Disclosure Report. Pillar III
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- Isabella Pitts
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1 Disclosure Report Pillar III Data as at 30 june 2014
2 Disclosure Report Pillar 3 Data as at 30 June 2014 This English translation of the Informativa da parte degli enti al pubblico (Terzo Pilastro) - Dati riferiti al 30 giugno 2014, titled the Disclosure by institutions (Pillar 3) - Data as at 30 june 2014 is NOT an official translation. This translation is for informational purposes only, has been prepared solely for the convenience of non-italian speaking shareholders of Banco Popolare Società Cooperativa (the Issuer ) and any other recipients and is not a substitute for the original Italian document. The only official version of the Pillar 3 is the Italian version which has been approved by the competent body of the Issuer, and can be found in electronic form on the website of the Issuer. This English translation has not been approved by the Issuer. Accordingly, any shareholder and any recipients should also refer to the official Italian version and seek appropriate professional advice before investing. While this English translation is believed to be generally accurate, it is subject to and qualified by, in its entirety, the official Italian-language original version approved by the Issuer, which is the prevailing document for all purposes. Any discrepancies or differences created in the translation are not binding and the Issuer makes no warranties or representations about the accuracy or completeness of this English translation and assumes no liability for any errors, omissions or inaccuracies in this English translation. This English translation does not contain or constitute, and should not be relied upon as, an offer or invitation to make an offer or to acquire any securities in any jurisdiction."
3 Index Introduction Scope of application Own Funds Capital adequacy Credit risk: disclosures for portfolios treated under the standardised approach and specialized lending and equity exposures treated under IRB approaches Credit risk: disclosures for portfolios treated under IRB approaches Market risks: disclosures for banks using the internal models approach (IMA) for position risk, foreign exchange risk and commodity risk Operational risk Declaration of the Manager responsible for preparing the Company s financial reports
4 Introduction Explanatory notes on the Disclosure to the Public Supervisory regulations require that banks fulfil specific obligations to publish information regarding their capital adequacy, exposure to risks and the general characteristics of the systems for identifying, measuring and managing these risks, and to supply information on remuneration practices and policies, in order to strengthen the role of the market discipline. From 1 January 2014, the prudential supervision provisions applicable to banks are contained in Circular No. 285 of 17 December 2013, the issue of which is conditioned by the start date of application of EU regulations (Regulation EU No. 575/2013 (CRR) and the CRD IV Directive 2013/36/EU) containing the reforms of the agreements of the Basel Committee ( Basel 3 ). This subject matter, as specifically stated in Part II - Chapter 13 of the above-mentioned Circular, is directly regulated by the CRR (Part Eight and Part Ten, Title I, Chapter 3) and by European Commission regulatory and implementing technical standards. According to that established by CRR regulations, banks must publish the information required on at least an annual basis. It is up to the same entities to evaluate, based on the important aspects of their activities, the need to publish some or all of the information required more frequently, in particular that relating to the composition of own funds and to capital requirements. Furthermore, the European Banking Authority (EBA) must provide specific indications as regards said assessment by the entities of the need to publish the above information more frequently, by 31 December Also as regards obtaining authorisation from the Supervisory Authority (communication dated 18 May 2012) to use internal methods to calculate capital requirements for credit and market risk - as well as the recent authorisation to use the AMA approach for operational risk (communication dated 5 August 2014) -, for the current year, the Group intends to continue drawing up half-yearly reports, at the same time working with a view to comply with the guidelines that will be provided, each time, through the implementing technical standards provided by the EBA in order to establish standardised reporting models. This document, entitled Disclosure Report, constitutes a fulfilment of the regulatory obligations referred to and is drawn up on a consolidated basis. Quantitative disclosures regarding Own Funds, Group capital requirements as at 3
5 30 June 2014 are illustrated below, as well as disclosures regarding the risks that are subject to validation by the National Supervisory Body. We also point out that the information relating to the various types of risk which the Banco Popolare Group is exposed to is contained in Table 1 of the Disclosure report for 2013, as well as in the Report on operations and in Part E of the Notes to the consolidated financial statements in accordance with that envisaged by reference regulation. Additional information on the internal audit system, the auditing of the accounts and the declaration of compliance of the accounting documents with the results of the accounting books and records by the Appointed Manager is present in the Report on corporate governance and ownership structures. Analytical information on the existing remuneration policies is contained in the Remuneration Report (also present on the Group website). With reference to the document Enhancing the risk disclosures of banks (drawn up by an international work group established under the patronage of the Financial Stability Board), the Group has taken steps to implement, starting from the edition relating to 31 December 2012, the recommendations aimed at enhancing the disclosure transparency of this document. In compliance with the aforementioned disclosure and frequency obligations the Banco Popolare Group publishes this document on its website in the Investor Relations section. It is available in both Italian and English. All amounts shown in the tables below are stated in thousands of Euro, unless otherwise indicated. 4
6 Capital adequacy ratios as at 30 June 2014 Own Funds and capital adequacy ratios 30/06/2014 A. Capital reserves and requirements Own Funds Common Equity Tier 1 capital (CET 1) Additional Tier 1 capital (AT 1) - Total Tier 1 capital Tier 2 capital (T 2) TOTAL OWN FUNDS Risk-weighted assets Credit and counterparty risks (includes credit value adjustment-cva) Market risks Operational risks Other calculation elements - RISK-WEIGHTED ASSETS B. Capital adequacy ratios (%) B.1 Common Equity Tier 1 Ratio 13,3% B.2 Tier 1 Ratio 13,3% B.3 Total Capital Ratio 16,0% Own Funds (supervisory capital) and the capital ratios as at 30 June 2014 have been calculated by applying the provisions of the Bank of Italy contained in Circular 285 in accordance with Basel 3 regulations. As at 30 June 2014, Own funds totalled 8,278 million, against weighted assets of 51,767 million, mostly arising from credit and counterparty risks and, to a lesser extent, operational and market risks. The Total Capital Ratio stood at 16.0%; the Group Tier 1 Ratio (Tier 1 capital to risk-weighted assets) stood at 13.3%. The Common Equity Tier 1 Ratio (common equity Tier 1 to risk-weighted assets) was equal to 13.3%. 5
7 Scope of application Qualitative disclosure Name of the bank to which the disclosure requirement applies Banco Popolare Soc. Coop. Parent Company of the Banco Popolare Banking Group. Illustration of the differences in the scope of consolidation for prudential and financial statement purposes With regard to companies that are consolidated line-by-line, changes in the scope of consolidation with respect to the situation as at 31 December 2013 regarded: Sale transactions Banco Popolare Croatia d.d. Merger transactions Credito Bergamasco S.p.A. incorporated into Banco Popolare Soc. Coop. Aletti Trust S.p.A. incorporated into Aletti Fiduciaria S.p.A. RI Investimenti Due S.r.l. incorporated into Sviluppo Comparto 8 S.r.l. Company liquidation transactions Seefinanz S.A. (in liquidation) Royle West (in voluntary liquidation) In addition, two companies consolidated under net equity were removed from the scope of consolidation (following company liquidation transactions), namely Phoenix S.p.A. (in liquidation) and Estates Capital Venture S.A. (in liquidation). The scope of consolidation for prudential and financial statement purposes is illustrated below. 6
8 Scope of consolidation for prudential and financial statement purposes as at 30 June REGISTERED OFFICES TREATMENT IN PRUDENTIAL REPORTING TREATMENT IN THE FINANCIAL STATEMENTS COMPANY NAME SECTOR LOCATION COUNTRY CONSOLIDATED LINE- BY-LINE PROPORTIONATE CONSOLIDATION DEDUCTED FROM EQUITY NOT CONSOLIDATED AND NOT DEDUCTED CONSOLIDATED LINE- BY-LINE CARRIED AT EQUITY Agos-Ducato S.p.A. Other financial companies Milan ITALY X X Alba Leasing S.p.A. Leasing companies Milan ITALY X X Aletti & C. Banca di Investimento Mobiliare S.p.A. Aletti Fiduciaria S.p.A. Aletti Gestielle SGR S.p.A. Banking system Milan ITALY X X Trust administration companies Asset management companies Milan ITALY X X Milan ITALY X X Alfa Iota 2002 S.r.l. (in liquidation) Private financial holdings Milan ITALY X X Aosta Factor S.p.A. Factoring companies Aosta ITALY X X Arcene Immobili S.r.l. (in liquidation) Production companies Lodi ITALY X X Arcene Infra S.r.l. (in liquidation) Production companies Lodi ITALY X X Arena Broker S.r.l. Insurance brokers, agents and consultants Verona ITALY X X AviPop Assicurazioni S.p.A. Insurance companies Milan ITALY X X Banca Aletti & C. (Suisse) S.A. Banca Italease Capital Trust Banca Italease Funding LLC Banking system in non-eu countries Other financial companies in non-eu countries Other financial companies in non-eu countries Lugano SWITZERLAND X X Delaware UNITED STATES X X Delaware UNITED STATES X X Banca Italease S.p.A. Banking system Milan ITALY X X Banca Popolare di Lodi Capital Company LLC III Banca Popolare di Lodi Investor Trust III Other financial companies in non-eu countries Other financial companies in non-eu countries Delaware UNITED STATES X X USA - Delaware UNITED STATES X X Banco Popolare Luxembourg S.A. Banking system in EU countries that are members Luxembourg LUXEMBOURG X X of the MU Banco Popolare soc. coop. Banking system Verona ITALY X X Bipielle Bank (Suisse) S.A. in liquidation Banking system in non-eu countries Lugano SWITZERLAND X X Bipielle Real Estate S.p.A. Production companies Lodi ITALY X X Bipitalia Residential S.r.l. Other finance companies Milan ITALY X X BP Covered Bond S.r.l. Other financial intermediaries Milan ITALY X X BP Mortgages S.r.l. Other financial intermediaries Brescia ITALY X X 7
9 REGISTERED OFFICES TREATMENT IN PRUDENTIAL REPORTING TREATMENT IN THE FINANCIAL STATEMENTS COMPANY NAME SECTOR LOCATION COUNTRY CONSOLIDATED LINE- BY-LINE PROPORTIONATE CONSOLIDATION DEDUCTED FROM EQUITY NOT CONSOLIDATED AND NOT DEDUCTED CONSOLIDATED LINE- BY-LINE CARRIED AT EQUITY BP Property Management Soc. Consortile a r.l. Production companies Verona ITALY X X BPL Mortgages S.r.l. Other financial intermediaries Conegliano Veneto ITALY X X CONEGLIANO BPV Mortgages S.r.l. Other financial intermediaries Verona ITALY X X BRF Property S.p.A. Production companies Parma ITALY X X Bussentina S.c.a.r.l. Production companies Rome ITALY X X Energreen S.A. Production companies Luxembourg LUXEMBOURG X X Erice Finance S.r.l. Other financial intermediaries Conegliano Veneto CONEGLIANO ITALY X X Essegibi Promozioni Immobiliari S.p.A. Production companies Milan ITALY X X FIN.E.R.T. S.p.A (in liquidation) Other finance companies Rome ITALY X X Finoa S.r.l. (discontinued operations) Private financial holdings Milan ITALY X X GEMA Magazzini Generali BPV-BSGSP S.p.A. Gestielle Hedge High Volatility Gestielle Hedge Multi Strategy Gestielle Hedge Opportunity Gestielle Hedge Low Volatility Gestielle Multimanager Absolute Return Gestielle Multimanager Absolute Return Plus Italfortune International Fund Sicav Production companies Mutual securities investment funds Mutual securities investment funds Mutual securities investment funds Mutual securities investment funds Mutual securities investment funds Mutual securities investment funds Mutual securities investment funds Castelnovo Sotto (RE) ITALY X X Milan ITALY X X Milan ITALY X X Milan ITALY X X Milan ITALY X X Milan ITALY X X Milan ITALY X X Luxembourg LUXEMBOURG X X HCS S.r.l. Production companies Milan ITALY X X HI-MTF SIM S.p.A. Investment Companies (SIM) Milan ITALY X X Holding di Partecipazioni Finanziarie Banco Popolare S.p.A. Private financial holdings Verona ITALY X X Immobiliare Centro Milano S.p.A. Production companies Milan ITALY X X Immobiliare Marinai d'italia S.r.l. Production companies Lodi ITALY X X Italease Finance S.p.A. Other finance companies Milan ITALY X X Italease Gestione Beni S.p.A. Production companies Milan ITALY X X Italfinance RMBS S.r.l. Other financial intermediaries Trento ITALY X X 8
10 REGISTERED OFFICES TREATMENT IN PRUDENTIAL REPORTING TREATMENT IN THE FINANCIAL STATEMENTS COMPANY NAME SECTOR Italfinance Securitisation VH 1 S.r.l. Other financial intermediaries Conegliano Veneto ITALY X X Italfinance Securitisation VH 2 S.r.l. CONEGLIANO Other financial intermediaries Conegliano Veneto ITALY X X Leasimpresa Finance S.r.l. CONEGLIANO Other financial intermediaries Conegliano Veneto ITALY X X CONEGLIANO Liberty S.r.l. Production companies Lodi ITALY X X LOCATION COUNTRY CONSOLIDATED LINE- BY-LINE PROPORTIONATE CONSOLIDATION DEDUCTED FROM EQUITY NOT CONSOLIDATED AND NOT DEDUCTED CONSOLIDATED LINE- BY-LINE CARRIED AT EQUITY Lido dei Coralli S.r.l. Production companies S.T. di Gallura (SS) ITALY X X Mariner S.r.l. Production companies Lodi ITALY X X Milano Leasing S.p.A. (in liquidation) Leasing companies Milan ITALY X X Nadir Immobiliare S.r.l. Production companies Lodi ITALY X X P.M.G. S.r.l. in liquidation Production companies Milan ITALY X X Pami Finance S.r.l. Other financial intermediaries Milan ITALY X X Partecipazioni Italiane S.p.A. (in liquidation) Other finance companies Milan ITALY X X Popolare Vita S.p.A. Insurance companies Verona ITALY X X Release S.p.A. Financial companies Milan ITALY X X Renting Italease S.r.l. Production companies Rome ITALY X X S.E.T.A. Società Edilizia Tavazzano S.r.l. Production companies Milan ITALY X X Sirio Immobiliare S.r.l. Production companies Lodi ITALY X X Soc. Coop. fra le Banche Pop. "L.Luzzatti" S.c.r.l. Società Gestione Servizi BP Soc. Consortile p. az. Banking associations Rome ITALY X X Production companies Verona ITALY X X Sviluppo Comparto 6 S.r.l. Production companies Lodi ITALY X X Sviluppo Comparto 8 S.r.l. Production companies Lodi ITALY X X Tecmarket Servizi S.p.A. Production companies Verona ITALY X X Tiepolo Finance II S.r.l. Other financial intermediaries Lodi ITALY X X Tiepolo Finance S.r.l. Other financial intermediaries Lodi ITALY X X BP Trading Immobiliare Srl Production companies Lodi ITALY X X Tre Pi Srl. (agreement with creditors) Production companies Rome ITALY X X TT Toscana Tissue S.r.l. Production companies Pisa ITALY X X Verona e Novara (France) S.A. (in liquidation) Other financial intermediaries in EU countries that are members of the MU F- Paris FRANCE X X 9
11 Legal or substantive impediments to the prompt transfer of supervisory capital or funds within the group There are no restrictions that impede the rapid transfer of capital or funds within the group. 10
12 Quantitative disclosure Name of the subsidiaries not included in the scope of consolidation Please see the table in the previous section for the list of companies included in the scope of consolidation for statutory purposes but excluded from the prudential scope. Aggregate of capital deficiencies of the subsidiaries not included in consolidation compared to any mandatory capital requirements As at 30 June 2014, there were no capital deficiencies of the subsidiaries not included in the scope of consolidation for prudential purposes with respect to any mandatory capital requirements. Reconciliation between the regulatory scope and the financial statement scope as at 30 June 2014 Reclassified asset items (in thousands of euro) Banking group Insurance companies Other companies Adjustments on consolidation 30/06/2014 Cash and cash equivalents 532, ,165 Financial assets and hedging derivatives 25,361, ,256 (304,481) 25,510,022 Due from banks 3,951,577 8,558,335 (8,130,771) 4,379,141 Loans to customers 85,661,014 1,649 (1,051,322) 84,611,341 Investments in associates and companies subject to joint control 1,099,626 2,301 (89,267) 1,012,660 Property and equipment 1,704, ,946 20,712 2,026,545 Intangible assets 2,297,180 2,240 (6) 2,299,414 Non-current assets held for sale and discontinued operations 89,864 18, ,910 Other assets 5,581,004 54,122 (70,423) 5,564,703 Total 126,278,557-9,390,902 (9,625,558) 126,043,901 Reclassified liabilities and shareholders equity (in thousands of euro) Banking group Insurance companies Other companies Adjustments on consolidation 30/06/2014 Due to banks 16,423,319 1,669,062 (1,666,661) 16,425,720 Due to customers, debt securities issued and financial liabilities designated at fair value through profit and loss 87,509,149 7,035,904 (7,484,537) 87,060,516 Financial liabilities and hedging derivatives 6,275,737 6,033 (4) 6,281,766 Liability provisions 1,197,751 4,055 (12,627) 1,189,179 Liabilities associated with non-current assets held for sale and discontinued operations Other liabilities 4,906, ,652 (452,858) 5,083,180 Minority interests 44,131-2,671 46,802 Shareholders' equity 9,922,084 46,196 (11,542) 9,956,738 - Capital and reserves 9,915,177 45,087 (9,540) 9,950,724 - Income (loss) for the period 6,907 1,109 (2,002) 6,014 Total 126,278,557-9,390,902 (9,625,558) 126,043,901 11
13 Own Funds Qualitative disclosure Summary information on the main contractual characteristics of capital elements Detail of additional Tier 1 capital instruments eligible for Grandfathering (art. 484 (1) CRR) (in euro) ISIN Issuer Type Issue Date Maturity date Special clauses Amount issued Carried at equity Currency Reimbursement method Current coupon XS Banco Popolare Soc.Coop. pref 21/6/ /6/2100 no step up euro After prior approval of the Bank of Italy, bullet repayment upon maturity, or early redemption option 10 years from issue Yearly XS Banco Popolare Soc.Coop. pref 21/6/ /6/2100 step up euro After prior approval of the Bank of Italy, bullet repayment upon maturity, or early redemption option 10 years from issue Yearly IT Banco Popolare Soc.Coop. pref 29/3/ /3/2049 step up euro After prior approval of the Bank of Italy, bullet repayment upon maturity, or early redemption option 10 years from issue Yearly XS BANCA POPOLARE DI LODI INVESTOR TRUST III pref 30/6/ /6/2049 step up euro After prior approval of the Bank of Italy, bullet repayment upon maturity, or early redemption option 10 years from issue Yearly XS BANCA ITALEASE CAPITAL TRUST pref 6/6/2006 6/6/2049 step up euro After prior approval of the Bank of Italy, bullet repayment upon maturity, or early redemption option 10 years from issue Quarterly 12
14 Detail of Tier 2 capital instruments eligible for grandfathering or excluded (art. 484 (1) CRR) (in euro) ISIN Issuer Type Issue Date Maturity date Special clauses Amount issued Carried at equity Currency Interest rate Reimbursement method Current coupon XS XS XS Banco Popolare Soc.Coop. Banco Popolare Soc.Coop. Banco Popolare Soc.Coop. sub 15/06/ /06/2016 step up sub 22/11/ /11/2016 step up euro euro sub 08/02/ /02/2017 step up euro XS Banca Italease sub 15/10/ /10/2014 step up XS Banca Italease sub 28/06/ /06/2016 step up euro euro early redemption 3m Euribor + 40 bp option from 15 until June 2011 then June 2011 after 3m Euribor 100 bp prior approval of the Bank of Italy 3m Euribor + 45 bp until November 2011 then 3m Euribor bp 3m Euribor + 35 bp until February 2012 then 3m Euribor + 95 bp 3m Euribor + 50 bp until October 2009 then 3m Euribor bp early redemption option from 22 November 2011 after prior approval of the Bank of Italy early redemption option from 8 February 2012 after prior approval of the Bank of Italy early redemption option from 15 October 2009 after prior approval of the Bank of Italy early redemption 3m Euribor + 55 bp option from 28 until June 2011 then June 2011 after 3m Euribor 115 bp prior approval of the Bank of Italy Quarterly Quarterly Quarterly Quarterly Quarterly Detail of Tier 2 eligible capital instruments in application of art. 63 CRR (in euro) ISIN Issuer Type Issue Date Maturity date Special clauses Amount issued Carried at equity Currency Interest rate Reimbursement method Current coupon XS Banco Popolare Soc.Coop. hybrid 23/03/ /03/ euro 4.625% fixed on a yearly basis Bullet repayment upon maturity yearly XS Banco Popolare Soc.Coop. sub 09/09/ /09/ euro 5.70% fixed on a yearly basis Bullet repayment upon maturity yearly XS Banco Popolare Soc.Coop. sub 07/10/ /10/ euro 4.50% fixed on a yearly basis Bullet repayment upon maturity yearly XS Banco Popolare Soc.Coop. sub 12/11/ /11/ euro 5.473% fixed on a yearly basis Bullet repayment upon maturity yearly XS Banco Popolare Soc.Coop. sub 26/01/ /01/ euro 4.4% fixed on a yearly basis Bullet repayment upon maturity yearly XS Banco Popolare Soc.Coop. sub 28/04/ /04/ euro 4.75% fixed on a yearly basis Bullet repayment upon maturity yearly XS Banco Popolare Soc.Coop. sub 05/11/ /11/ euro 6% fixed on a yearly basis Bullet repayment upon maturity yearly XS Banco Popolare Soc.Coop. sub 31/05/ /05/ euro 6.375% fixed on a yearly basis Bullet repayment upon maturity yearly IT Banco Popolare Soc.Coop. sub 18/11/ /11/ euro 5.5% fixed on a yearly basis In 5 equal annual instalments from 18/11/2016 yearly 13
15 Quantitative disclosure The tables for Own Funds (formerly Supervisory Capital) and risk assets are shown below, calculated according to the new regulations cited in the introductions and displayed according to the schedules currently being defined by the Bank of Italy. Given the substantial changes in regulation, the new values cannot be compared with those of 31 December 2013, calculated according to the previous prudential regulations. To provide full disclosure, note that as at 31 December 2013, before the capital interventions and the extraordinary transactions, based on Basel 2 legislation, Banco Popolare had a Core Tier 1 ratio of 9.70%, a Tier 1 capital ratio of 10.60% and a Total capital ratio of 13.34%. The breakdown of Own Funds as at 30 June 2014 is also illustrated, using the transitional own funds disclosure template, in accordance with annex VI of the (EU) COMMISSION IMPLEMENTING REGULATION NO. 1423/2013 dated published in the O.J. dated no. 16. Breakdown of Own Funds BREAKDOWN OF OWN FUNDS 30/06/2014 A. Common Equity Tier 1 capital (CET1) before application of prudential filters 9,909,166 of which CET1 instruments subject to transitional arrangements - B. CET1 prudential filters (+/-) - 34,706 C. CET1 before elements to be deducted (A + B) and the impact of transitional arrangements 9,874,460 D. Elements to be deducted from CET1-4,047,107 E. Transitional arrangement - Impact on CET1 (+/-), including minority interest subject to transitional arrangements 1,048,463 F. Common Equity Tier 1 capital (CET1) (C - D +/- E) 6,875,816 G. Additional Tier 1 capital (AT1) before elements to be deducted and the impact of transitional arrangements 486,464 of which AT1 instruments subject to transitional arrangements 442,483 H. Elements to be deducted from AT1 - I. Transitional arrangement - Impact on AT1 (+/-), including instruments issued by subsidiaries and included in AT1 by virtue of transitional arrangements - 486,464 L. Total Additional Tier 1 capital (AT 1) (G - H +/- I) - M. Tier 2 capital (T2) before elements to be deducted and the impact of transitional arrangements 2,165,972 of which T2 instruments subject to transitional arrangements 149,723 N. Elements to be deducted from T2-52,838 O. Transitional arrangement - Impact on T2 (+/-), including instruments issued by subsidiaries and included in T2 by virtue of transitional arrangements - 710,565 P. Total Tier 2 capital (T2) (M - N +/- O) 1,402,569 Q. Total own funds (F + L + P) 8,278,385 Furthermore, note that the calculation of Own Funds also includes the expected loss shortfall of 1,414 million. 14
16 Note that in the calculation of the afore-mentioned value, the anticipated writeoffs have been considered, relating to counterparties whose exposures have been fully cancelled, even if the recovery processes are still underway. Disclosure regarding the prudential filters of the Financial assets available for sale portfolio Since 30 June 2010, the Group had adopted the approach envisaged by the Measure of the Bank of Italy dated 18 May 2010, which allows to exclude from the calculation of the supervisory capital the share of valuation reserves relating to debt securities issued by the central government authorities of countries belonging to the European Union, held in the Financial assets available for sale portfolio. In detail, in alternative to the asymmetrical approach (complete deduction of net losses from Tier 1 capital and partial inclusion (50%) of net losses in Tier 2 capital) already envisaged by Italian legislation, the said Measure had acknowledged the possibility of fully neutralising the gains and losses recorded in the revaluation reserves ( symmetrical approach). This option must be extended to all the securities of the type held in the aforementioned portfolio, it must be applied consistently by the Group and maintained constant over time. In this regard, note that, pursuant to the notice of issue of the new circular 285, the option has been confirmed. It will remain in force until such time as the European Commission adopts regulations that approve the application of IFRS 9 as a replacement for IAS 39. As at 30 June 2014, the change in the reserves of the securities issued by central government authorities of countries belonging to the European Union was approximately 63 million in the positive; in the absence of such an approach, said change would have resulted in an increase of around 31.5 million of Tier 2 capital, in the presence of overall positive reserves on debt securities, as only 50% of the amount may be considered in the calculation, according to the transitional arrangements introduced by (EU) regulation no. 575/2013 of the European Parliament and Council ( CRR ) and assimilated in Bank of Italy circular no. 285 of
17 Common Equity Tier 1: instruments and reserves (A) AMOUNT AT DISCLOSURE DATE (C) AMOUNTS SUBJECT TO PRE- REGULATION (EU) No. 575/2013 TREATMENT OR PRESCRIBED RESIDUAL AMOUNT OF REGULATION (EU) No. 575/ Capital instruments and the related share premium accounts of which: Capital instruments issued by cooperative societies of which: Share premium on capital instruments issued by cooperative societies Accumulated other comprehensive income (and other reserves, to include unrealised gains and losses under the applicable accounting standards) Minority interests (amount allowed in consolidated CET 1) a Independently reviewed interim profits net of any foreseeable charge or dividend Common Equity Tier 1 (CET 1) before regulatory adjustments Common Equity Tier 1 (CET 1): regulatory adjustments 7 Additional value adjustments (negative amount) Intangible assets (net of related tax liability) (negative amount) a Negative amounts resulting from the calculation of expected loss amounts Gains or losses on liabilities valued at fair value resulting from changes in own credit standing Direct and indirect holdings by an institution of own CET1 instruments (negative amount) Direct, indirect and synthetic holdings of the CET1 instruments of financial sector entities where the institution has a significant investment in those entities (amount above 10% threshold and net of eligible short positions) (negative amount) Regulatory adjustments applied to Common Equity Tier 1 in respect of amounts subject to pre-crr treatment Regulatory adjustments relating to unrealised gains and losses pursuant to Articles 467 and of which:... filter for unrealised gains 1 (DEBT SECURITIES) of which:... filter for unrealised gains 2 (EQUITY SECURITIES) b 27 Amount to be deducted from or added to Common Equity Tier 1 capital with regard to additional filters and deductions required pre CRR of which:... filter for unrealised gains on EU government securities... Qualifying AT1 deductions that exceeds the AT1 capital of the institution (negative amount) Total regulatory adjustments to Common Equity Tier 1 (CET1) Common Equity Tier 1 (CET1) capital
18 Additional Tier 1 capital (AT1): instruments 33 Amount of qualifying items referred to in Article 484 (4) and the related share premium accounts subject to phase out from AT Qualifying Tier 1 capital included in consolidated AT1 capital (including minority interest not included in row 5) issued by subsidiaries and held by third parties Additional Tier 1 (AT1) capital before regulatory adjustments Additional Tier 1 (AT1) capital: regulatory adjustments 41 41a Regulatory adjustments applied to Additional Tier 1 capital in respect of amounts subject to pre-crr treatment and transitional treatments subject to phase-out as prescribed in Regulation (EU) No. 575/2013 (i.e. CRR residual amounts) Residual amounts deducted from Additional Tier 1 capital with regard to deduction from Common Equity Tier 1 capital during the transitional period pursuant to article 472 of Regulation (EU) No. 575/ Of which insufficient provisions for expected losses Of which direct, indirect and synthetic holdings of the CET1 instruments of financial sector entities where the institution has a significant investment in those entities (amount above 10% threshold and net of eligible short positions) (negative amount) Total regulatory adjustments to Additional Tier 1 (AT1) capital Additional Tier 1 capital (AT1) 0 45 Tier 1 capital (T1 = CET1 + AT1) Tier 2 capital (T2): instruments and provisions 46 Capital instruments and the related share premium accounts Amount of qualifying items referred to in Article 484 (5) and the related share premium accounts subject to phase out from T Qualifying own funds instruments included in consolidated T2 capital (including minority interest and AT1 instruments not included in rows 5 or 34) issued by subsidiaries and held by third party 51 Tier 2 (T2) capital before regulatory adjustments Tier 2 (T2) capital: regulatory adjustments a Direct and indirect holdings by an institution of own T2 instruments and subordinated loans (negative amount) Direct and indirect holdings of the T2 instruments and subordinated loans of financial sector entities where the institution has a significant investment in those entities (net of eligible short positions) (negative amounts) Residual amounts deducted from Tier 2 capital with regard to deduction from Common Equity Tier 1 capital during the transitional period pursuant to article 472 of Regulation (EU) No. 575/ c Amount to be deducted from or added to Tier 2 capital with regard to additional filters and deductions required pre CRR of which:... possible filter for unrealised gains
19 57 Total regulatory adjustments to Additional Tier 2 (T2) capital Tier 2 (T2) capital Total capital (TC = T1 + T2) Capital ratios and buffers 61 Common Equity Tier 1 (as a percentage of total risk exposure amount) 13,3% 62 Tier 1 capital (as a percentage of total risk exposure amount) 13,3% 63 Total capital (as a percentage of total risk exposure amount) 16,0% 64 Institution specific buffer requirement (CET1 requirement in accordance with article 92 (1) (a), capital conservation and countercyclical buffer requirements, a systemic risk buffer, a systemically important institution buffer (G-SII or O-SII buffer), expressed as a percentage of total risk exposure amount) of which: capital conservation buffer requirement Common Equity Tier 1 available to meet buffers (as a percentage of risk exposure amount) Capital ratios and buffers 72 Direct and indirect holdings of the capital of financial sector entities where the institution does not have a significant investment in those entities (amount below 10% threshold and net of eligible short positions) 13,3% Direct and indirect holdings of the CET1 instruments of financial sector entities where the institution has a significant investment in those entities (amount below 10% threshold and net of eligible short positions) Deferred tax assets arising from temporary difference (amount below 10% threshold, net of related tax liability where the conditions in Article 38 (3) are met) Applicable caps on the inclusion of provisions in Tier Cap for inclusion of credit risk adjustments in T2 under internal ratings-based approach Current cap on AT1 instruments subject to phase-out arrangements Current cap on T2 instruments subject to phase-out arrangements Capital instruments subject to phase-out arrangements (only applicable between 1 January 2013 and 1 January 2022)
20 Reconciliation between the Book Capital and Own Funds (Supervisory Capital) 30/06/2014 Consolidated shareholders' equity 9,956,738 Adjustments for companies not belonging to the Banking Group - 34,654 Book shareholders' equity (Banking Group) 9,922,084 Minority interests - Reversal of treasury shares 2,614 Valuation reserves 17,834 Reversal of income (loss) for the period - Eligible instruments (Grandfathering) - Goodwill (net of deferred taxation) - Prudential filter sale of property - 33,365 A. Common Equity Tier 1 capital (CET1) before application of prudential filters 9,909,166 of which CET1 instruments subject to transitional arrangements - B. CET1 prudential filters (+/-) - 34,706 C. CET1 before elements to be deducted (A + B) and the impact of transitional arrangements 9,874,460 D. Elements to be deducted from CET1-4,047,107 E. Transitional arrangement - Impact on CET1 (+/-), including minority interest subject to transitional arrangements 1,048,463 F. Common Equity Tier 1 capital (CET1) (C - D +/- E) 6,875,816 G. Additional Tier 1 capital (AT1) before elements to be deducted and the impact of transitional arrangements 486,464 of which AT1 instruments subject to transitional arrangements 442,483 H. Elements to be deducted from AT1 - I. Transitional arrangement - Impact on AT1 (+/-), including instruments issued by subsidiaries and included in AT1 by virtue of transitional arrangements 486,464 L. Total Additional Tier 1 capital (AT 1) (G - H +/- I) - - M. Tier 2 capital (T2) before elements to be deducted and the impact of transitional arrangements 2,165,972 of which T2 instruments subject to transitional arrangements 149,723 N. Elements to be deducted from T2-52,838 O. Transitional arrangement - Impact on T2 (+/-), including instruments issued by subsidiaries and included in T2 by virtue of transitional arrangements - 710,565 P. Total Tier 2 capital (T2) (M - N +/- O) 1,402,569 Q. Total own funds (F + L + P) 8,278,385 19
21 Capital Adequacy Quantitative disclosure On the basis of current prudential supervision provisions ( Regulations for the supervision of banks Bank of Italy circular no. 285 of 17 December 2013), the minimum capital requirement is set at 8% of the risk-weighted assets. The minimum capital requirement is equal to the sum of the capital requirements established for credit, counterparty, market and operational risks. These requirements in turn arise from the sum of the individual requirements of the companies within the Group s scope of prudential consolidation, after removal of effects of infra-group relations on credit, operational and counterparty risks. On 18 May 2012, Banco Popolare received authorisation from the Supervisory Authority to adopt its internal models for regulatory measurement of credit and market risks as from the report as at 30 June In its authorisation, the Supervisory Authority indicated the minimum consolidated level of the capital requirement for the Pillar 1 risks which can be no less than 85% (floor) of the standard capital requirement, calculated in accordance with the Supervisory Instructions for Banks in force up to 2006 ( Basel 1 ). With regard to the credit risk, the authorisation concerns the advanced internal rating based approaches (PD, for both monitoring and acceptance and LGD) relating to amounts due to companies and to the breakdown of Banco Popolare and Credito Bergamasco. During the second half of 2012, the Banco Popolare Group completed a number of streamlining and corrective measures - on a consistent basis with the Action Plan agreed with the Supervisory Authority - which concerned the Mid Corporate Plus, Mid Corporate and Small Business models: the updated versions of these rating models were adopted as from the supervisory reports referring to 31 December In 2013, Banco Popolare completed that expressly requested by the Supervisory Authority in the letter of authorisation to use internal models, by introducing, as of December 2013, a new rating scale, therefore eliminating the overlap between the Master Scale and Local Scales and the LGD within decision-making processes. With regard to the market risk the Banco Popolare Group obtained authorisation from the Supervisory Authority to use the internal model for calculating capital absorption for the trading books of Banca Aletti and the Parent Company. The scope of application is the generic and specific risk of equity instruments, 20
22 the generic risk of debt securities and the risk relating to UCITS units. The remaining portion of the market risks will continue to be measured according to the standard approach and no roll out is envisaged. For operational risk, the Group had adopted the standardised approach envisaged by prudential regulations (combined with the basic indicator approach for the companies not significant in size) to determine the capital in relation to operational risk up until the report dated 31 March On 05/08/2014, the Bank of Italy ratified the validation for the use of the AMA ( Advanced Measurement Approach), from Supervisory Reporting from 30 June 2014, for Banco Popolare companies (including the former subsidiary Credito Bergamasco, recently incorporated), Banca Aletti, SGS BP e BP Property Management. The other Group companies will adopt the BIA (Basic indicator approach) method for reporting, in line with the adoption of the combined use of AMA/BIA, which envisages for the latter, if they do not surpass established materiality thresholds, the permanent use of the basic method (PPU, partial permanent use). In this regard, the Group has agreed with the Bank of Italy to extend the use of AMA methods (roll-out plan) to a Aletti Gestielle S.g.r. and Banca Italease, based on a gradual extension plan, which is expected to be completed by December Each quarter, the Group also conducts a management assessment of its own capital adequacy with regard to a wider set of risks than those prescribed by Pillar 1 regulations. This assessment is carried out using, for the most part, economic capital measurement tools, primarily based on statistical-quantitative methodologies relating more specifically to the VaR (Value at Risk) technique. The results of these tests are set forth in a special report to the corporate bodies and to the competent corporate functions of the Parent Company. The capital requirements and the capital ratios of the Banco Popolare Group as at 30 June 2014 are presented as follows. 21
23 Capital requirements and the capital ratios of the Banco Popolare Group Information A. Supervisory Capital Requirements Weighted amounts 30/06/2014 Requirements A.1 Credit and counterparty risk 45,437,060 3,634, Standardised approach 25,351,010 2,028, Internal models - Basic Internal models - Advanced 19,625,113 1,570, Credit value adjustment - CVA 460,937 36,875 A.2 Market risk 1,976, , Standardised approach 722,272 57, Internal models 1,254, , Concentration risk Regulatory risk 0 0 A.3 Operational risk 4,353, , Basic Indicator Approach 210,425 16, Standardised Approach Advanced Approach 4,143, ,453 A.4 Other prudential requirements 0 0 B.5 Other calculation elements 0 0 A.5 Total prudential requirements 51,767,225 4,141,378 B. Solvency Ratios (%) B.1 Common Equity Tier 1 Ratio B.2 Tier 1 Ratio B.3 Total Capital Ratio 13.3% 13.3% 16.0% 22
24 Capital requirement for Credit and Counterparty Risk (Standardised Approach) REGULATORY PORTFOLIO CAPITAL REQUIREMENT 30/06/2014 Exposures to or guaranteed by central administrations and central banks 239,718 Exposures to or guaranteed by regional administrations or local authorities 4,551 Exposures to or guaranteed by non-profit entities and public sector entities - Exposures to or guaranteed by public sector organisations 11,516 Exposures to or guaranteed by multilateral development banks - Exposures to or guaranteed by international organisations - Exposures to or guaranteed by intermediaries subject to supervision 279,567 Exposures to or guaranteed by enterprises 475,770 Retail exposures 13,757 Exposures guaranteed by property 37,909 Exposures in default status 406,739 High risk exposures 11,114 Exposures in the form of covered bank bonds 4,238 Short-term exposures to enterprises or supervised intermediaries - Exposures to undertakings for collective investment in transferable securities (UCITS) 47,082 Equity exposures 205,305 Other exposures 284,118 Securitisations: Total Exposure 6,697 TOTAL CREDIT AND COUNTERPARTY RISK 2,028,081 Capital requirement for Credit and Counterparty Risk (IRB Approach) REGULATORY PORTFOLIO CAPITAL REQUIREMENT 30/06/2014 Exposures to or guaranteed by enterprises - Specialised loans 0 SME 567,661 - SME to which the support factor is applied (of which) 131,644 Other companies 531,421 Retail exposures Exposures guaranteed by residential property: SME 73,056 - Exposures guaranteed by residential property: SME to which the support factor is applied (of which) 73,056 Exposures guaranteed by residential property: individuals 206,429 Revolving exposures to qualified retail 10,542 Other retail exposures: SME 146,775 - Other retail exposures: SME to which the support factor is applied (of which) 146,775 Other retail exposures: individuals 28,122 TOTAL 1,564,006 REGULATORY PORTFOLIO CAPITAL REQUIREMENT 30/06/2014 Securitisations - Approach based on internal ratings - Total exposure 6,003 TOTAL 6,003 23
25 Capital requirement for Counterparty Risk REGULATORY PORTFOLIO CAPITAL REQUIREMENT 30/06/2014 Counterparty Risk 62,088 REGULATORY PORTFOLIO CAPITAL REQUIREMENT 30/06/2014 Risk for credit value adjustment - CVA 36,875 The value of the requirement is already included in the capital requirement relating to the credit and counterparty risk, as shown in the tables above. Capital requirement for Market Risk REGULATORY PORTFOLIO CAPITAL REQUIREMENT 30/06/2014 Market risks (Position, exchange rate and commodity) - Standardised approach 57,782 Position risk on debt instruments 48,973 Position risk on equity instruments - Foreign exchange risk 8,809 Commodity risk - - Internal models 100,344 Internal models: total 100,344 TOTAL MARKET RISKS 158,126 REGULATORY PORTFOLIO CAPITAL REQUIREMENT 30/06/2014 Regulatory risk - Positions included in regulatory trading portfolio - Positions included in banking book - Capital requirement for Operational Risk REGULATORY PORTFOLIO CAPITAL REQUIREMENT 30/06/2014 Basic Indicator Approach 16,834 Standardised Approach 0 Advanced approaches 331,453 TOTAL OPERATIONAL RISK 348,287 24
26 Credit risk Disclosures for portfolios treated under the standardized approach and specialized lending and equity exposures treated under IRB approaches Quantitative disclosure Breakdown of exposures by regulatory class 30/06/2014 Regulatory Portfolio EAD WITH CREDIT RISK MITIGATION EXPOSURES WITH CREDIT RISK MITIGATION EXPOSURES DEDUCTED FROM OWN FUNDS Exposures to or guaranteed by central administrations and central banks Exposures to or guaranteed by regional administrations or local authorities 20,006,342 20,024, , ,603 0 Exposures to or guaranteed by public sector organisations 564,054 1,093,284 0 Exposures to or guaranteed by multilateral development banks Exposures to or guaranteed by intermediaries subject to supervision 116, , ,559,437 9,109, ,657 Exposures to or guaranteed by enterprises 6,082,704 7,077, ,500 Equity exposures 1,616,518 1,616,518 0 Retail exposures 270, ,812 0 Exposures guaranteed by property 1,076,427 1,097,893 0 Exposures in default status 3,957,400 4,062,084 0 High risk exposures 92,621 92,621 0 Exposures in the form of covered bank bonds 264, ,851 0 Exposures to undertakings for collective investment in transferable securities (UCITS) 588, ,524 0 Other exposures 3,820,237 3,820,237 0 Securitisations 84,752 84,752 0 Total credit risks 46,387,056 50,086,007 1,188,157 You are hereby informed that EAD is used to indicate the Exposures at the time of Default, or rather the value of the risk assets - cash and off-balance sheet (guarantees given and commitments). For just the off-balance sheet exposures, the EAD is determined by means of a credit conversion factor (CCF), which represents the ratio between the unused part of the credit facility, which is estimated can be used in the event of default and the part currently unused.the term Exposures is understood to mean the cash and off-balance sheet assets, with the exclusion of the assets deducted from the supervisory capital or making up the trading book for supervisory purposes. 25
27 Breakdown of exposures by creditworthiness class and regulatory asset class: EAD with credit risk mitigation Regulatory Portfolio Exposures to or guaranteed by central administrations and central banks Exposures to or guaranteed by regional administrations or local authorities Exposures to or guaranteed by public sector organisations Exposures to or guaranteed by multilateral development banks Exposures to or guaranteed by intermediaries subject to supervision Exposures to or guaranteed by enterprises 30/06/2014 0% 2% 20% 35% 50% 60% 75% 100% 150% 250% 1250% other Total 17,361,846 x 414 x 0 x x 2,410,693 x 233,389 x x 20,006,342 x x 285,899 x x x x x x x x x 285,899 1,418 x 520,076 x x x x 42,560 x x x x 564, ,834 x x x x x x x x x x x 116, ,063 11,464 4,552,980 x 1,734,510 x x 829, x 71,339 6,935 7,559,437 x x 4,226 x 113,542 x x 5,963,503 1,433 x x x 6,082,704 Equity exposures x x 61 x x x x 983,228 x 633,229 x x 1,616,518 Retail exposures x x x x x x 252,271 x x x x 18, ,456 Exposures guaranteed by property x x x 300, ,145 x x 2,613 x x x x 1,076,427 Exposures in default status x x x x x x x 1,703,717 2,253,682 x x x 3,957,400 High risk exposures x x x x x x x x 92,621 x x x 92,621 Exposures in the form of covered bank bonds Exposures to undertakings for collective investment in transferable securities (UCITS) x x 264,851 x x x x x x x x x 264,851 x x x x x x x 588,524 x x x x 588,524 Other exposures 539,050 x 78,004 x x x x 2,981,190 x 221,794 x 199 3,820,237 Securitisations x x x x x x x x x x x 84,752 84,752 Total credit risks 18,371,211 11,464 5,706, ,670 2,621, ,271 15,505,736 2,348,175 1,088,412 71, ,071 46,387,056 26
28 Breakdown of exposures by creditworthiness class and regulatory asset class: exposures with credit risk mitigation Regulatory Portfolio Exposures to or guaranteed by central administrations and central banks Exposures to or guaranteed by regional administrations or local authorities Exposures to or guaranteed by public sector organisations Exposures to or guaranteed by multilateral development banks Exposures to or guaranteed by intermediaries subject to supervision Exposures to or guaranteed by enterprises 30/06/2014 0% 2% 20% 35% 50% 60% 75% 100% 150% 250% 1250% other Total 17,380,235 x 414 x x x x 2,410,693 x 233,389 x x 20,024,731 x x 728,603 x x x x x x x x x 728,603 1,418 x 1,034,914 x x x x 56,951 x x x x 1,093, ,834 x x x x x x x x x x x 116, ,063 11,464 5,810,547 x 1,887,522 x x 968, x 71,339 6,935 9,109,169 x x 4,226 x 113,542 x x 6,957,894 1,433 x x x 7,077,094 Equity exposures x x 61 x x x x 983,228 x 633,229 x x 1,616,518 Retail exposures x x x x x x 290,627 x x x x 18, ,812 Exposures guaranteed by property x x x 304, ,541 x x 2,613 x x x x 1,097,893 Exposures in default status x x x x x x x 1,713,598 2,348,486 x x x 4,062,084 High risk exposures x x x x x x x x 92,621 x x x 92,621 Exposures in the form of covered bank bonds Exposures to undertakings for collective investment in transferable securities (UCITS) x x 264,851 x x x x x x x x x 264,851 x x x x x x x 588,524 x x x x 588,524 Other exposures 539,050 x 78,004 x x x x 2,981,190 x 221,794 x 199 3,820,237 Securitisations x x x x x x x x x x x 84,752 84,752 Total credit risks 18,389,600 11,464 7,921, ,739 2,791, ,627 16,663,477 2,443,053 1,088,412 71, ,071 50,086,007 27
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