PNC in compliance with debt requirements, soon to comply with metrics

By Devika Patel

Knoxville, Tenn., Jan. 16 – PNC Financial Services Group, Inc. is fully compliant with long-term debt requirements and management expects to reach compliance with bank-level metrics ahead of the phase-in period for the new requirements.

“At year-end, PNC was fully compliant with the proposed holding company long-term debt requirements and we expect to reach compliance with the bank level metrics through our normal course of funding well in advance of the phase-in period,” executive vice president and chief financial officer Robert Q. Reilly said on the company’s fourth-quarter and year-ended Dec. 31 earnings conference call on Tuesday.

“We remain well capitalized with an estimated CET1 ratio of 9.9% as of Dec. 31.

“Our estimated fully phased-in expanded risk-based CET1 ratio based on the new proposed capital rules would be approximately 8.2% at year-end, which is well above our current requirement of 7%,” he said.

The Basel III common equity tier 1 capital ratio was an estimated 9.9% at Dec. 31 and 9.8% at Sept. 30.

PNC is a Pittsburgh-based financial services company.

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