ECB Sets 2025 SREP Capital Benchmarks for Major Euro Banks as Buffers Stay Strong

Overview

• Notifications issued on 30 October set consolidated capital and leverage requirements that apply from 1 January 2026 for supervised groups.
• BNP Paribas reported a Pillar 2 Requirement of 1.73% (down 11 bps versus 2024) with a CET1 minimum of 10.44% and placement in the lowest Pillar 2 Guidance bucket of 0–100 bps.
• Societe Generale disclosed a P2R of 2.36% including at least 1.38% in CET1 and a CET1 minimum of 10.26%, with a 0.1% leverage P2R implying a 3.6% minimum versus a 4.35% reported ratio.
• KBC said its fully loaded CET1 requirement eased to 10.85% and its P2G was set at 1.00%, while its unfloored fully loaded Basel 4 CET1 stood at 14.6% at end‑Q2 2025.
• Crédit Agricole Group’s P2R was notified unchanged at 1.80% with a CET1 minimum of 10.4%, and the Group reported a phased‑in CET1 ratio of 17.6% at end‑September 2025.