SRTs: Capital uplift increases, risks stay under control

研报英文原文证据摘录

SRTs: Capital uplift increases, risks stay under control

Cross Asset Research

8 July 2026

European Banks

SRTs: Capital uplift increases, risks SIGNATURE

stay under control

European banks’ SRT usage continued to accelerate in 2025

Equity Research: European Banks

(+27% YoY), and our analysis suggests this corresponds to an Paola Sabbione

average CET1 benefit of c.82bps. We expect growth to remain +39 (0)2 6372 2579 paola.sabbione@barclays.com

strong in 2026E and beyond, driven by regulatory BBI, Milan

streamlining and increased adoption by non-GSIB banks. Dibin Meledath Koruthu, CFA

+ 91 (22) 6175 2514

dibin.meledathkoruthu@barclays.com

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Flora Bocahut

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+33 (0)1 4458 3131

flora.bocahut@barclays.comCredit Research Views: Growing SRT usage among European banks BBI, Paris

supports credit spreads

Aman Rakkar, CFA• Since our initial publication on the topic in 2024, The rise of SRTs, SRT use by European banks +44 (0)20 3555 1425

has continued to grow at a robust pace in 2025 and 2026, as evidenced by our analysis of aman.rakkar@barclays.com

banks' Pillar 3 data, as well as industry figures from IACPM and AFME. The increase in the Barclays, UK

share of non-GSIB banks using SRTs in 2025 stands out, indicating that the product is

Cecilia Romero Reyes

becoming increasingly mainstream.

+44 (0)20 7116 7314

• While use of SRTs entails certain risks (for example roll-over and counterparty risks), on cecilia.romeroreyes@barclays.com Barclays, UK

balance, we think SRTs remain a positive tool for bank balance sheet optimisation. In turn,