EBA stress test: Erste Group confirms capital shortfall of EUR 743 million at Q3 2011
According to the EBA calculation, Erste Group Bank AG requires additional capital amounting to EUR 743 million, thus confirming our estimated figure published with the Q3-results. Erste Group will meet this requirement through retained earnings and selective disposal of non-core assets, but without any government support.
Based on the same EBA methodology and estimates, Erste Group's core tier 1 ratio reached 8.4% at third quarter 2011. Under the EBA calculation, the core tier 1 ratio includes the participation capital provided by the Republic of Austria in the amount of EUR 1,224 million, but excludes the hybrid capital and the participation capital provided by private investors in the amount of EUR 540 million. Also, all EEA sovereign exposures taken into account are marked-to-market.
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