Espirito Santo Fin Outcome of EU-Wide Transparency Exercise 2013
December 16 2013 - 12:21PM
UK Regulatory
TIDMEOS
ESPÍRITO SANTO FINANCIAL GROUP S.A. INFORMS ON OUTCOME OF THE EU
WIDE TRANSPARENCY EXERCISE 2013.
Luxembourg/Portugal - 16 December 2013 - Espírito Santo
Financial Group S.A. ("ESFG") (NYSE Euronext Lisbon: ESF;
Bloomberg: ESF PL; Reuters: ESF LS) today announces outcome of
EU-wide transparency exercise 2013.
ESFG notes the announcements made today by the European Banking
Authority and Banco de Portugal regarding the information of the
EU-wide Transparency Exercise 2013 and fulfilment of the EBA Board
of Supervisors decision.
Background 2013 EU-wide Transparency Exercise
In May 2013 the EBA adjusted the timeline of the next EU-wide
stress test so to conduct the exercise in 2014 once the asset
quality reviews are completed. However, to ensure transparency and
comparability over the years, the EBA's Board of Supervisors
("BoS") decided to provide, in the second half of 2013, appropriate
disclosure on the actual exposures of the EU banking sector. In its
October meeting the BoS agreed on the form and the scope of the
transparency exercise to be conducted in November/December 2013 to
assure a sufficient and appropriate level of information for market
participants.
The sample of the exercise includes 64 banks and for each of
them the following set of information was collected for
disclosure:
I. Composition of capital1
II. Composition of RWA by risk type2
III. Exposure to sovereigns (central, regional and local
governments) in EEA3 (direct and indirect exposures by maturity
buckets and country)
IV. Credit risk exposures (defaulted and non-defaulted) and RWAs
by country with breakdowns for Institutions, Commercial RE, Retail
and Corporate4; displayed by regulatory approach (A-IRB, F-IRB,
STA)
V. LTV per portfolio, value adjustments and provisions
VI. Market risk and securitisation exposures
1Current capital definition augmented by information in
accordance with EBA's capital preservation recommendation.
2Credit risk, market risk, securitisation, other credit risk,
operational risk, transitional floors and others.
3For the Recap, only EEA sovereigns have been considered since
the purpose was to compute the sovereign buffer.
4Exact breakdown as follows: Central Government, Institutions,
Corporates, Retail (of which SMEs, secured by RE property,
revolving and others), Equity, Securitisation and other assets.
CONTACTS
Espírito Santo Financial Group King Worldwide
Filipe Worsdell Faisal Kanth
+44 (0) 203 4292 100 +44 (0) 207 614 2900
fworsdell@esfg.com fkanth@king-worldwide.com
The Espírito Santo Financial Group provides, through its
subsidiaries, a global and diversified range of financial services
to its clients including Commercial banking, Insurance, Investment
banking, Stock-brokerage, Healthcare services and Asset management
in Portugal and internationally. For additional information on
Espírito Santo Financial Group, its subsidiaries, operations and
results, please visit the Company's website on www.esfg.com.
This information is provided by Business Wire
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