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OP Financial Group clearly fulfils the new minimum requirement for own funds and eligible liabilities (MREL) set by the Financial Stability Authority

07.05.2018 klo 17:15

OP Corporate Bank plc
OP Cooperative
Stock exchange release
7 May 2018 at 05.15 pm EEST

OP Financial Group clearly fulfils the new minimum requirement for own funds and eligible liabilities (MREL) set by the Financial Stability Authority

Today on 7 May 2018, the Finnish Financial Stability Authority set for the first time the minimum requirement for own funds and eligible liabilities (MREL) for OP Financial Group, based on the Act on resolution of credit institutions and investment firms. MREL is around 12.2 billion euros, or 27.6% of the risk-weighted assets (RWA) at the end of 2016, and it will take effect immediately. OP Financial Group clearly fulfils the requirement set by the authority: according to an estimate, OP Financial Group's MREL ratio was 35% at the turn of 2017.

Setting the MREL will not cause any special action. OP Financial Group is constantly following the development of Senior-Non-Preferred (SNP) debt regulation. The SNP debt regulations will be incorporated into Finnish legislation during 2018. Senior-Non-Preferred debt is a common name for a category of preferred debts which are non-preferred vis-à-vis senior debt but take priority over the own funds instruments.

The MREL are determined using uniform principles applying to all euro-area banks as part of the new EU-level resolution regulation. The EU's Single Resolution Board (SRB) based in Brussels is OP Financial Group's resolution authority.

In the same context, the SRB has confirmed a resolution strategy for OP Financial Group whereby the resolution measures would apply to OP Corporate Bank acting as a Single Point of Entry.

OP Corporate Bank plc
OP Cooperative
Carina Geber-Teir
Executive Vice President, Corporate Communications

For more information, please contact:
Harri Luhtala, CFO, tel. +358 (0)10 252 2433
Interview requests:
OP Communications, tel. +358 (0)50 523 9904, viestinta@op.fi

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OP Financial Group is Finland's largest financial services group whose mission is to create sustainable prosperity, security and wellbeing for its owner-customers and in its operating region by means of its strong capital base and efficiency. OP Financial Group consists of about 160 member cooperative banks, its central cooperative OP Cooperative, and the latter's subsidiaries and affiliates. The Group has a staff of 12,000 and 1.8 million owner-customers.
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