Annual update of Groupe BPCE's MREL requirements

ACPR, the French Prudential and Resolution Supervision Authority, implementing the decision of the Single Resolution Board, has just notified the updated requirements applicable to Groupe BPCE in 2024.

The updated total MREL requirement is set in the notification at 27.3%² of the Group's risk-weighted assets or RWAs. It is set at 6.5% of the leverage ratio exposure.

Regarding the subordination requirement, Groupe BPCE complies with both articles 92a 1. (a) and 92a 1. (b) of CRR regulation n° 575/2013 providing for respective requirements of 22.4% of RWAs and 6.75% of leverage exposures.

Groupe BPCE is still managing its ratios well above its updated requirements: the Group's total MREL ratio was 33.4% based on RWAs at the end of December 2023 and the Group's subordinated MREL ratio (similar to the TLAC ratio) was 25.4%³ at the end of December 2023. These ratios were respectively 10.8% and 8.2% of the leverage ratio exposure at the end of December 2023.

 ^{1.Minimum Requirement for Own Funds and Eligible Liabilities
 2. Requirement including a countercyclical buffer applicable to the Group of 0.9%
 3.Groupe BPCE has chosen to waive the possibility offered by Article 72 Ter (3) of the Capital Requirements Regulation to use senior preferred debt for compliance with its TLAC/subordinated MREL requirements}