Financial and ESG Performance Review
2022 Financial Statements
CCA: €485mn available
CCA - Contingent Capital Agreement Compensation amounts
(€ million)
3,890
3,405
485
CCA
Maximum
Amount
CCA
Received
Remaining
CCA1
novobanco (1) Funds not included in Capital Ratios
.
• As agreed in Oct-2017, at sale process of novobanco, a Contingent
Capital Agreement ("CCA") was entered into between the Resolution
Fund ("FdR") and the Bank.
⚫ Outstanding divergences between novobanco and the Resolution
Fund (amounts not recognized in CET1 capital as of 31 Dec 2022):
1. IFRS9 treatment
2. 2020 unpaid CCA Call: €165mn
3. 2021 unpaid CCA Call: €209mn
• Up to an additional €485mn remains available for losses recognised
in a predefined portfolio of assets ("CCA Assets") and other CCA
covered losses (the "CCA Losses") in case CET1 ratio decreases
below 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.
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