Funding and rating
Our funding strategy has changed and diversified significantly over the years. Bond issues now account for less than half of our funding, compared with more than 60% in 2005, in 2008 we launched Mediobanca Premier to access retail deposits
Overall about 60% of our funding now comes from retail investors: 14% from our bonds sold to retail customers, while 46% of our funding is raised from Wealth Management deposit.
Our dedicated Products issued website contains all the details for our issues (prospectuses, types, maturities, recipients, etc.).
- Well diversified funding structure: 60% retail (14% bonds, 46% WM deposits) and 40% institutional (25% bonds, 6% ECB, 9% banks and other)
- MB bonds totaling €23.9bn: €15.5bn senior, €1.5bn SNP, €1.4bn T2, €5.5bn secured
- Wealth Management deposits at €27.7bn: €17.0bn Premier, €10.7bn Private Banking
Substantial surplus MREL
(Highlights - results at December 2023)
- MREL requirement for 2023, among the lowest in EU, basically confirmed at:
- 23.57% RWA
- 5.91% LRE (Leverage Ratio Exposure)
- MREL own funds and eligible liabilities (~€20bn as of Dec23) @ 40.66% of RWAs with a surplus of ~17% of RWAs vs MREL requirement
- ~90% of MREL requirement covered by own funds and subordinated debt
Funding and liquidity indicators (at 30 JUNE 2023)
LCR | NSFR |
---|---|
180% | 119% |