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Final results of the European capital enhancement exercise

On 8 December 2011, the European Banking Authority (EBA) issued a Recommendation (EBA/REC/2011/1) addressed to the banking groups subject to the EBA’s stress test exercise, envisaging the strengthening of their regulatory capital levels so as to achieve, as of 30 June 2012, a Core Tier 1 ratio of 9%, after a prudent assessment, at market prices, of their sovereign debt exposures held as of 30 September 2011 (the denominated “sovereign buffer”).

After the implementation of the capitalization measures, all the Portuguese banking groups participating in the exercise (CGD, BCP, ESFG and Banco BPI), accomplished by 30 June 2012, the minimum Core Tier 1 ratio of 9% including the “sovereign buffer” as stated in the EBA December 2011 Recommendation.