Société Générale: ECB sets its Pillar 2 requirement at 2.37% for 2027
The European Central Bank has notified Société Générale of a capital requirement under Pillar 2 (P2R) of 2.37%, applicable from January 1, 2027, according to a press release published on October 26, 2026. With a CET1 ratio of 13.2% as of June 30, 2026, the group indicates it has a pro forma margin of approximately 280 basis points above the regulatory requirement, a margin it describes as "comfortable".
Countercyclical and systemic buffers integrated into minima
The mandatory Pillar 2 notified by the ECB must be covered by at least 1.39% in the form of Common Equity Tier 1 capital (CET1). It includes a component of 0.12% related to prudential expectations regarding the provisioning of non-performing loans granted before April 26, 2019.
Once the various regulatory buffers are taken into account, the minimum CET1 ratio requirement on a consolidated basis will be 10.41% on January 1, 2027. This level includes 0.86% for countercyclical buffers and 1.125% for the buffer for Other systemically important institutions. Minimum requirements will also be 12.33% for the Tier 1 ratio and 14.89% for the Total Capital ratio.
Leverage ratio of 4.3% for a minimum requirement of 3.6%
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The ECB has also notified a P2R on the leverage ratio (P2R-LR) of 0.1%. The minimum leverage ratio requirement applicable to Société Générale is consequently 3.6%.
As of June 30, 2026, the group's leverage ratio stood at 4.3%, above the required threshold.
« Revenus du Groupe de 21,4 Md EUR sur 9M-26, en hausse de +4,1% vs. 9M-25, en bonne voie pour dépasser la cible 2026 >+2% » ; « ROTE de 12,3% sur 9M-26, en bonne voie pour dépasser la cible 2026 à ~11% » ; « Coût du risque de 27 pb sur 9M-26, dans la fourchette cible de 25 à 30 pb pour 2026 »
Risks mentioned
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