Competing as a Strong and Independent Portuguese Bank
9M22 Financial Statements
CCA: €485mn available
CCA - Contingent Capital Agreement Compensation amounts
(€ million)
4,367
3,890
792
1,149
1,035
429
•
112
317
1
485
165
209
•
•
Losses in
CCA 2018
2019
2020
2021
CCA Assets Maximum
(2020)
2021 2022 Remaining
divergences call CCA
Amount
CCA available² (€485mn)
CCA received (€3.4bn)
As agreed during the sale process of novobanco,
a Contingent Capital Agreement ("CCA") was
entered into between the Resolution Fund ("FdR")
and the Bank.
• At the time of the sale, a capital injection backstop
was agreed between the Portuguese Government
and EU.
• novobanco is to be paid up to €3.89bn for losses
recognised in a predefined portfolio of assets
("CCA Assets") and other CCA covered losses
(the "CCA Losses") in case the capital ratios
decrease below a pre-defined threshold.
Minimum Capital Condition:
CET1 or Tier 1 < CET1 or Tier 1 SREP
requirement Plus a buffer for the first 3 years
(2017-2019)
CET1 < 12%
• The mechanism is in place until Dec-25 (the "CCA
Maturity Date"), which date can be extended,
under certain conditions, by one additional year.
novobanco (1) Composed by €147mn related to for the discontinuation
(1) Composed by €147mn related to for the discontinuation of Spanish operations and €18mn from Restructuring Funds; In addition to the €165mn divergencies from the CCA call of 2020 accounts,
there is also an arbitration regarding the application of transitional arrangements for IFRS 9 dynamic approach; (2) Funds not included in Capital Ratios
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