Diapositiva 1

1
CEAMI GUARANTEED BONDS
EURO BENCHMARK TRANSACTIONApril 2009
2

• The Transaction
• Transaction overview
• The Guarantee scheme
• Outlook of the Spanish Economy
• The Structure
• The Assets
• The Bonds
• Order of Payments
• The Issuers
• The Arranger and the Agent Bank
• Characteristic of the Issuers

3
The Transaction

• The aim of the transaction is to obtain funding
  for financing the Savings Banks ordinary
  operations, allowing investors to buy Senior
  Spanish Debt, issued by a pool of 21 Savings
  Banks.
• Each of the participating Savings banks will
  issue a Senior 3 year final maturity Bond, with a
  fixed coupon indexed to Mid Swap rate plus a
  spread, fully guaranteed by the Spanish
  Government
• The guarantee will be unconditional, irrevocable
  and explicit in the terms of Sections 1 and 7 of
  the Order
• The guarantee covers capital and interest costs
  related to the securities issued (Article 1,
  section c)

Order EHA/3364/2008, dated 21 November, whereby
Article 1 of Royal Decree Law 7/2008, dated 13
October, on Urgent Economic-Financial Measures in
relation to the Concerted Action Plan for Euro
Zone Countries is enforced..
4
The Transaction

• The Guarantee can be enforced once the Issuer has
  defaulted in payment, in accordance with Section
  10 of the Order. The Paying Agent (CECA) must
  execute the guarantee under the guarantee rules
• Timely payment. The Spanish Treasury will
  immediately proceed to order the payments that
  conform with its obligations as guarantor
• The notes has 0 risk weighting by Bank of Spain
• The Kingdom of Spain guaranteed securities are
  expected to be eligible for the ECB Repo
  facility.

Order EHA/3364/2008, dated 21 November, whereby
Article 1 of Royal Decree Law 7/2008, dated 13
October, on Urgent Economic-Financial Measures in
relation to the Concerted Action Plan for Euro
Zone Countries is enforced.
5
The Guarantee - How it works in case of default?

• A DIRECT ISSUE
• D-Day As soon as a default of the Entity happens
  the paying agent must submit a notification to
  the Spanish Treasury, which will immediately
  proceed to order the payments of coupon and
  principal at maturity that conform with its
  obligations as Guarantor. There is no
  acceleration of the repayment of principal or
  interest
• Timely payment.

• CEAMI TRANSACTION
• D-Day As soon as a Default of an Entity happens
  the paying agent (CECA) submits a notification
  for that entity alone to the Spanish Treasury,
  which will immediately proceed to order the
  payments of coupon and principal at maturity that
  conform with its obligations as Guarantor. There
  is no acceleration of the repayment of principal
  or interest
• Timely payment.

Defaulted Entity
Defaulted Entity
Sound Entities
1º
1º
1º
Paying agent
Bondholders
Paying Agent (CECA)
Bondholders
5º
4º
5º
4º
2º
2º
3º
Spanish Treasury
Bank of Spain (BoS)
Spanish Treasury
Bank of Spain (BoS)
3º
1º On the Due Date the Financial Entity defaults.
The remaining sound entities do not and continue
to deliver funds to pay bondholders via the
Paying Agent as normal 2º The paying agent (CECA)
notifies the Spanish Treasury of the defaulted
entity 3º The Treasury will immediately proceed
to order payments to BoS that conform with its
obligation 4º BoS pays the Paying Agent in the
specific account 5º Paying Agent (CECA) delivers
funds to bondholders from both the defaulted and
sound entities
1º On the Due date the Financial Entity
defaults. 2º The paying agent notifies the
Spanish Treasury 3º The Treasury will immediately
proceed to order payments to Bank of Spain (BoS)
that conform with its obligation 4º BoS pays the
Paying Agent in the specific account 5º Paying
Agent delivers funds to bondholders
6
The Transaction Overview
ISSUER CEAMI GUARANTEED BONDS I
AMOUNT Benchmark transaction nominated
NOTE FEATURES Bonds backed by a pool of individual Government guaranteed Medium Term Notes (MTN)
ISSUE RATING AAA / AAA / AA (Moodys / Fitch / SP)
LAUNCH DATE April 2009
MATURITY DATE April 2012
COUPON Fixed MS 3y TBC bps
LISTING Madrid (AIAF) and Luxembourg
CLEARING Iberclear, Euroclear
LEAD MANAGERS BBVA, CECA, Calyon, DZ Bank, HSBC, Nomura, UBS, SG CIB, Merrill Lynch.
RISK WEIGHTING 0 in Spain. Expected in Europe, Asia and Middle East.
UNDERLYING ASSETS Individual Medium Term Notes issued by Spanish Financial Entities and guaranteed by the Kingdom of Spain.
7
The Guarantee Scheme
GOVERNING LAW Spanish Royal Decree Law 7/2008 and Order EHA/3364/2008
AMOUNT OF GUARANTEE 100 Eur billion for 2008 (Law 2/2008)
ENTITIES TO BE GUARANTEED Credit entities and Consolidated groups of credit institutions, who met the following requirements To be a Spanish registered Credit Entity To have a market share of at least one thousandth of the total set in subsection 2.4. Loans and Credits. Other Sectors corresponding to residentes To have issued securities similar to the ones that are to be guaranteed, in the previous five years
ELEGIBLE SECURITIES Senior Debt and Commercial Paper Listed on AIAF or any other regulated secondary market. Minimum 3 months, maximum 3 years maturity Bullet. No structures allowed
TEXT OF GUARANTEE http//www.tesoro.es/doc/EN/Avales/20081201_20V201_LM_20Ministerial20Order203364_State20Guarantees_SPAIN20doc_eng.pdf
ECB ELEGIBLE Expected
COVERAGE OF THE GUARANTEE The guarantee covers capital and interest costs.
CHARACTER OF THE GUARANTEE The guarantee is explicit, irrevocable and unconditional.
8
SPAIN - Macroeconomic Outlook
9
Agenda
Growth update

• Growth will be close to -1.6 in 2009, before
• recovering to 2.6 in 2011

Triggers of the slowdown

• Global financial turmoil
• End of the housing boom

Growth supports

• Strictly regulated financial system
• Sound public finances and fiscal expansion
• Low inflation pressure and monetary easing
• Growth potential outside construction

Source Figures as per the Spanish Ministry of
Finance
10
GDP growth developments
GDP growth of Spain ( y-o-y)
9.0
1992-1994
2008-2009
2001-2002
7.5
6.0
4.5
()
3.0
1.5
0.0
-1.5
-3.0
1985
1988
1991
1994
1997
2000
2003
2006
2009

• Recent trends
• GDP growth has averaged 3.5 a year
• since the mid-90s.
• This long period of growth was only
• interrupted by the mild slowdown of 01/02

• Forecast
• European Commission
• -2 (2009), -0.2 (2010)
• IMF
• -1.7 (2009), -0.1 (2010)
• Spanish Government
• -1.6 (2009), 1.2 (2010

Source Thomson Datastream and Spanish Ministry
of Finance (forecast)
11
Triggers of the slowdown
Global financial turmoil End of the housing
boom

• The international financial crisis, higher risk
  premia and
• the end of the housing boom are reducing
  credit growth
• Residential investment will decline from more
  than 9 of GDP
• in 2007 to about 5 in 2010. Housing prices
  will also fall,
• which combined with lower interest rates,
  will improve
• affordability

12
Triggers global financial turmoil

• Higher interest rates, tensions in global
  financial markets, and the
• slowdown in the housing sector have reduced
  credit growth
• Credit growth will decline from 17 in 2007 to
  6 in 2008, and 1 this year

Credit growth of Spain ( y-o-y)
40
35
30
25
20
15
10
5
0
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
Total Lending
Mortgage Lending
Source Bank of Spain
13
Triggers end of the housing boom

• Low real interest rates and a demographic boom
  fuelled residential investment
• since the end of the 90s
• Higher interest rates, tight credit conditions,
  high prices and excess supply
• are the factors behind the adjustment in the
  housing sector
• A decline in housing prices of about 10-15 in
  nominal terms, and the fall
• of interest rates will bring down
  affordability ratios to record low levels (20)

• Declining interest rates
• Lengthening of maturities

Source Thomson Datastream
Source Bank of Spain
14
Growth supports
Strictly regulated financial system Sound
public finances and fiscal expansion Low oil
price and monetary easing Growth potential
outside construction

• The banking system is well capitalized, has
  built a comfortable cushion
• of generic provisions during good times, and
  was not exposed to
• the US MBS market
• Sound public finances have moderated the
  increase of the sovereign
• risk premium
• Monetary easing will gradually stimulate credit
  markets and private
• consumption
• During the boom, investment in equipment
  increased at an average rate
• of 9.5 , well above the EU average,
  signaling the growth potential
• outside construction

15
Supports financial sector

• The NPL ratio has increased rapidly and will be
  around 3.5 end of 2008,
• for the whole sector
• Generic provisions constitute a significant
  buffer together with expected 2009
• profits (2007 profits) can cover a NPL ratio
  of 7.0 (Bank of Spain, Financial
• Stability Report)

Coverage ratio (specific generic provisions in
of NPLs)
Regulatory change
Source Bank of Spain
Source Bank of Spain
16
Supports sound public finances (1)

• A sound fiscal position has allowed policy to
  become strongly countercyclical
• The fiscal stimulus will moderate the depth and
  duration of the recession

Source OECD, Spanish Ministry of Finance and la
Caixa Research Department (forecast)
Source Eurostat and Spanish Ministry of Finance
17
Supports sound public finances (2)

• Rigorous budget policies during the good years
  reduced public debt
• significantly.
• The increase in the Spanish sovereign risk
  premium, reflecting higher risk
• aversion and the expected deterioration of
  the fiscal position, has been in line
• with the experience in other countries

36.2
Source Eurostat
Source Datastream
18
Supports monetary easing

• Lower oil prices have facilitated the aggressive
  easing of monetary policies
• Further easing expected ECB policy rates are
  expected to decline further in 2009
• Monetary easing will gradually stimulate credit
  markets and private
• investment and consumption

EMU interest rates BCE vs. Euribor 12 months
Source Datastream
Source Datastream
19
Supports growth potential outside construction

• In addition to strong growth in housing
  investment, other investment has
• grown at 9.5 (average y-o-y) during the last
  13 years, well above the EU average
• Despite rising unit labor costs and increased
  competition from emerging markets,
• the share of Spanish exports in world markets
  has held up quite well

Shares of exports of goods and services in world
trade ()
Spain (left axis)
EU-15 (right axis)
Source WTO and la Caixa Research Department
Source Eurostat and la Caixa Research
Department
20
Spain main economic indicators
21

• The Transaction
• Transaction overview
• The Guarantee scheme
• The Structure
• The Assets
• The Bonds
• Order of Payments
• The Issuers
• The Arranger and the Agent Bank
• AyT SGFT (Management Company)
• Outlook of the Spanish Economy
• Characteristic of the Issuers

22
The Assets

• The EMTN Issuers (Saving Banks) will issue
  individual MTNs.
• All individual MTNs will have the same coupon
  rate, payment date and maturity.
• Individual MTNs benefits from the Spanish
  Government Guarantee, and their implied rating
  will be AAA / AAA / AA.
• Coupon payment of the Individual MTNs will be
  equal to the weighted average coupon of the Bonds
  plus an excess spread to cover regular expenses
• The initial expenses will be funded as a result
  of the difference between the issue price of the
  Bonds and the MTNS.

23
The Transaction Overview

• The Originators are 21 Spanish Savings Bank.

() Slides describing the individual main
financial ratios of each entity are included at
the end of the presentation
24
The Bonds

• CEAMI GUARANTEED BONDS I, F.T.A. will be the
  issuer of the Bonds.
• There is only one Class of Notes offered, rated
  AAA/AAA/AA
• Interest and principal are collateralised by the
  government guaranteed individual MTNs, rated AAA
  / AAA / AA
• 3 year bullet.
• BIS Risk Weighting 0
• EcB elegible for repo facility expected
• The classification of the CECA transaction will
  be considered as ABS with RD014 (Coverage) and
  GD970E (Further Securing) highlighting that the
  underlyings are State-guaranteed

25
The Management Company / Gestora

• Under Spanish law, the Management Company
  (Gestora) performs functions as a Trustee,
  representing Investor interests, plus Reporting
  and Regulatory functions functions
• The existance of a Gestora ensures a more
  thorough supervision and frees investors from
  some functions to be performed in case of credit
  event

Single Issuer Govt Gteed CECA Multi-issuer Govt Gteed
Timely Payment Gteed by Treasury Gteed by Treasury, Advanced Coupons, Additional period
Commingling Risk Paying Agent, BOS account Paying Agent, BOS/ICO account
Management in case of Issuer default Investor sends Annex 2 to Treasury Gestora manages GGB and sends Annex 2
26
The Structure
CEAMI Guaranteed Bonds I
AAA / AAA / AA BONDS
Government Guaranteed Senior Debt
FTA
27
Order of Payments

• Generally, and without prejudice of
  possible variations that could be established
  during the development of the operation, the
  incomes received by the Fund will be applied in
  every Date of Payment following this order
• Interests of the Bonds.
• Amortization of Bonds.
• Ordinary and extraordinary Expenses of
  the Fund.
• Payment of the surplus to the issuing entities.

28

• The Transaction
• Transaction overview
• The Guarantee scheme
• Outlook of the Spanish Economy
• The Structure
• The Assets
• The Bonds
• Order of Payments
• The Issuers
• The Arranger and the Agent Bank
• Characteristic of the Issuers

29
The Arranger and Financial agent CECA

• The Spanish Confederation of Savings Banks (CECA)
  was founded in 1928 with the object of uniting
  the forces of its members and acting as a
  representative body in different forums.
• At present, the CECA is made up of 45 Spanish
  Savings Banks and is considered, as a credit
  entity without any specific limitation. The CECA
  supports the Savings Banks in two different ways
• An association and
• As a supplier of specialised services.
• As an association, the CECA
• Represents the Savings Banks with regard to the
  government and the international environment.
• Acts as a common Study Centre for all matters
  affecting theSavings Banks.
• Cooperates with the financial authorities.
• Acts as an operating Coordination Centre for
  information, advising and communication and
  marketing.
• CECA is rated Aa2 by Moodys, AA- by Fitch and
  AA- by SP.

30
The Issuers

• The Saving Banks, as a group, represent around
  50 of the Spanish Banking system, with a 60 in
  terms of household deposits and 48 in terms of
  lending.
• The Spanish Saving Banks are well capitalised,
  thanks to the stringent loan provisions required
  by Banks of Spain.
• The Saving banks liquidity position is adequate
  due to
• Their strong deposit base
• Domestic Interbank lending (which has not been
  interrupted to a large extent)
• ECB/Central Bank Funding.
• None of the Saving Banks has exposure to exotic
  mortgage products or off balance sheet vehicles.
• Strong implicit support amongst the Saving Banks.
• Strong implicit Governemnt and Regional support
  of Savings Banks
• No Saving Bank has ever defaulted on its
  obligations and in a number of cases, the need to
  support an ailing Saving Banks resulted in
  mergers between a weaker and a stronger one.

31
Caja Insular de Ahorros de Canarias
Rating    Rating    Rating    Rating   
Moodys  A3 P-2  Stable
Fitch NR NR NR
CONSOLIDATED DATA (MM) dic-08 dic-07 dic-06
Total Assets(Activos Totales) 9.354 8.566 7.347
Tier I 396 420 345
Tier II 311 345 278
Profit before taxes(Beneficio antes de impuestos) 43.8 48.3 41.2
ROA (B.A.I./ATM) 0,45 0,61 0,63
ROE(Beneficio atribuido grupo/fdos propios medios) 9.71 12,43 11,63
Cost to Income(Ratio eficiencia...costesestruct/margen ordina) 57.70 60.60 60.90
Solvency Ratio(Coef.de solvenc...recurs.prp.comput/riesgo ponde) N/D 11,18 10,39
Equity/Total Assets(Recurs.prop.computb/act.totales medios) 7.96 9.44 9.40
Deliquency Ratio(Ratio morosidad....act.dudos/(act.dudact.corr) 3.24 0,60 0,47
32
Head Office
Rating    Rating    Rating    Rating   
Moodys  Baa1 P2  Negative
CONSOLIDATED DATA (MM) dic-08 dic-07 dic-06
Total Assets(Activos Totales) 6,380 5,760 4,989
Tier I 300.956 277.865 279.577
Tier II 211.055 268.123 227.344
Profit before taxes(Beneficio antes de impuestos) 34.879 34.671 31.472
ROA (B.A.I./ATP) 0.74 0.79 0.85
ROE(Beneficio atribuido grupo/fdos propios medios) 15.51 14.61 13.84
Cost to Income(Ratio eficiencia...costesestruct/margen ordina) 42.05 43.42 44.96
Solvency Ratio(Coef.de solvenc...recurs.prp.comput/riesgo ponde) 11.60 11.93 11.79
Equity/Total Assets(Recurs.prop.computb/act.totales medios) 8.66 9.48 10.16
Deliquency Ratio(Ratio morosidad....act.dudos/(act.dudact.corr) 3.05 0.89 0.59
33
CAI
The Originators
Rating
Fitch
Long-Term A Short-Term F1 Support 3 Individual
B/C Outlook Stable
Consolidated Data dic-05 dic-06 dic-07 dic-08
10.922 M 702 M 410 M 69 M
0,34 4,22 58 13,12 7,83 2,07
10.079 M 708 M 460 M 113 M
0,91 10,78 48 13,89 8,31 1,41
9.161 M 629 M 418 M 109 M
0,94 10,76 57 13,87 8,58 0,51
7.902 M 597 M 287 M 93 M 0,90 9,44 64 1
3,94 9,21 0,49
Total Assets Tier I Tier II Profit before
taxes ROA ROE Cost to Income Solvency
Ratio Equity / Total assets Delinquency Ratio
34
CAIXA GIRONA
Rating    Rating    Rating    Rating   
Moodys - -  -
Fitch A- F2  Negative
CONSOLIDATED DATA (MM) dic-08 dic-07 dic-06
Total Assets(Activos Totales) 7715 7619 6491
Tier I (Recursos Propis de 1ª categoria) 432 423 335
Tier II (Recursos Propis de 2ª categoria) 238 276 308
Profit before taxes(Beneficio antes de impuestos) 32 55 54
ROA (B.A.I./ATM) 0.42 0.78 0.94
ROE(Beneficio atribuido grupo/fdos propios medios) 6.45 10.59 11.47
Cost to Income(Ratio eficiencia...costesestruct/margen ordina) 50.47 45.41 44.60
Solvency Ratio(Coef.de solvenc...recurs.prp.comput/riesgo ponde) 11.67 11.45 12.10
Equity/Total Assets(Recurs.prop.computb/act.totales medios) 8.74 9.80 10.96
Deliquency Ratio(Ratio morosidad....act.dudos/(act.dudact.corr) 4.60 1.19 0.37
35
Caja de Ahorros de Santander y Cantabria
Rating    Rating    Rating    Rating   
Moodys  A3 P2  Negative

CONSOLIDATED DATA (MM) dic-08 dic-07 dic-06
Total Assets(Activos Totales) 11.018 9.703 8.283
Tier I 6,74 6,41 5,98
Tier II 3,24 3,60 4,07
Profit before taxes(Beneficio antes de impuestos) 71 79 68
ROA (B.D.I./ATM) 0,55 0,63 0,57
ROE(Beneficio atribuido grupo/fdos propios medios) 14,60 16,01 13,67
Cost to Income(Ratio eficiencia...costesestruct/margen ordina) 44,68 46,16 56,50
Solvency Ratio(Coef.de solvenc...recurs.prp.comput/riesgo ponde) 9,94 9,96 10,04
Equity/Total Assets(Recurs.prop.computb/act.totales medios) 7,56 8,59 9,91
Deliquency Ratio(Ratio morosidad....act.dudos/(act.dudact.corr) 3,83 0,86 0,72
36
Caja Granada
Rating    Rating    Rating    Rating   
Fitch A- F2  Negativa
CONSOLIDATED DATA (MM) dic-08 dic-07 dic-06
Total Assets(Activos Totales) 13.729 13.040 11.163
Tier I 6,49 6,37 5,94
Tier II 4,29 4,70 5,88
Profit before taxes(Beneficio antes de impuestos) 45,8 149,4 124,4
ROA (B.A.I./ATM) 0,33 0,90 0,80
ROE(Beneficio atribuido grupo/fdos propios medios) 6,10 16,00 14,07
Cost to Income(Ratio eficiencia...costesestruct/margen ordina) 62,75 59,11 58,14
Solvency Ratio(Coef.de solvenc...recurs.prp.comput/riesgo ponde) 10,79 11,08 11,82
Equity/Total Assets(Recurs.prop.computb/act.totales medios) 7,48 8,68 10,20
Deliquency Ratio(Ratio morosidad....act.dudos/(act.dudact.corr) 3,24 1,12 0,71
37
Caja de Burgos
Rating    Rating    Rating    Rating   
Moodys  A3 P2 Rating under Review
CONSOLIDATED DATA (MM) dic-08 dic-07 dic-06
Total Assets(Activos Totales) 12.383,748 11.562,080 9.795,165
Tier I 823,223 791,184 711,015
Tier II 147,331 299,955 331,875
Profit before taxes(Beneficio antes de impuestos) 72,35 137,44 129,70
ROA (B.A.I./ATM) 0,61 1,30 1,45
ROE(Beneficio atribuido grupo/fdos propios medios) 6,50 12,97 14,21
Cost to Income(Ratio eficiencia...costesestruct/margen ordina) 33,26 33,76 37,09
Solvency Ratio(Coef.de solvenc...recurs.prp.comput/riesgo ponde) 10,68 11,38 12,49
Equity/Total Assets(Recurs.prop.computb/act.totales medios) 8,19 10,30 11,68
Deliquency Ratio(Ratio morosidad....act.dudos/(act.dudact.corr) 3,04 0,77 0,61
38
CAIXA LAIETANA
Rating    Rating    Rating    Rating   

Fitch BBB F3  Stable
CONSOLIDATED DATA (MM) dic-08 dic-07 dic-06
Total Assets(Activos Totales) 9.434 8.903 7.788
Tier I 477 457 349
Tier II 297 319 313
Profit before taxes(Beneficio antes de impuestos) 32,6 48,5 47,9
ROA (B.A.I./ATM) 0,36 0,59 0,70
ROE(Beneficio atribuido grupo/fdos propios medios) 5,51 8,71 9,55
Cost to Income(Ratio eficiencia...costesestruct/margen ordina) 53,89 54,92 52,08
Solvency Ratio(Coef.de solvenc...recurs.prp.comput/riesgo ponde) 10,42 10,23 10,17
Equity/Total Assets(Recurs.prop.computb/act.totales medios) 8,38 9,27 9,61
Deliquency Ratio(Ratio morosidad....act.dudos/(act.dudact.corr) 3,91 2,59 1,30
39
CaixaSabadell
Rating    Rating    Rating    Rating   
Moodys
Fitch BBB P2 ESTABLE
CONSOLIDATED DATA (MM) dic-08 dic-07 dic-06
Total Assets(Activos Totales) 12381 13548 11809
Tier I 632.9 644,9 599,2
Tier II 372.4 459,7 363,7
Profit before taxes(Beneficio antes de impuestos) 36.3 73,5 68,6
ROA (B.A.I./ATM) 0,29 0,62 0,63
ROE(Beneficio atribuido grupo/fdos propios medios) 4.21 6,36 6,72
Cost to Income(Ratio eficiencia...costesestruct/margen ordina) 76,30 56,20 52,20
Solvency Ratio(Coef.de solvenc...recurs.prp.comput/riesgo ponde) 11,76 10,99 10,49
Equity/Total Assets(Recurs.prop.computb/act.totales medios) 7,72 8,40 9,40
Deliquency Ratio(Ratio morosidad....act.dudos/(act.dudact.corr) 4,09 1,02 0,65
40
Caja Tarragona
Rating    Rating    Rating    Rating   
Moodys Baa1 P2  Negative
Fitch BBB F2  Negative
CONSOLIDATED DATA (MM) dic-08 dic-07 dic-06
Total Assets(Activos Totales) 11384,12 8908,08 7065,65
Tier I 6,53 6,73 6,95
Tier II 3,31 4,34 5,25
Profit before taxes(Beneficio antes de impuestos) 43,53 64,08 63,99
ROA (B.A.I./ATM) 0,37 0,65 0,68
ROE(Beneficio atribuido grupo/fdos propios medios) 8,29 12,97 11,99
Cost to Income(Ratio eficiencia...costesestruct/margen ordina) 41,68 46,23 52,18
Solvency Ratio(Coef.de solvenc...recurs.prp.comput/riesgo ponde) 9,84 11,07 12,20
Equity/Total Assets(Recurs.prop.computb/act.totales medios) 6,87 8,54 9,74
Deliquency Ratio(Ratio morosidad....act.dudos/(act.dudact.corr) 4,17 1,46 0,91
41
(No Transcript)
42
RATING RATING RATING
FITCH BBB F2
CONSOLIDATED DATA (MM) dic-08 dic-07 dic-06
Total Assets(Activos Totales) 20.056,47 18.651,77 16.472,98
Tier I 5,66 6,07 6,00
Tier II 3,81 3,96 4,18
Profit before taxes(Beneficio antes de impuestos) 36,08 50,43 90,38
ROA (B.A.I./ATM) 0,19 0,29 0,60
ROE(Beneficio atribuido grupo/fdos propios medios) 4,21 6,05 11,15
Cost to Income(Ratio eficiencia...costesestruct/margen ordina) 70,30 51,60 44,30
Solvency Ratio(Coef.de solvenc...recurs.prp.comput/riesgo ponde) 9,36 9,81 10,08
Equity/Total Assets(Recurs.prop.computb/act.totales medios) 7,00 8,42 7,39
Deliquency Ratio(Ratio morosidad....act.dudos/(act.dudact.corr) 5,27 1,93 2,50
43
Caja Ahorros de Salamanca y Soria (Caja Duero)
Rating    Rating    Rating    Rating   
Moodys  A2 P-1  Stable
CONSOLIDATED DATA (MM) dic-08 dic-07 dic-06
Total Assets(Activos Totales) 20.744 19.259 16.775
Tier I 6,99 5,73 5,97
Tier II 3,64 4,01 5,12
Profit before taxes(Beneficio antes de impuestos) 75 170 134
ROA (B.A.I./ATM) 0,39 0,72 0,63
ROE(Beneficio atribuido grupo/fdos propios medios) 6,72 11,96 8,98
Cost to Income(Ratio eficiencia...costesestruct/margen ordina) 57,09 61,09 65,72
Solvency Ratio(Coef.de solvenc...recurs.prp.comput/riesgo ponde) 10,63 9,74 11,09
Equity/Total Assets(Recurs.prop.computb/act.totales medios) 7,38 7,96 9,26
Deliquency Ratio(Ratio morosidad....act.dudos/(act.dudact.corr) 3,65 0,85 0,76
44
Rating    Rating    Rating    Rating   
Moodys  A2 P1 stable
Fitch BBB F1  negative
CONSOLIDATED DATA (MM) dic-08 dic-07 dic-06
Total Assets(Activos Totales) 46,616 47,726 42,813
Tier I 6.62 6,11 4.86
Tier II 3.46 4,59 4.64
Profit before taxes(Beneficio antes de impuestos) 190 454 443
ROA (B.A.I./ATM) 0.39 0.95 1.15
ROE(Beneficio atribuido grupo/fdos propios medios) 9.60 20.80 22.32
Cost to Income(Ratio eficiencia...costesestruct/margen ordina) 43.9 39.99 39.09
Solvency Ratio(Coef.de solvenc...recurs.prp.comput/riesgo ponde) 10.08 10,70 9.50
Equity/Total Assets(Recurs.prop.computb/act.totales medios) 8.33 9.22 9.12
Deliquency Ratio(Ratio morosidad....act.dudos/(act.dudact.corr) 3.43 0,71 0,41
45
Caixa d Estalvis del Penedès
Rating    Rating    Rating    Rating   
Fitch A- F2  Stable
INDIVIDUAL DATA (MM) dic-08 dic-07 dic-06
Total Assets (Activos Totales) 22.660,0 21.314,1 19.160,5
Tier I (consolidated) 1.198,9 1.093 935,4
Tier II (consolidated) 578,1 681,9 703,9
Profit before taxes(Beneficio antes de impuestos) 93,1 126,9 106,5
ROA (B.A.I./ATM) 0,36 0,44 0,40
ROE(Beneficio atribuido grupo/fdos propios medios) 8,19 10,65 8,97
Cost to Income(Ratio eficiencia...costesestruct/margen ordina) 53,86 50,12 54,57
Solvency Ratio(Coef.de solvenc...recurs.prp.comput/riesgo ponde) 12,61 11,30 11,53
Equity/Total Assets(Recurs.prop.computb/act.totales medios) 4,26 4,62 4,63
Deliquency Ratio(Ratio morosidad....act.dudos/(act.dudact.corr) 4,248 1,19 0,64
46
LICO LEASING, S.A., EFC
Rating    Rating    Rating    Rating   
Moodys A2 P1 Estable
CONSOLIDATED DATA (MM) dic-08 dic-07 dic-06
Total Assets(Activos Totales) 2.456.123 2.875.137 2.553.490
Tier I 112.250 101.847 96.544
Tier II 26.340 36.561 34.043
Profit before taxes(Beneficio antes de impuestos) 7.029 12.847 12.439
ROA (B.A.I./ATM) 0,25 0,44 0,52
ROE(Beneficio atribuido grupo/fdos propios medios) 4,64 8,01 8,34
Cost to Income(Ratio eficiencia...costesestruct/margen ordina) 71,24 61 58,58
Solvency Ratio(Coef.de solvenc...recurs.prp.comput/riesgo ponde) 8,16 6,79 7,04
Equity/Total Assets(Recurs.prop.computb/act.totales medios) 4,86 4,89 5,50
Deliquency Ratio(Ratio morosidad....act.dudos/(act.dudact.corr) 4,46 1,13 0,94
47
RATING RATING RATING
MOODYS Baa1 P2
CONSOLIDATED DATA (MM) dic-08 dic-07 dic-06
Total Assets(Activos Totales) 6.258.954 5.652.098 4.790.813
Tier I 393.090 387.146 362.781
Tier II 164.308 129.129 148.893
Profit before taxes(Beneficio antes de impuestos) 15.335 48.702 42.396
ROA (B.A.I./ATM) 0,35 0,85 0,82
ROE(Beneficio atribuido grupo/fdos propios medios) 5,09 11,45 9,80
Cost to Income(Ratio eficiencia...costesestruct/margen ordina) 40,52 36,49 46,97
Solvency Ratio(Coef.de solvenc...recurs.prp.comput/riesgo ponde) 10,76 9,67 11,00
Equity/Total Assets(Recurs.prop.computb/act.totales medios) 9,60 9,84 12,02
Deliquency Ratio(Ratio morosidad....act.dudos/(act.dudact.corr) 3,54 0,61 0,32
48
CAJASOL
Rating    Rating    Rating    Rating   
Moodys  --- ---  --------
Fitch A - F2  Stable
CONSOLIDATED DATA (MM) dic-08 dic-07 dic-06
Total Assets (Activos Totales) 27.708,85 26.608,42 25.103,89
Tier I 1.807,40 1.699,17 1.484,15
Tier II 887,85 1.059,54 1.034,43
Profit before taxes (Beneficio antes de impuestos) 186.88 257,29 252,90
ROA (Bº después Impuestos./ATM) 0,56 0,76 0,81
ROE (Beneficio atribuido grupo / Fondos propios medios) 9,37 13,58 15,16
Cost to Income (Ratio eficiencia...costes estruct/margen ordina) 58,65 () 58,49 53,85
Solvency Ratio (Coef.de solvenc...recurs.prp.comput/riesgo ponde) 13,18 12,81 12,87
Equity/Total Assets (Recurs.prop.computb/act.totales medios) 9,86 10,59 10,69
Deliquency Ratio(Ratio morosidad....act.dudos/(act.dudact.corr) 4,40 1,80 1,08
() DATO ESTIMADO
49
Caja de Ahorros y Monte de Piedad de Baleares
Rating    Rating    Rating    Rating   
Moodys  -- --  -----------
Fitch A- F2  Stable
CONSOLIDATED DATA (MM) dic-08 dic-07 dic-06
Total Assets(Activos Totales) 14.330,47 12.255,79 10.099,18
Tier I 6,73 5,77 5,14
Tier II 4,13 4,24 5,00
Profit before taxes(Beneficio antes de impuestos) 85,47 105,63 95,29
ROA (B.A.I./ATM) 0,52 0,72 0,72
ROE(Beneficio atribuido grupo/fdos propios medios) 10,27 13,10 13,09
Cost to Income(Ratio eficiencia...costesestruct/margen ordina) 63,24 50,76 51,92
Solvency Ratio(Coef.de solvenc...recurs.prp.comput/riesgo ponde) 10,87 10,01 10,61
Equity/Total Assets(Recurs.prop.computb/act.totales medios) 8,25 9,57 10,40
Deliquency Ratio(Ratio morosidad....act.dudos/(act.dudact.corr) 2,44 0,37 0,44
50
Caja General de Ahorros de Canarias
Rating    Rating    Rating    Rating   
Fitch A F1  Negative
51
Caja Navarra
Rating
Fitch A F1 Stable