MREL, an amount equal to 8.01% of the total liabilities and
own funds shall be met with subordinated instruments (the
"subordination requirement"), once the allowance established in
such requirement is applied([2]) .
This MREL is equal to 28.50% in terms of risk-weighted assets
("RWAs"), while the subordination requirement included in the MREL
is equal to 15.05% in terms of RWAs, once the corresponding
allowance has been applied([3]) .
According to our estimates, the current own funds and eligible
liabilities structure of the resolution group meets the MREL and
the subordination requirement.
Furthermore, BBVA's wholesale funding plan maintains the
roll-over of senior preferred debt instruments and covered bonds
maturities during the 2018-2020 period([4]) through the issuance of
eligible liabilities.
Madrid, November 19, 2019
([1]) Pursuant to BBVA Group's MPE (Multiple Point of Entry)
resolution strategy, as established by the SRB, BBVA resolution
group consists on Banco Bilbao Vizcaya Argentaria S.A. and the
subsidiaries that belong to the same European resolution group. As
of December 31, 2017, the total liabilities and own funds of the
resolution group amounted to 371,910 million euros, representing
Banco Bilbao Vizcaya Argentaria, S.A. more than 95% of such amount.
The risk-weighted assets of the resolution group amounted to
197,819 million euros at that date.
([2]) The subordination requirement would be 9.18 % in terms of
the total liabilities and own funds if the allowance did not
apply.
([3]) The subordination requirement would be 17.25 % in terms of
RWAs if the allowance did not apply.
([4]) As of January 1, 2018, these three-year pending maturities
amounted to approximately 9,000 million euros. BBVA has issued
7,290 million euros of senior non preferred debt, of which 5,500
million euros have been issued since January, 1 2018.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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