Non-Core Operations Unit


The Non-Core Operations Unit (NCOU) is expected to contribute significantly to the Group’s published capital roadmap and target a reduction of Basel 3 equivalent RWAs to approximately € 90 billion by the end of the first quarter 2013 and to less than € 80 billion in total by December 31, 2013.

The reduction in non-core assets and their associated capital demand to the end of the first quarter 2013 will be achieved by sales of highly capital intensive assets in the portfolio. Going forward, the pace of reduction in assets and associated capital demand is anticipated to decline and the NCOU will continually evaluate the rationale of exit versus hold, to take advantage of market conditions and to optimize and protect shareholder value.

In the current market environment, where many of our competitors are also seeking to dispose of assets to improve their capital ratios, this strategy may prove difficult and unfavorable business or market conditions may also diminish our ability to sell such assets.

In addition, the NCOU includes significant investments in individual companies and carries other assets that are not part of our core business such as our stake in The Cosmopolitan of Las Vegas. These investments and assets are exposed to the opportunities and risks arising from their specific economic environment and make the timeline during which we divest our investments less certain.

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