OP Financial Group will adopt the Standardised Approach, in its calculation of capital adequacy, in the first quarter of 2023

OP Corporate Bank plc

OP Cooperative                                 
OP Corporate Bank plc
OP Mortgage Bank
Stock exchange release
14 March 2023 at 13.15 EET

OP Financial Group will adopt the Standardised Approach, in its calculation of capital adequacy, in the first quarter of 2023

OP Financial Group has decided to adopt the Standardised Approach, in its capital adequacy measurement and reporting, during the first quarter of 2023. Adoption of the Standardised Approach is not expected to have any material impact on OP Financial Group’s capital adequacy or risk profile.

On 13 March 2023, the European Central Bank (ECB) issued its decision on application of the Standardised Approach in OP Financial Group’s capital adequacy measurement.

On 30 September 2022, OP Financial Group filed an application with the ECB on the use of the Standardised Approach in capital adequacy calculation, instead of internal models (IRBA) and the currently applied risk-weighted assets floor based on the Standardised Approach. This was due to enhanced regulatory requirements and discussions with the banking supervisor, the ECB, about the application of the Internal Ratings Based Approach (IRBA). On 1 March 2022, OP Financial Group decided to adopt a risk-weighted assets floor in the calculation of its capital adequacy ratio – based on the Standardised Approach – in the second quarter of 2022.

OP Cooperative
OP Corporate Bank plc
OP Mortgage Bank

Further information:
OP Financial Group’s Investor Relations, IR@op.fi

Media enquiries:
OP Financial Group’s Corporate Communications, tel. +358 10 252 8719, viestinta@op.fi

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OP Financial Group is Finland’s largest financial services group, with over two million owner-customers and around 13,000 employees. We provide a comprehensive range of banking and insurance services for personal and corporate customers. OP Financial Group consists of OP cooperative banks, its central cooperative OP Cooperative, and the latter’s subsidiaries and affiliates. Our mission is to promote the sustainable prosperity, security and wellbeing of our owner-customers and operating region. Together with our owner-customers, we have been building Finnish society and a sustainable future for more than 120 years. www.op.fi