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Metro Bank PLC announced that the Prudential Regulation Authority reduced its Pillar 2A capital requirement from 1.11% to 0.50%, effective 27 June 2022. The Bank of England also agreed that the Bank's minimum MREL requirement (excluding buffers) has been reduced to 17.0%, applicable from the same date.
| Date | 28 Jun 2022 |
| Time | 07:00:07 |
| Category | Miscellaneous |
| ID | 3760Q |
Metro Bank PLC (LSE: MTRO LN)
28 June 2022
Metro Bank PLC ("Metro Bank")
Legal Entity Identifier: 213800X5WU57YL9GPK89
Capital Update
Metro Bank today announces that the Prudential Regulation Authority has reduced the Bank's Pillar 2A capital requirement from 1.11% to 0.50%, effective as of 27 June 2022.
The Bank of England has also agreed that the Bank's binding MREL applicable from 27 June 2022
shall be equal to the lower of: (i) 18% of the Bank's RWAs; or (ii) two times the sum of the Bank's Pillar 1 and Pillar 2A. Therefore the Bank's minimum MREL requirement (excluding buffers) has reduced to 17.0%.
The information contained within this announcement is deemed by the company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 and was authorised for release by Daniel Frumkin, Chief Executive Officer.
ENDS
Enquiries
For more information, please contact:
Metro Bank PLC Investor Relations
Jo Roberts
+44 (0) 20 3402 8900
Metro Bank PLC Media Relations
Mona Patel
+44 (0) 7815 506845
Teneo
Charles Armitstead / Haya Herbert Burns
+44 (0) 7703 330269 / +44 (0) 7342 031051
About Metro Bank
Metro Bank services 2.5 million customer accounts and is celebrated for its exceptional customer experience. It is the highest rated high street bank for overall service quality and best bank for service in-store for personal and business customers, in the Competition and Market Authority's Service Quality Survey in February 2022. It was recognised as 'Bank of the Year' at the 2020 MoneyAge Awards and 'Banking Brand of The Year' at the Moneynet Personal Finance Awards 2021, received Gold Award in the Armed Forces Covenant's Employer Recognition Scheme 2021 and won Best Open Banking Partnership - Commercial at the inaugural Open Banking Expo Awards 2021.
The community bank offers retail, business, commercial and private banking services, and prides itself on giving customers the choice to bank however, whenever and wherever they choose, and supporting the customers and communities it serves. Whether that's through its network of 76 stores open seven days a week, 362 days a year; on the phone through its UK-based 24/7 contact centres; or online through its internet banking or award-winning mobile app: the bank offers customers real choice.
Metro Bank PLC. Registered in England and Wales. Company number: 6419578. Registered office: One Southampton Row, London, WC1B 5HA. 'Metrobank' is the registered trademark of Metro Bank PLC.
It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. Most relevant deposits are protected by the Financial Services Compensation Scheme. For further information about the Scheme refer to the FSCS website www.fscs.org.uk. All Metro Bank products are subject to status and approval.
Metro Bank PLC is an independent UK bank - it is not affiliated with any other bank or organisation (including the METRO newspaper or its publishers) anywhere in the world. Please refer to Metro Bank using the full name.