• The "very strong recession" that CaixaBank predicts: a 10% drop in GDP, a 60,000 million deficit and a 20% unemployment

CaixaBank has announced to the National Securities Market Commission (CNMV) that it will halve the dividend payment to its shareholders and will abolish the variable remuneration of its CEO, Gonzalo Gortázar , as financial "prudence" measures to face the coronavirus crisis.

The Catalan entity emphasizes in a statement that it will devote all its efforts to mobilizing the largest volume of credit possible that guarantees the liquidity of the companies to face the sudden drop in economic activity.

The adjustment involves reducing to 7 cents the payment of the dividend expected for this coming month of April with charge to the 2019 financial year and the modification of the dividend policy for 2020 , passing to the distribution of a cash payment not exceeding 30% of the profit Net reported vs. 50% expected.

The announcement to the financial regulator also includes the recall of the Ordinary General Shareholders' Meeting scheduled for April 2 and 3 due to the state of alarm in which the country is immersed.

The bank will also make use of the regulatory flexibility promised by the European Central Bank and will reduce its solvency ratio target for this year to 11.5%, half a point less than originally anticipated without including the 1% buffer it was going to allocate to absorb the impacts of the implementation of the Basel developments (Basel IV) and other regulatory impacts, "whose implementation is now estimated to be delayed in time," says the bank in its note.

Lastly, the group's CEO, Gonzalo Gortázar , has proposed his resignation from the variable remuneration corresponding to the year 2020, both in terms of the annual bonus and the part corresponding to the year 2020 of the Long-Term Annual Incentive Plan.

The President and CEO of CaixaBank, Jordi Gual and Gonzalo Gortázar, respectively, have transmitted a triple message of thanks, responsibility and trust: "Our mission is to contribute to ensuring that this health crisis does not become a deep economic crisis. With the Incalculable collaboration of all the employees of the entity, from CaixaBank we support and will support our clients and our economy so that it comes out of this slump as quickly as possible. "

According to the criteria of The Trust Project

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  • economy
  • Coronavirus
  • Covid 19

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