News and research before you hear about it on CNBC and others. Claim your one week free trial for StreetInsider Premium here.
January 31, 2022
RCI Banque publishes its capital requirements following the 2021 SREP decision
As part of the 2021 exercise of the Prudential Review and Evaluation Process (“SREP”), the European Central Bank notified RCI Banque of its final decision regarding the capital requirement that the Bank will have to meet in 2022.
As of March 1, 2022, the Pillar 2 (P2R) requirement will be 2.05% compared to 2% for the previous financial year. It includes an additional 0.05% related to the provisioning of old outstanding receivables. The amount of provisions on these contracts shows a slight deficit compared to the quantitative anticipations published by the regulator in “Addendum to the ECB Guidance to banks on non-performing loans: prudential anticipations for the prudential provisioning of non-performing exposures”. RCI will follow the suggested process to incorporate NPL coverage expectations to potentially remove this additional P2R requirement.
From March 1, 2022, RCI Banque must comply with the following capital requirements:
|Minimum capital requirements|
|Total||Pillar 1||Pillar 21||Buffers2|
|under CET1 (Regulatory)||8.16%||4.50%||1.15%||2.51%|
|of which RCI AT1 Deficit4||1.88%||1.50%||0.38%||0.00%|
|ow ROI T2 Deficit5||0.04%||0.00%||0.04%||0.00%|
As a reminder, the RCI Banque CET1 and Total Capital ratios amounted to 17.01% and 19.79% respectively as of June 30, 2021. In October 2021, RCI paid dividends from retained earnings for €930.6 million , or 2.65% of June 2021 Risk-Weighted Assets.
Analysts and Investors
+ 33(0)1 76 88 81 74
About RCI Banque SA:
Created and 100% owned by the Renault group, RCI Banque SA is a French bank specializing in automotive financing and services for customers and dealer networks of the Renault group (Renault, Dacia, Alpine, Renault Samsung Motors and Lada) in the world, of 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 is the new commercial identity of RCI Banque SA since February 2016.
With 3,800 employees in 36 countries, the group financed more than 1.5 million contracts (new and used vehicles) in 2020 and sold more than 4.6 million services.
At the end of December 2020, average performing assets amounted to €46.9 billion in financing and pre-tax income at €1.003 million.
RCI Bank and Services has deployed deposit collection activity in seven countries since 2012. At the end of December 2020, net deposits collected amounted to €20.5 billion, i.e. 43% of the company’s net assets .
Find out more about RCI Bank and Services: www.rcibs.com
Follow us on Twitter: @RCIBS