Germany’s BaFin Lifts Capital Surcharge on flatexDEGIRO Bank Imposed After 2022 Audit
By Damian Chmiel
AI summary of the source article
Germany's BaFin has lifted a capital surcharge on flatexDEGIRO Bank and lowered the group's Pillar 2 Requirement by 100 basis points to 1.50%.
Why it matters
Benon Janos said the lower requirement "gives flatexDEGIRO more flexibility in how it allocates capital."
Key facts
- BaFin removed a capital surcharge and cut the Pillar 2 Requirement for flatexDEGIRO Group from 2.50% to 1.50%.
- flatexDEGIRO applied to BaFin on October 15 for consent to buy back up to €100 million of its shares.
- The regulatory measures originated from a September 2022 special audit concerning business organization failings.
Source excerpt · Finance Magnates
Germany's financial regulator has scrapped a capital surcharge it imposed on flatexDEGIRO's bank over failings in its business organization. The online broker announced the decision today (Tuesday). The Federal Financial Supervisory Authority (BaFin) will also cut the Pillar 2 Requirement (P2R) for the flatexDEGIRO Group by 100 basis points, to 1.50% from 2.50%, flatexDEGIRO said. The P2R is capit…