As of September 30th 2015, Societe Generale's transitional CET1 ratio on a consolidated basis was equal to 11.1% (pro forma for current earnings, net of dividends), which does not take into account an additional 24 basis points from the disposal of the Group’s stake in Amundi in the fourth quarter of 2015. Therefore, Societe Generale's capital position is very solid, with the total deduction of goodwill and deferred tax assets, and a limited benefit from the Danish compromise (around 15 basis points). It is comfortably above the minimum regulatory requirements and as such does not trigger any restriction or limitation in dividend payout, coupons or variable compensation of the relevant staff.
Going forward, the Group will keep up its policy of progressively and steadily strengthening its CET 1 ratio, with the aim of maintaining a 100-150 basis points management buffer above the regulatory requirements resulting from Basel rules.
1 Including capital conservation buffer