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Metro Bank PLC announced on 12 December 2022 that the Prudential Regulation Authority reduced its Pillar 2A capital requirement from 0.50% to 0.36%, effective 1 January 2023. This follows a previous PRA reduction on 28 June 2022 of the Pillar 2A from 1.11% to 0.50%. The latest Pillar 2A reduction implies a decrease in Metro Bank's MREL requirement from 17.0% to 16.7%, also effective 1 January 2023.
| Date | 12 Dec 2022 |
| Time | 17:59:53 |
| Category | Corporate updates |
| ID | 4470J |
Metro Bank PLC (LSE: MTRO LN)
12 December
Metro Bank PLC ("Metro Bank")
Legal Entity Identifier: 213800X5WU57YL9GPK89
Capital Update
Metro Bank (the "Company") today announces that the Prudential Regulation Authority has reduced the Company's Pillar 2A capital requirement from 0.50% to 0.36%, effective as of 1 January 2023.
This follows the announcement made on 28 June 2022 whereby the Prudential Regulation Authority reduced Metro Bank's Pillar 2A capital requirement from 1.11% to 0.50% and the Bank of England agreed that the binding minimum requirement for own funds and eligible liabilities ("MREL") applicable from 27 June 2022 would be equal to the lower of: (i) 18% of RWAs; or (ii) two times the sum of the Company's Pillar 1 and Pillar 2A.
The Pillar 2A reduction implies that Metro Bank's MREL requirement (excluding buffers) would therefore reduce from 17.0% to 16.7%, effective as of 1 January 2023.
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 (which forms part of UK law pursuant to the European Union (Withdrawal) Act 2018) and was authorised for release by Daniel Frumkin, Chief Executive Officer.
ENDS
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 2.6 million customer accounts and is celebrated for its exceptional customer experience. It is the highest rated high street bank for overall service quality for personal customers and the best bank for service in-store for personal and business customers, in the Competition and Market Authority's Service Quality Survey in August 2022. This year it has been awarded "Best Mortgage Provider of the Year" in 2022 MoneyAge Mortgage Awards, "Best Business Credit Card" in 2022 Moneynet Personal Finance Awards and "Best Current Account for Overseas Use" by Forbes 2022 and accredited as a top ten Most Loved Workplace 2022. It was "Banking Brand of The Year" at the Moneynet Personal Finance Awards 2021 and received the Gold Award in the Armed Forces Covenant's Employer Recognition Scheme 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 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).