The European Central Bank (ECB) has communicated to CaixaBank and Unicaja the new minimum prudential capital requirements for 2027, which are slightly increased compared to those set for 2026 due to the effect of the increase in the countercyclical buffer that comes into effect from October of this year.
These thresholds, which must be respected from January 1, 2027, apply to the consolidated group and stem from the supervisory review and evaluation process (SREP, for its acronym in English).
The countercyclical buffer, determined by the Bank of Spain, has increased in October from 0.5% to 1%, although the effective percentage is adjusted based on the risk exposures of each entity. Consequently, CaixaBank and Unicaja, like the rest of the sector, have seen this requirement increase.
According to the information sent by CaixaBank to the CNMV, the consolidated requirement obliges the bank to maintain a minimum CET1 ratio of 9.47% (compared to the previous 9.12%) and a minimum total capital ratio of 13.74% (up from the previous 13.38%).
The supervisor's decision maintains the Pilar 2 requirement (P2R) at 1.75%, unchanged from 2026, of which at least 0.98% must be covered with common equity tier 1 (CET1) capital.
The entity estimates that the activation of the additional 0.50% of the countercyclical buffer for credit exposures in Spain, effective from October 1, 2026, will have an approximate impact of 35 basis points.
Thus, the ratios imposed on CaixaBank by the ECB incorporate the minimum Pilar 1 requirement (8%, with 4.50% of CET1), the Pilar 2 requirement (0.98%), the capital conservation buffer (2.50%), the buffer derived from its status as "other systemically important entity" (0.50%), the countercyclical buffer (0.93%), and the buffer against systemic risks applicable to mortgage exposures in Portugal (0.06%).
Additionally, CaixaBank must respect a minimum requirement of 3% in the leverage ratio, with no changes from the level set for 2026.
Based on the Pilar 1 minimums applicable to the level 1 capital ratio (6%) and the total capital ratio (8%), the minimum requirements for CaixaBank from January 1, 2027, are set at 11.30% and 13.74%, respectively.
At the close of the first half of the year, CaixaBank recorded a CET1 ratio of 12.53%, a Tier 1 capital ratio of 14.33%, and a total capital ratio of 16.83%, clearly above the levels that will be required from 2027.
Unicaja also faces higher capital requirements
In the case of Unicaja, the entity must comply, at a consolidated level, with a minimum CET1 ratio of 9.07% and a total capital ratio of 13.40% from 2027, according to what it has communicated to the CNMV.
These requirements include the minimum of Pillar 1 of 4.5% CET1 and 8% for total capital; a Pillar 2 requirement of 1.90%, which is reduced by 0.10% compared to that set for 2026; a capital conservation buffer of 2.5%, and a countercyclical buffer of 1%.
At the close of the second quarter of 2026, Unicaja presented a maximum quality CET1 capital level of 15.8%, a Tier 1 capital ratio of 17.6%, and a total capital ratio of 19.6%.
The bank has emphasized that these ratios represent a "buffer" of more than six percentage points above the required levels, so the applicable requirements "do not imply limitations on dividend distribution or variable compensation."