The group held an investors day at which it reiterated its 2019 financial objectives. More importantly, it disclosed its estimated impact of pending regulatory changes beyond 2019, notably those related to Basel IV and the ECB’s new provisionning rules. Expected impacts largely exceed our expectations. Fortunately, the confirmed phasing of Basel IV will largely mitigate the impact at a valuation level. On the other hand, capital requirements will decrease, driven by a reduced Pillar 2 b
12 Dec 2017
Phased or not phased-in, that is the question
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Phased or not phased-in, that is the question
The group held an investors day at which it reiterated its 2019 financial objectives. More importantly, it disclosed its estimated impact of pending regulatory changes beyond 2019, notably those related to Basel IV and the ECB’s new provisionning rules. Expected impacts largely exceed our expectations. Fortunately, the confirmed phasing of Basel IV will largely mitigate the impact at a valuation level. On the other hand, capital requirements will decrease, driven by a reduced Pillar 2 b