The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Fabrizio Bernardi - Fidentiis Equities S.V.S.A., Research Division - Analyst
: There are a few questions on the capital base. Not getting right to the moving parts of the common equity in the sense that you mentioned a
tangible equity up once for EUR 2 billion while you mentioned only 40 basis points of capital generation from ordinary business. So I mean I don't
know why it's so small. Maybe I'm looking at something different.
Secondly, can you elaborate a bit more on the 130 basis points of capital benefit from balance sheet and capital management measures? I mean
in this 130 basis points, do we have something related to Agos Ducato or to Anima or whatever you may have? Or is something that you could,
let's say, do if the regulatory headwinds are effectively 200 basis points? So to me, it seems that the 200 basis points are very tough number for a
bank -- for a domestic bank like Banco BPM. So I'm wondering if this is sort of the worst case scenario or is that, let's say, the base case?
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Question: Domenico Santoro - HSBC, Research Division - Analyst
: Just a couple of ones from my side. First of all, the 200 basis points impact from regulation on capital, is -- does it -- I mean does it affect 100%
risk-weighted assets or there is also a component of which going through capital accrued against capital? This is the first question.
The second is on asset management sales, in particular. I hope you don't mind me asking a question on the current situation. Of course, I mean,
your plan is leveraging on the assets under management growth more or less volumes of 6%, more or less, if I'm not wrong. Do you have some
data points to understand whether -- even with your branches are being open, do you have a significant deceleration of sales in asset management
over the last couple of weeks?
And then a question on UTP. I mean your plan leverage on the possibility of reducing significantly the UTP. Thanks very much for giving us the
impact from calendar provisioning. I'm just wondering whether you might consider some sort of extraordinary deals in case the market scenario
is different from the one that you imagined in the plan. And can you help us to understand, because, of course, the macro scenario is now what
accounts, what should go -- I mean qualitatively or quantitatively, what should happen for your UTP now turning into nonperforming? Can you
give us a sort of idea sensitivity what should happen in terms of GDP growth, what should happen in terms of probability of default?
Question: Domenico Santoro - HSBC, Research Division - Analyst
: Well, yes. What should happen in a way for some of your UTP to turn significantly materially into nonperforming? 3 -- minus 3%, minus 4% of GDP...
Question: Domenico Santoro - HSBC, Research Division - Analyst
: Is there any impact from regulation filtering into your capital, core capital...
Question: Noemi Peruch - Mediobanca - Banca di credito finanziario S.p.A., Research Division - Analyst
: I have a couple of question on capital. Do the 200 bps of headwinds include also the SME supporting factor? And you're planning 15, 20 bps from
securitization a year. What assets will this involve? And what are your expectations in terms of revenue loss from this? And do you have a preliminary
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Question: Noemi Peruch - Mediobanca - Banca di credito finanziario S.p.A., Research Division - Analyst
: And do you have, by any chance, any preliminary feedback from the SSM regarding the CRD V?
Question: Hugo Moniz Marques Da Cruz - Keefe, Bruyette & Woods Limited, Research Division - Analyst
: And apologies if this has been asked. But does the plan assume any DTA benefits, I guess, not through the P&L but on against capital? And then in
terms of the synthetic securitizations, is there an impact of that, I assume, on your NII or elsewhere in the P&L that is already reflected in the plan?
If there is, if you could give guidance on that amount would be great.
Question: Hugo Moniz Marques Da Cruz - Keefe, Bruyette & Woods Limited, Research Division - Analyst
: And the impact on securitization?
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