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Born in 1956, Mr. Greño has a degree in Business Economics and is a Certified Public Accountant. He is a member of the Board of Directors of Bankia and is chairman of the Remuneration Committee and a member of the Audit and Compliance Committee and the Risk Advisory Committee. From 2010 until the merger with Bankia, he was chairman of the Board of Directors of BMN, S.A.

• For compliance with capital and leverage ratios, see 8.3 in this Universal Registration Document.
• In any case, directors will notify the Board of Directors of any direct or indirect conflict which they themselves or persons related to them may have with the interests of the Company.
• It is possible that other investors will join the current proceedings and/or commence additional proceedings in relation to similar claims.
• A large part of his career has been spent at the BBVA Group, where he held various management positions.
• At the date of this Registration Document, there are no significant investments in progress, and Bankia’s management bodies have not assumed firm commitments to make significant investments in the future.

The fall in the number of circulating shares during the 2019 financial year was a result of a capital decrease carried out with a buy-back of own shares, described in section 8.1 above. At the date of this Universal Registration Document, the BFA-Bankia Group is subject to claims from a number of investors in hybrid instruments. Through these claims, some investors are claiming that certain terms of such hybrid instruments are abusive and are therefore seeking a nullity declaration. As of 30 June 2020, the maximum risk exposure in relation to this contingency amounted to €64 million, and BFA has already paid €4.2 million as a court deposit. Below is a list of the lawsuits that are ongoing against Bankia or its investee companies, and against BFA , which are outstanding or have ended during the 12 months prior to the date of this Universal Registration Document, and which may have or have had a significant impact on the Bank, or on the position or financial profitability of the Company or Group. The amounts referred to in this section have been paid at the number of shares outstanding in each period (see sections 8.1 and 19.1.7, which detail the changes in Bankia’s share capital since 2017).

However, the future development of the macroeconomic situation and the effectiveness of the support measures remain highly uncertain, so additional provisions may be required in the future. Assets at amortised cost and financial assets not held for trading mandatorily measured at fair value through profit or loss, an increase of 4.1% on the balance at the end of December 2019. This growth is concentrated in the businesses segment and relates to increasing amounts drawn under credit facilities and new ICO-backed lending to meet companies’ working capital needs in the next few quarters, offsetting the decline in new consumer lending in this new economic scenario and the shutdown that followed the outbreak of the COVID-19 pandemic. The banking sector ended the second quarter of 2020 by reflecting the impact of the health crisis. There is no doubt that banks are in a strong starting position for dealing with the crisis and are supported by better quality balance sheets and a significant improvement in their solvency over the last few years. Strong growth in loans to business indicates their very active use of State guarantees, while lending to households mirrors the change in the housing market and especially in consumption, where falls would have been even greater without the payment moratoria.

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Digital banking is one of the mainstays of the Group’s commercial positioning. At 30 June 2020, digital channel sales accounted for 39.9% of total Group sales and 57.1%11 of clients operated through digital channels. This division is also tasked with defining, managing and implementing disposal plans and the liquidation of the Group’s investees and investment vehicles, as well as overseeing the ordinary and corporate 100 gbp to zar exchange rate management of the Group’s subsidiaries. Its duties, in coordination with the business and innovation areas, include the responsible management of promoting, analysing and designing investment projects and to develop new businesses and partnerships in areas where the entity aims to strengthen its competitive position. It particularly focuses on digital businesses that can generate earnings for the entity.

• In addition, some mortgaged loans are considered eligible for securing the issue of long-term mortgage-backed securities, therefore the Group’s financing ability will decrease.
• In January 2016, Bankia started to implement a new competitive positioning, the first step being the waiver of all fees for customers who had their income paid by direct deposit in Bankia.
• The board of directors will, after obtaining a report from the appointments and responsible management committee, appoint a secretary and, optionally, an assistant secretary, capable of performing the duties inherent in those positions.
• The remuneration corresponding to executive functions assigned to the executive directors of the Bank will also be stated in the report, individually and for each of the categories.

This cash outflow was partially offset by the inflow of cash from other operating assets (€152 million), resulting from the decrease in tax assets and non-current assets and disposal groups held for sale (the outflow from other operating assets in the first half of 2019 was €801 million). The amendments to the solvency requirements of credit institutions and various transparency regulations, from the practical standpoint, grant priority to high-quality capital (Common Equity Tier 1 or “CET1”), introducing stricter eligibility criteria and more stringent ratios, in a bid to guarantee higher standards of capital adequacy in the financial sector. The balance at year-end 2018 was €122,728 million, including financial assets at amortised cost and financial assets not held for trading purposes mandatorily measured at fair value through profit or loss, 2.6% less than at year-end 2017. The most significant component of this balance is customer loans, which at 31 December 2018 amounted to €118,295 million, a decrease of 3.8% on the previous year, mainly related to non-performing loans and the mortgage business. The combined balance carried under “Financial assets held for trading”, “financial assets designated at fair value through other comprehensive income” and “financial assets at amortised cost” totalled €45,145 million, 9% less than at the end of December 2018.

Fund Operations

The board risk committee will have the specific delegated authority contemplated in the delegation resolution and the board regulations. There will be a quorum for the committee when the majority of the directors that are a part thereof are in attendance, in person or by proxy. It will adopt its resolutions by absolute majority of the members of the committee, present at the meeting in person or by proxy. The board regulations will develop the rules governing the audit and compliance committee contemplated in this article.

• Receive periodic reports on the unit’s activities, including presentations of the conclusions of its reports at the scheduled intervals and the preparation of reports in line with the annual workplan or in response to specific requests made or approved by the Committee.
• The general meeting also will see to it that the number of independent directors represents at least one half of all directors.
• The proposed transaction relates to the securities of CaixaBank, S.A.
• S) to issue, in accordance with the Corporations Act, instructions to the board of directors or submit to its authorisation the adoption by the board of directors of decisions or resolutions on certain management matters.
• K) Verify that the Company’s risk reporting processes are appropriate for managing the risks taken and propose the improvements considered necessary in order to correct them.
• In 2019, Bankia continued to make a significant effort to strengthen ties to customers through working capital funding.

In 2019 this item amounted to €185,176 million, a year-on-year increase of €3,308 million (+1.8%), mainly due to the greater liquidity obtained from temporary repurchase agreements with credit institutions. The balance under this item at the end of 2019 was €2,152 million, a year-on-year drop of €1,755 (-44.9%), mainly due to the agreement reached with the investor Lone Star XI in 2018 for the sale of unproductive assets (non-performing loans and foreclosed property assets). Loans to customers shrank by 0.7% to €117,444 million due to the natural maturity of the mortgage portfolio and a sustained reduction in the amount of non-performing assets. The Bank continued to issue new loans at a good rate in 2019, helping to stabilise the Group’s healthy lending investment balance. There are no known individual shareholders with direct or indirect holdings of 3% or more of the share capital (or 1% in the event that the shareholder’s tax domicile is in a tax haven) other than those contemplated in the above table.

On 23 May 2013, after receiving authorisation from the FROB, Bankia repaid the full amount of the subordinated loan, that is, €4,500 million, which were paid to BFA. On 23 May 2012, BFA notified the Bank of Spain and the Ministry of Economy and Competitiveness that it intended to request a capital contribution of €19,000 million from the FROB. BFA announced that once the contribution had been received, Bankia would carry out a pre-emptive rights issue in the amount of approximately €12,000 million, which would be underwritten in its entirety by BFA. In Spain, the Bankia Group’s traditional markets are the self-governing regions in which the original Cajas operated, namely, Madrid, Valencia, Castilla y León (especially Ávila and Segovia), La Rioja, the Canary Islands and Catalonia, to which Andalusia, the Balearic Islands and Murcia must be added after the integration of BMN.

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The methodologies used are VaR and sensitivity analysis by way of specifying differing scenarios for each type of risk. The Bankia Group is subject to Bank of Spain credit concentration limits, such that the exposure to any single non-consolidated economic group or borrower must not exceed 25% of eligible capital. In this regard, the Group regularly monitors large exposures to customers, which are reported at regular intervals to the Bank of Spain. At 30 June 2020 there are no exposures exceeding the concentration limit imposed by the Bank of Spain. This judgment follows the judgment of the Spanish Supreme Court in December 2017, which confirmed that it was not possible to determine the lack of transparency of the interest rate due to its reference to a certain official reference rate, nor therefore its abusive nature.

Integrity of the accounting and financial reporting systems, including financial and operational control and compliance with applicable legislation. Under the circumstances referred to in section 5 above, the directors may stipulate that the addresses and proposals of resolutions that, in accordance with the law, are intended to be submitted by the persons who will attend by online means must be submitted to the Company forty-eight hours before the meeting is held. The chairman will be assisted by the secretary of the meeting. The secretary of the board of directors will be the secretary of the general meeting. The general meeting will be chaired by the chairman of the board of directors. Without prejudice to the provisions of the preceding section, the general meeting will be understood to be validly held on a universal basis to consider any matter, without need of a prior call, provided that all share capital is present in person or by proxy and those attending unanimously accept the holding of the meeting.

Commercial Bank

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). At 30 June 2020 the Bankia Group’s gross non-performing loans amounted to €5,907 million (€5,853 million as of 31 December 2019). Within a maximum term of three months after the close of each financial year, the board of directors will prepare the annual accounts, the management report, the proposal for allocation of profits and, if applicable, the consolidated accounts and management report.

The amount paid out in 2019 to Business Banking clients exceeded €34,200 million, 16% more than in 2018. In the first half of 2020 the amount paid out in working capital funding was €13,350 million, 4.2% less than in the same period of 2019 due to the slowdown in economic activity resulting from the COVID-19 health crisis from March. Reclassifications between segments have been made in the comparative information corresponding to 2018 with respect to the information included in the annual accounts for 2018 in order to make the identification of operations consistent with that made in 2019. Calculated as the sum of other operating income and other operating expense items included in the income statement. Reclassifications between segments have been made in the comparative information corresponding to 2018 with respect to the information included in the annual accounts for 2018, in order to make the identification of operations consistent with that made in 2019.

Alantra strengthens its asset management business with the acquisition of an additional 24.5% stake in Access Capital Partners

The amount to be paid by the Company may not be less than the value of the shares determined by a statutory auditor, other than the Company’s auditor, appointed for that purpose by the Mercantile Register in the manner contemplated in applicable legislation. The shares and the rights incorporated therein, including pre-emptive rights, are transferable in all ways permitted by law. The board of directors also has authority to decide and resolve to create, close or transfer branches and business, representation and other offices of the Company, both domestically and abroad.

And chairman of the Supervisory Board of Telefónica Deutschland. She is an independent director of Zardoya Otis, a member of the Economic Committee of the Holy See and a member of the Boards of Trustees of Fundación Comillas-ICAI and Entreculturas. He is chairman of Asociación Española del Gran Consumo , the Spanish association of major retail operators, and a director of Meliá Hotels International.

Bankia

I) Regularly evaluate the suitability of the various members of the Board of Directors and the Board as a whole and report the results of this evaluation to the Board of Directors. The Appointments and Responsible Management Committee convert canadian dollars to japanese yen met a total of 13 times in 2019 and a total of 10 times in the period from 1 January 2020 to 30 September 2020. Resolutions will be adopted by absolute majority of the members present at the meeting in person or by proxy.

All this could have a material adverse effect on the Group’s ordinary activities and thus also on its financial position, results of operations and projections. Liquidity risk is defined as the probability of incurring losses by reason of not having sufficient liquid funds to meet committed payment obligations, both expected and unexpected, over a given period of time, assuming that the Group can liquidate its assets under acceptable terms of cost and time. This risk includes the danger of an unforeseen increase in the cost of funding, the risk of a massive withdrawal of deposits, the risk of mismatches between assets and liabilities at maturity, as well as the risk of inability to meet payment obligations on time and at a reasonable price due to liquidity problems. It is calculated as the book balance of impairment losses on loans to customers, advances to customers, contingent liabilities and foreclosed assets over the gross book balance of non-performing loans to customers, advances to customers, contingent liabilities and foreclosed assets. In addition, banks must maintain a minimum level of own funds and eligible liabilities with respect to risk weighted assets (the “MREL”).

Some of these companies may have large customer portfolios, strong brand recognition and significant financial and marketing resources. These providers could offer more aggressive rates and prices, devote greater resources to technology, infrastructure and marketing, offer unique products or services or new approaches to traditional banking products. If the Group is unable to compete with its existing or new competitors, adapt its offerings to changing backtested performance thinkorswim alert on range chart industry trends, emerging technologies or changes in customer behaviour, it could suffer an adverse effect on its commercial and competitive position. The sensitivity analysis was performed using static assumptions. Specifically, it is assumed that the structure of the balance sheet is maintained and that new rate differentials are applied to transactions that mature in relation to the European Interbank Offered Rate (“EURIBOR”) for an equivalent term.

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