BFA Tenedora Acciones Company Profile: Financings & Team

At 30 June 2020, the “Customer deposits” line item in the consolidated balance sheet included €4,817 million of non-negotiable special mortgage covered bonds issued by the Group. It is a member of the MTS Spain trading platform and SENAF and MEFF. Bankia has books of interest rate, inflation, equity and exchange rate derivatives for managing the risk arising from the derivatives entered into by its corporate, institutional and branch customers and the risks of the Company itself (issuance, portfolios, balance sheet management, etc.). The Deputy General Directorate of Financial Management of Bankia manages the Company’s own structural portfolios, invested mainly in public debt and corporate bonds, and also brokers all kinds of risks, both those generated by the products that Capital Markets distributes among customers and the Company’s balance sheet management risks. Meanwhile, the Group’s risk-weighted assets have been reduced through a gradual process of balance sheet deleveraging and disposal of non-strategic assets, in fulfilment of the undertakings given in the BFA-Bankia Group Restructuring Plan approved by the European Commission in November 2012, which was completed at the end of 2017. At the end of 2017, the integration with BMN meant an increase in RWA of €16,699 million.

• Ms. Laura González Molero was co-opted as a director under the resolution adopted by Bankia’s Board of Directors at its meeting on 25 October 2018 and ratified by the General Meeting held on 22 March 2019.
• On 29 May 2020 Bankia reached an agreement with Cecabank, S.A.
• He is a director of Asociación para el Progreso de la Dirección .
• The rise in 12-month Euribor at the start of the crisis, caused among other factors by the higher risk premium, has been largely corrected.
• In the USA and the EMU GDP suffered quarterly falls of 32.9% and 12.1% respectively, although in the case of Europe there were significant differences between countries, the biggest drops being seen in the countries most heavily dependent on tourism and those that have less financial muscle and the smallest in Germany.

During the two years preceding the date of this Universal Registration Document, no company of the Bankia Group has signed any material contracts other than those related to its own ordinary activity. At the date of this Universal Registration Document, no Group member has any capital subject convert australian dollar to hungarian forint to an option, or which has been conditionally or unconditionally agreed to be subject to an option. The total maximum amount covered by an issuance or issuances of securities further to this delegated power will be one thousand five hundred million euros or its equivalent in another currency.

BFA Tenedora Acciones Board Members (

They will receive 100% of their investment plus 1% compensatory interest per annum. On 7 July 2015, Bankia paid the first dividend in its history €0,0176 per share. On 16 October, Bankia completed the sale of City National Bank of Florida for $883 million to Chilean bank BCI.

• The largest movement in 2018 occurred in the portfolio of financial assets at fair value through other comprehensive income which, at €15,559 million, was €7,115 million lower than at December 2017 (-31.4%).
• Preliminary estimates of the impact of the COVID-19 outbreak on the Spanish economy, despite the high uncertainty, point to a strong recession in activity in 2020 (see section 10.2 of this Universal Registration Document for further information).
• In this regard, immediate access to funds is essential to any banking business and Bankia is no exception.
• In line with its retail banking business model, the Bankia Group’s main source of external funding is customer deposits, supplemented by market funding, which the Group obtains through deposits from credit institutions, debt issuance in the capital markets and the balances it holds at the ECB.
• Had formulated and signed a joint plan for the merger by absorption of Bankia, S.A.

The main reason for this is the maturity of wholesale and retail debt in the period and a decrease in the Group’s general financing requirements due to the liquidity obtained in the year from the divestment of fixed income assets. As stated in section 16.1 above, BFA, an entity wholly-owned by the FROB, is the majority shareholder of Bankia, holding 61.823% of its share capital at the date of this Universal Registration Document. As a result of the foregoing, BFA has decisive influence fort financial services inceleme regarding all matters requiring a decision of a majority of the shareholders, including, among others, the appointment of directors , any increase or reduction of capital and any amendment of the Bylaws. Under the Plan, each Beneficiary will be assigned a certain target cash bonus (the “Target Bonus”), which will serve as the basis for setting the number of Bankia shares and the amount of cash to be delivered to each Beneficiary, based on the degree of achievement of certain goals.

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A return to recessionary conditions in the economies of Europe and, in particular, in Spain, would be likely to have a significant adverse impact on the Group’s loan portfolio and, as a result, on its financial position, cash flows and results of operations. In any event, the magnitude of this disruption is very high and is caused by a sharp contraction in economic activity. As at the date of this Universal Registration Document, in the most positive scenario the Bank of Spain estimates a variation in Spanish GDP of -10.5% in 2020 and of +7.3% in 2021.

• Because of the current COVID-19 crisis, on 12 March 2020 the ECB announced, inter alia, the early entry into force of article 104 of the CRR, which provides for the possibility of using capital instruments not qualifying as common equity Tier 1 to meet the Pillar II requirement.
• The board of directors may develop the foregoing provisions, establishing the instructions, rules, measures and procedures for documenting the casting of votes and grant of proxies by remote means, in accordance with the state of the art and, if applicable, the regulations issued for this purpose and the provisions of these bylaws.
• Moreover, the definition the Group uses for these APMs could differ from similar measures calculated by other companies and so may not be comparable.
• However, since the extension and transitory measures will not apply to any new requirements when they are finally implemented, the capital eligibility of those instruments may be legally uncertain, possibly giving rise to a regulatory capital shortfall and, in a worst case scenario, capital requirements.

Redeemable shares will give their holders the rights established in the issue resolution, in accordance with law and, if applicable, by way of the appropriate articles amendment. Non-voting shares will give their holders the rights established in the issue resolution, in accordance with law and, if applicable, by way of the appropriate articles amendment. B) the acquisition, enjoyment and disposal of all types of securities to include, without limitation, a holding in other credit institutions, investment services companies or insurance companies or brokers, to the extent permitted by current law. No more than 10% of the capital stock has been paid with assets other than cash, during the period subject to historic financial reporting, i.e. 2017, 2018 and 2019.

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Not applicable insofar as Bankia’s individual and consolidated management reports for 2019, 2018 and 2017 (see section 18.1) and Bankia’s consolidated interim management report for the six-month period ended 30 June 2020 (see section 18.2) have been incorporated by reference in this Universal Registration Document. The established exchange ratio implies that the shareholders of CaixaBank will initially represent 74.2% of the new entity’s capital, and Bankia’s shareholders 25.8%. CriteriaCaixa, an entity 100% controlled by “la Caixa” bank foundation, will remain CaixaBank’s core shareholder with around 30% of the shares, while the FROB will hold 16.1%. The Retail Banking business encompasses the activity of retail banking with natural and legal persons (with annual turnover of less than €6 million), carried out through an extensive multi-channel network in Spain, and with a business model focused on client satisfaction and profitable management. Reclassifications between segments have been made in the comparative information corresponding to 2017 with respect to the information included in the consolidated annual accounts for 2017, after the conclusion of the integration and reassignment of segments to the asset portfolio originating from the BMN business combination. Inadequate management by the Bank of operational risk, including behavioural risks, could have an adverse effect on the business, results and financial situation of the Bankia Group.

The level of own funds and eligible liabilities required under MREL will be set by the resolution authority for each bank (and/or group) on the basis inter alia of the criteria set out in article 45.6 BRRD, including the systemic importance of the bank. Eligible liabilities may be senior or subordinate debt so long as inter alia they fall due within at least one year and, if they are governed by third country law, they must be written down or converted by the resolution authority of a Member State in accordance with that law . The MREL came into effect on 1 January 2016, although the EBA has recognised its possible impact on banks’ funding costs and systems and the Delegated Regulation on MREL provides that a suitable transition period will be set by the resolution authorities. At 30 June 2020 the Bankia Group’s assets consisted largely of loans to customers (56% of total consolidated assets) and fixed-income securities (21.8% of total consolidated assets). At 30 June 2020 hedging derivatives and trading portfolio instruments represented 4.3% of total consolidated assets. The balance sheet volume of credit to customers amounted to €122,310 million at 30 June 2020 (€4,865 million more than at 31 December 2019).

Bankia Banca Privada Moderado PP (0P000017AB.F)

On 13 March 2017, the Criminal Chamber, Section 3, of the National Court issued a decree confirming that Bankia cannot be held criminally liable for the facts, and that Bankia may only be held subsidiarily and civilly liable. As regards the procedure affecting the Eje-Aeropuerto Motorway, which only had an operation surety bond, the Supreme Court has upheld a forfeiture of this surety bond. The Administration has filed a procedural nullity incident for CIRALSA, against the Supreme Court’s decision to cancel forfeiture of the construction surety bond. As of 30 June 2020, the total estimated risk amounts to €37 million.

At that date, the Bankia Group’s financing with the ECB amounted to €22,919 million (up 66.7% compared to 31 December 2019, due to the draw up to the maximum capacity on the TLTRO III line), representing 11.2% of the Group’s total liabilities. In addition, at 30 June 2020 the Bankia Group’s highly liquid available assets amounted to €12,908 million (€2,630 million less than at 31 December 2019). Notwithstanding the fact that as of 30 June 2020 the Bankia Group was not highly dependent on wholesale funding, in the current economic context and in view of new developments that could affect the market, the Bankia Group’s funding structure could change and, consequently, dependence on wholesale funding could be greater. However, as of 30 June 2020 the Bankia Group had a comfortable debt repayment profile, since the maturities of issues in 2020 and 2021 represented only 10% of the Group’s total issues. Furthermore, the business of the BFA-Bankia Group, its financial position and its results of operations could be affected by other claims which may be brought in relation to compliance with the former restructuring plan of the BFA-Bankia Group, which was approved by the Bank of Spain and the European Commission on 27 and 28 November 2012 and which terminated in December 2017.

BFA Tenedora Acciones Investment Preferences

He has been a member of Bankia’s Management Committee since 25 June 2014. He chairs the Board of Bankia Pensiones and is a director of Caser. In any event, the Committee will oversee the remuneration of the Audit, Risk and Legal Compliance directors. D) design of remuneration policies and remuneration plans for directors and senior managers. The Committee will consult the chairman and, where appropriate, the CEO of the Company, especially in matters concerning executive directors and senior managers.

The Group’s efficiency ratio21 at the end of December 2019 was 56%, compared with 55.5% in December 2018. The increase of 0.5 percentage points was thanks to the decrease in net margin in the year of €123 million (-3.6%). Calculated as net interest income and commissions less administrative expenses and amortisation and depreciation. This decrease in the amount of non-performing loans reduced the non-performing loan ratio to 6.5% in 2018, 2.4 percentage points lower than at December 2017. Also, see section 15.2 of this Universal Registration Document regarding the participation of Senior Management and members of the Board of Directors in the voting rights of Bankia.

In particular, the chairman may decide that voting will be by a show of hands. If there is no objection, a resolution may be deemed to have been adopted by unanimous consent. Once the list of attendees has been prepared, the chairman, best online stock advisors if applicable, will declare the general meeting to be validly constituted and will determine whether it may consider all matters on the agenda or, otherwise, the matters in respect of which the meeting may deliberate and resolve.