Information  X 
Enter a valid email address
  Print          More announcements

Tuesday 15 October, 2019

RCI Banque

RCI Banque discloses binding MREL requirement

RCI Banque discloses binding MREL requirement

    October 15th, 2019
                                                                                          

RCI Banque discloses binding MREL(1) requirement

RCI Banque has received the draft notification from the Single Resolution Board (SRB) of its binding minimum requirement for own funds and eligible liabilities (MREL). The requirement is in line with our expectations and RCI Banque made the decision not to exercise its « right to be heard ».

This MREL requirement has been set at 7.35% of the total liabilities and own funds (TLOF). This is equivalent to 12.27% of RCI Banque’s risk weighted assets (RWA) and has been calibrated based on 2017 Overall Capital Requirement.

As of today, RCI Banque already complies with this MREL requirement. Future requirements will be subject to ongoing review.

-------------------
      (1)    MREL: Minimum Requirement for own funds and Eligible Liabilities. The Bank Recovery and Resolution Directive (BRRD) requires European banks to maintain a minimum amount of Own Funds and Eligible Liabilities that could absorb losses and allow them to restore their capital position, allowing banks to continuously perform their critical economic functions during and after a crisis. MREL represents one of the key tools in enhancing banks’ resolvability. The purpose of this buffer of own funds and eligible liabilities is to avoid banking authorities having to resort to public funds. The MREL is set by the Single Resolution Board (SRB) on a per institution basis. The MREL requirement for RCI Banque is defined at a consolidated level.

Contacts

 

RCI Bank and Services
Financial Communication Department
+ 33(0) 1 76 88 81 74
[email protected]

About RCI Banque S.A. :

Created and wholly owned by Groupe Renault, RCI Banque S.A. is a French bank specializing in automotive financing and services for the customers and dealership networks of Groupe Renault (Renault, Dacia, Alpine, Renault Samsung Motors and Lada) worldwide, the Nissan Group (Nissan, Infiniti and Datsun) mainly in Europe, Brazil, Argentina and South Korea and through joint ventures in Russia and India, and Mitsubishi Motors in the Netherlands.
RCI Bank and Services has been the new commercial identity of RCI Banque S.A. since February 2016.
With 3,600 employees in 36 countries, RCI Bank and Services financed over 1.8 million contracts (for new and used vehicles) in 2018 and sold more than 4.8 million services.
At end-December 2018, average performing assets stood at €44.4 billion of financing and pre-tax income at €1,215 million.
RCI Bank and Services has rolled out a deposits collection business in five countries since 2012. At end-December 2018, net collected deposits totaled €15.9 billion, or 34% of the company's assets.

Find out more about RCI Bank and Services: www.rcibs.com

Follow us on Twitter: @RCIBS

Attachment


a d v e r t i s e m e n t