In this section, we provide an overview of the definitions of the key indicators reported in the Management Board report. Where possible, these have been aligned with internationally harmonized definitions.
Eligibility for the 2X Challenge is assessed using evidence-based criteria pertaining to entrepreneurship, leadership, employment, consumption, and investments through financial intermediaries. These criteria have been translated into a set of indicators and harmonized with the Global Impact Investing Network’s IRIS+ system. Each of the metrics has relevant thresholds that companies or financial intermediaries need to meet or commit to meeting for an investment to qualify.
ESG risk categorization
During the early stages of the investment process, FMO screens all transactions on environmental and social (E&S) risk and categorizes them in accordance with our Sustainability Policy. This classification is based on inherent E&S risk, irrespective of how it is managed by the customer. It allows us to determine the relevant E&S requirements and the (initial) resources needed. We have the following categories available: A & B+ (high risk), B (medium risk) and C (low risk) for direct investments and ID-A (high risk), ID-B (medium risk) and ID-C (low risk) for indirect investments in Financial Institutions and PE Funds. The E&S risk category of most customers is relatively stable, but if the risk profile of a customer changes following, for example, a significant shift in a fund’s portfolio or pipeline, we adjust the categorization.
During the early stages of the investment process, FMO makes an initial assessment of the corporate governance risk for a customer. A questionnaire helps investment staff identify corporate governance risk factors and determine whether a corporate governance officer should be consulted. The outcome of the questionnaire is either low or high corporate governance risk. If the outcome is high, a corporate governance officer is consulted.
ESG performance target
To monitor the E&S performance of our high-risk customers, we use predefined tracking sheets structured around the IFC Performance Standards and international best practices. Our E&S specialists assess customers’ exposure to applicable risks (low, medium, high). Depending on how well they mitigate such risks, their efforts are rated as exemplary, good, satisfactory, caution and unacceptable. Our E&S specialists update the scoring after due diligence. The assessment is included in the financing proposal to support the investment decision. The rating gets evaluated again during annual review and when significant changes occur. In addition, before contracting, an independent validation of the information is carried out by an E&S specialist in the Credit Department.
To monitor performance on CG, the CG officer or the investment officer assesses the maturity of the corporate governance of a customer, based on five CG attributes derived from the DFI Corporate Governance Framework in a predefined tracking sheet: commitment to CG, structure and functioning of the board of directors, control environment and processes, transparency and disclosure, and shareholder rights. Subsequently, the officer assesses whether the maturity level (basic, emerging, or developed) is adequate for the company. The conclusion on the adequacy of the corporate governance considers the size, risks, and complexity of the company, country context and (absence of) strong CG regulations, as well as the track-record with FMO. If the CG maturity is considered inadequate, FMO agrees on a CG action plan with the customer.
Investment teams complete a tracking sheet after due diligence. The assessment is included in the financing proposal to support investment decisions. The CG adequacy assessment gets evaluated again during annual review and when significant changes occur. The Credit Department reviews and approves the CG tracking sheet as part of the transaction approval.
We have been using an ESG performance tracking system since 2018. The initial performance target was set for a limited number of new customers classified as high-risk or supported by a corporate governance specialist in transactions where FMO was in the lead. Each subsequent year the target list was expanded to include a bigger part of our portfolio. As of 2021, the list consists of all high-risk customers and those supported by a CG specialist, including investments where another financial institution is in the lead (e.g. IFC, DEG, Proparco). In the past only high and medium ESG risks were in scope of the target. As of 2021, low ESG risks are also in scope, so our goal since then is to have 90 percent of all ESG risks managed in line with our standards or evidently towards meeting our standards.
E&S performance gaps
The overview of the E&S performance gaps in our portfolio was prepared in two steps. First, as part of our E&S performance tracking, we identified activities with a potential for (serious) adverse impact on people and/or environment that are not adequately managed. Second, we summarized the performance gaps by theme and prepared a table which illustrates the high priority issues that still require attention. The information was anonymized to respect customer confidentiality.
Energy production and equivalent number of people served
FMO tracks the amount of energy produced per year per project, based on customer reports. This is done both for direct customers such as corporates and operational projects, as well as for indirect customers, which are investees under funds. The reported energy production concerns grid production only. The off-grid energy production, for example from solar home systems provided by our customers, is excluded.
The number of people served via on-grid power generation projects is estimated by dividing the annual amount of electric energy delivered to customers by the power consumption per connected capita. The power consumption per connected capita is calculated as the electric power consumption per capita divided by the electrification rate.
Employee statistics included in the management report include the following:
Total number of internal employees: the total number of employees with a definite or indefinite employment contract with FMO N.V. at the last day of the reporting period. Interns are not included.
Number of permanent internal employees: the total number of employees with indefinite employment contracts with FMO N.V. at the last day of the reporting period. Interns are not included.
Number of temporary internal employees: the total number of employees with definite term employment contracts with FMO N.V. at the last day of the reporting period. Interns are not included.
Number of full-time internal employees: the total number of employees with full-time (40 hours) employment contracts with FMO N.V. at the last day of the reporting period. Interns are not included.
Number of part-time internal employees: the total number of employees with part-time (less than 40 hours) employment contracts with FMO N.V. at the last day of the reporting period. Interns are not included.
Employees in senior and middle management: number of employees in a management position including members of the Management Board and Directors, at the end of the reporting period. Ad interim Directors and Managers with employment contracts with FMO are included.
Number of new joiners: number of new joiners during the reporting period, being between the last day of the previous reporting period and the last day of the actual reporting period. Employees joining and leaving in the same reporting period are included as new joiners and as leavers.
Number of leavers: number of employees leaving FMO between the first day of the reporting period and the last day of the reporting period. Employees joining and leaving in the same reporting period are included as new joiners and as leavers.
Net growth percentage: number of new joiners minus number of leavers divided by the total head count at the start of the reporting period.
Staff turnover percentage: number of departures during the reporting period divided by the total head count at the start of the reporting period.
Share of bonus amount paid in the period: percentage of total bonus amount paid out to female and male employees related to the performance review over the previous year.
Promotion ratio in the period: the percentage (of a category) of employees progressing to a higher salary scale during the reporting period divided by the total number (of a category) of employees at the start of the reporting period.
Employee engagement score: engagement score based on latest employee engagement or pulse survey (November 2022) sent to all employees at least three months in service of FMO. FMO uses an external partner to process and report the results.
Number of internal FTEs: sum of the related full-time equivalents (FTE, as contractually agreed) of all internal employees at the reference date.
Percentage non-Dutch employees: total number of employees with a nationality other than Dutch divided by the total number of employees at the reference date.
Number of nationalities: total number of different nationalities of employees in service of FMO based on employees' passports when joining FMO. Note: if an employee has other nationalities in addition to the Dutch one, this will count as Dutch nationality.
Absenteeism: percentage of total sick leave (short, medium and long-term sick leave) calculated as total number of sick leave days divided by the sum of working days during the indicated reporting period.
Number of external employees: the total number of people working for FMO as "temporary external" on agreements not being an employment contract with FMO N.V. on the last day of the reporting period.
Greenhouse gas (GHG) emissions
Absolute GHG emissions from FMO’s own operations
The absolute GHG emissions from FMO’s own operations are reported in line with the GHG Protocol. The emissions are calculated based on measured data collected internally, such as diesel/petrol consumption by leased cars, heating consumption of the FMO office in The Hague as well as information on commuting and flights.
Financed absolute GHG emissions
The financed absolute GHG emissions are reported in line with the Global GHG Accounting and Reporting Standard for the Financial Industry published by the Partnership for Carbon Accounting Financials (PCAF). We use the Joint Impact Model (JIM) to calculate our absolute emissions in line with the PCAF Global Standard. A full overview of the JIM application by FMO can be found on our website.
The financed emissions reported contain a large margin of error due to data quality and methodological uncertainties. First, for the majority of our customers we do not yet have direct emissions data, which means the emissions have to be modelled by the JIM. In addition, the PCAF Global Standard does not yet factor in investments in funds or loans to FI. FMO has made assumptions how to classify and calculate emissions for the investees of funds and the borrowers of FI customers in its portfolio. Data improvements and methodological refinements will be made in the future, which will affect our emissions estimations. In this context, we will also explore the possibility of reporting the PCAF data quality score to quantify progress.
Financed avoided GHG emissions
Avoided emissions are the emissions avoided as a result of a project when compared to a baseline scenario established in accordance with the GHG Protocol. For example, this can be emissions avoided by additional renewable energy capacity that is assumed to replace future fossil fuel-based power plants, or emissions avoided through the protection of forests against illegal logging. GHG avoidance for renewable energy projects is calculated as the annual electricity production during the latest available reporting year, multiplied by the country emission factors in accordance with the International Financial Institution (IFI) harmonized list of emission factors (version 2.4).
The financed avoided GHG emissions are reported in line with the PCAF Global Standard, except we report avoided emissions for all our investments and use a slightly different emission factor for renewable energy.
Green-labelled investments contribute to climate mitigation, climate adaptation or other footprint reduction (in themes of water, waste, biodiversity). Green labels are applied ex-ante for the new commitments in a running year. Please note that we apply the labels to new commitments, but that these are referred to as investments throughout the report. To facilitate steering on SDG 13 through our Green label, we set an annual target on Green as a percentage of new commitments that influences customer selection, project preparation and investment decisions. FMO’s Green criteria for climate mitigation and climate adaptation are in line with the IDFC-MDB list of Green investments. FMO’s Green definition also recognizes activities that do not directly target climate change mitigation or adaptation yet have a positive impact on the environment, including water efficiencies, water treatment, waste management and biodiversity conservation (other footprint reduction).
Green investments need to honor two principles. First, they should contribute to a genuine improvement beyond the local regulatory requirements. Second, they should not contribute to a long-term lock-in of high-carbon infrastructure. Based on this, FMO has defined a non-exhaustive list of pre-approved eligible activities such as making, installing, distributing or financing renewable energy projects/products and agriculture in line with certain certification schemes. Improvements that are not included on this list may still be eligible if they honor the Green principles. In these cases, a minimum threshold of 20 percent improvement against a baseline needs to be substantiated. For example:
Upgrade: if the investment is going towards an activity/equipment that is 20 percent more efficient than what it is replacing, FMO’s investment will be labelled Green based on the amount of FMO's investment going towards that specific upgrade.
Expansion: if the investment is going towards an activity that is 20 percent more resource efficient than the company's current practice, FMO’s investment will be labelled Green based on the amount of FMO's investment going towards that specific expansion.
Greenfield: if the investment is going towards an activity that is 20 percent more resource efficient than the norm in that region, FMO’s investment will be labelled as Green based on the amount of FMO's investment going towards that specific greenfield.
Investments can only be labelled Green following a robust approval process. The deal team is responsible for assessing its investments based on FMO’s Green principles and Green definition. The deal team makes an application for a Green label through FMO’s Sustainability Information System (SIS). The deal team should supplement the request with adequate substantiation for the Green eligibility of the financed activities. A credit specialist independent of the investment teams assesses the label request and determines the Green percentage to be applied pro-rata to the investment amount. For example, if FMO finances an agricultural holding that has 30 percent of its operations certified under a pre-approved FMO certification while the rest are not certified and don’t have other underlying Green elements, then the Green percentage for that investment will only be 30 percent. The approval process is traced and documented in SIS.
The volume of Green-labelled new investments includes any increase in an existing commitment for an existing customer, a new commitment for an existing customer, or a new commitment for a new customer.
FMO also reports on its Green-labelled total committed portfolio. Ex-ante labelling is applied to the volume of Green-labelled new investments as well as the Green-labelled total committed portfolio. Our criteria, the labelling process and documentation are currently only enforced prior to providing a credit facility or making an equity investment. A detailed description of FMO’s Green methodology is available on our website.
Human rights due diligence indicator
The total number of investment agreements in FMO’s portfolio for which E&S due diligence including human rights was performed or human rights clauses were included in the contract. This includes high E&S risk customers in our portfolio per 31 December 2022 with an approved E&S tracker.
Direct jobs are a common indicator for corporates and DFIs. It enables us to report on how our investments impact employment. Direct jobs are defined following the HIPSO definition as the “number of full-time equivalent employees as per local definition working for the customer company or project”. This includes directly hired individuals and individuals hired through agencies as long as those individuals provide on-site services related to the operations of the customer company. Also, this includes full-time equivalent work by seasonal, contractual and part-time employees.
Part-time jobs are converted to full-time equivalent jobs on a pro rata basis, based on local definition (e.g. if working week equals 40 hours, a 24 hour a week job would be equal to 0.6 FTE job). Seasonal or short-term jobs are prorated on the basis of the portion of the reporting period that was worked (e.g. a full-time position for three months would be equal to 0.25 FTE if the reporting period is one year). If the information is not available, the rule of thumb is two part-time jobs equal one full-time job.
By using the JIM, we model the estimated indirect jobs supported by our portfolio businesses through supply chains, jobs supported through the spending of wages, and economy-wide employment enabled by bank lending and the supply of electricity. The additional output requires more direct employment and intermediary inputs. This, in turn, leads to expansion among existing and new suppliers, thereby supporting and/or creating jobs. Some products and services – notably electricity and finance – remove constraints for other businesses, enabling them to expand and support and/or create jobs. In emerging markets, firm expansion is assumed not to displace employment in competing businesses to a significant extent.
Net Promoter Score
Net Promoter Score (NPS) shows the extent to which customers would recommend FMO to others. The customer is regarded as 'promoter', 'passive' or as 'detractor', based on the score she gives. The NPS is calculated by subtracting the percentage of detractors from the percentage of promoters. The score is expressed as an absolute number between -100 and +100. The scores for 2022 are based on the responses from customers that participated in a customer satisfaction survey that was sent out in December 2022 and closed in January 2023.
New admissible complaints received
Number of complaints filed with the Independent Complaints Mechanism (ICM) that were declared admissible by the Independent Expert Panel (IEP). When the IEP groups several complaints pertaining to the same project as one case, this is treated as one complaint. An admissible complaint is a complaint for which the Panel has decided that it fulfills the Admissibility Criteria. The Admissibility Criteria are specified in the ICM policy, which can be accessed on our website.
Number of micro and SME loans
In line with the IFC definition, microloans are those that have an original value up to US$10,000 remaining on the customer’s balance sheet at the end of the reporting period, whereas SME loans have an original value between US$10,000 and US$1 million remaining on the balance sheet at the end of the reporting period. Both the number and volume of micro and SME loans are requested from our customers.
Number of smallholder farmers supported
Smallholder farmers are defined as marginal and sub-marginal farm households that own and/or cultivate relatively small plots of land, have low access to technology, have limited capital, skills, and risk management, depend on family labor for most activities, and have limited storage, marketing, and processing. Smallholders are supported through our agribusiness customers who both source from the smallholders and provide technical and/or financial support, for example to improve production practices that have beneficial effects on yields, and/or reduce environmental degradation, and/or improve social practices during the reporting period. There is still limited data on smallholders economics, therefore counting the number of smallholder farmers supported can be used as a proxy. Information is collected directly from our customers via our impact questionnaires.
Power generation target
The power generation emissions include active investments that have production of electricity (NACE code 35.11) as their main economic activity. They are calculated based on customers’ Scope 1 emissions attributed in line with the PCAF Global Standard. For renewable energy customers without reported emissions data, the assumption is made that their Scope 1 emissions are zero. The outstanding amounts include FMO-A, public funds, and mobilized capital.
In order to compare performance year-on-year, data is aligned according to reporting year to the extent possible. Given that this Annual Report is published in early 2023, it is not feasible for all 2022 customer data (e.g. emissions data) to already be available. As a result, the reported 2022 power generation emissions combines 2021 customer emissions data with 2022 portfolio data from FMO (e.g. outstanding amounts). The 2022 number will be finalized in next year’s Annual Report. The 2021 power generation emissions are, in principle, finalized in this Annual Report based on 2021 portfolio data and 2021 customer data.
Reducing Inequalities-labelled investments
FMO defines two sub-categories of social projects aimed at reduced inequalities: investments in least developed countries (reducing inequality between countries) and investments in inclusive business (reducing inequality within countries). Least developed countries (LDCs) are identified by the United Nations as low-income countries confronting severe structural impediments to sustainable development.
Investments in inclusive businesses expand access to goods, services and livelihood opportunities on a commercially viable basis, either at scale or scalable, to people at the Base of the Pyramid. This is done by making them part of companies' value chain of suppliers, distributors, retailers or customers. Deals are eligible for inclusive business in cases where they relate to investment in inclusive business:
Financial services to underserved SMEs
Women-owned or women-led SMEs;
Youth-owned or youth-led SMEs;
Irregular migrant (including refugee) owned or led SMEs;
SMEs owned or led by other marginalized groups;
Smallholder farmers as part of the value chain;
Last-mile delivery of power;
Basic goods and services to low-income and marginalized populations.
Similar to Green labels, requests for Reducing Inequalities (RI) labels are made through SIS. For the LDC sub-label, a request is not needed if the investment is single-country and the country of impact is the same as the country of risk exposure. A request for the LDC sub-label is only needed if the investment is multi-country with at least 50 percent of the investment expected to benefit LDC countries, or in the case the country of impact is an LDC and is different from the country of risk exposure.
For the inclusive business sub-label, a request through SIS is always required. A deal team submits a request via SIS and substantiates the RI eligibility of the financed activities. For both LDC and inclusive business sub-labels requests, a credit specialist independent of the investment teams assesses the request and advises whether the labels should be granted.
If the (sub)label is likely to be granted but more evidence is needed at contracting stage (e.g. evidence of a use of funds clause in the contract), the label request is conditionally approved. The final decision on granting of every label is provided by the Credit Manager in a four-eye principle. The approval process is traced and documented in SIS.
Same scope as mentioned for the Green-labelled investments.
A serious incident is an occurrence/event that interrupts normal procedures related to an investment, customer, project, affected people, process and system. It can be of an environmental or social nature, occur on or near any site, plant, equipment or facility of a customer. It can result in the loss of life, have or be likely to have a material negative impact on the environment, health, safety and security situation, or the social and cultural context of a customer.
Taxonomy eligible activities
The EU Taxonomy is a regulatory classification system encompassing a standard set of definitions for sustainable economic activities centered around six environmental objectives. The tool aims to standardize reporting, provide clarity on what is sustainable and encourage investment flows towards sustainable projects and activities.
Starting in January 2022, companies in scope of the Sustainable Finance Disclosure Regulation (SFDR) and the Non-Financial Reporting Directive (NFRD) were required to disclose Taxonomy eligibility on two of the environmental objectives: climate change mitigation and adaptation. An economic activity can be eligible for Taxonomy alignment if it can be mapped to one of the environmentally sustainable activities described in the Delegated Acts accompanying the Taxonomy regulation.
Given that all of FMO’s investments are made outside the EU in emerging markets, none of our counterparties are in scope of the NFRD and are thus not required to disclose their Taxonomy eligibility or alignment. As FMO’s eligibility disclosures must be based on actual information disclosed by financial or non-financial undertakings, and estimates are not permitted in mandatory disclosures, for FMO’s mandatory disclosures zero percent of the balance sheet is Taxonomy eligible.
Total investment volume
Total investment volume is measured in terms of ‘committed portfolio’ and ‘new investments’. We report these numbers for FMO, public funds and mobilized funds.
For the definitions of ‘committed portfolio’ and ‘new investments’ please refer to the ‘Alternative performance measures’ below.
Alternative performance measures
An alternative performance measure (APM) is a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specified in the applicable financial reporting framework. In disclosing our performance, FMO uses specific APMs that are not defined by IFRS and are different to what is included in the financial statements. APMs should not be considered as alternatives to the equivalent IFRS measures but rather supplementary to the most directly comparable IFRS measures. Alternative performance measures do not have a standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other companies. Where a non-financial measure is used to calculate an operational or statistical ratio, this is considered an alternative performance measure.
Impact and ESG APMs
Committed portfolio is an impact measure that is used for steering purposes. It measures FMO’s contribution and expected impact towards SDG 8 Decent Work and Economic Growth, a key strategic objective of FMO, and reflects the risk exposure taken by different risk parties. We distinguish between three business lines: FMO, public funds under FMO’s management or direct mobilized funds.
The measure committed portfolio is not reconcilable with information included in the financial statements as it consists of a unique set of business rules. These business rules combine a mix of financial and non-financial information and data. The non-financial information is not required by IFRS and, as such, is not reflected in the financial statements.
The following table includes a breakdown of committed portfolio per business line and financial product.
Total committed portfolio (€ mln)
Mobilized (debt only)
Committed portfolio is the sum of outstanding amounts and remaining commitment amounts of the active debt, guarantee and equity investment transactions. Debt includes commercial loans, mezzanine loans and debt funds. Equity includes direct and fund investments, as well as investments made in associates. Guarantees include guarantees issued.
The outstanding amount for debt is equal to the principal outstanding amount reduced to the amount of the used Unfunded Risk Participation (guarantees received), if any; for the equity investments this is equal to the sum of fair value of the underlying assets. For guarantees, this is equal to the effective guarantees issued. The remaining commitment consists of the committed not disbursed amounts for all financial products mentioned, or in other words the principal amount available for disbursement to the customer by the funding party.
New investments is a strategic business measure used for steering purposes to ensure funds maximize impact on SDGs 8, 10 and 13. New investment refers to the volume of new commitments made to customers at the end of the reporting year (based on signed contracts), reported per party bearing the risk (i.e. FMO, public funds under FMO’s management and third-parties considered direct mobilization). Volume is reported for all debt, equity and guarantee products and includes new facility agreements, limit increases, renewals of contracts and interest capitalization. It excludes transfers from one party to another or conversions from e.g. equity to debt. Grants provided through, for instance, the Capacity Development program and sub-delegated funds under management of third parties are excluded from the results.
The measure new investments is not reconcilable with information included in the financial statements as it consists of a unique set of business rules. These business rules combine a mix of financial and non-financial information and data. The non-financial information is not required by IFRS and, as such, is not reflected in the financial statements.
The following table includes a breakdown of new investments per business line and financial product. For a description of each financial product, refer to the section on committed portfolio.
New investments (€ mln)
Mobilized funds (debt only)
Total new investments
FMO’s stable income relates to income following from financing activities and administrative services. Stable income excludes income related to value adjustments of financial instruments. Stable income includes net interest income, net fee and commission income, dividend income and remuneration from services rendered. These elements are visible on the FMO's consolidated statement of profit and loss.
Stable income per consolidated profit and loss account (€ mln)
Net interest income
Net fee and commission income
Remuneration from services rendered
Loan impairments and revaluations
Loan Impairments and revaluations relate to gains/losses following from value adjustments of FMO’s loan portfolio. Impairments can be reconciled to the consolidated profit and loss account. Revaluations include fair value gains/losses (presented under line item ‘results from financial transactions') arising from the loan portfolio measured at fair value through profit or loss (FVPL) and gains/losses due to derecognition.
Loan Impairments and revaluations (€ mln)
Expected Credit Loss Stage 1 & Stage 2
Expected Credit Loss Stage 3 (Impairments)
Recover loans written off
Total loan provisions
Fair value gains/losses loan portfolio measured at FVPL
Gains and losses due to derecognition (Note 27)
Loan impairments and revaluations
Results on derivatives
Results on derivatives relate to gains/losses following from valuation adjustments of FMO’s treasury portfolio and foreign exchange gains/losses. These are included under line item ‘results from financial transactions’ in the consolidated statement of profit and loss.
Results on derivatives (€ mln)
Total results from financial transactions (Note 25)
Result on sale and valuation of loans at FVPL (Note 25)
Result on sale and valuation of derivatives related to asset portfolio (Note 25)
Results on derivatives
Return on average shareholders' equity
A measure that indicates how the profitability is in relation to the average shareholders' equity. This metric is expressed in the form of a percentage that is equal to net profit/(loss) divided by the average shareholders' equity for the prior and current reporting year.
Return on average shareholders’ equity (%)
Net profit/(loss) per consolidated profit and loss account (€ mln)
Opening balance: consolidated statement of shareholders’ equity (€ mln)
Closing balance: consolidated statement of shareholders’ equity (€ mln)
Return on average shareholders’ equity (%)
Return on assets
A measure that indicates the profitability in relation to total assets. The metric is expressed in the form of a percentage that is equal to net profit/(loss) divided by the total assets for a specific reporting year.
Return on assets (%)
Net profit/(loss) per consolidated profit and loss account (€ mln)
Total assets per consolidated balance sheet (€ mln)
Return on assets (%)
A measure expressed as the value of non-performing loans (gross exposure of the loan as recorded on the balance sheet) divided by the gross exposure of the loan portfolio.
Gross exposure: loans to private sector (amortised cost) (€ mln)
Gross exposure: loans to private sector (fair value) (€ mln)
Total gross exposure non-performing loans (on balance) (€ mln)
Total gross exposure loans to private sector (on balance) (€ mln)
CET-1 ratio compares a bank’s capital against its risk-weighted assets to determine its ability to withstand financial distress. For calculation of the CET – 1 ratio refer to the Capital Adequacy section in the 'Risk management' chapter.