The foundation of the Basque group met this requirement of the law on savings banks and banking foundations two years before the limit set by the regulator.
Euskaraz irakurri: BBK Fundazioak Kutxabanken errotzea bermatu du, 231 milioi eurotik gorako erreserba funtsa eratuta
The bb foundation has formed the minimum objective reserve fund volume required by law to maintain it control position in Kutxabank —with 57% of the shares—. According to Law 26/2013 on Savings Banks and Banking Foundations, BBK is obliged to create a reserve fund of more than 200 million euros to guarantee a possible rescue of the bank in case of capital need. In the case of the Basque entity, the volume is already greater €231 million.
BBK President Xabier Sagredoreported at a press conference in Bilbao that the bank foundation has finalized this donation, which he described as “great news” and did not hesitate to declare that today is an “important day” for BBK, Kutxabank and for the entire territory.
BBK started this fund in 2015 and has contributed every year since then. The amount is recalculated annually by applying a ratio that takes into account, among other things, the solvency level of the bank and is applied to Kutxabank’s risk-weighted assets (APR).
The BBK Foundation, also known as BBK, is a banking foundation based in Bilbao. Its activity consists of the maintenance and dissemination of the heritage and social and cultural work inherited from the savings bank. BBK is currently carrying out a social project with an annual budget of almost 35 million euros.
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Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
