The Bank of Italy has ordered the complete removal of the capital add-ons imposed on the bank following the outcome of the inspections conducted by the Supervisory Authority at the Bank from September 2010 to March 2011. This was announced by Banca Popolare di Milano.
The removal of the add-ons, the effects of which will take effect from 30 June next, follows – reads the note – the interventions put in place by the bank "for the resolution of the technical-operational critical issues that had led to the imposition of said capital measures and, more generally, to the recovery process pursued by the bank which ultimately led to the full success of the capital increase for 500 million which ended last May”.
Based on the data as at 31 March 2014, following the full subscription of the capital increase, the partial sale of the investment held by Bpm in Anima Holding and the full removal of the capital add-ons, the Common Equity Tier 1 Ratio of Group rises from 7,30% to approximately 11%.
