Espirito Santo Fin Espírito Santo Financial Group S.A. Announces Results of Capital Exercise and Fulfilment of EBA December ...
03 Ottobre 2012 - 6:01PM
UK Regulatory
TIDMEOS
ESPÍRITO SANTO FINANCIAL GROUP S.A. ANNOUNCES RESULTS OF CAPITAL
EXERCISE AND FULFILMENT OF EBA DECEMBER 2011 RECOMMENDATION
Luxembourg/Portugal - 3 October 2012 - Espírito Santo Financial
Group S.A. (NYSE Euronext Lisbon: ESF; Bloomberg ESF PL; Reuters
ESF LS), notes the announcements made today by the European Banking
Authority and the Bank of Portugal regarding the final assessment
of the capital exercise and fulfilment of the EBA December 2011
Recommendation, which shows the following result for Espírito Santo
Financial Group S.A.("ESFG").
ESFG meets the 9% Core Tier 1 ratio including the sovereign
buffer as stated in the EBA December 2011 recommendation.
Background on the EBA capital exercise
The EBA Recommendation on the creation of temporary capital
buffers to restore market confidence was adopted by the Board of
Supervisors on 8 December 2011 to address the difficult situation
in the EU banking system, especially with regard to the sovereign
exposures, by restoring stability and confidence in the markets.
The Recommendation was part of a suite of measures agreed at EU
level.
The Recommendation called on National Authorities to require
banks included in the sample to strengthen their capital positions
by building up an exceptional and temporary buffer such that their
Core Tier 1 capital ratio reaches a level of 9% by the end of June
2012. In addition, banks were required to an exceptional and
temporary capital buffer against sovereign debt exposures to
reflect market prices as at the end of September 2011. The amount
of the sovereign capital buffer has not been revised.
The initial sample of the Capital Exercise included 71 banks.
However, the 6 Greek banks were treated separately as the country
is currently under an EU/IMF assistance programme. Moreover, four
banks (Öesterreichische Volksbank AG, Dexia, WestLB AG and Bankia)
from the original sample have been identified as undergoing a
significant restructuring process, and are being monitored
separately. Therefore, the final assessment published today refers
to 61 banks.
Please find the EBA Capitalisation Results in full at
www.esfg.com.
Contacts: Filipe Worsdell Espírito Santo Financial Group S.A.+44
203 429 2100fworsdell@esfg.com
Faisal Kanth King Worldwide+44 207 614
2900fkanth@king-worldwide.com
The Espírito Santo Financial Group provides, through its
subsidiaries, a global and diversified range of financial services
to its clients including Commercial banking, Insurance, Investment
banking, Stockbrokerage and Asset management in Portugal and
internationally. For additional information on Espírito Santo
Financial Group, its subsidiaries, operations and results, please
visit the Company's website on
www.esfg.com
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