Review of internal models by DNB

Press Release -

NIBC has been notified by De Nederlandsche Bank (DNB) on the final outcome of an internal model investigation (IMI) as part of ongoing supervision by DNB. As a result, the risk weighted assets (RWAs) would increase by EUR 1,173 million, leading to a lower pro-forma CET 1 ratio per 31 December 2018 of 16.1% (from 18.5%). Consequently, the potential remaining Basel IV impact will be lower.

The IMI, which was performed on the basis of the ECB TRIM framework, has resulted in 30% additional RWAs for our corporate loan portfolios. As part of its annual Supervisory Review and Evaluation Process (SREP), DNB will adjust the SREP level going forward to 10.4% from 10.6%, excluding Pillar II guidance. Our pro-forma CET 1 ratio continues to be well above our medium-term objective of at least 14%. NIBC will take additional measures to address the model observations raised by DNB in its IMI report.

We continue to be well positioned for Basel IV before any mitigation and management actions. The new solvency ratios continue to be comfortably above our SREP levels and provide us with sufficient buffers to comply with Basel IV regulations, as also reflected by our leverage ratio of 6.5% at year-end 2018. NIBC reconfirms its dividend policy and intends to pay-out an interim dividend of EUR 0.25 per share for the first half of 2019 under normal circumstances.

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