At 30-Sep-09 the Group’s eligible capital base
calculated according to Basel II rules came to
€39,004m, which was €2,998m more than the
previous quarter. The two main factors behind this
growth were the profit generated in the period and a
€2,000m issue of mandatory convertible bonds.
Risk-weighted assets (RWA) have declined 1.1% since
30-Jun-09, to €290,521m. This is explained by the
lower level of lending and the depreciation of the
Mexican peso and the US dollar during the period.
Together, these factors exceeded the effect of the
Guaranty Financial Group acquisition, which
contributed $2,400m to RWA.
The minimum capital requirement (8% of RWA) is
therefore €23,242m and the capital base surplus is
€15,762m. In other words, the Group’s capital base is
68% higher than the required minimum (51% higher
at 30-Jun-09).
Capital base (BIS II Regulation)
(Million euros)
Shareholders' funds
Adjustments
Mandatory convertible bonds
CORE CAPITAL
Preference shares
Adjustments
CAPITAL (TIER I)
Subordinated debt and other
Deductions
OTHER ELIGIBLE CAPITAL (TIER II)
CAPITAL BASE
Minimum capital requirement (BIS II Regulation)
CAPITAL SURPLUS
RISK-WEIGHTED ASSETS
BIS RATIO (%)
CORE CAPITAL (%)
TIER I (%)
TIER II (%)
Capital base
30-09-09
Core capital
(Million euros)
18,737 17,898
September
2008
19,286
December March
June
2008 2009
2009
31-03-09
29,997 29,383 27,742 26,586 26,575
(8,642) (8,625) (8,456) (8,688) (7,838)
2,000
Core capital at the end of September stood at
€23,555m, rising 12.5% in the quarter. Core capital
grew more than RWA and so the core capital ratio, in
accordance with Basel II uniform criteria, came to
8.0% (7.1% at 30-Jun-09). There are two reasons for
the increase. First, the issue of mandatory
30-06-09
23,355 20,758 19,286 17,898 18,737
5,398 5,433 5,421 5,395 4,465
(1,527) (1,525) (1,532) (583) (514)
27,226 24,666 23,175 22,710 22,688
13,304 12,880 12,802 12,914 12,985
(1,527) (1,539) (1,543) (590) (520)
11,778 11,340 11,259 12,324 12,465
39,004 36,006 34,434 35,033 35,152
23,242 23,493 23,861 22,989 22,515
15,762 12,513 10,573 12,044 12,638
290,521 293,661 298,261 287,364 281,434
13.4 12.3 11.5 12.2 12.5
8.0 7.1 6.5 6.2 6.7
9.4 8.4 7.8 7.9 8.1
4.1 3.9 3.8 4.3 4.4
31-12-08
20,758
23,355
September
2009
30-09-08
3Q09
19
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