Following the previous Newsflash from 25 July 2013 please be informed that in line with the resolution passed at the Annual General Meeting, KELER, as the majority shareholder of KELER CCP, increased the capital of the company by HUF 4bn in cash as of 28 June 2013. The increase has been approved by the Court of Registration as of 24 July 2013. As a result the share capital of KELER CCP now exceeds HUF 5bn and it fully complies with the capital requirement provisions of the European Market Infrastructure Regulation (EMIR). Due to the capital increase, KELER has a 99.72% stake, while the National Bank of Hungary (NBH) has a 0.15% and Budapest Stock Exchange (BSE) has a 0.13% share in KELER CCP.
At the same time the amount of joint and several liability undertaken by KELER in favour of KELER CCP in relation to its clearing functions was reduced to HUF 4bn. It is possible that the guarantee will cease to exist from the beginning of next year and will be replaced with further capital injections. The management and the shareholders will make a decision on this subject until the end of this year.
Related Newsflash: Newsflash Hungary - Custodian forum update.
Impact on investors: Due to the capital restructuring the capitalization of the KELER CCP complies fully with the required threshold set by the EMIR providing a safety margin.