Brief: Grenke - BaFin Concludes Measures Following Special Audit

Grenke AG

16/02/2022 11:58

Feb 16 (Reuters) - GRENKE AG  GLJn.DE :
    * BAFIN CONCLUDES MEASURES FOLLOWING SPECIAL AUDIT
    * AS PART OF REGULAR SUPERVISORY REVIEW AND EVALUATION
PROCESS
(SREP), AMOUNT OF ADDITIONAL OWN RESOURCES THAT GRENKE MUST HOLD
AS A MINIMUM WAS ADJUSTED
    * CAPITAL REQUIREMENT IS NOW 10.5 PERCENT COMPARED TO
PREVIOUS 9
PERCENT, DUE TO AN ADDITIONAL SREP CAPITAL SURCHARGE OF 1.5
PERCENTAGE POINTS
    * FOR SUBSIDIARY GRENKE BANK AG, CAPITAL REQUIREMENT AT
SINGLE-ENTITY LEVEL IS NOW 11.5 PERCENT COMPARED TO 8.5 PERCENT
PREVIOUSLY (ADDITIONAL SREP CAPITAL SURCHARGE: 3 PERCENTAGE
POINTS)
    * BAFIN HAS ALSO ORDERED THAT PROPER RULES OF PROCEDURE BE
ENSURED
    * ADDITIONAL SREP CAPITAL SURCHARGE WILL BE LIFTED AGAIN AS
SOON
AS BAFIN IS SATISFIED OF GRENKE'S FURTHER DEVELOPMENT WHEN IT
CONDUCTS ITS REGULAR FOLLOW-UP AUDITS
    * GROWTH IN PORTFOLIO COMPANY HAS PLANNED FOR 2022 FINANCIAL
YEAR
WILL NOT BE AFFECTED BY ADDITIONAL CAPITAL SURCHARGE

Source text for Eikon:  ID:nEQ9ypSvxa 
Further company coverage:  GLJn.DE 

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