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2014 EU-wide Stress Test Summary for IT - Banca Popolare Di Milano - Società Cooperativa A Responsabilità Limitata

Core Content Overview

The 2014 EU-wide Stress Test report provides an analysis of the financial resilience of IT - Banca Popolare Di Milano - Società Cooperativa A Responsabilità Limitata under two scenarios: Baseline and Adverse. The test evaluates key financial metrics, including operating profit, impairment losses, capital ratios, and risk exposure, across the years 2013 to 2016. The results are presented in EUR (millions) and as a percentage.

Main Financial Indicators

Actual Figures as of 31 December 2013

Outcome of the Adverse Scenario as of 31 December 2016

Outcome of the Baseline Scenario as of 31 December 2016

Key Thresholds and Notes

• Common CET1 Threshold (EU-wide):

  • Adverse Scenario: 5.5% (minimum CET1 capital: 2,450 mEUR)
  • Baseline Scenario: 8.0% (minimum CET1 capital: 3,545 mEUR)

• Mandatory Conversions:

  • Adverse Scenario: Total of 605 mEUR in instruments with mandatory conversion into ordinary shares between 2014–2016 (not included in CET1 computation)
  • Baseline Scenario: No instruments eligible for conversion into CET1 or written down upon trigger event (value: 0 mEUR)

• Securitisation and Re-securitisation Deductions:

  • These positions are deducted from capital and not included in Risk Weighted Assets (RWA). The deductions are 0 mEUR in both scenarios.

Risk Exposure Breakdown (as of 31 December 2013)

Exposure Values

Risk Exposure Amounts

Value Adjustments and Provisions

Summary of Impairment Rates and Coverage Ratios

Baseline Scenario

Adverse Scenario

Key Insights

• The bank's CET1 ratio dropped from 6.9% in 2013 to 4.0% under the Adverse Scenario by 2016, indicating a significant deterioration in capital adequacy.
• Under the Baseline Scenario, the CET1 ratio remained stable at 6.9% by 2016.
• The Baseline Scenario showed a gradual increase in impairment provisions and coverage ratios over time, suggesting a slow but consistent deterioration in asset quality.
• The Adverse Scenario resulted in higher impairment losses and lower capital levels, highlighting the bank's vulnerability to severe economic stress.
• The bank's risk exposure increased slightly in both scenarios, with the Adverse Scenario showing a more pronounced effect on loss accumulation.
• Securitisation and re-securitisation positions were deducted from capital, but their values remained at 0 in both scenarios, indicating no impact on the capital figures for this period.