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INTESA SANPAOLO: 2021 EU-WIDE STRESS TEST RESULTS

Turin - Milan, 30 July 2021 – Intesa Sanpaolo was subject to the 2021 EU-wide stress test conducted by the European Banking Authority (EBA), in cooperation with the Bank of Italy, the European Central Bank (ECB), and the European Systemic Risk Board (ESRB).

Intesa Sanpaolo notes the announcements made today by the EBA on the EU-wide stress test and fully acknowledges the outcomes of this exercise.

The 2021 EU-wide stress test does not contain a pass fail threshold and instead is designed to be used as an important source of information for the purposes of the SREP. The results will assist competent authorities in assessing Intesa Sanpaolo’s ability to meet applicable prudential requirements under stressed scenarios.

The adverse stress test scenario was set by the ECB/ESRB and covers a three-year time horizon (2021-2023). The stress test has been carried out applying a static balance sheet assumption as of December 2020, and therefore does not take into account future business strategies and management actions. It is not a forecast of Intesa Sanpaolo profits.

The Intesa Sanpaolo fully loaded Common Equity Tier 1 ratio (CET1 ratio) resulting from the stress test for 2023, the final year considered in the exercise, stands at:

  • 15.06% under the baseline scenario;
  • 9.38% under the adverse scenario.

This compares with the starting-point figure of 14.04% as of 31 December 2020.

The impact of the exercise under the adverse scenario, equivalent to 466 basis points, would be equivalent to 448 basis points when restoring the actual neutral effect on capital ratios of the 2018-2021 Long-term Incentive Plan LECOIP 2.0 based on financial instruments (which is not captured by the stress test assumption of a static balance sheet).

The fully loaded CET1 ratio under the adverse scenario would be 9.97% when considering both the said restored neutrality and the sale transactions of the going concerns, related to the acquisition of UBI Banca in 2020, finalised in the first half of 2021, other things being equal.

 

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