Identification of UniCredit banking group as a global systemically important institution (G-SII) authorized to operate in Italy in 2015

The Bank of Italy has identified UniCredit banking group as a global systemically important institution (G-SII) authorized to operate in Italy.

Based on data as at 31 December 2013, the UniCredit group is in the first subcategory of global systemic importance. According to the transition period envisaged under Directive 2013/36/EU (Capital Requirements Directive IV – CRD IV), the UniCredit group is required to maintain a capital buffer for the G-SIIs of an amount equal to 0.25 per cent of its total risk exposure from 1 January 2016. This buffer must be increased annually by 0.25 per cent of total risk exposure to reach 1 per cent of total risk exposure no later than 1 January 2019.

The decision was taken pursuant to Bank of Italy Circular No. 285 on prudential regulations for banks, published on 17 December 2013, which implements the CRD IV rules in Italy and specifies the criteria on which the methodology for identifying the G-SIIs is based.

The criteria and data required to identify and classify the G-SIIs among the various subcategories are listed in the Commission Delegated Regulation (EU) No 1222/2014 of 8 October 2014. The delegated regulation contains provisions consistent with the methodology used by the Basel Committee on Banking Supervision and the Financial Stability Board (FSB), in order to ensure that each year the banks identified as global systemically important institutions correspond to the European banks included on the FSB list, also published annually.