Disclosure of new regulatory capital requirements as from 1st January 2017
The European Central Bank confirmed the level of additional requirement in respect of Pillar 2 (P2R or “Pillar 2 Requirement”) for Societe Generale, which will come into force as from 1st January 2017. This level has been set at 1.50%.
Taking into account the combined regulatory buffers (excluding the counter-cyclical buffer), the phased-in CET1 ratio level that would trigger the Maximum Distributable Amount mechanism in 2017 would be 7.75%, down -200bp vs. 2016, and subsequently gradually increase, all other things being equal, to 9.50% as from 1st January 2019.
The regulatory CET1 phased-in ratio, amounting to 11.6% at end-September 2016, gives the Group comfortable room for manoeuvre to meet these new requirements.
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