RCI Banque : RCI Banque discloses updated binding MREL requirement
Tuesday, March 2nd, 2021
RCI Banque discloses updated binding MREL (1) requirement
RCI Banque has received the notification from ACPR, the French Prudential and Resolution Supervision Authority, implementing the decision of the Single Resolution Board (SRB) and discloses its updated binding minimum requirement for own funds and eligible liabilities (MREL(1)).
MREL requirement is no longer defined on consolidated basis but has been set on an individual basis for both RCI Banque S.A and its French subsidiary DIAC S.A.
RCI Banque S.A. MREL requirement has been set at 8% of total risk exposure amount (TREA(2)) and 3% of leverage ratio exposure (LRE(3))
As of today, RCI Banque S.A. 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 an individual level.
(2) "TREA" means the total risk exposure amount calculated in accordance with Article 92(3) of Regulation (EU) No 575/2013
(3) "LRE" or "leverage ratio exposure" means the total exposure measure calculated in accordance with Articles 429 and 429a of Regulation (EU) 575/20137
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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 3,800 employees in 36 countries, the group financed over 1.5 million contracts (for new and used vehicles) in 2020 and sold more than 4.6 million services.
At end-December 2020, average performing assets stood at €46.9 billion in financing and pre-tax income at €1.003 million.
RCI Bank and Services has rolled out a deposits collection business in six countries since 2012. At end-December 2020, net collected deposits totaled €20.5 billion, or 43% of the company's net assets.
Find out more about RCI Bank and Services: www.rcibs.com
Follow us on Twitter: @RCIBS
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