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February 03, 2022

SREP capital requirements for Commerzbank to remain unchanged for 2022

This Ad-hoc release was published on 3 February 2022 at 20:09 am CET.

In the annual Supervisory Review and Evaluation Process (SREP) the European Central Bank (ECB) has confirmed that the bank-specific capital requirements for Commerzbank Group remain unchanged for 2022. The additional own funds requirement of Pillar 2 (P2R) of 2% can be fulfilled with CET 1 capital, additional tier 1 capital (AT 1) and Tier 2 capital.

As of 30 September 2021, the pro forma Common Equity Tier 1 requirement for Commerzbank on group level stands at 9.40% of risk weighted assets (MDA threshold). This requirement consists of the CET1 minimum requirement of 4.5%, the pillar 2 requirement (P2R) of 1.125%, the capital conservation buffer of 2.5%, the O-SII capital buffer of 1.25% and the countercyclical capital buffer of currently 0.02%.

With a CET 1 ratio of 13.5% as of 30 September 2021, the distance to the MDA threshold (Maximum Distributable Amount) is around 410 basis points above regulatory requirements. With effect from 1 March 2022, the SREP decision replaces the previous SREP decision of 10 December 2019. The ad hoc release is based on the revised MAR guidelines "postponement of the disclosure of inside information" of ESMA which provide for a corresponding publication of the P2R.

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Disclaimer
This release contains forward-looking statements. Forward-looking statements are statements that are not historical facts. In this release, these statements concern inter alia the expected future business of Commerzbank, efficiency gains and expected synergies, expected growth prospects and other opportunities for an increase in value of Commerzbank as well as expected future financial results, restructuring costs and other financial developments and information. These forward-looking statements are based on the management’s current plans, expectations, estimates and projections. They are subject to a number of assumptions and involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from any future results and developments expressed or implied by such forward-looking statements. Such factors include the conditions in the financial markets in Germany, in Europe, in the USA and other regions from which Commerzbank derives a substantial portion of its revenues and in which Commerzbank holds a substantial portion of its assets, the development of asset prices and market volatility, especially due to the ongoing European debt crisis, potential defaults of borrowers or trading counterparties, the implementation of its strategic initiatives to improve its business model, the reliability of its risk management policies, procedures and methods, risks arising as a result of regulatory change and other risks. Forward-looking statements therefore speak only as of the date they are made. Commerzbank has no obligation to update or release any revisions to the forward-looking statements contained in this release to reflect events or circumstances after the date of this release.

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