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Banks considered as G-SIFI’s

Banks considered as G-SIFI’s

7.11.2011 10:31

The Financial Stability Board has published the list of banks it considers to be Global Systemic Important Financial Institutions (G-SIFI’s) and for which resolution related requirements will have to be met before the end of 2012. The list comprises 29 banks: Bank of America (6,49 USD, -6,08%), Bank of China, Bank of New York Mellon, Banque Populaire CdE, Barclays (177,15 GBp, -3,49%), BNP Paribas (29,86 EUR, -3,30%), Citigroup (30,34 USD, -1,43%), Commerzbank (1,63 EUR, -0,73%), Credit Suisse (22,96 CHF, -0,95%), Deutsche Bank (27,4 EUR, -3,42%), Dexia (0,44 EUR, 1,86%), Goldman Sachs (105,04 USD, -2,45%), Group Crédit Agricole (5,05 EUR, -3,59%), HSBC (531,4 GBp, -1,59%), ING (5,8 EUR, -3,41%) Bank, JP Morgan (33,97 USD, -1,19%) Chase, Lloyds (27,35 GBp, -4,25%) Banking Group, Mitsubishi UFJ FG; Mizuho FG, Morgan Stanley (16,72 USD, -1,36%), Nordea, Royal Bank of Scotland (22,38 GBp, -3,07%), Santander, Société Générale (17,23 EUR, -3,88%), State Street (39,99 USD, -0,94%), Sumitomo Mitsui FG, UBS (10,91 CHF, 0,09%), Unicredit (0,75 EUR, -3,59%) Group, Wells Fargo (25,4 USD, -1,59%).

Within the BeNeLux, two banks are retained as global systemic banks: Dexia (though should be invalidated due to the break-up of the Group) and ING Bank. The list will be updated annually and published in November every year.

Systemic banks will be required to hold additional loss-absorbing capital which will range between 1-3.5% of common equity Tier 1 depending on the banks systemic importance. Other banks (KBC Bank, SNS Bank, …) are likely to be considered as Local Systemic Important Financial Institutions (SIFI’s) which would require less additional loss-absorbing capital.

ING Bankhad at the end of September, 2011 a Core Tier 1 ratio of 9.59% and a Tier 1 ratio of 12.22%, including € 3bn of core capital securities (Dutch state aid) that was allocated to the banking activities. Taking out the state aid, would reduce the Core Tier 1 ratio to 8.65% and the Tier 1 ratio to 11.28%. The combined effect of earnings generation at the banking activities (> € 4bn per annum) with no pay-out of dividends or coupons on state aid (until paid back) should in our view allow to meet the requirements that will be imposed on G-SIFIs. The proceeds of the insurance IPOs after full elimination of the double leverage of the group would leave enough capital to cover for the penalty to be paid upon redemption of the remaining € 3.0bn of state aid.

By the end of 2012 all G-SIFIs must draw up a plan on how they plan to unwind their businesses in the event of a collapse.
By the end of 2016 all SIFIs must hold more capital ranging between 1-3.5% fo which they will be sorted into “5 buckets” depending on their importance.
By 2019, those additional capital requirements will be added on top of the regulatory Basel III requirements.

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