KBC confirms that it will repay on 2 January 2012 EUR 500 million of state aid (with 15% penalty) to the Belgian Federal Government.
Jan Vanhevel, CEO of KBC Group commented today’s news as follows: "KBC's main objective always was, is and remains to implement the strategic plan we agreed with the European Commission in November 2009 within the agreed timeframe and to repay the Belgian authorities in a timely manner.
On 10 November 2011, at the occasion of the publication of its 3Q11 results, KBC already expressed its intention to repay a first tranche of the YES (yield enhanced securities) to the amount of EUR 500 million by year end to the Federal Government under the conversion mechanism. The Federal Government confirmed that it opted for cash and thus the 15% penalty is applicable.
Although the last few months and weeks continued to be characterized by the uncertain macroeconomic climate and challenging, turbulent market conditions, our core strengths have remained fundamentally sound. We continue to have a very solid customer base in our core markets of Belgium and Central Europe. Our liquidity profile is robust and supported by a stable and resilient customer deposit base. Moreover, our solvency position is and remains strong (as proven during the most recent EBA capital exercise) and helps us to remain a solid European financial player committed to actively financing our customers’ projects, even in extremely difficult conditions.
We remain committed to executing our strategic plan with the same diligence and determination to ensure timely repayment of the remaining state aid and are committed to playing an active role in the European financial sector, which will benefit our customers, employees, shareholders and other stakeholders."
Source: KBC GroupDate: 26.12.2011
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