FONDO DE GARANTÍA DE DEPÓSITOS DE ENTIDADES · PDF fileMr. Amado Franco Lahoz ... FONDO DE GARANTÍA DE DEPÓSITOS DE ENTIDADES DE CRÉDITO ... SA, respectively, in each case in

FONDO DE GARANTÍADE DEPÓSITOS

DE ENTIDADES DE CRÉDITO

ANNUAL REPORT 2016

FONDO DE GARANTÍADE DEPÓSITOS


ANNUAL REPORT 2016

Translation of the annual report originally issued in Spanish. In the event of a discrepancy, the Spanish language version prevails

FONDO DE GARANTÍA DE DEPÓSITOS DE ENTIDADES DE CRÉDITO

José Ortega y Gasset, 22 - 28006 MADRID

COMISIÓN GESTORA DEL FONDO DE GARANTÍA DE DEPÓSITOS


Depósito legal: M. 24193-2017Unidad de Servicios Auxiliares, Banco de España

Abbreviations, acronyms and signs

EUR t: Thousand Euro.

EUR M.: Million Euro.

FGDEC: Fondo de Garantía de Depósitos de Entidades de Crédito.

(Deposits Guarantee Fund of Credit Institutions)

FGDEB: Fondo de Garantía de Depósitos en Establecimientos Bancarios.

(Deposits Guarantee Fund of Banks Institutions)

FGDCA: Fondo de Garantía de Depósitos en Cajas de Ahorro.

(Deposits Guarantee Fund of Saving Banks)

FGDCC: Fondo de Garantía de Depósitos en Cooperativas de Crédito.

(Deposits Guarantee Fund of Credit Unions)

FROB: Fondo de Reestructuración Ordenada Bancaria.

(Fund for Orderly Bank Restructuring)

Management: Management Company for the Deposits Guarantee Fund.

—: Amount equal to zero or non-existence of the considered concept.

(): In an amount, indicates it is negative.

MANAGEMENT COMMITTEE OF THE FONDO DE GARANTÍA DE DEPÓSITOS DE ENTIDADES DE CRÉDITO

(At 31 December 2016)

(Integrated under the Royal Decree – Law 16/2011 of 14 October)

President Mr. Fernando Restoy Lozano Deputy Governor of the Bank of Spain

Vice president Ms. Emma Navarro Aguilera (since 11 November 2016) General Secretariat of the Treasury and Financial Policy

Ms. Rosa María Sánchez-Yebra Alonso (until 11 November 2016) General Secretariat of the Treasury and Financial Policy

Secretariat Mr. Francisco Javier Priego Pérez General Secretariat of the Bank of Spain

Regular Members Mr. José Carlos Alcalde Hernández (until 25 November 2016) General Comptroller of the State Administration

Mr. Julio Durán Hernández Director General of Financial Stability and Resolution of the Bank of Spain

Mr. Isidro Fainé Casas President of the Confederación Española de Cajas de Ahorros

Mr. Julio Gallastegui Zubizarreta Director General of Caja Laboral Popular, Cooperativa de Crédito

Mr. Mariano Herrera García-Canturri Supervision Director General of the Bank of Spain

Ms. M.ª Luisa Lamela Díaz (since 25 November 2016) State Management Financial Controller

Mr. José María Méndez Álvarez-Cedrón Director General of the Confederación Española de Cajas de Ahorros

Ms. Cristina de Parias Halcón Spain and Portugal Director of BBVA

Mr. Matías Rodríguez Inciarte 2nd Vice president of Banco Santander, SA

Substitute Members Mr. Javier Alonso Ruiz-Ojeda Director General of Operations, Markets and Payment Systems of the Bank of Spain

Ms. Lucía Arranz Alonso (since 15 June 2016) Legal Department Director of the Bank of Spain

Mr. Amado Franco Lahoz President of Ibercaja Banco, SA

Mr. Francisco Gómez Martín (until 19 December 2016) CEO of Banco Popular, SA

Mr. Jaime Guardiola Romojaro CEO of Banco Sabadell, SA

Mr. Pedro Larena Landeta (since 19 December 2016) CEO of Banco Popular, SA

Mr. Rafael López-Tarruella Martín Director General of Caja Rural del Sur

Mr. Alberto Martín del Campo Sola Deputy General Director of Legislation and Financial Policy

Ms. Rosario Martínez Manzanedo Director National Accounting Office, Ministry of Finance and Public Administration

Mr. Braulio Medel Cámara President of Unicaja Foundation

Mr. Roberto Ugena Torrejón (until 15 June 2016) Legal Department Director of the Bank of Spain

General Director Mr. Luis Lorenzo Olmeda

Since 31 December 2016, there have been changes to the FGDEC’s Management Committee, becoming the President of the Board Mr. Javier Alonso Ruiz-Ojeda, Regular Member Mr. Jesús Saurina Salas, Substitute Members Mr. Juan Ayuso Huertas, Mr. José Luis Aguirre Loaso and Mr. Gregorio Villalabeitia Galarraga, leaving Mr. Fernando Restoy Lozano and Mr. Mariano Herrera García-Canturri as Regular Members, and Mr. Pedro Larena Landeta, Mr. Amado Franco Lahoz and Mr. Braulio Medel Cámara as Substitute Members.

INDEX

Pages

MANAGEMENT REPORT 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

ANNUAL ACCOUNTS 2016

Balance sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30

Income statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32

Income and expenses statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33

Statements of cash flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34

DIRECTOR’S REPORT 2016

Notes to the annual accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37

Notes to the balance sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49

Notes to the income statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83

Other notes to the annual accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93

ANNEXES

Annex 1 Allocation of the annual accounts for 2016 to deposits guarantee and securitiesguarantee compartments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97

Annex 2 List of shareholdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103

Annex 3 Historical series of contributions, assets, and investments . . . . . . . . . . . . . . . . . . 105

Annex 4 Credit institutions members at 31 December 2016 . . . . . . . . . . . . . . . . . . . . . . . . 111

Annex 5 Rehabilitation or restructuring operations of credit institutions . . . . . . . . . . . . . . . 115

Annex 6 Legislative index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119

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Article 2nd - Four b) of Royal Decree 2606/1996, of 20 December, on deposits guaran-tee funds of credit institutions states that it is a function of the Management Committee the approval of the accounts that the Fondos de Garantía de Depósitos (now the Fondo de Garantía de Depósitos de Entidades de Crédito) must report annually to its members and the Bank of Spain.

In compliance with this legal mandate, on 8 May 2017 the financial statements for 2016, comprising the balance sheet, income statement, statement of changes in equity, the cash flow statement and the report, are issued providing information on the activities carried out in 2016, showing a fair equity presentation and financial situation of the Fondo de Garantía de Depósitos de Entidades de Crédito at year-end as well as management results and resources obtained and applied in that period, information that is extended with data concerning the year 2015 and the financial statements resulting from the differ-ential allocation of resources to the deposits guarantee compartment or to the securities guarantee compartment, as set out in the tenth final provision of Law 11/2015, of 18 June, on recovery and resolution of credit institutions and investment services companies.

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MANAGEMENT REPORT 2016

Establishment

1. On 15 October 2011 came into force Royal Decree Law 16/2011 of 14 October, and the Fondo de Garantía de Depósitos de Entidades de Crédito (FGDEC) is created, dissolving the three existing deposits guarantee funds (the Fondo de Garantía de Depósi-tos en Cajas de Ahorro, the Fondo de Garantía de Depósitos en Establecimientos Ban-carios, and the Fondo de Garantía de Depósitos en Cooperativas de Crédito), their as-sets were integrated into the FGDEC, and all rights and obligations of those were subrogated.

The references that appear in this report to FGDCA, FGDEB and FGDCC correspond to the three guarantee funds deposits dissolved.

Operation

2. The FGDEC has legal personality, with full capacity for the development of its pur-poses under private law and not subject to the rules governing public agencies and state corporations.

FGDEC function is the guarantee of deposits in credit institutions as provided in Royal Decree-Law 16/2011 and its implementing regulations.

To fulfil its functions, the FGDEC thrives on: a) the annual contributions by member in-stitutions provided in the rules governing their operation; b) extraordinary contributions made to such entities, distributed according to the basis of calculation of contributions and limits established by regulation, having to register such apportionments as equity once they are agreed; and c) the funds raised in the securities markets, loans or any oth-er debt operations.

Additionally , the deposits guarantee compartment may be finance by payment com-mitments of its member institutions provided that such commitments are: a) fully backed by guarantees of low-risk assets, free of charge and freely available for FGDEC, and b) do not exceed 30% of the compartment’s total available resources.

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Constitution of separate compartments

3. The tenth final disposal of Law 11/2015, of 18 June, on recovery and resolution of credit institutions and investment services companies amended the Royal Decree-Law 16/2011, determining that, from the date of entry into force of the mentioned law, the re-sources of the FGDEC will be allocated to “deposits guarantee compartment” or “securi-ties guarantee compartment”, which will be separated accounts, and each compartment should be liable of its own , costs, expenses and obligations. The same rule states that rights and obligations acquired by the FGDEC prior to its entry into force shall be allocat-ed to the deposits guarantee compartment.

Activity report

4. The management and administration of the FGDEC in 2016 have focused on act-ing and following the guidelines of recent years, in terms of:

– Management of the liquid assets of the FGDEC investing them in government debt.

Revenues from financial investments in Spanish government debt amounted to EUR 13,801.5 t (EUR 4,839.8 t in 2015), which, on an average investment in the exercise of EUR 4,671.5 M (EUR 3,874.3 M in 2015) have provided a return of 0.30% per annum (0.12% per year in 2015).

However, financial income, which includes income from financial investments, the cost of received financing, the result of the sale of public debt and the impact of the fi-nancial updating of expected payments because of the assets protection schemes (EPA) granted, as well as other payments and expected incomes, has resulted in a net loss of EUR 184,729.2 t (EUR 176,294.9 t in 2015).

– Operations related to the management and the divestment of assets acquired in 2010 from the Caja de Ahorros de Castilla-La Mancha (CCM), in accordance with the provisions of the action plan of the entity.

– Operations related to the management and development of assets portfolios related to the EPA granted in 2010, 2011 and 2012 to Banco de Castilla-La Mancha, SA (BdCLM), Banco CAM, SA, and Unnim Banc, SA, respectively, in each case in ac-cordance with the corresponding plan of action or restructuring plan approved for the purpose.

– Actions related to the deferred collections and payments arising from the sales of shareholdings in NCG Banco, SA, and Catalunya Banc, SA, carried out in 2014 and 2015, respectively. Both shares were acquired by the FGDEC through voluntary purchase offers announced by the FGDEC on 10 June 2013.

– Management of credits against investees and other assets acquired in credit institu-tions as a consequence of the intervention of the FGDEC.

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– Preparation of management committees and implementation of the adopted deci-sions.

Additionally, in 2016 has been continued the management, initiated in 2015, of the payments of guaranteed deposits up to a limit of EUR 100,000 to depositors of Banco de Madrid, SAU, having determined the Bank of Spain, on 18 March 2015 that given its fi-nancial situation this entity was unable to restore their cash deposits in the immediate fu-ture.

Likewise, in 2016 and in exercise of the right of first refusal provided in the EPA grant-ed to Banco CAM on the assets covered by this scheme, the FGDEC has acquired real estate and financial assets subsequently placed on sale in accordance with the action al-ready taken in respect of assets with the same origin acquired in 2015, in order to mini-mize losses in the mentioned EPA.

Action Plan of Caja de Ahorros de Castilla-La Mancha

5. Management and divestment of assets from actions in CCM have been continued, assets that in 2012 were transferred to Inversiones Corporativas, SA (IC), also from CCM and since 2010 a subsidiary of the FGDEC in 100% through a nonmonetary contribution of such assets by an expansion of its share capital.

After all these assets were put together in IC, during 2013, 2014, 2015 and 2016 funds resulting from divestments have been applied to IC expenses or from its subsidiaries, as well as to reducing their debt, as a consequence the FGDEC has not received any cash from such divestitures.

As of 31 December 2015, as a consequence of the deterioration of its financial invest-ments, the balance of IC had negative net equity, as a result of which FGDEC’s participa-tion in the company was fully deteriorated. Subsequently, on 27 December 2016, the company formalized with its principal creditor BdCLM a repayment of part of its debt as well as the transformation of another part of its debt into a participatory loan, which has allowed it to continue its operations focused on the realization of its assets, notwithstand-ing of which it is considered very reduced the possibility that the FGDEC can obtain a re-turn, that is why its participation in the society stays fully deteriorated.

In addition, as part of the action plan of CCM, the FGDEC (then the FGDCA) granted an EPA to BdCLM over certain assets portfolio, assuming the FGDEC the possible losses for a period of five years as from 31 December 2009, this deadline was subject to an ex-tension up to seven more years under certain circumstances, above the provisions that the portfolio had and up to a given maximum, establishing for it in BdCLM a security de-posit for an amount equal to that maximum.

On 2 December 2014, the BdCLM and the FGDEC signed an addendum to the regu-lations governing the EPA extending its maturity until 31 December 2016. At the end of the year 2016, BdCLM has reported its estimation of the losses in the portfolio subject to the EPA at maturity in excess of the maximum limit covered by the FGDEC, as a result of

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which it has provisionally recorded a provision for the same amount up to the aforemen-tioned maximum. At the date of preparation of these accounts, the process of calculating the final loss and liquidation of the EPA as set forth in the regulation and addendum is open, a process that includes valuation of the remaining covered portfolio by independent valuation experts, submission by BdCLM of its liquidation proposal, the conformity or modification of said liquidation by the FGDEC and, where appropriate, the actions to re-solve possible differences as established in the aforementioned contractual documents.

Restructuring of Banco CAM, SA

6. The commitments arising from the restructuring of Banco CAM, SA, during the year 2016 obey to the EPA granted on certain assets portfolio, assuming the FGDEC the 80% of the losses that might occur in it for a period of ten years from 31 July 2011 above the existing provisions on the said portfolio. At the end of 2016, the FGDEC has accounted, at its current value, the amount of the payments to be made to meet all the losses expected until the end of the EPA according to the latest available estimate.

Restructuring of Unnim Banc, SA

7. The commitments arising from the restructuring of Unnim Banc, SA, during the year 2016 obey to the EPA granted on certain portfolio, assuming the FGDEC the 80% of the losses that might occur in it for a period of ten years from 31 October 2011, above the existing provisions on the said portfolio. At the end of 2016, the FGDEC has accounted, for its current value, the amount of payments to be made to meet all the losses expected until the end of the EPA according to the latest available estimate.

European financial assistance

8. On 16 July 2012, and in order to facilitate the operation of European financial as-sistance for the recapitalization of Spanish banks under the terms established in the fifth additional provision of Royal Decree-Law 21/2012, of 13 July, on liquidity measures of the Public Administrations and the financial sector, and under paragraph 4 of that provision, the FGDEC signed a guarantee in favour of the Republic of Finland, committing itself to create pledges for an amount equivalent to 40% of the risk assumed by the said State in disbursements to be made by the European Financial Stability Facility to the Kingdom of Spain, contract subsequently adapted to the final establishment of the European Stability Mechanism by the corresponding addendum of 28 November 2012.

The participation of the Republic of Finland in the European Stability Mechanism at 28 November 2012 was of 1.7974%, and disbursements made to the Kingdom of Spain were EUR 39,468 M in November 2012 and EUR 1,865 M in January 2013, because of which the FGDEC constituted two separate cash deposits as guarantee, the first on 28 Novem-

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ber 2012 amounting to EUR 283,759.1 t and the second on 22 January 2013 amounting to EUR 13,408.6 t.

Subsequently, and in accordance with the terms of the guarantee agreement, these amounts have been invested in securities issued by Member States of the euro area with the highest credit rating. It is estimated that the granting of the said guarantee shall not entail any losses for the FGDEC.

During 2016, EUR 6,564.4 t of the coupons and securities acquired (EUR 9,053 t in 2015) and EUR 191,303 t par at maturity of the investments (EUR 183,441 t in 2015) have been received; funds, that under the terms of the signed contract, may be used in the acquisition of securities issued by Member States of the euro area with the highest credit rating, which remain in guarantee of the operation, having been applied to this end most of these funds with the remainder in cash account held in the custodian bank, also in guarantee the operation. The change in the total value of the collateral is due to chang-es in the market value of the securities.

Subscription of shares of NCG Banco, SA, and Catalunya Banc, SA

9. Under the fifth additional provision of Royal Decree-Law 21/2012, of 13 July, as amended by Article 2 of Royal Decree Law 6/2013, of 22 March, on protection to holders of certain saving and investment products and other financial measures, on 10 June 2013 the FGDEC announced the offer of voluntary purchase offer for common shares of NCG Banco, SA, and Catalunya Banc, SA, with certain considerations and conditions. As a re-sult of these, the FGDEC acquired 640,964,146 shares of Catalunya Banc, SA (Repre-senting 32.4% of its capital), for a total cost of EUR 1,000,939.9 t; and 603,671,160 shares of NCG Banco, SA (Representing 25.6% of its capital), for a total cost of EUR 802,364.1 t, signing at the same time with the controlling shareholder, the Fund for Order-ly Bank Restructuring (FROB), certain agreements of partial coverage of the evolution of the value and the result of the sale of such shares.

On 18 December 2013, the FROB announced the award, after the study of the binding offers received in the corresponding sales process, of a shareholding of 88.3% of NCG Banco, SA, to Banco Etcheverría, SA (Banesco Group). As provided in Articles 26.2 and 64.1.c of Law 9/2012, of 14 November, on restructuring and resolution of credit institu-tions, the referral sale process included the shares owned by the FGDEC. Subsequently, on 25 June 2014 the FROB announced the consummation of the transaction after obtain-ing all the necessary authorizations.

At 31 December 2016, payments received by the FGDEC in this operation amounted to EUR 198,612.4 t (EUR 139,630.2 t in 2015), being estimated at EUR 43,278.9 t the present value of the expected net payments thereof (EUR 80,533.7 t in 2015). The de-crease in the current value of the expected net collections is due to the combined effects of: (i) ) a new modification of the amount of the guarantees granted to the buyer plus an advance on the dates scheduled for payment; (ii) an increase in the amount to be paid by the FROB to the FGDEC due to partial coverage agreements on the evolution of the value

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and the result of the sale of the holding; and (iii) an advance in the collection of part of the deferred amount of the sale price with respect to the expected date.

On 21 July 2014, the FROB announced, after the study of the binding offers received in the corresponding sales process, a stake of 98.4%, or 100% under certain circum-stances, of Catalunya Banc, SA, to Banco Bilbao Vizcaya Argentaria, SA (BBVA). As pro-vided in the aforementioned items 26.2 and 64.1.c of Law 9/2012, the referenced sales process included the shares owned by the FGDEC. The transaction was subject to com-pliance with the legally established requirements and to the corresponding approval by the relevant national and international authorities. Subsequently, on 24 April 2015 the FROB announced the completion of the operation for the 98.4%, after obtaining all the neces-sary authorizations.

In view of the conditions of this transaction and payments estimated to be received by the FGDEC at the end of 2014, the FGDEC’s stake in Catalunya Banc, SA, was updated to adjust the its book value of the to their value. On 4 September 2015, the FGDEC re-ceived from the FROB EUR 142,461.2 t for the settlement at fair value of the sale of the aforementioned participation, retaining the FROB an amount equal to the share to be as-sumed by the FGDEC of the estimated financial guarantees given to the buyer, value which can change in the future based on the actual cost that eventually could reach those financial supports granted in the operation. In 2016 the FROB has paid FGDEC EUR 1,031.4 t as a result of the lower estimated cost of the guarantees granted to the buyer.

Depositors’ coverage of Banco de Madrid, SAU

10. From the information received from the Bankruptcy Administration of the entity, the FGDEC proceeded during 2015 to inform depositors of Banco de Madrid, SAU, the status of their deposits and the guaranteed amounts, requesting their conformity to pro-ceed with the payment of those amounts. At 31 December 2016 the guaranteed amounts reported to depositors amounted EUR 125,734.6 t, (amount lower than the EUR 125,737.5 t reported on 31 December 2015, following the resolution of several incidents which in some cases resulted in a greater or lesser guaranteed amount) pending to in-form depositors of guaranteed deposits for a total of EUR 207.2 t due to the existence of different issues (EUR 18.0 t at 31 December 2015).

At the same date of 31 December 2016, once received in each case the conformity of the depositor, the FGDEC had paid guaranteed amounts for a total of EUR 122,695.2 t, (EUR 118,974.3 t in 2015) thus outstanding payments amount to EUR 3,246.6 t (EUR 6,781.2 t) which could not been made because the depositors were untraceable, or in dis-agreement to the data or other incidents managed by the Bankruptcy Administration.

On 29 July 2016, Banco de Madrid, SAU, paid the FGDEC an amount of EUR 59,958.6 t, thus reducing its obligation to pay for the guaranteed deposits paid by the FGDEC to depositors of that entity, which have the ordinary credit rating in the creditors’ tender.

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Acquisition of real estate in exercise of the right of first refusal

11. On 17 November 2015, in exercise of the right of first refusal provided for in the EPA Protocol granted to Banco CAM, SA, FGDEC acquired certain real state properties at a cost of EUR 30,034.5 t. During 2016 and in exercise of the same right of first refusal, the FGDEC has acquired other real estate and financial assets at a cost of EUR 184.9 t and EUR 149.9 t, respectively.

In 2016 the FGDEC has started to commercializate these mentioned assets.

Disputes with heirs of Mr. Domingo López Alonso

12. With regard to judicial proceedings initially maintained with the former president of Banco de Valladolid, SA (Subsequently Barclays Bank, SAU, then absorbed by Caixa-bank, SA), Mr. Domingo López Alonso, and today with his heirs, under the legal direction and economic coverage of the FGDEC, Barclays Bank, SAU, has complied with the sen-tence of 6 October 1998 making available to the heirs of Mr. Domingo López Alonso the debt securities stated in the sentence. After an appeal by the heirs of Mr. Domingo López Alonso that has been dismissed, the proceeding is closed by Decree of 25 November 2014.

Regarding actions to recover the amounts (EUR 27.4 M) delivered by the FGDEC to Mr. Domingo López Alonso in late 2003 in the provisional enforcement of the mentioned sentence, they are limited by the lack of sufficient information regarding the destination of the money, preventing its recovery. It should be noted that the heirs of Mr. Domingo López Alonso have accepted the inheritance with benefit of inventory and recorded as only as-set of the inheritance the credit rights of the case arising from the mentioned legal pro-ceedings and, given its final result, determines the absence of any asset in the inherit-ance.

Finally, we should mention the continuation of the procedure that claims amounts to the heirs of Mr. Domingo López Alonso (arising from an executive proceeding of 1981) which set at EUR 1.6 M the outstanding amounts to the FGDEC.

Investment coverage function

13. By resolution of the Secretary of the State Economy (Secretario de Estado de Economía) of 1 August 2002, issued pursuant to the provisions of paragraph 3 of Article 74 of Law 24/2001 of 27 December on fiscal and administrative measures and on social order, were set the percentages that would satisfy each of the three deposits guarantee funds then existing and the Fondo General de Garantía de Inversiones on the total com-pensation for the obligations incurred by such Fondo as a consequence of the failures of investment companies prior to the entry into force of the Law 24/2001.

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Under that resolution, the percentage distribution of the total amount of compensation to be paid to the harmed investors between the dissolved deposits funds and the Fondo General de Garantía de Inversiones was established as follows:

%

Fondo de Garantía de Depósitos de Entidades de Crédito . . . . . . . . . . . . . . . . . . . . 99.83

Fondo de Garantía de Depósitos en Establecimientos Bancarios . . . . . . . . . . . . . . . . . . 53.98

Fondo de Garantía de Depósitos en Cajas de Ahorro . . . . . . . . . . . . . . . . . . . . . . . . . . . 40.90

Fondo de Garantía de Depósitos en Cooperativas de Crédito . . . . . . . . . . . . . . . . . . . . 4.95

Fondo General de Garantía de Inversiones . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.17

The total amount of compensations estimated by the Gestora del Fondo General de Garantía de Inversiones SA, amounted to EUR 79.7 M, corresponding to the deposits guarantee funds an amount of EUR 79.5 M. In 2016 there were disbursed EUR 1,6 t for this item (EUR 15.8 t in 2015). At year end of 2016 and 2015 the amount of outstanding claims assumed by the FGDEC amounts to EUR 5.6 M.

Integrated entities and their contributions

14. At 1 January 2016, 140 entities were adhered. During 2016 no entities were reg-istered, having been deregistered ten, so at year end there were 130 adhered entities. The list of the member institutions at 31 December 2016 is in Annex 4 of these annual ac-counts.

Pursuant to article 6 of Royal Decree-Law 16/2011, of 14 October, modified according to the final tenth provision of Law 11/2015, dated 18 June, and by article 3 of Royal De-cree 2606/1996, of 20 December, modified by the first final provision of Royal Decree 1012/2015, of 6 November, which developed Law 11/2015, the annual contributions of the member entities, both to the deposits guarantee compartment and to the securities guar-antee compartment shall be determined by the Management Committee of the FGDEC, in accordance with the respective calculation bases established in paragraphs a) and b) of section 2 of said article 3 of Royal Decree 2606/1996, and in the case of the deposits guarantee fund, from 2016 at the latest, to the risk profile of each entity.

In addition, article 6 of Royal Decree-Law 16/2011, supplemented by its second addi-tional provision incorporated under the tenth final provision of Law 11/2015, states that:

– The financial resources available of the deposits guarantee compartment must at-tain at least, and no later than 3 July 2024, the 0.8% of the amount of the guaran-teed deposits. However, the FGDEC may ask the European Commission to reduce this level to 0.5% taking into account certain factors.

– Annual contributions to the securities guarantee compartment may not exceed 0.3% of the amount of the guaranteed values.

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– Contributions to a compartment is suspended when the available financial means not engaged in operations object of the mentioned compartment equals or exceeds 1% of the total amounts guaranteed by the compartment.

Addressing to it, the Management Committee of the FGDEC, at its meeting held on 15 July 2016, has determined the annual contributions for 2016 to the deposits guarantee compartment equal to 1.6/1000 of the guaranteed monetary deposits existing as at 30 June 2016, which would be calculated for each entity based on its guaranteed deposits and risk profile, and the annual contribution to the securities guarantee compartment equal to 2/1000 of 5/100 of its valuation to the last working day of 2016 of the Securities deposited as of 31 December 2016, also determining that the disbursement of both con-tributions be made on the last working day of February 2017.

Additionally, on 23 March 2013 was published the Royal Decree Law 6/2013, amend-ing the fifth additional provision of Royal Decree-Law 21/2012, stating that the annual contribution under Article 3 of Royal Decree 2606/1996, which would have to make the member institutions on deposits at 31 December 2012 would increase exceptionally, and only once, by an extra 3/1000 being this increase paid in two tranches: a first tranche, equivalent to two fifths of the total increase, would be fulfilled within 20 working days from 31 December 2013; and a second tranche, equivalent to the remaining three fifths would be met as from 1 January 2014, according to the payment schedule set by the Manage-ment Committee within a maximum period of seven years, and the corresponding amounts of the second tranche will be recognised as assets of the FGDEC on the date on which the first tranche is satisfied.

The rule also provided that, in relation to the first tranche, the Management Committee of the FGDEC may establish, by resolution adopted by a majority of two thirds of its mem-bers: i) a shift to the second tranche of the corresponding contribution to this initial tranche up to 50%; ii) non-application of this tranche to the entities to which the ninth ad-ditional provision of Law 9/2012 refers to; iii) a deduction of up to 50% on contributions from member institutions whose calculation basis does not exceed EUR 5,000 M, and iv) a deduction of up to 30% of the amounts invested by institutions, before 31 December 2013, in the subscription or acquisition of shares or subordinated debt instruments issued by the Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria (Sareb). All this so that the sum of the deductions provided for in paragraphs iii) and iv) above does not exceed, in any case, 90% of the amount that, in dependence of the bal-ance of deposits held at 31 December 2012, would correspond to meet to each entity.

In order to implement the payment of the first instalment of the additional contribution, on 22 November 2013 the Management Committee decided to adopt, within the frame-work of the authorization conferred by the referenced rule, the deductions provided for by the rule, thus materializing the amount of the first tranche by each member entity, for a to-tal of EUR 233,790.8 t, recorded as greater equity of the FGDEC in 2013 and paid by member institutions on 22 January 2014.

As provided in the above regulation, the updated value of the second tranche of the extraordinary contribution was recorded as greater equity of the FGDEC on 22 January 2014. Also under the same regulation, on 10 June 2014 the Management Committee de-cided to disburse a first instalment of the said second tranche equivalent to one-seventh

24

of that tranche on 30 September 2014, performing at that date the said disbursement to-talling EUR 232,699.3 t. Also at its meeting of 17 December 2014 the Management Com-mittee decided that the disbursement of the remainder of the second tranche of the contri-bution will be done by two instalments of the same amount each, one on 30 June 2015 and the other on 30 June 2016. On June 30, 2015, the first of these payments was settled by EUR 697,619.6 t; an additional amount corresponding to the first payment was then settled by EUR 304.9 t, initially not settled to a split-off entity pending the determination of its imputation to the affected entities in view of the split-off process. On 30 June 2016, the last outstanding payment was settled, amounting to EUR 697,852.6 t.

Regardless of the aforementioned payments, the entities affiliated to the FGDEC as of the date of publication of Royal Decree-Law 6/2013 that have been terminated before the publication of the said RD-L have paid the present value of the amounts that correspond-ed to them.

The Bank of Spain, according to the current legal framework does not have to make any contribution.

Guaranteed deposits and asset coverage

15. On 3 June 2010 was published the Royal Decree 628/2010 of 14 May, amending Royal Decree 2606/1996, of 20 December, and Royal Decree 948/2001, of 3 August, on compensation schemes of investors, stating that the guaranteed amount of deposits will be limited to the amount of EUR 100,000 per account holder and the secured amount guaranteed to the investors that have entrusted securities and financial instruments to the credit institution shall be independent and will reach a maximum of EUR 100,000 per ac-count holder.

Subsequently, the tenth final disposition of the Law 11/2015 of 18 June, amending Royal Decree-Law 16/2011, has expanded the amount of guaranteed deposits, by provid-ing that, in addition to the amount above mentioned, will be guaranteed, regardless of the amount and for three months from the time the amount has been credited or from the mo-ment when such deposits have become legally transferable: i) the amounts from transac-tions with residential real estate and sole owner; ii) those arising from payments one-off basis received by the depositor relating to marriage, divorce, retirement, dismissal, disa-bility or death; and iii) which are based on the payment of insurance benefits or compen-sation for damages resulting from a crime or a miscarriage of justice.

In turn, the regulatory changes mentioned have assumed that, since 2015, has come to define as “eligible deposits” those defined in previous legislation as “guaranteed deposits”; now defined as “guaranteed deposits” those previously denominated “covered deposits”. This change has not affected the securities deposits that still retain their previous terminol-ogy, i.e. the guaranteed securities (equivalent to eligible in the deposits compartment) and covered (equivalent to those guaranteed in the deposits compartment).In addition, from 2015 the calculation basis of the contributions that entities must make on cash deposits becomes composed by the guaranteed deposits (before it was by the eligible).

The column headings (a) and (c) of the following table, expressed in million euros, are adjusted to the terminology used by the current legislation, being the basis for calculating

25

each year (b) those determined by the current regulation at all times, which justifies the relevant variation of the amount since 2015.

Years

Eligible deposits and guaranteed

values

Basis for calculating

contributions

Guaranteed deposits and

covered securities% Coverage

(a) (b) (c) (c / a)

31.12.1993. . . . . . . . . . . . . . . . . . . . . . 279,856.6 279,856.6 133,727.7 47.78

31.12.1994. . . . . . . . . . . . . . . . . . . . . . 298,108.4 298,108.4 142,104.8 47.67

31.12.1995. . . . . . . . . . . . . . . . . . . . . . 319,992.3 319,992.3 148,661.7 46.46

31.12.1996. . . . . . . . . . . . . . . . . . . . . . 316,887.0 316,887.0 185,299.7 58.48

31.12.1997. . . . . . . . . . . . . . . . . . . . . . 317,391.6 317,391.6 182,881.1 57.62

31.12.1998. . . . . . . . . . . . . . . . . . . . . . 337,448.6 337,448.6 185,378.4 54.94

31.12.1999. . . . . . . . . . . . . . . . . . . . . . 377,872.2 377,872.2 205,270.6 54.32

31.12.2000. . . . . . . . . . . . . . . . . . . . . . 417,778.8 417,778.8 244,364.3 58.49

31.12.2001. . . . . . . . . . . . . . . . . . . . . . 742,921.9 477,849.7 311,175.4 41.89

31.12.2002. . . . . . . . . . . . . . . . . . . . . . 740,303.0 508,062.7 318,361.1 43.00

31.12.2003. . . . . . . . . . . . . . . . . . . . . . 811,140.3 547,543.0 335,517.1 41.36

31.12.2004. . . . . . . . . . . . . . . . . . . . . . 849,784.8 587,193.0 350,629.5 41.26

31.12.2005. . . . . . . . . . . . . . . . . . . . . . 950,281.4 652,226.3 371,890.7 39.13

31.12.2006. . . . . . . . . . . . . . . . . . . . . . 1,127,567.1 753,000.5 396,649.8 35.18

31.12.2007. . . . . . . . . . . . . . . . . . . . . . 1,209,858.1 829,527.1 420,353.0 34.74

31.12.2008. . . . . . . . . . . . . . . . . . . . . . 1,171,019.2 888,317.6 736,271.3 62.87

31.12.2009. . . . . . . . . . . . . . . . . . . . . . 1,221,925.9 917,702.5 781,115.6 63.92

31.12.2010. . . . . . . . . . . . . . . . . . . . . . 1,216,780.8 948,386.4 790,302.7 64.95

31.12.2011. . . . . . . . . . . . . . . . . . . . . . 1,213,656.3 923,759.4 792,281.2 65.28

31.12.2012. . . . . . . . . . . . . . . . . . . . . . 1,154,804.3 904,953.0 794,845.2 68.83

31.12.2013. . . . . . . . . . . . . . . . . . . . . . 1,197,049.1 936,898.2 796,873.8 66.57

31.12.2014. . . . . . . . . . . . . . . . . . . . . . 1,193,093.3 939,111.0 788,307.0 66.07

31.12.2015. . . . . . . . . . . . . . . . . . . . . . 1,305,302.5 702,802.9 776,298.7 59.47

31.12.2016. . . . . . . . . . . . . . . . . . . . . . 1,343,168.6 717,146.1 790,063.6 58.82

Since 31 December 2001 to 31 December 2014, eligible deposits (before guaranteed) and guaranteed securities include the amount of the securities and guaranteed financial instruments, and the basis of calculation of contributions includes eligible cash deposits and 5% of the securities and financial instruments, referring the data from previous years only to cash deposits; finally from 31 December 2015 the calculation basis of contribu-tions includes the guaranteed cash deposits and the 5% of the deposited securities and financial instruments.

The eligible and guaranteed cash deposits as of 30 June 2016, which, as indicated in the previous section, were those considered for the calculation of the contributions for

26

2016 to the deposits guarantee compartment, amounted to EUR 967,704.8 M and EUR 700,820.6 M, respectively.

At 31 December 2016, eligible and guaranteed cash deposits amounted respectively to EUR 979,637.7 M and EUR 698,969.5 M (EUR 947,279.1 M and EUR 684,901.7 M at 31 December 2015). At the same date guaranteed and covered securities amounted re-spectively to EUR 363,531.9 M and EUR 91,094.1 M (EUR 358,023.4 M and EUR 91,397.0 M at 31 December 2015).

Financial situation

16. The financial resources (consisting of contributions and extraordinary contributions from member institutions accounted in for short-term, public investments in short- and long-term government debt, and cash) amounted to EUR 6,821,231.8 t at 31 December 2016 (EUR 6,274,678.8 t at 31 December 2015), having increased in the year by EUR 546,553.0 t (EUR 1,838,938.7 t in 2015), mainly due to the contributions and the mentioned apportion-ments. The financial resources have been invested in public debt of the State.

At year-end, financial investments in short and long term Spanish State debt amount-ed to EUR 5,597,441.6 t (EUR 4,370,998.8 t in 2015), and are invested in Treasury bills, bonds and debentures. The weighted average maturity is 940 days (120 days in 2015).

Extraordinary expenditures approved

17. The Management Committee of the FGDEC in session on 30 July 2012, and in order to restore capital adequacy of the FGDEC according to the provisions of the Article 6.2 of Royal Decree-Law 16/2011, of 14 October, agreed a extraordinary contribution by member institutions for a nominal amount of EUR 2,346,000 t, distributed according to the basis of contributions at 31 December 2011, which will be payable by each entity in ten equal annual instalments, with total annual payments of EUR 234,600 t, to be paid on the same day as the ordinary annual contributions are met, and that each adhered entity may deduct such payment from the regular annual contribution met on the same date and up to the amount of the ordinary contribution.

At 31 December 2016 the annual payments to be made by the member institutions have fallen slightly to EUR 234,370.7 t (EUR 234,525.5 t in 2015), because several entities have paid their contributions in advance for being no longer affiliated entities to the FGDEC.

In 2016 the fourth annual fee has been collected.

Profit and equity

18. The year closed with a surplus of EUR 468,723.0 t, (deficit of EUR 419,873.4 t in 2015) as detailed below, in thousands of euros:

27

Concepts2016 2015

Management Financial Total Management Financial Total

Revenue . . . . . . . . . . . . . . . . . . . . . . . 919,023.5 23,017.7 942,041.2 899,134.5 10,639.4 909,773.9

Management and financial expenses . (11,876.5) (207,746.9) (219,623.4) (8,689.7) (186,934.3) (195,624.0)

Gains on sale of assets . . . . . . . . . . . 0.8 — 0.8 1.3 — 1.3

Exceptional items . . . . . . . . . . . . . . . . (253,695.6) — (253,695.6) (1,134,024.6) — (1,134,024.6)

Total . . . . . . . . . . . . . . . . . . . . . . . 653,452.2 (184,729.2) (468,723.0) (243,578.5) (176,294.9) (419,873.4)

Memorandum:

Deposits guarantee compartment . . . . 617,289.7 (185,048.5) (432,241.2) (278,922.5) (176,294.9) (455,217.4)

Guaranteed securities compartment . . 36,162.5 319.3 36,481.8 35,344.0 — 35,344.0

The management revenues include EUR 918,962.4 t of the current value of the corre-sponding ordinary contributions in 2016 (EUR 893,064.4 t in 2015), paid by the member institutions to the FGDEC on 28 February 2017; of that amount EUR 882,942.9 t (EUR 857,661.5 t in 2015) correspond to deposits guarantee compartment and EUR 36,019.5 t (EUR 35,402.9 t in 2015) to the securities guarantee compartment. The exceptional items correspond to the higher costs of the actions or restructuring processes of credit institu-tions with respect to those calculated in previous years, all of which relate to the deposits compartment.

Management costs assigned to the deposits and securities guarantee compartments during 2016 have amounted EUR 11,727.7 t and EUR 148.8 t, respectively (EUR 8,630.8 t and EUR 58.9 in 2015). Regarding net financial income and expenses, net expenses of EUR 185,048.5 t correspond to the deposits compartment, and revenues of EUR 319.3 t to the securities compartment (in 2015 all corresponded to the deposits compartment).

The accumulated assets at 31 December 2016, including the surplus for the year is positive with EUR 1,597,832.3 t (EUR 1,022,323.7 t in 2015).

In addition, on 28 February 2017 the FGDEC has received from member institutions the fifth annual payment corresponding to the extraordinary contributions mentioned in paragraph 17 above, amounting to EUR 234,370.7 t (EUR 234,525.5 t in 2016) although the collection of this amount, even when it concerns the financial situation of the FGDEC, does not affect its assets situation, as it was already recorded as an asset and as equity in its balance sheet.

Economic and financial control

Audit Court

19. At the date of preparation of this report the contracts formalised in 2016 have al-ready been forwarded to the Court of Auditors. On 22 December 2016 the Court of Audi-tors issued its Report on the supervision of the bank restructuring process, 2009 to 2015,

28

available on the website of that institution, and in its recommendations section contains paragraph (9.2) on the FGDEC.

External audit

20. The audit report for the year, conducted by Grant Thornton S.L.P. is incorporated.

Subsequent events

21. Note 7 to the financial statements, included in the annual accounts, details the significant events occurred after 31 December 2016 and until the date of preparation of the financial statements.

29

ANNUAL ACCOUNTS FINANCIAL YEAR 2016

30


BALANCE SHEET

Thousand of Euros

Asset Notes 12.31.2016 12.31.2015NON CURRENT ASSETIntangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 123.9 13.2 Property, plant and equipment . . . . . . . . . . . . . . . . . . 9 275.5 284.4 Real estate investments . . . . . . . . . . . . . . . . . . . . . . . . 10 1,770.5 1,695.3 Non-current investments in Group companies and associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 — — Company shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 673,015.3 673,015.3 Impairment shareholdings . . . . . . . . . . . . . . . . . . . . . . . . 11 (673,015.3) (673,015.3)Non-current financial assets . . . . . . . . . . . . . . . . . . . . 12 6,346,594.8 2,597,073.1 Credit entities. Extraordinary expenditure . . . . . . . . . . . . 12.1 1,068,233.2 1,264,413.7 Reimbursement rights EPA . . . . . . . . . . . . . . . . . . . . . . . 12.2 2,475,000.0 2,475,000.0 Impairment reimbursement rights EPA . . . . . . . . . . . . . . 12.2 (2,475,000.0) (2,041,922.0)Receivables for provided guarantees EPA . . . . . . . . . . . 12.3 7,107.3 8,638.7 Long term loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.4 77,017.8 161,781.3 Participatory rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.5 46,484.0 46,484.0 Expenditures collection rights and contributions Banco Madrid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.6 705.7 705.7 Payment receivables depositors Banco Madrid . . . . . . . 12.7 65,983.2 125,755.5 National debt euro area . . . . . . . . . . . . . . . . . . . . . . . . . 12.8 94,935.5 293,673.4 Guarantee deposit made . . . . . . . . . . . . . . . . . . . . . . . . . 12.8 202,716.8 4,849.5 National debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.9 4,802,156.3 255,233.2 Subordinate debentures (net) . . . . . . . . . . . . . . . . . . . . . 12.10 2,137.3 2,091.3 Credit entities investments . . . . . . . . . . . . . . . . . . . . . . . 12.11 186.3 186.3 Other financial assets . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.12 345.7 55.9 Staff loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.13 251.4 126.6 Total non-current assets . . . . . . . . . . . . . . . . . . . . 6,348,761.7 2,599,066.0 CURRENT ASSETS Non-current assets for sale . . . . . . . . . . . . . . . . . . . . . 13 25,313.3 28,481.3 Debtors and other account receivables . . . . . . . . . . . 14 21,277.0 35,396.2 Current investments in Group companies and associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 7,846.1 12,201.3 Current financial assets . . . . . . . . . . . . . . . . . . . . . . . . 16 2,058,176.4 6,018,171.5 Credit entities. Extraordinary expenditure . . . . . . . . . . . . 16.1 y 12.1 233,253.6 233,407.7 Credit entities. Extraordinary contributions . . . . . . . . . . . 16.2 — 687,642.5 Ordinary contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.3 918,962.4 893,064.4 Short term loans FROB-NCG Banco, SA. . . . . . . . . . . . 16.4 50,201.3 28,540.5 National debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.5 795,285.3 4,115,765.6 National debt accrued interest . . . . . . . . . . . . . . . . . . . . 16.6 59,887.5 59,296.7 Deposits receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.7 126.8 7.0 Depositors collection rights Banco Madrid . . . . . . . . . . . 16.8 405.3 405.3 Staff loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.9 53.9 41.8 Other short term loans . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 — Current prepayments and accrued income . . . . . . . . 17 37.6 52.7 Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . 18 11,686.7 30,268.7 Total current assets . . . . . . . . . . . . . . . . . . . . . . . . 2,124,337.1 6,124,571.7 TOTAL ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,473,098.8 8,723,637.7

31


BALANCE SHEET

Thousand of Euros

Equity and liabilities Notes 12.31.2016 12.31.2015

EQUITY

Own funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 1,539,648.5 1,021,598.4

Equity fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 1,021,598.4 1,366,324.1

Extraordinary expenditure . . . . . . . . . . . . . . . . . . . . . . . . 19.1 39,116.9 44,952.5

Extraordinary contribution . . . . . . . . . . . . . . . . . . . . . . . . 19.2 10,210.2 30,195.2

Surplus (Deficit) financial year . . . . . . . . . . . . . . . . . . . . 468,723.0 (419,873.4)

Adjustments for changes in value financial investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.3 58,183.8 725.3

Total equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,597,823.3 1,022,323.7

NON-CURRENT LIABILITIES

Long term provisions . . . . . . . . . . . . . . . . . . . . . . . . . . 20 5,594,761.0 6,749,728.5

Disbursement provision EPA Banco CAM . . . . . . . . . . . 20.1 4,041,762.1 5,030,709.1

Disbursement provision EPA Unnim Banc, . . . . . . . . . . . 20.2 1,484,077.3 1,576,993.1

Success fee provision EPA BdCLM . . . . . . . . . . . . . . . . 20.3 — 63,069.6

Provision for asset management commission . . . . . . . . 20.4 61,258.6 71,350.3

Compensations (Art. 74, Law 24/2001) . . . . . . . . . . . . . 20.5 5,631.0 5,632.6

Commitments with staff . . . . . . . . . . . . . . . . . . . . . . . . . . 20.6 1,563.9 1,505.7

Other provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.7 468.1 468.1

Long term debts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 57,186.7 111,497.7

Debt FROB-NCG Banco, S.A. . . . . . . . . . . . . . . . . . . . . . 21.1 55,422.9 109,788.1

Other creditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.2 1,763.8 1,709.6

Total non-current liabilities . . . . . . . . . . . . . . . . . . 5,651,947.7 6,861,226.2

CURRENT LIABILITIES

Short term debts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 1,223,293.3 838,065.3

Creditors and other payables . . . . . . . . . . . . . . . . . . . . . 22.1 9,616.8 9,136.1

Public administrations payables . . . . . . . . . . . . . . . . . . . 22.2 186.0 329.7

Creditors payables EPA Banco CAM . . . . . . . . . . . . . . . 22.3 1,181,726.5 821,816.6

Commitments to depositors of Banco de Madrid . . . . . . 22.4 3,246.6 6,781.2

FROB-NCG Banco SA debt . . . . . . . . . . . . . . . . . . . . . . 22.5 28,517.4 —

Creditors for outstanding disbursements . . . . . . . . . . . . — 1.7

Commercial creditors and other payables . . . . . . . . . 25.5 6.0

Current prepayments and accrued income . . . . . . . . 23 — 2,016.5

Total current liabilities . . . . . . . . . . . . . . . . . . . . . . 1,223,318.8 840,087.8

Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,875,266.5 7,701,314.0

TOTAL EQUITY AND LIABILITIES . . . . . . . . . . . . . 8,473,098.8 8,723,637.7

32


INCOME STATEMENTS

Thousand of Euros

Continuing operations Notes 12.31.2016 12.31.2015

Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 919,023.5 899,134.5

Contributions from member institutions . . . . . . . . . . . . . 24.1 919,023.5 898,263.4

Providing services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.2 — 871.1

Operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 (11,876.5) (8,689.7)

Outcome disposal of assets and other income . . . . . 2 0.8 1.3

Extraordinary items . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 (253,695.6) (1,134,024.6)

Operating surplus/loss . . . . . . . . . . . . . . . . . . . . . 653,452.2 (243,578.5)

Financial income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 23,017.7 10,639.4

Financial costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 (207,746.9) (186,934.3)

Financial loss/surplus . . . . . . . . . . . . . . . . . . . . . . (184,729.2) (176,294.9)

CONTINUING OPERATIONS SURPLUS/LOSS . . . 468,723.0 (419,873.4)

SURPLUS (DEFICIT) FINANCIAL YEAR . . . . . . . . 468,723.0 (419,873.4)

33


INCOME AND EXPENSES STATEMENT

In 2016 and 2015, the only items of income and expense recognized directly in equity have been those that have had their origin in: i) the current higher value of the expected collection of the extraordinary expenditure, adopted on 30 July 2012, and of the extraordi-nary contribution, provided by the Royal Decree Law 6/2013, both by member institutions and ii) the revaluation of financial investments.

STATEMENT OF CHANGES IN NET EQUITY

Thousand of Euros

Concepts 12.31.2016 12.31.2015

INITIAL EQUITY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,022,323.7 1,366,348.1

Member credit entities contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . 919,023.5 898,263.4

Provision of services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 871.1

Operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11,876.5) (8,689.7)

Gains on sales of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 1.3

Extraordinary items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (253,695.6) (1,134,024.6)

Operating surplus/loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 653,452.2 (243,578.5)

Financial loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (184,729.2) (176,294.9)

Restructuring credit institutions cost . . . . . . . . . . . . . . . . . . . . . . . . — —

SURPLUS (DEFICIT) FINANCIAL YEAR . . . . . . . . . . . . . . . . . . . . . . 468,723.0 (419,873.4)

VARIATION OF VALUE OF FINANCIAL INVESTMENTS . . . . . . . . . . 57,458.5 701.3

CREDIT ENTITIES EXTRAORDINARY EXPENDITURE . . . . . . . . . . . 39,116.9 44,952.5

EXTRAORDINARY CONTRIBUTION 1ST & 2ND TRANCHERD-L 21/2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,210.2 30,195.2

INCREASE (DECREASE) IN EQUITY FINANCIAL YEAR . . . . . . . . . 575,508.6 (344,024.4)

FINAL EQUITY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,597,832.3 1,022,323.7

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STATEMENTS OF CASH FLOWS

Prepared using the indirect method

Thousand of Euros

2016 2015

Surplus/deficit financial year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 468,723.0 (419,873.4)Adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 453,593.2 1,329,758.7 Depreciation and amortisation charge . . . . . . . . . . . . . . . . . . . . . . . . . 124.8 88.8

Impairment losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 940,497.5 1,470,126.7

Changes in provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (476,299.8) (133,277.4)

Finance income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (13,601.0) (10,227.4)

Finance costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,871.7 3,048.0

Changes in working capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 158,222.3 1,707,151.7 Trade and other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 982,846.0 1,825,750.1

Other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,849.0 (9,319.4)

Trade and other payables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (829,330.5) (111,371.2)

Other current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,272.5 2,016.5

Other non-current assets and liabilities . . . . . . . . . . . . . . . . . . . . . . . . (414.7) 75.7

Other cash flows from operating activities . . . . . . . . . . . . . . . . . . . 10,729.3 4,827.7 Payment of interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,871.7) —

Collection of interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,601.0 4,648.4

Other payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (848.9)

Other collections.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 1,028.2

CASH FLOWS FROM MANAGEMENT ACTIVITIES . . . . . . . . . . . . . . 1,091,267.8 2,621,864.7 Payments due to investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,638,051.1) (5,291,860.8)Intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (130.3) (2.0)

Non-current assets for sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (28,332.0)

Property, plant and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (47.0) (122.0)

Real-estate investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (1,699.0)

Other financial assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,637,873.8) (5,261,705.8)

Proceeds on divestments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,528,147.0 2,696,065.2 Financial investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40.9 —

Other financial assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,528,106.1 2,696,065.2

CASH FLOWS FROM INVESTING ACTIVITIES . . . . . . . . . . . . . . . . . (1,109,904.1) (2,595,795.6)Receivables and payables for non-current liabilities instruments . 54.3 113.0 Other debts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54.3 113.0

CASH FLOWS FROM FINANCING ACTIVITIES . . . . . . . . . . . . . . . . . 54.3 113.0 NET INCREASE/DECREASE IN CASH AND CASH EQUIVALENTS . (18,582.0) 26,182.1 Cash and cash equivalents at beginning of year . . . . . . . . . . . . . . 30,268.7 4,086.6Cash and cash equivalents at end of year . . . . . . . . . . . . . . . . . . . . 11,686.7 30,268.7

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STATEMENTS OF CASH FLOWS

Prepared using the direct method

Thousand of Euros Income (Disbursements)

2016 2015

CONTINUING ACTIVITY

Contributions from credit institutions . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,831,654.8 2,581,486.8

Payment EPA CAM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (825,921.3) —

Debtors fee EPA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,151.2 9,382.4

Interests EPA BdCLM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 819.9 6,057.5

Finance income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,401.1 4,839.8

Refund FOGAIN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 892.6 244.1

Operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,980.3) (8,434.4)

IVA refund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,450.6 217.7

Collection invoices on provided services . . . . . . . . . . . . . . . . . . . . . . . — 1,028.2

Other movements with investees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (280.5)

Payments depositors Banco de Madrid, SAU . . . . . . . . . . . . . . . . . . . . (3,720.9) (119,379.6)

Partial collection depositors Banco de Madrid, SAU. . . . . . . . . . . . . . . 59,958.6 —

Other minor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 542.7 278.6

Total variation of continuing activity . . . . . . . . . . . . . . . . . . . . . . . . 1,088,249.0 2,475,440.6

INVESTMENT ACTIVITY

Maturity and divestment of financial investments . . . . . . . . . . . . . . . . . 4,271,457.6 2,503,946.2

Acquisition of financial investments . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,440,007.2) (5,068,919.1)

Acquisition of shares Catalunya Banc, SA . . . . . . . . . . . . . . . . . . . . . . 1,031.4 142,461.3

Acquisition of shares NCG Banco, SA . . . . . . . . . . . . . . . . . . . . . . . . . 58,982.2 —

Deposits guarantee application euro area . . . . . . . . . . . . . . . . . . . . . . 191,303.0 183,441.0

Public debt interest euro area . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,564.4 9,052.8

Acquisition public debt euro area . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (202,716.8) (192,505.7)

Real estate acquisition and commercialisation from Activos Valencia, SA . 6,554.4 (26,735.0)

Changes in the total investment activity . . . . . . . . . . . . . . . . . . . . . (1,106,831.0) (2,449,258.5)

Net increase/decrease in cash or equivalent . . . . . . . . . . . . . . . . . . (18,582.0) 26,182.1

INITIAL CASH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,268.7 4,086.6

FINAL CASH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,686.7 30,268.7

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DIRECTOR’S REPORT FINANCIAL YEAR ENDED AT 31 DECEMBER 2016

NOTES TO THE ANNUAL ACCOUNTS

1. CREATION, NATURE, PURPOSE AND GUARANTEES

Creation: On 15 October 2011 came into force Royal Decree Law 16/2011 of 14 Oc-tober, which established the Fondo de Garantía de Depósitos de Entidades de Crédito (FGDEC) and the dissolution of the three existing deposits guarantee funds until that date (the Fondo de Garantía de Depósitos en Cajas de Ahorro, the Fondo de Garantía de Depósitos en Establecimientos Bancarios and the Fondo de Garantía de Depósitos en Cooperativas de Crédito), their assets were integrated into the FGDEC, and all rights and obligations of those were subrogated by this latter.

Nature: The FGDEC has legal personality and full capacity for the development of its purposes, under private law.

It is governed and administered by a Management Committee composed of eleven members: a representative of the Ministry of Economy and Competitiveness, one of the Ministry of Finance and Public Administrations, four appointed by the Bank of Spain and five representing the associated credit entities, in the terms established by the regulations.

Representatives of the Bank of Spain are appointed by its Executive Committee. One of them is the Deputy Governor who will hold the presidency of the Management Commit-tee. With effect from 1 January 2017 there has been a change in the chairmanship of the Management Committee resulting from the appointment of the new Deputy Governor of the Bank of Spain.

The representative of the Ministry of Economy and Competitiveness is the Secretary Gen-eral of the Treasury and Financial Policy, which holds the Vice Presidency of the Management Committee and replaces the President in his duties in case of vacancy, absence or illness.

The representative of the Ministry of Finance and Public Administration is the General Comptroller of the State Administration.

The representatives of the member institutions are designated under the terms estab-lished by the regulations, as follows: three by associations representing banks, one for the savings bank and one by the credit unions.

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The registered office is in Madrid, calle de José Ortega y Gasset, No. 22, and the scope of its actuation is national.

The Spanish commercial regulations require, with certain exceptions, that the domi-nant entities of corporate groups formulate annually the corresponding consolidated fi-nancial statements and the consolidated management report. However, commercial law also states that, in exceptional cases where the application of a legal provision in ac-counting is incompatible with the fair image that annual accounts must provide, such pro-vision shall not apply.

In this sense, the FGDEC has conducted an analysis of the need to present consoli-dated financial statements and, given its special legal nature, given the specific legal reg-ulations that regulate it and given the special characteristics of performing investments in investees, it has concluded that it has no need to prepare consolidated financial state-ments, on the understanding that these would not meet the purpose of offering the fair presentation of the nature and purpose of the shares of the FGDEC, not being additional-ly required to do so in the specific legislation regulating the FGDEC. Among the issues considered are the extremely special circumstances requiring participation of the FGDEC in processes in which it has acquired majority shares, which the taking of such majority holdings is aimed at completing a restructuring process and there is no aim for profit, and the consideration that the presentation of these consolidated financial statements would not provide relevant information to potential users of such information.

Purposes: The purpose of the FGDEC is to guarantee deposits in credit institutions as provided for in Royal Decree-Law 16/2011, of October 14, and on its implementing regulations.

Guarantees: The guarantees provided by the FGDEC are different and independent for cash deposits and securities or other financial instruments deposits, which have a maximum independent limit in each for the amount of EUR 100,000 per depositor and credit institution, as it was established by Royal Decree 628/2010 of 14 May. The guaran-tee of cash deposits reaches unpaid accrued interests up to the date of the events giving rise to the execution of the guarantee, without exceeding in any case the above limits.

In addition to the aforementioned limit, the tenth final disposition of Law 11/2015 of 18 June, amending Royal Decree-Law 16/2011, has expanded the amount of guaranteed cash deposits for, i) the amounts from transactions with residential real estate nature and sole owner; ii) those arising from payments one-off basis received by the depositor relat-ing to marriage, divorce, retirement, dismissal, disability or death; and iii) those which are based on the payment of insurance benefits or compensation for damages resulting from a crime or a miscarriage of justice; all of them regardless of their amount and for three months from the time the amount has been credited or from when such deposits have be-come legally transferable.

Eligible cash deposits: Deposits are considered eligible when the creditors’ balances held in account, including funds from transitory situations by traffic operations and exclud-ing deposits referred to in paragraph 4 of Royal Decree 2606/1996, of December 20, which the entity must repay under the legal and contractual conditions applicable, whatev-er the currency in which they are denominated and provided they are made only in Spain

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or in another member State of the European Union, including fixed-term deposits and savings deposits.

Guaranteed cash deposits: Guaranteed deposits are those eligible cash deposits not exceeding the coverage levels mentioned above.

Guaranteed securities: Guaranteed securities are securities and financial instru-ments referred to in Article 2 of the Law on the Securities Market that have been entrust-ed to the credit institution for deposit or registration, or for performing some investment service of certain characteristics described in the current legislation.

The guaranteed amount to investors that have committed to a credit institution securi-ties or financial instruments shall be independent of those for cash deposits, and to a maximum of EUR 100,000.

2. BASIS OF PRESENTATION

a) Fair image

The balance sheet, income statement, statement of changes in equity, the cash flow statement and notes 1 to 32 of the accompanying report are displayed before the applica-tion of results, and have been prepared on the basis of the accounting records of the FGDEC and are presented in accordance with the regulatory framework of financial infor-mation indicated in note 2 c), and in particular with the accounting principles and criteria contained therein, which is the one that the management understands that best suits the nature and activity of the FGDEC in order to show the fair presentation of the equity and financial position at 31 December 2016 and the results of operations and cash flows that have occurred during the year.

There are no mandatory accounting principles that, having a significant effect on the fi-nancial statements, haven’t been applied.

b) Use of estimates

In the accounts have been used estimates to quantify various assets, liabilities, in-come, expenses and commitments, as detailed in each section; the estimates have been made based on the best information available at the time of its formulation and referred to 31 December 2016; however, it is possible that future events may have effects on these estimates; these effects are recognized in the income statement of the years concerned under the heading of extraordinary items.

The FGDEC has granted various guarantees in order to carry out the restructuring of certain entities (see notes 12.2, 20.1 and 20.2). The FGDEC has estimated the amount of provisions according to the methodology indicated in these notes. Although these esti-mates were made on the basis of the best information available at the date of preparation of these financial statements, the adequacy of provisions made for these items will de-

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pend on the fulfilment of the key assumptions used in their determination, as well as the future evolution of the contingencies covered by these guarantees.

c) Formulation of annual accounts, comparison of information and regulatory framework applied to the FGDEC

The accounts have been prepared in accordance with the rules established in the General Accounting Plan approved by Royal Decree 1514/2007, of 16 November, and the later amendments.

As there were some inaccuracies in the classification of certain items in the State-ment of Cash Flows - Presentation by the indirect method at December 31, 2015, it has been restated in order to facilitate the comparison of the information.

The annual accounts are expressed in thousands of euros, unless otherwise stated, and, for comparative purposes, in addition to the figures for 2016 are presented those corresponding to the previous year.

d) Deposits guarantee compartment and securities guarantee compartment

In compliance with the provisions of the tenth final disposition of Law 11/2015, which amended the Royal Decree-Law 16/2011, and from the entry into force of that law the FGDEC resources should be allocated to the deposits guarantee compartment or to the secu-rities guarantee compartment, which will be accounted separately, so that the corre-sponding assets, costs, expenses and obligations are the proper response to the intend-ed use of the funds. The same rule states that rights acquired and obligations of the FGDEC prior to its entry into force shall be allocated to the deposits guarantee compart-ment. The aggregation of both compartments make up the FGDEC annual accounts at 31 December 2016.

The detail of the balance sheet and profit and loss account as at 31 December 2016, for each compartment is attached in Annex 1.

e) Participation in the capital of credit institutions

At 31 December 2016, the FGDEC is directly involved in the capital of Unicaja Banco, SA (483,158 shares, representing 0.05% of its share capital, coming from Banco CEISS, SA, which in turn came from the exchange of bonds issued in the past by savings banks), and of Banco Mare Nostrum, SA (2,691,098 shares, representing 0.17% of its capital, coming from the exchange of bonds issued in the past by savings banks).

In addition, through the company Inversiones Corporativas, SA, owned 100% by the FGDEC, and coming from CCM within the action plan of that entity, the FGDEC partici-pates in the capital of CaixaBank, SA (341,334 shares, representing 0.01% of its share capital, coming from the exchange of bonds issued in the past by savings banks), and

41

Banco Sabadell, SA (211,786 shares, representing 0.004% of its share capital, coming from the exchange of bonds issued in the past by Banco Gallego, SAU).

f) Participation in the capital of other companies

The FGDEC directly and indirectly is involved in many societies. Units are presented under “Investments in group companies and associates” measured at acquisition cost, net of related impairment. Equity information is provided in Annex 2.

g) Classification of current and non-current items

For the classification of current items, the maximum term of one year has been consid-ered since the date of these annual accounts.

3. ACCOUNTING POLICIES AND VALUATION

The accounting principles and standards applied are the generally accepted, and are contained in the General Accounting Plan and supplementary provisions.

a) Accrual

The accounts have been prepared on the accrual basis, regardless of when the cash flows of collection or payment occur, except in the cash flow statement presented by the direct method.

b) Intangible fixed assets

The intangible fixed assets are recorded in the asset by its acquisition cost, amortised over a period of four years.

c) Tangible assets

Assets included in this group are valued at their purchase price. They are amortised over their estimated eight years for movables and facilities and in four years for computer equipment.

d) Financial investments

Financial investments available for sale are initially recorded at cost of acquisition, pro-ceeding to adjust monthly to fair value in the case of financial assets with a value of liquid market and annually in the case of illiquid markets, taking to equity the differences be-

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tween the carrying amount and the market value determined by valuations obtained from the secondary market until the asset is sold or its value becomes impaired, at which mo-ment those earnings previously recognized in equity are recognized in the profit and loss account.

Financial investments held to maturity are recorded at acquisition cost, subsequently being valued at amortised cost. Accrued interest is recognized in the consolidated income statement by applying the effective interest rate.

Additionally, in the case of financial assets they are adjusted accordingly if there is ob-jective evidence that their impairment is a result of a reduction or delay in the estimated future cash flows in the case of acquired debt instruments or by lack of recoverability of the carrying value of the asset in the case of investments in equity instruments. The valu-ation adjustment is the difference between its cost and its amortised cost minus, where appropriate, any previously recognized valuation adjustment in the income statement and the fair value at the time the assessment is made. In the case of equity instruments meas-ured at cost because its fair value cannot be determined, the correction value is deter-mined in the same way as for investments in the equity of group companies, joint ventures and associates.

If there is objective evidence of irreversible impairment in financial assets classified as available for sale it is recorded in the income statement for the cumulative loss previously recognized in equity by decrease in its fair value. The impairment losses thus recognized in the profit and loss account for equity instruments are not reversed through the income statement.

The fair values of quoted investments are based on current purchase prices. If the market for a financial asset is not active (and for unlisted securities), fair value is estab-lished using valuation techniques that include the use of duly informed recent transac-tions between stakeholders, references to other substantially similar instruments, dis-counting methods of future estimated cash flows and pricing models of options making maximum use of observable market data and relying as little as possible on subjective considerations.

Financial investments are included in current assets, except those with a maturity more than twelve months from the balance sheet date, which are classified as non-cur-rent assets.

e) Non-current assets and disposable groups of elements held for sale

A non-current asset is classified as held for sale when their carrying amount is expect-ed to mainly be recovered through sale rather than through continuing use and provided that the following conditions are met:

1. The asset is available in its current condition for immediate sale, subject to usual and customary terms for sale.

2. Its sale is highly probable, because the following circumstances:

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2.1. The holding company is committed to a plan to sell the asset, as it has initi-ated a program to locate a buyer and complete the plan.

2.2. The sale of the asset is being actively negotiated at the right price in relation to its current fair value.

2.3. It is expected to complete the sale within one year from the date of classifi-cation of the asset as held for sale, unless, by events or circumstances be-yond the control of the holding, the period of sale has to be extended, al-though it will remain committed to the asset disposal plan.

2.4. Actions to complete the plan indicate that it is unlikely that significant chang-es may occur or that it will be withdrawn.

Non-current assets held for sale are measured at book value at the time of classifica-tion in this category or fair value minus selling costs, if the latter is lower, registering in this case an impairment loss of that asset.

While an asset is classified as non-current held for sale, it is not amortised, allocating the appropriate valuation adjustments so that the carrying amount does not exceed the fair value minus selling costs.

The impairment losses of non-current assets held for sale, as well as its reversion when the circumstances that motivated them have ceased to exist, are recognised in the income statement except when it is appropriate to record them directly in equity according to the criteria generally applicable to the assets in their specific rules.

f) Revenue recognition

Revenues from ordinary contributions are recognised on an accrual basis. The extraor-dinary expenditures and contributions are recorded, once agreed and in accordance with applicable regulations, directly in equity at the present value of expected cashing; subse-quent capitalization is also recorded as equity.

Interest on investments is recognised using the method of effective interest rate.

g) Collections and payments deferred in time

These are recognised by the amount resulting from the updating and financial capitali-zation of expected cash flows at market rates. In 2016 the annual rate applied to update is 3%, the same as in 2015.

h) Transactions with related parties

Transactions with related parties are carried out under market conditions and in accord-ance with the assumed commitments. The subsequent valuation is performed in accordance with the provisions of the relevant regulations.

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i) Impairments

Impairments are carried out on items where there is objective evidence that there have been circumstances that allow not assume the full recovery of the carrying amount of the assets.

j) Restructuring costs of credit institutions

The equity effect on the FGDEC arising as a result of restructuring or action plans of credit institutions, or other operation related to those, is charged to income in the year in which this occurs, counting with data resulting from agreements contained in specific op-erations and the best estimate of the effect of the acquired commitments. In the event that future events may modify these estimates, this variation in cost is recognized in the profit and loss account under the heading of extraordinary items.

k) Commitments with the employees

The commitments on supplementary pension of the staff entitled to such a benefit are outsourced to an insurance company.

l) Tax regime

There is an exemption from corporation tax, as required by Article 9.1.c) of the revised text of the Corporation Tax Act, and indirect tax exemption on grounds of acts and opera-tions that the FGDEC performs in fulfilling its purposes as determined in section 2.b) of Article 3 of Royal Decree-law 16/2011.

4. APPLICATION OF RESULTS

The surplus or deficit for the year is allocated to the equity fund.

5. FINANCIAL RISK MANAGEMENT

In compliance with the legal mandate of the FGDEC, the non-committed assets are materialise in government bonds or other assets of high liquidity and low risk.

6. RESTRUCTURING OR ACTION PLANS OF MEMBER ENTITIES AND EQUITY REBALANCING OF THE FGDEC

In addition to other very residual items arising from the restructurings of entities previ-ously carried out, the financial statements for the year 2016 show amounts related to: the

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assets arrived at the FGDEC in 2010 from the restructuring of the Caja de Ahorros de Castilla-La Mancha (CCM), represented by the participation of FGDEC in its subsidiary Inversiones Corporativas, SA; the EPA granted in 2010, 2011 and 2012 to Banco de Cas-tilla-La Mancha, SA (BdCLM), Banco CAM, SA, and Unnim Banc, SA, respectively; as-sets acquired in exercise of the right of first refusal from the members of the EPA portfolio granted to Banco CAM; rights and collection obligations relating to the sale of the shares of NCG Banco, SA, and Catalunya Banc, SA; and obligations and rights derived from the amounts guaranteed by the FGDEC to the depositors of Banco de Madrid, SAU.

On 3 November 2009, the Management Committee of the FGDCA approved the ac-tion plan for CCM, by which the assets of the company not integrated into the banking business or to the welfare fund were transferred to the FGDCA in an exchange for finan-cial support amounting to EUR 1,650 M in advance, establishing that, as compensation for the losses that may eventually result from it for the FGDCA, CCM (now CCM Founda-tion) would transfer a part of its share in the capital of BdCLM with a maximum of 15% of such capital.

The plan also included the granting to BdCLM of an EPA assuming the FGDCA for a period of five years, extendable to seven by agreement of the parties, the losses from a portfolio of assets of a predetermined amount of EUR 7,975 M, with provisions of EUR 1,496 M, once absorbed the provisions made for those assets in a maximum amount of EUR 2,475 M. On 2 December 2014, under the provisions of the plan, it was agreed to extend the deadline of the EPA for a period of two years, setting as effective termination date 31 December 2016.

At the date of preparation of these accounts, the process of calculating the final loss and liquidation of the EPA, as set forth in the regulation of the EPA and the addendum, is open; it is a process that includes valuation of the remaining covered portfolio by inde-pendent valuation experts, submission by BdCLM of its liquidation proposal, the conformi-ty or modification of said liquidation by the FGDEC and, where appropriate, the actions to resolve possible differences as established in the aforementioned contractual documents.

On 7 December 2011 the Management Committee of the FGDEC agreed to take part in the restructuring of Banco CAM, SA, assuming the following commitments:

a) Acquire the 100% capital of Banco CAM, SA, by subscribing one or more capital increases amounting to EUR 5,249 M, and then sell for one euro to Banco Sabadell, SA, the shares thus acquired.

b) To grant Banco CAM, SA, an EPA assuming the FGDEC, for a period of ten years from 31 July 2011, 80% of the losses on a portfolio of assets for a predetermined amount of EUR 24,644.3 M, with provisions of EUR 3,882.2 M, once absorbed the provisions made on those assets.

Such losses comprise those resulting from disposals of assets, repossessions, adjudications or other similar operations related to asset disposals and irreversible impairment revealed in the assets during the term of the EPA, as well as the rea-sonable estimated impairment in the protected portfolio to the due date of the EPA.

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After that date, and subsequently of an operation which reduced to zero the capital of Banco CAM, SA, on 15 December 2011, the FGDEC signed a first capital increase for an amount of EUR 2,800 M.

Following authorization by the competent authorities of the restructuring operation of Banco CAM, SA, on 1 June 2012, the FGDEC signed a second capital increase of EUR 2,449 M, selling then for one euro to Banco Sabadell, SA, the total subscribed shares of the capital of Banco CAM, SA.

On 7 March 2012 the Management Committee of the FGDEC agreed to take part in the restructuring of Unnim Banc, SA, assuming the following commitments:

a) Financially support the purchase by BBVA to the FROB of the entire share capital of Unnim Banc, SA, for the price of one euro, providing the necessary funds for the FROB to recover in the sales process the full amount of its participation in Un-nim Banc, SA, which amounted to EUR 953,263.8 t.

b) Grant to Unnim Banc, SA, an EPA assuming the FGDEC for a period of ten years from 31 October 2011, 80% of the losses on a portfolio of assets amounting to EUR 7,359.7 M with provisions of EUR 1,330.3 M, once absorbed the provisions made on those assets.

As in the EPA granted to Banco CAM, SA, such losses comprise those resulting from disposals of assets, repossessions, adjudications or other similar operations related to asset disposals and irreversible impairment revealed in the assets dur-ing the term of the EPA, as well as the reasonable estimated impairment in the protected portfolio to the due date of the EPA.

Following approval by the competent authorities of the restructuring operation of Unnim Banc, SA, on 27 July 2012, the purchase by BBVA to the FROB of the entire share capital of Unnim Banc, SA, was formalized, for the price of one euro. Next, in order that the FGDEC would compensate the losses of the FROB in the operation, the FROB granted the FGDEC a loan of EUR 953,263.8 t, amount of the loss, maturing on 1 March 2013, and the borrower ap-plied the loan to such compensation, giving the FROB a card payment by that amount, can-celling the FGDEC’s loss compensation commitment. On 1 March 2013, this loan was repaid.

In the case of assets from CCM, its accounting is carried out taking into account the book value of the subsidiary Inversiones Corporativas, SA. At 31 December 2016, the FGDEC participation in this society has an impairment of 100% of the cost.

The losses for the FGDEC that may arise from the EPA that have been granted to credit institutions are shown provisioned on basis of the reports issued by independent experts; in view of the situation of protected portfolios at year end, it has been estimated the total loss in each of them at the end of the corresponding EPA, responding the cover-age constituted at 31 December 2016 at the present value of the payments that is expect-ed to be assumed by the FGDEC in each EPA in order to cover part of the total loss ac-cording with the commitments assumed with each entity.

On 23 March 2013 was published the Royal Decree Law 6/2013 of 22 March, which modifies in its second article the fifth additional provision of Royal Decree-Law 21/2012,

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of 13 July, allowing the FGDEC to subscribe or acquire shares or debt of the Sareb and shares not admitted to listing of the entities that have transferred assets to the Sareb, thus allowing to provide liquidity to such shares received by holders in mandatory redemptions made within management exercises of hybrid capital instruments and subordinated debt performed in restructuring and resolution processes.

Under that provision, the FGDEC acquired in 2013 shares of NCG Banco SA and Cat-alunya Banc, SA. Both shares have been sold in 2014 and 2015, respectively.

In order to maintain a healthy financial position in the FGDEC, the mentioned amend-ed regulation established an extraordinary contribution of member entities equal to 3/1000 of their bases of contributions at 31 December 2012, divided in two tranches: a first tranche of the 40% being the FGDEC able to set a series of deductions depending on the size of each member entity, their contributions to the Sareb or the drawing of public funds, and would be settled to the FGDEC within 20 working days from 31 December 2013; and a second tranche, the remaining 60%, which would be paid from 1 January 2014, in a maximum of seven years, according to the payment schedule that would be set by the FGDEC.

In order to implement the payment of the first instalment of the said extraordinary con-tribution, on 22 November 2013 the Management Committee of the FGDEC agreed to adopt, within the framework of the powers conferred by the reference regulation, the de-ductions, thus materialising the amount of the first instalment by each member entity, for a total of EUR 233,790.8 t, recognised as greater equity of the FGDEC at the end of 2013 and paid by member institutions on 22 January 2014.

The first payment of the second tranche was paid by member institutions on 30 Sep-tember 2014, for a total of EUR 232,699.3 t. The Management Committee of the FGDEC, at its meeting of 17 December 2014 agreed that the remaining payment of the mentioned second tranche of the contribution will be done by making two disbursements of the same amount each (EUR 698,098 t), the first on 30 June 2015, and the second on 30 June 2016, so at the date of preparation of these annual accounts the FGDEC has no right of collection for this concept. As provided in the above regulation, the updated value of the second tranche of the extraordinary contribution was recognised as greater equity value of the FGDEC on 22 January 2014.

On 16 March 2015 the provisional administrators of Banco de Madrid, SAU, designat-ed the 12th of that month by the Bank of Spain, requested the bankruptcy of the entity. On 18 March 2015 the Bank of Spain, after consultation with the Management Committee of the FGDEC determined that, having produced non-payment of due and payable cash de-posits, for reasons directly arising from the financial situation of the institution, it was una-ble to return them in the immediate future, a situation that, under the provisions of Article 8.1.b) of Royal Decree-law 16/2011, the FGDEC was compelled to pay the guaranteed deposits to the entity clients.

Earlier that day, on 18 March 2015, the FROB agreed not to carry out a process of resolution of that entity. In turn, on 25 March 2015 the Commercial Court number 1 of Ma-drid declared voluntary bankruptcy of Banco de Madrid, SAU.

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Until 31 December 2016 and according to the information received from the Bankrupt-cy Administration of the company, the FGDEC had completed the communication process of informing to the clients of the entity the state of their accounts and their guaranteed amounts totalling EUR 125,734.6 t, (less than the amount of EUR 125,737.5 t reported on 31 December 2015 following the resolution of several incidents which in some cases re-sulted in a greater or lesser guaranteed amount), pending to inform guaranteed amounts to depositors totalling EUR 207.2 t (EUR 18.0 t in 2015), having satisfied until that date a total of EUR 122,695.2 t (EUR 118,974.3 t at 31 December 2015). The outstanding amount at the specified date, which could not have been paid because the depositors were untraceable or in disagreement to the data or other incidents managed by the Bank-ruptcy Administration, amounted to EUR 3,246.6 t (EUR 6,781.2 t in 2015) and is recog-nised as current liabilities (Note 22.4).

7. EVENTS AFTER THE REPORTING DATE

On 28 February 2017 the FGDEC has received from member institutions EUR 1,157,734.5 t, of which EUR 887,171.8 t are from the ordinary deposits guarantee com-partment and EUR 36,192.0 t from the ordinary securities guarantee compartment, both recognised as results for the year 2016 at their present value at 31 December 2016; and the remainder EUR 234,370.7 t, corresponds to the fifth annual disbursement of the ex-traordinary expenditures cited in notes 12.1 and 16.1 herein. The collection of this extraor-dinary expenditure, even if relevant to the financial situation of the FGDEC do not affect its equity situation, as they appear already registered as assets and as net equity in the bal-ance sheet and the surplus/deficit in the income statement. The difference between the amount of said fifth annual disbursement of the extraordinary expenditures and the nomi-nal amount of EUR 234,600 t foreseen in its day corresponds to member institutions to the FGDEC upon the approval of the expenditures that later were derecognised, paying the current value of their outstanding payments, and the amount of the annual fee of the ex-traordinary expenditure by Banco de Madrid, SAU, still pending collection.

On 28 February 2017 the FGDEC has made the second disbursement derived from the coverage granted by the EPA to Banco CAM, SA, amounting to EUR 981,921.6 t. In the FGDEC balance of 31 December 2016 it is recognised the present value of this amount as a current liability, as described in notes 20.1 and 22.3 of this report.

On 4 April 2017 the Managing Committee of the General Investments Guarantee Fund, SA informed the FGDEC that on 1 January 2017 had prescribed the right to claim compensa-tion from the General Investments Guarantee Fund (FOGAIN) of certain number of clients of the entities covered by Royal Decree 948/2001, of 3 August, detailed in note 20.5 of this re-port, reason why it estimates that the maximum amount of the indemnities to pay by that men-tioned date would amount to 732.5 t (EUR 731.3 t by FGDEC). This new information has meant that in 2017 at the date of preparation of these annual accounts the FGDEC had re-corded a recovery of the provision constituted by this concept in the amount of EUR 4,899.7 t.

No other significant events subsequent to 31 December 2016 that may affect FGDEC accounts, except as indicated above, are known.

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NOTES TO THE BALANCE SHEET

8. INTANGIBLE ASSETS

Corresponding to licenses for computer use, amortised over a period of four years.

9. PROPERTY, PLANT AND EQUIPMENT

It covers moveable goods, facilities, computer equipment and vehicles that have been acquired by the FGDEC or were transferred to it from the Management Committee upon its dissolution, for their net book value.

They are amortised over their estimated durability of eight years for movables and fa-cilities and in four years for computer equipment. On 28 December 2012 Law 16/2012, of December 27, was published and in its Article 9 states that property, plant and equip-ment, and real estate investments located in Spain and abroad may be updated. Evaluat-ed the potential accounting implications of the Law 16/2012, the FGDEC did not take ad-vantage of the mentioned Law on updating of balance sheet.

10. REAL ESTATE INVESTMENTS

Real estate investments relate to properties acquired in 2015 and 2016 and that are leased to third parties, while the ultimate goal of them is selling. Amortisation is based in the value of construction, and their estimated useful life in 50 years. The cost value amounts to EUR 1,800.4 t (EUR 1,699.2 t at 31 December 2015) and the accumulated depreciation to EUR 29.9 t. (EUR 3.9 t at 31 December 2015). The income derived from leasing amounted to EUR 351.3 t (note 26.6) (EUR 49.4 t in 2015, notes 14.4 and 24.2), pending collection at year end EUR 10.3 t (note 14.4).

The acquisition of said real estate derives from the exercise of the right of first refusal under the Protocol of 7 December 2011 regulated by the EPA granted to Banco CAM.

The movement in 2016, in thousands of euros, is as follows:

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Concepts Real Estate Investments

Cost at 31 December 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,699.2

Activation of notary and registration expenses . . . . . . . . . . . . . . . . 31.6

Net transfers Non-current assets for sale (note 13) . . . . . . . . . . . . 541.0

Sales of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (471.4)

Cost at 31 December 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,800.4

11. NON-CURRENT INVESTMENTS IN GROUP COMPANIES AND ASSOCIATES

The detail is as follows, in thousand euros:

Item 12.31.2016 12.31.2015

Company shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 673,015.3 673,015.3

Impairment shareholdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (673,015.3) (673,015.3)

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — —

Equity interests relates mainly to the acquisitions made in the action plan of CCM. This item has not had any movement in 2016. However, on December 27, 2016, the FGDEC, its indirect 100% subsidiary, Midamarta, SL, holding a share of Inversiones Corporativas, SA, and Liberbank, SA, entered into an agreement pursuant to which the latter granted a put option to the first two, and the former two to the latter an option to purchase in this re-spect the shares representing the capital of Inversiones Corporativas, SA, at an exercise price equal to the greater of one euro and its market value, to be exercised on 30 June 2020, or earlier in certain circumstances. It is estimated that this agreement does not im-ply any breach for the FGDEC.

The detail of the variation in 2015 was as follows, in thousands of euros:

Concepts Cost Impairment

AT 31.12.2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 673,025.3 (633,068.8)

Reduction of the cost of investment CCM Inmobiliaria del Sur, SA . . (10.0) —

Impairment provisions Inversiones Corporativas, SA (Note 26.13) . . — (39,956.5)

Derecognisement provision recovery CCM Inmobiliaria del Sur, SA . — 10.0

AT 31.12.2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 673,015.3 (673,015.3)

On 3 November 2015 was published in the Official Bulletin of the Commercial Registry the completion of the liquidation of the company CCM Inmobiliaria del Sur, SA, so the FGDEC derecognised its participation in it.

At 31 December 2016, the FGDEC has fully impaired the value of cost of its participa-tion in Inversiones Corporativas, SA, because at that date the equity of that company is negative.

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The composition of the balance sheet at 31 December 2016, which is unchanged from that at 31 December 2015, is as follows, in thousands of Euros:

Companies

2016

%direct holding

%Indirect holding

Costs Impairment

Inversiones Corporativas, SA . . . . . . . . . . . . 99.99 0.01 669,688.9 (669,688.9)

C. R. Aeropuerto, SL . . . . . . . . . . . . . . . . . . . 6.07 30.36 2,678.0 (2,678.0)

Ccm Inmobiliaria Centrum, SA . . . . . . . . . . . 0.01 99.99 10.0 (10.0)

Other Investees . . . . . . . . . . . . . . . . . . . . . . . 638.4 (638.4)

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 673,015.3 (673,015.3)

In 2016 there was no provision for impairment of the investees (EUR 39,946.5 t net in 2015), as they were already deteriorated to 100%.

The detail of direct and indirect holdings is attached in Annex 2.

12. NON CURRENT FINANCIAL ASSETS

The detail is as follows, in thousand of euros:

Items Notes 12.31.2016 12.31.2015

Credit entities. Extraordinary expenditure . . . . . . . . . . . . . . . . 12.1 1,068,233.2 1,264,413.7

Rights of reimbursement EPA . . . . . . . . . . . . . . . . . . . . . . . . . 12.2 2,475,000.0 2,475,000.0

Impairment reimbursement rights EPA . . . . . . . . . . . . . . . . . . 12.2 (2,475,000.0) (2,041,922.0)

Receivables for provided guarantees EPA . . . . . . . . . . . . . . . 12.3 7,107.3 8,638.7

Long term loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.4 77,017.8 161,781.3

Participatory rights BdCLM . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.5 24,818.3 46,484.0

Expenditures collection rights and contributions Banco de Madrid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.6 705.7 705.7

Payment receivables depositors Banco de Madrid . . . . . . . . . 12.7 65,983.2 125,755.5

National debt euro area . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.8 94,935.5 293,673.4

Cash deposits constituted guarantee Finland . . . . . . . . . . . . . 12.8 202,716.8 4,849.5

National debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.9 4,802,156.3 255,233.2

Subordinate debentures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.10 2,137.3 2,091.3

Credit entities investments . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.11 186.3 186.3

Other financial assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.12 345.7 55.9

Staff loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.13 251.4 126.6

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,346,594.8 2,597,073.1

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12.1. Credit entities. Extraordinary expenditure

The Management Committee of the FGDEC, at its meeting on 30 July 2012, agreed to make an extraordinary expenditure by the member institutions for a total amount of EUR 2,346,000 t, distributed according to the calculation basis of regular contributions at 31 December 2011, payable in ten equal annual instalments of EUR 234,600 t to be settled the same day as the ordinary contributions from 2013 to 2022, and may be deducted from the regular annual contribution of each entity up to the amount of their corresponding ordi-nary contribution.

At 31 December 2016 the nominal value of each of the outstanding annual instalments stood at EUR 234,370.7 t (EUR 234,525.5 t in 2015) (notes 16.1 and 24.1) as a result that entities members of the FGDEC upon the approval of the extraordinary expenditures have later deregistered, proceeding to pay the current value of their outstanding disburse-ments. It has also been discounted the amount of contributions for Banco de Madrid, SAU for having cancelled its commitments due to bankruptcy.

At 31 December 2016, the current value of outstanding receipts, using an annually dis-count rate of 3%, amounts to EUR 1,301,486.8 t (EUR 1,497,821.4 t at 31 December 2015); of this amount, EUR 233,253.6 t (EUR 233,407.7 t at 31 December 2015) are recog-nised as current assets corresponding to the payment which must be received on 28 Febru-ary of the following year (note 16.1) and the remaining amount of EUR 1,068,233.2 t is rec-ognised as long-term financial investments (EUR 1,264,413.7 t at 31 December 2015).

12.2. Reimbursement rights EPA

Among the aids referred to in the action plan of CCM is included a granting of an EPA to Banco de Castilla-La Mancha, SA (BdCLM), assuming the FGDEC the losses incurred in a predetermined assets portfolio over a period of five years from 31 December 2009, that could be extended under certain circumstances to seven years, once absorbed the constituted provisions and up to a maximum of EUR 2,475,000.0 t. On 2 December 2014 the BdCLM and the FGDEC signed an addendum to the regulations governing the EPA, extending its maturity in the two years provided therein, that is, until 31 December 2016, being foreseen its later settlement.

As expected in the action plan, the FGDEC created to that end a deposit in BdCLM for an amount of EUR 2,475,000.0 t, and at the end of the EPA the remaining amount result-ing from the liquidation of the incurred losses must be reimbursed by BdCLM.

At the end of 2016 BdCLM has reported its estimate of the losses in the portfolio sub-ject to the EPA at maturity in excess of the maximum limit covered by the FGDEC, as a result of which, as of 31 December 2016, the latter has accounted cautiously a provision equal to the aforementioned maximum of EUR 2,475,000.0 t, which would determine the absence of any remnant to be liquidated by the entity to the FGDEC. This provision is higher in EUR 433,078.0 t to the one constituted at 31 December 2015 (according to the estimate of loss then communicated by BdCLM the provision constituted was for EUR

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2,041,922.0 t), additional amount that has been provided with charge to results (in 2015 there was a reduction of EUR 95,021.0 t) (notes 20.3 and 26.4).

At the date of preparation of these accounts, the process of calculating the final loss and liquidation of the EPA, as set forth in the regulation of the EPA and the addendum, is open; it is a process that includes valuation of the remaining covered portfolio by inde-pendent valuation experts, submission by BdCLM of its liquidation proposal, the conformi-ty or modification of said liquidation by the FGDEC and, where appropriate, the actions to resolve possible differences as established in the aforementioned contractual documents.

12.3. Receivables for provided guarantees EPA

The EPA granted provide commissions that must be received by the FGDEC throughout its validity depending on the amount of the guarantee available, whose future collections are estimated annually in accordance with the best available information on the expected evolu-tion of each EPA. The variation for the financial year was as follows, in thousands of euros:

Concepts Banco CAM Unnim Banc Total

Initial balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,562.6 2,076.1 8,638.7

Invoicing corresponding to 2016 (note 14.1) . . . . . . . . . . . . . (1,604.5) (490.4) (2,094.9)

Changes on the estimated recovery (note 26.1) . . . . . . . . . . 272.6 31.7 304.3

Financial update(note 27) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 196.9 62.3 259.2

Final balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,427.6 1,679.7 7,107.3

The variation in 2015 was as follows, in thousands of euros:

Concepts BdCLM Banco CAM Unnim Banc Total

Initial balance . . . . . . . . . . . . . . . . . . . . . . . . 2,891.2 7,830.6 2,240.6 12,962.4

Invoicing corresponding to 2015 (note 14.1) — (1,684.0) (489.1) (2,173.1)

Changes on the estimated recovery(note 26.1) . . . . . . . . . . . . . . . . . . . . . . . . . . . — 181.1 257.3 438.4

Financial update (note 27) . . . . . . . . . . . . . . 86.7 234.9 67.3 388.9

Transfer to short term (note14.1) . . . . . . . . . (2,977.9) — — (2,977.9)

Final balance . . . . . . . . . . . . . . . . . . . . . . . . — 6,562.6 2,076.1 8,638.7

The EPA granted to BdCLM described in note 12.2 included an income for the FGDEC determined at 1.5% annual on the available loss coverage. Initially, the amount of the guaran-tee amounted to EUR 2,475,000.0 t; this amount has varied annually depending on the ac-cumulated amount of estimated losses and the provisions made for impairment of the portfo-lio according to information received from the BdCLM on the indicated provisions for impairment of the risks covered and, therefore, of the available coverage. In note 14.1 is indi-cated the incidence arising in connection with the billing and collection of this commission.

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Due to the fact that initially only the collection of commissions by the EPA of BdCLM at the beginning of each year up to and including 2014 was anticipated, by the end of 2013 the balance of this heading was totally cancelled with the issuance of the invoice to be col-lected at the beginning of 2014, the last year foreseen for the EPA, and also for the same reason the financial update of 2014 was nil. On 2 December 2014 was formalized the ex-tension of the EPA of BdCLM for two years until 31 December 2016 and it was recognised under this item the present value of the estimated additional commissions to be collected at the beginning of 2015 and 2016.

In addition, the EPA granted to Banco CAM, SA, and Unnim Banc, SA, include as con-sideration for the guarantee a commission of 0.01% on the available balance of the re-spective EPA.

The amount of the financial return rate at annual 3%, according to the temporary esti-mate of the collection of those fees, has been in 2016 of EUR 259,2 t; EUR 388.9 t in 2015 (note 27).

12.4. Long term loans

This item includes the present value of expected cash collections from the sale of the shares of FGDEC in NCG Bank, SA, with more than one year maturity (note 21.1).

12.5. Shareholding rights

Among the agreements signed in compliance with the CCM action plan it is included the sharing of a positive result that may result from the liquidation of the assets acquired by the FGDEC; this result is calculated by deducting from the reimbursements obtained by the FGDEC from assets, the amounts contributed by the FGDEC in the action plan of CCM, applying to the corresponding amounts a capitalization at Mid-swap rate prevailing on the date of each reimbursement and contribution.

If the result was negative, a scale will be applied depending on the amount, obtaining the FGDEC a percentage in the capital of the BdCLM from 5% to 15%.

Data at year-end 2016 give the FGDEC the right to a 15% stake in the share capital of BdCLM with an estimated value of EUR 24,818.3 t, less in EUR 21,665.7 to the calcula-tion at 31 December 2015, motivated by the equity decrease of the BdCLM compared to the previous year, deduced from its balance sheet. In 2015 there was a decrease of EUR 16,105.3 t (note 26.12).

12.6. Extraordinary expenditures collection rights and extraordinary contribution Banco Madrid

At 31 December 2015, under Article 146 of the Insolvency Act, the FGDEC qualified as expired the outstanding amounts of Banco de Madrid, SAU, in respect of the extraordi-

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nary expenditures, agreed by the Management Committee of the FGDEC at its meeting of 30 July 2012, and the extraordinary contribution established in Royal Decree Law 6/2013 because the entity was in bankruptcy (Notes 19.1 and 19.2). As of 31 December 2016, the FGDEC does not have additional information regarding the recoverability of these collection rights.

12.7. Depositors collection rights Banco Madrid

This item includes, at nominal value, the amount of guaranteed deposits to depositors of Banco de Madrid, SAU, according to information received from the Bankruptcy Admin-istration, pending collection by the FGDEC at 31 December 2016. On 29 July 2016, Ban-co de Madrid, SAU, paid the FGDEC an amount of EUR 59,958.6 t in order to reduce the payment obligation in respect of the guaranteed deposits paid to depositors of that entity, pay-ment obligation that has the ordinary credit rating in the bankruptcy of the entity.

In view of the information available on Banco Madrid at the date of preparation of these financial statements, there are no elements to determine the need for a provision to cover credit claims that the FGDEC holds on the entity. The valuation of the said credit rights will be revised with the new information on the patrimonial status of Banco de Ma-drid, SAU.

12.8. Public debt of the euro area and guarantee deposits made

On 16 July 2012, in order to facilitate the operation of European financial assistance for the recapitalization of Spanish banks under the terms provided in the fifth additional provision of Royal Decree-Law 21/2012, of July 13, and under paragraph 4 of that provi-sion, the FGDEC signed a guarantee in favour of the Republic of Finland pledging to make pledges for an amount equivalent to 40% of the risk assumed by that State in dis-bursements that would be made by the European Financial Stability Fund to the Kingdom of Spain. Subsequently, as a result of the definitive establishment of the European Stabili-ty Mechanism, on 28 November 2012 the FGDEC and the Republic of Finland signed an addendum to that contract in order to adapt to the new situation. The participation of the Republic of Finland in the European Stability Mechanism on 28 November 2012 was of 1.7974%.

In fulfilment of that commitment, on 28 November 2012 the FGDEC made a cash guarantee deposit amounting to EUR 283,759.1 t due to the first disbursement facilitated by the indicated Mechanism to the Kingdom of Spain. On 22 January 2013 a second con-tribution was made, amounting to EUR 13,408.6 t.

Since its constitution, and in accordance with the provisions of the signed contract, the indicated deposits with the interests produced are being invested in securities issued by Member States of the euro area with the highest credit rating less the portion that may appear as balance cash account, which is also open as guarantee in the custodian entity.

56

On 13 January 2013, under the made deposit, as provided in the signed contract EUR 283,756.4 t were invested in securities issued by the Member States of the euro area with the highest credit rating. In February 2013, the disbursement of the second contribution was invested in the same class of securities, up to a total of EUR 297,166.7 t. Subse-quently all the interests and depreciations collected have been reinvested.

In 2016 have been received EUR 6,564.4 t from the collection of coupons (EUR 9,052.8 t in 2015) and EUR 191,303.0 t at the maturity date of three investments (EUR 183,441.0 t in 2015), without the securitised having proposed new acquisitions of securi-ties, which, according to the terms of the guarantee, as of 31 December 2016, these funds were kept in the cash account opened in the custodian bank.

At 31 December 2016, the balance of cash guarantee deposit amounts to EUR 202,716.8 t (EUR 4,849.5 t in 2015) and the market value – minus the accrued coupon –of the securities in guarantee amounts to EUR 92,787.8 t (EUR 290,296.2 t at 31 Decem-ber 2015). Interest accrued at the same date amounted to EUR 2,147.7 t (EUR 3,377.2 t at 31 December 2015). The market value of these investments is less than the accounting cost in EUR 23.1 t (EUR 602.2 t in excess of the accounting cost at 31 December 2015) (note 19.3), which amount is included as an adjustment in equity. The classification of these investments in the long term corresponds to what is expected to happen before they can be released given the commitment assumed with the securitised. The detail of these securities at 31 December 2016 is as follows, in thousands of euros:

Titles-value 12.31.2016 Maturity

Dutch National Debt 2.50% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85,746.7 15.01.2017

Finnish National Debt 1.875% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,041.1 15.04.2017

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92,787.8

Accrued interests 2,147.7

TOTAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94,935.5

The detail of the mentioned securities in guarantee at 31 December 2015 was as fol-lows, in thousands of euros:

Titles-value 12.31.2015 Maturity

Finnish National Debt 1.75% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126.8 15.04.2016

Austrian National Debt 4% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104,686.0 15.09.2016

French National Debt 0.25% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,047.0 25.11.2016

Dutch National Debt 2.50% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88,242.7 15.01.2017

Finnish National Debt 1.875% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,193.7 15.04.2017

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290,296.2

Accrued interests 3,377.2

TOTAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 293,673.4

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It is estimated that the granting of this guarantee will not entail any losses for the FGDEC, so no coverage was made on it.

12.9. National debt

In this section are recognised investments in the Spanish National Debt with a residual maturity exceeding one year. The detail at 31 December 2016 is as follows, in thousands of euros

Titles-maturity ISIN CodeAmounts

at maturityCarryingamounts

Investments assigned to the deposits compartment

Bonds 4,50% maturity 1.31.2018 . . . . . . . . . . . . . . . . . . . ES00000123Q7 198,300.0 208,667.1

Bonds 0,25% maturity 4.30.2018 . . . . . . . . . . . . . . . . . . . ES00000127D6 281,775.0 283,860.1

Obligations 4,10% maturity 7.30.2018 . . . . . . . . . . . . . . . ES00000121A5 133,100.0 142,297.2

Bonds 0,25% maturity 1.31.2019 . . . . . . . . . . . . . . . . . . . ES00000128AD 748,320.0 755,399.1

Obligations 4,60% maturity 7.30.2019 . . . . . . . . . . . . . . . ES00000121L2 311,500.0 349,356.5

Obligations 4,30% maturity 10.31.2019 . . . . . . . . . . . . . . ES00000121O6 24,500.0 27,521.0

Obligations 4% maturity 4.30.2020 . . . . . . . . . . . . . . . . . . ES00000122D7 536,200.0 606,892.6

Bonds 1,15% maturity 7.30.2020 . . . . . . . . . . . . . . . . . . . ES00000127H7 705,270.0 732,966.0

Obligations 4,85% maturity 10.31.2020 . . . . . . . . . . . . . . ES00000122T3 1,406,635.0 1,660,701.4

Total deposits compartment . . . . . . . . . . . . . . . . . . 4,345,600.0 4,767,661.0

Investments assigned to the securities compartment

Bonds 1,15% maturity 7.30.2020 . . . . . . . . . . . . . . . . . . . ES00000127H7 2,690.0 2,795.6

Obligations 4,85% maturity 10.31.2020 . . . . . . . . . . . . . . ES00000122T3 26,850.0 31,699.7

Total securities compartment . . . . . . . . . . . . . . . . . 29,540.0 34,495.3

TOTAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,375,140.0 4,802,156.3

The breakdown of these investments at 31 December 2015 was as follows, in thou-sands of euros:

Titles-maturity ISIN CodeAmounts

at maturityCarryingamounts

Investments assigned to the deposits compartment

Bonds 3.8% maturity 31.1.2017 . . . . . . . . . . . . . . . . . . . . ES00000120J8 185,853.0 193,516.9

Obligations 4.85% maturity 31.10.2020 . . . . . . . . . . . . . . ES00000122T3 51,585.0 61,716.3

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 237,438.0 255,233.2

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At December 31, 2016, investments in Long-term Public Debt are classified in the avail-able-for-sale investment portfolio with changes in equity, with a market value of EUR 57,881.8 t in excess, included as an adjustment in net equity (EUR 123.1 t at 31 Decem-ber 2015) (note 19.3). Of the mentioned amount, EUR 57,327.9 t correspond to the depos-its guarantee compartment and EUR 553.9 t. to the securities guarantee compartment.

12.10. Subordinated debentures (net)

The balance of this item corresponds to perpetual debentures or to 99 years with zero interest acquired as aid for rehabilitation of savings banks in prior years.

The detail at 31 December 2016 is as follows, in thousands of euros:

Issuer entities SubscriptionDepreciation

fundNet amount

Perpetual debentures – Savings banks

M.P. and C.A. S. Fdo., Guadalajara, Huelva, Jerez and Sevilla (currently Caixabank) . . . . . . . . . . . . . . . . . . . . . . . . . 18,030.4 (17,850.1) 180.3

Caja de Ahorros del Mediterráneo (currently Banco Sabadell) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,025.3 (14,875.1) 150.2

Unicaja . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,040.5 (23,800.1) 240.4

Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,096.2 (56,525.3) 570.9

Debentures 99 years – Savings banks

M.P. and C.A. S. Fdo., Guadalajara, Huelva, Jerez and Sevilla (currently Caixabank) . . . . . . . . . . . . . . . . . . . . . . . . . 15,025.3 (13,458.9) 1,566.4

TOTAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,121.5 (69,984.2) 2,137.3

The detail at 31 December 2015 was as follow, in thousands of euros:

Issuer entities SubscriptionDepreciation

fundNet amount

Perpetual debentures – Savings banks

M.P. and C.A. S. Fdo., Guadalajara, Huelva, Jerez and Sevilla (currently Caixabank) . . . . . . . . . . . . . . . . . . . . . . . . . 18,030.4 (17,850.1) 180.3

Caja de Ahorros del Mediterráneo (currently Banco Sabadell) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,025.3 (14,875.1) 150.2

Unicaja . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,040.5 (23,800.1) 240.4

Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,096.2 (56,525.3) 570.9

Debentures 99 years – Savings banks

M.P. and C.A. S. Fdo., Guadalajara, Huelva, Jerez and Sevilla (currently Caixabank) . . . . . . . . . . . . . . . . . . . . . . . . . 15,025.3 (13,504.9) 1,520.4

TOTAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,121.5 (70,030.2) 2,091.3

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The difference between the balance of the item at 31 December 2016 (EUR 2,137.3 t) and at 31 December 2015 (2,091.3 t) corresponds to the lower depreciation of deben-tures to 99 years because of their nearer maturity, an increase of EUR 46.0 t (EUR 44.3 t in 2015) (note 27).

12.11. Shares in credit institutions

Originating in the exchange of perpetual special subordinated debt issued by Caja Es-paña de Inversiones, as set out in the resolution of the Governing Committee of the FROB of 16 May 2013, by which are agreed actions of recapitalization and management of hybrid instruments and subordinated debt under the Plan de Resolución de Banco de Caja España de Inversiones, Salamanca y Soria, SA (CEISS), the FGDEC became own-er of 1,992,595 shares of this entity. On 3 April 2014, the FGDEC made the exchange of the said shares of Banco CEISS for shares of Unicaja Banco, SA, to own, at 31 Decem-ber 2014, 483,158 shares of this entity (note 2 e).

Similarly, and originating in the exchange of perpetual subordinated debt issued by Caja Granada, as set out in the resolution of the Governing Committee of the FROB of 27 May 2013, by which it agrees to implement management actions of hybrid capital and subordinated debt in execution of the Plan de Reestructuración de Banco Mare Nostrum, SA (BMN), the FGDEC became the owner of 2,691,098 shares of this entity (note 2 e).

At 31 December 2016 these shares are recognised at the same net book value as the originating debentures as detailed below, in thousands of euros:

Entities%

sharesNumber

of sharesAmount

Unicaja Banco, SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.05 483,158 66.1

Banco Mare Nostrum, SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.17 2,691,098 120.2

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 186.3

At 31 December 2015 they were recognised for the same amounts.

12.12. Other financial assets

The detail of this item at 31 December 2016 is as follows, in thousands of euros:

Items Cost Impairment Net

Third debtors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,340.6 (34,340.6) —

Bonds and deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 518.8 (462.9) 195.8

Caja Extremadura (currently Liberbank, SA) . . . . . . . . . . . . . 2.3 (2.3) —

Caja de Ahorros de Ávila (currently Bankia, SA) . . . . . . . . . . 1.3 (1.3) —

Credit rights Aguas de Panticosa . . . . . . . . . . . . . . . . . . . . . . 149.9 — 149.9

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,152.8 (34,807.1) 345.7

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Third debtors. From the total amount, EUR 27,124.3 t are the resulting net balance (amount received minus the recovered plus expenses) of the allocation that the previous FGDEB made in 2003 before the Court of 1st Instance No 4 in Madrid, because of the particular claim of Mr. Domingo López Alonso, set by the court at the disposal of the men-tioned person, subsequently not recovered and object, since then, to the corresponding claim in court; the remaining amount of EUR 7,216.3 t responds to several remnant bal-ances deteriorated in full, in charge of that person and his corporate group. These balanc-es have not changed in recent years.

Bonds and deposits. This item includes: i) judicial allocations amounting to EUR 462.9 t, deteriorated to 100%, and ii) EUR 110.1 t in bonds paid by the FGDEC, mainly for leasing offices and parking spaces, and EUR 85.7 t of bonds deposited in official agencies for the lease of real estate registered under the heading of real estate invest-ments.

Credit rights Aguas de Panticosa: In 2016 and in the exercise of the right of first re-fusal on the assets covered by the EPA granted to Banco CAM, FGDEC has acquired certain credit rights over the company, Aguas de Panticosa, SA. As of 31 December 2016 this heading shows the part of the price paid.

At 31 December 2015, this section was as follows:

Items Cost Impairment Net

Third debtors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,340.6 (34,340.6) —

Bonds and deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 518.8 (462.9) 55.9

Caja Extremadura (currently Liberbank, SA) . . . . . . . . . . . . . 2.3 (2.3) —

Caja de Ahorros de Ávila (currently Bankia, SA) . . . . . . . . . . 1.3 (1.3) —

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,863.0 (34,807.1) 55.9

12.13. Staff loans

In this item are recognised the instalments with more than one year maturity of the loans granted to the employees amounting to EUR 251.4 t (EUR 126.6 t at 31 December 2015), with maturities up to the year 2024. In 2016 new transactions amounting to EUR 183.2 t were granted (EUR 41.1 t in 2015), of which EUR 4.5 t were classified in the short term, and EUR 53.9 t transferred to the short term (EUR 41.8 t in 2015) (note 16.9).

13. NON CURRENT ASSETS FOR SALE

This item recognises real estate owned by the FGDEC available for sale and not rent-ed to third parties. Of its balance, EUR 25,167.3 t (EUR 28,335.3 t at 31 December 2015)

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correspond to the price paid and costs associated with the purchase of real estate ac-quired in the exercise of the right of first refusal on the assets covered by the EPA granted to Banco CAM. The rest, amounting to EUR 146.0 t (same amount in 2015) come from the financial restructuring of other entities and are considered residual properties. The as-sets included in this section meet the requirements described in note 3.e) of these finan-cial statements.

The movements in this item during 2016 is as follows:

ConceptNon Current Assets

for Sale

Balance at 12.31.2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,481.3

Purchase of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 184.9

Activation VAT on purchase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.5

Activation of notary and registration expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 556.2

Net transfers to the heading Real Estate Investment (note 10) . . . . . . . . . . . . . . . . . . . . . (541.0)

VAT deductible for transfer to Real Estate Investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . (109.0)

Sales of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,285.6)

Balance at 12.31.2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,313.3

14. OTHER RECEIVABLES /PAYABLES

The detail is as follows, in thousands of euros:

Items Notes 12.31.2016 12.31.2015

Debtors fee EPA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.1 39,472.1 48,462.2

Debtors fee EPA (impairment) . . . . . . . . . . . . . . . . . . . . . . . . 14.1 (18,562.5) (18,562.5)

Debtors ordinary contributions . . . . . . . . . . . . . . . . . . . . . . . . 14.2 — 824.8

Public Administrations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.3 295.5 4,534.4

Other debtors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.4 71.9 137.3

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,277.0 35,396.2

14.1. Debtors fee EPA

Amounts receivable arising from the invoicing of fees to the beneficiary organizations of those granted EPA (note 12.3). The variation was as follows, in thousand of Euros:

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Concepts BdCLM Banco CAM Unnim Banc Total

Invoicing 2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,125.0 — — 37,125.0

Invoicing 2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,033.4 710.5 81.7 24,825.6

Complementary invoicing 2011 . . . . . . . . . . . . . . 2,297.6 — — 2,297.6

Invoicing 2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,404.8 1,688.7 490.4 17,583.9

Complementary invoicing 2012 . . . . . . . . . . . . . . 3,447.5 — — 3,447.5

Invoicing 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,178.8 1,684.0 489.1 10,351.9

Invoicing 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,896.2 1,684.0 489.1 11,069.3

Invoicing 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,698.4 1,684.0 489.1 9,871.5

Invoicing 2016 (note 27) . . . . . . . . . . . . . . . . . . . 8,978.1 1,604.5 490.4 11,073.0

Of which Present value at 12.31.2015 (note 27) . 8,912.1 — — 8,912.1

Uncontentious interests . . . . . . . . . . . . . . . . . . . . 1,021.4 — — 1,021.4

Provisions in advance . . . . . . . . . . . . . . . . . . . . . (79,704.0) (7,451.2) (2,039.4) (89,194.6)

Accrued interests. . . . . . . . . . . . . . . . . . . . . . . . . 4,184.2 — — 4,184.2

Provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,184.2) — — (4,184.2)

Final balance . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,377.2 1,604.5 490.4 39,472.1

At 31 December 2016, the BdCLM has not paid the invoice included in the table above for 2010, disagreeing with the procedure followed by the FGDEC for calculating the mentioned invoice. Because of this, the FGDEC filed a lawsuit before the ordinary courts seeking payment of that invoice plus interest for late payment, and confirmation regarding the system followed by the FGDEC for calculating the reference invoices. In this regard, the ruling of 30 December 2013 of Court of 1st Instance did not recognise the right of the FGDEC to collect that invoice.

Following the appeal by the FGDEC in 2014, on 8 June 2015 the Audiencia Provincial Civil of Madrid fully upheld the claim filed by the FGDEC; the ruling has been appealed before the Supreme Court (Tribunal Supremo) by the BdCLM so at 31 December 2015, is still maintained the provision recognised on 31 December 2013 of EUR 18,562.5 t, equiv-alent to 50% of the principal. The interests claimed for in the invoice are fully provisioned.

The balance as of 31 December 2016 corresponds to the principal of the 2010 com-mission object of claim, EUR 37,125.0 t, plus interest of delay corresponding to the invoic-es issued in the period 2013 by rectification of the information provided by the beneficiary entity, EUR 252.2 t.

14.2. Debtors by ordinary contributions

At 31 December 2015 this item reflects the balance amount by a member entity of the FGDEC that announced it would make an additional ordinary contribution to that held on 28 February 2014. This amount was paid on 26 April 2016.

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14.3. Public Administrations

It includes mainly the VAT that has to be received for 2016 and 2013, amounting to EUR 183.1 t and EUR 97.2 t, respectively.

14.4. Other debtors

It includes EUR 10.3 t (note 10) for property leasing of December 2015 recognised un-der “Real Estate Investments” pending payment at year end (EUR 49.4 t in 2015 – notes 10 and 24.2 –), EUR 2.0 t corresponding to various debtors for transactions with real es-tate and EUR 57,1 t corresponding to the balance, net of any impairment carried out, of unpaid invoices and other debts from items originating in rehabilitations made by the pre-vious guarantee funds banks, savings banks and credit unions (EUR 76.7 t in 2015); and the remainder of EUR 2.5 t (EUR 11.2 t in 2015), correspond to debtors from ordinary ac-tivities.

15. INVESTMENTS IN GROUP COMPANIES AND ASSOCIATES

It corresponds to the FGDEC receivables from subsidiaries, for loans acquired in reha-bilitation of credit institutions, and expenses paid on its own account. The detail and varia-tion in the year were as follows, in thousands of euros:

Concepts 12.31.2015 Debts(Collection

and condonation)12.31.2016

Personal secure loans . . . . . . . . . . . . . . . . 13,955.7 50.5 (5,787.6) 8,218.6

Accountable cost . . . . . . . . . . . . . . . . . . . . . . 13,955.7 50.5 (5,787.6) 8,218.6

Impairment . . . . . . . . . . . . . . . . . . . . . . . . . . (1,754.4) — 1,381.9 (372.5)

Net final balance (note 25.6) . . . . . . . . . . . 12,201.3 50.5 (4,405.7) 7,846.1

On December 27, 2016, the FGDEC notified to Inversiones Corporativas, SA, the de-cision of its Management Committee, adopted in view of its situation of imbalance and the negotiation process with BdCLM to restructure its debt, to completely extinguish the right of Credit of EUR 5,787.6 t and registered on that company and on the investees through Midamarta, SL and Planes e Inversiones CLM, SA, as a result of the service agreements formalised with the aforementioned companies on 3 October, 19 September and 10 Octo-ber 2011, respectively. The amount mentioned, net of the impairment indicated in the fol-lowing paragraph, resulted in a higher cost for the FGDEC (note 25.6).

Previously, as of 31 December 2015, the FGDEC had deteriorated 25% of the loans granted to Inversiones Corporativas, SA, amounting to EUR 1,379.6 t, and 100% of the loans granted to Planes and Inversiones CLM, SA, for an amount of EUR 2.3 t, due to the economic and financial situation of both companies. At the end of the year, the FGDEC has recovered this amount (note 25.6).

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Concepts 12.31.2014 Debts (Collection) 12.31.2015

Personal secure loans . . . . . . . . . . . . . . . . 13,096.7 1,890.3 (1,031.3) 13,955.7

Accountable cost . . . . . . . . . . . . . . . . . . . . . . 13,096.7 1,890.3 (1,031.3) 13,955.7

Impairment . . . . . . . . . . . . . . . . . . . . . . . . . . (372.5) (1,381.9) — (1,754.4)

Net final balance . . . . . . . . . . . . . . . . . . . . . 12,724.2 508.4 (1,031.3) 12,201.3

In 2015 the debts included EUR 966.1 t (EUR 798.5 t plus VAT) of the billing for servic-es rendered to managed companies, amount included in the write-off made in 2016 (note 24.2).

16. SHORT TERM FINANCIAL INVESTMENTS


Items Notes 12.31.2016 12.31.2015

Credit institutions. Extraordinary expenditures . . . . . . . . . . . . 16.1 233,253.6 233,407.7

Credit institutions. Extraordinary contributions . . . . . . . . . . . . 16.2 — 687,642.5

Ordinary contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.3 918,962.4 893,064.4

Short term loans FROB-NCG Banco, SA . . . . . . . . . . . . . . . . 16.4 50,201.3 28,540.5

National debt (Bills, bonds and Government bonds) . . . . . . . 16.5 795,285.3 4,115,765.6

National debt accrued interests . . . . . . . . . . . . . . . . . . . . . . . 16.6 59,887.5 59,296.7

Debtors by deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.7 126.8 7.0

Collection rights Banco de Madrid depositors . . . . . . . . . . . . 16.8 405.3 405.3

Staff loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.9 53.9 41.8

Other short term loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 —

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,058,176.4 6,018,171.5

16.1. Credit entities. Extraordinary expenditures

At 31 December 2016 the current value of the fifth collection of the extraordinary ex-penditure agreed on 30 July 2012 is a nominal EUR 234,370.7 t maturing on 28 February 2017. At 31 December 2015 reflected the nominal of the fourth collection due on 29 Feb-ruary 2016 amounting to EUR 234,525.5 t (notes 12.1 and 24.1). The difference between nominal amounts of the fifth and fourth collection is due to the instalments corresponding to entities of the FGDEC upon the approval of the extraordinary expenditures that have been removed before the fifth collection, paying then the current value of outstanding in-stalments.

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16.2. Credit institutions. Extraordinary contribution

On 30 June 2016 the member entities paid the last instalment of the extraordinary contribution regulated by Royal Decree Law 6/2013, with a nominal amount of EUR 697,852.6 t (note 19.2). At 31 December 2015 the said payment was recorded as current asset at its present value of EUR 687,642.5 t.

16.3. Ordinary contributions

At December 31, 2016, it records the present value of the ordinary contributions calculat-ed according to the calculation basis at 30 June 2016 for the contributions corresponding to the deposits compartment, and according to the calculation basis at 31 December 2016 for the contributions corresponding to the securities compartment, which the member entities paid to the FGDEC on 28 February 2017. From the present value of these contributions EUR 882,942.9 t correspond to the deposits compartment (EUR 857,661.5 t in 2015) and EUR 36,019.5 t to the securities compartment (EUR 35,402.9 t in 2015) (notes 24.1 and 27).

The nominal value of the said ordinary contributions during 2016 to the deposits com-partment and to the securities compartment amounted to EUR 887,171.8 t (EUR 861,827.5 t in 2015) and EUR 36,192.0 t (EUR 35,574.9 t in 2015), respectively (notes 24.1 and 27).

16.4. Short term loans FROB-NCG Banco, SA

This item recognises the present value of the expected collection on the sale of the FGDEC stake of NCG Banco, SA, with a maturity lower than a year. (Note 21.1).

16.5. National debt (treasury bills and government bonds)

Its content responds to purchases of treasury bills and government bonds with a matu-rity lower than a year assigned to the deposits guarantee compartment. The detail at 31 December 2016 is as follows, in thousands of euros:

Titles – maturity ISIN CodesAmount

at maturityAccountamount

Treasury bills maturity 5.12.2017 . . . . . . . . . . . . . . . . . . . ES0L01705125 150,000.0 150,225.6



Bonds 2,10% maturity 4.30.2017 . . . . . . . . . . . . . . . . . . . ES00000124I2 117,325.0 118,310.4

Bonds 3,80% maturity 1.31.2017 . . . . . . . . . . . . . . . . . . . ES00000120J8 185,853.0 186,451.5

Obligations 5,50% maturity 7.30.2017 . . . . . . . . . . . . . . . ES0000012783 147,212.0 152,358.4

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 788,110.0 795,285.3

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At 31 December 2016, bonds at 3.8% are classified in the investment portfolio to ma-turity and the remaining debt in the portfolio of investment available for sale with changes in equity, with their market value higher than book cost in EUR 325.1 t, which amount is included as an adjustment in equity (note 19.3).

The inventory of Treasury bills and bonds and debentures at 2015 with a term of less than one year and that was rated as portfolio at maturity was as follows, in thousands of euros:

Titles-maturity ISIN CodesAmount

to maturityAccountamount

Treasury bills maturity 2.19.2016 . . . . . . . . . . . . . . . . . . . ES0L01602199 1,068,355.0 1,067,278.2





Bonds 3,15% maturity 1.31.2016 . . . . . . . . . . . . . . . . . . . ES00000120G4 754,850.0 756,769.5

Bonds 3,25% maturity 4.30.2016 . . . . . . . . . . . . . . . . . . . ES00000122X5 1,183,900.0 1,196,192.7

Bonds 3,30% maturity 7.31.2016 . . . . . . . . . . . . . . . . . . . ES00000123W5 241,945.0 246,606.1

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,098,517.0 4,115,765.6


Concepts Amount

Balance at 12.31.2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.115,765.6

Acquisitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 795,285.3

Maturities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4.115,765.6)

Balance at 12.31.2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 795,285.3


Concepts Amount

Balance at 12.31.2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,838,048.5

Acquisitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,921,393.9

Maturities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,643,676.8)

Balance at 12.31.2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,115,765.6

16.6. National debt accrued interests

This item includes accrued interest not expired from financial investments in long and short term debts. At 31 December 2016 it shows a balance of EUR 59,887.5 t (EUR

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59,296.7 t in 2015), of which EUR 59,656.8 t correspond to the deposits compartment and EUR 230.7 t to the securities compartment. The variation in 2015 and 2016 was as follows, in thousands of euros:

Concepts 2016 2015

Initial balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,296.7 26,959.6

Coupon income in the acquisition . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,593.6 28,005.2

Accrued interests. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132,339.0 62,766.6

Accrued interests expired and collected . . . . . . . . . . . . . . . . . . . . . . . (186,341.8) (58,434.7)

Final balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,887.5 59,296.7

16.7. Debtors by deposits

As of 31 December 2016, it corresponds mainly to the allocation made by the FGDEC in the Provincial Court of Madrid to cover the liability that could derive from a claim of fees made by a solicitor.

16.8. Depositors collection rights Banco de Madrid

In April 2015 the FGDEC made the first payment of the guaranteed amounts to depos-itors of Banco de Madrid, SAU, based on the information then forwarded by the Bankrupt-cy Administration. Subsequently, the administration sent to the FGDEC new information on the balances held by customers of the entity which assumed, in some cases, a de-crease in the amounts guaranteed and paid by the FGDEC to their holders.

At 31 December 2016 this item includes the amount paid to depositors in excess with respect to the latest information available at year end, which is accounted as current as-sets as this concept has been qualified as a credit against the bulk on 23 December 2015, by the Commercial Court No. 1 of Madrid, which handles the bankruptcy of the enti-ty.

16.9. Staff loans

Under this item are recognised the instalments with a maturity of less than one year of loans granted to staff for EUR 53.9 t (EUR 41.8 t at 31 December 2015). In 2016 new op-erations were granted for an amount of EUR 4.5 t. (EUR 2.7 t at 31 December 2015), am-ortised operations amounting to EUR 46.3 t (EUR 48.8 t at 31 December 2015) and transferred from the long term EUR 53.9 t (EUR 41.8 t at 31 December 2015) (note 12.13).

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17. SHORT-TERM ACCRUAL/DEFERRALS

It corresponds to the accrual of annual insurance payments related to employees and the FGDEC real estate assets.

18. CASH AND CASH EQUIVALENTS

Freely available balances in credit institutions and in the Bank of Spain. Of the total cash, EUR 10,052.5 t correspond to the deposits compartment and EUR 1,634.2 t to the securities compartment. The composition is as follows, in thousands of euros:

Entities 12.31.2016 12.31.2015

Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 2.2

Bank of Spain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,681.4 29,853.1

Credit institutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,004.2 413.4

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,686.7 30,268.7

19. NET EQUITY

Net equity at 31 December 2016 is EUR 1,597,832.3 t, (EUR 1,022,323.7 t at 31 De-cember 2015) detailed as follows, in thousands of euros:

Concepts 12.31.2016 12.31.2015

INITIAL EQUITY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,022,323.7 1,366,348.1

Operating loss/profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 653,452.2 (243,578.5)

Financial loss/profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (184,729.2) (176,294.9)

SURPLUS (DEFICIT) FINANCIAL YEAR . . . . . . . . . . . . . . . . . . . . . 468,723.0 (419,873.4)

Surplus (deficit) deposits compartment . . . . . . . . . . . . . . . . . . . . . . . 432,241.2 (455,217.4)

Surplus (deficit) securities compartment . . . . . . . . . . . . . . . . . . . . . . 36,481.8 35,344.0

EXTRAORDINARY EXPENDITURES CREDIT INSTITUTIONS (note 19.1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,116.9 44,952.5

EXTRAORDINARY CONTRIBUTION 1ST & 2ND TRANCHESRD-L 21/2012 (note 19.2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,210.2 30,195.2

Variation of value of financial investments (Note 19.3) . . . . . . . . 57,458.5 701.3

INCREASE (DECREASE) IN EQUITYFINANCIAL YEAR . . . . . . . . . 575,508.6 (344,024.4)

FINAL EQUITY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,597,832.3 1,022,323.7

Final equity of deposits compartment . . . . . . . . . . . . . . . . . . . . . . . . . 1,525,452.6 986,979.7

Final equity of securities compartment . . . . . . . . . . . . . . . . . . . . . . . . 72,379.7 35,344.0

In section 3.2 of the annex 3 the equity historical development is detailed.

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19.1 Extraordinary expenditure

Note 12.1 details the source of the extraordinary expenditure. The total amount of pay-ments that would be collecting the FGDEC from the member institutions was EUR 2,346,000.0 t. Its equity accounting record at 31 December 2016 were as follows, in thou-sands of euros:

Concepts Amount

Nominal amount of recoveries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,346,000.0

Financial discount charges at 30 July 2012 . . . . . . . . . . . . . . . . . . . . . . . . . . (320,028.7)

Amount recognised in equity upon extraordinary expenditures approval . . . . 2,025,971.3

Capitalization pending charges recognised in equity 2012 . . . . . . . . . . . . . . 25,178.5





Amount recognised in equity at 31 December 2016 . . . . . . . . . . . . . . . . . 2,241,242.8

During 2016 two deregistered entities (another two in 2015 and also two in 2014) paid the current value of outstanding payments of the extraordinary expenditure. For that rea-son the amount the FGDEC will deposit at the end of the period for disbursing will be less than the nominal projected total of EUR 2,346,000.0 t, in an amount equal to the differ-ence between what would correspond the deregistered entities to pay but payed in ad-vance to the expiration date and the lower payment made because of the financial update applied for anticipating such payment.

In addition, at 31 December 2015 under Article 146 of the Insolvency Act the outstand-ing contributions of Banco de Madrid, SAU were transferred from “Credit institutions. Ex-traordinary expenditures” to “Collection rights extraordinary expenditures and contribution Banco Madrid” due to the entity being in bankruptcy and liquidation (Note 12.6).

19.2. Extraordinary contribution Royal Decree-Law 21/2012

On 23 March 2013 was published the Royal Decree-Law 6/2013 of 22 March, amend-ing the fifth additional provision of Royal Decree-Law 21/2012, of 13 July establishing that the annual contribution under Article 3 of Royal Decree 2606/1996, of 20 December, which has to be made by the member institutions on deposits at 31 December 2012 will be increased exceptionally, and only once, by 3/1000 additional; this increase must be paid in two tranches: a first tranche, equal to two fifths of the total increase, and must be fulfilled within 20 working days from 31 December 2013; and a second tranche, equivalent to the remaining three fifths has to be paid from 1 January 2014 in accordance with the payment schedule set by the Management Committee within a maximum period of seven years,

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and the second tranche amount will be recognised as assets of the FGDEC on the date the first instalment is settled.

The rule also provided that, in connection with the first tranche, the Management Committee of the FGDEC may, by resolution adopted by a majority of two thirds of its members: i) a shift to the second tranche of the corresponding contribution to this initial tranche up to 50%; ii) non-application of this tranche to the entities to which the ninth ad-ditional provision of Law 9/2012, of 14 November refers; iii) a deduction of up to 50% on contributions from member institutions whose basis does not exceed EUR 5,000 M; and iv) a deduction of up to 30% of the amounts invested by banks before 31 December 2013, in the subscription or acquisition of shares or subordinated debt instruments issued by the Sareb. All this so that the sum of the deductions provided for in paragraphs iii) and iv) above shall not exceed, in any case, 90% of the amount, depending on the balance of de-posits held at 31 December 2012, to be satisfied by each entity.

In order to implement the payment of the first instalment of the additional contribution, on 22 November 2013 the Management Committee decided to adopt, within the frame-work of the powers conferred on the reference regulation, the allowed by it deductions, materialising so the amount of the first instalment by each member entity, for a total of EUR 233,790.8 t, registered as greater equity of the FGDEC in 2013 and paid by member institutions on 22 January 2014.

The same day, 22 January 2014, the FGDEC recorded as greater equity an amount of EUR 1,474,189.8 t, equivalent to the present value of the expected collection of the sec-ond tranche, as established by this legislation, being considered for this purpose, in the absence of its realisation by the Management Committee of the FGDEC, that the men-tioned second tranche would be met in seven payments of the same amount disbursed yearly on 30 June from 2014 to 2020, inclusive. In this situation two entities resulted de-registered, paying the current value of their outstanding contributions for the second in-stalment.

Subsequently, the said Management Committee at its meeting on 10 June 2014, with-in the powers conferred by the specified regulation, set for 30 September 2014 the dis-bursement of the first payment of the second tranche of the extraordinary contribution, which was conducted on that date and amounted to EUR 232,699.3 t. Similarly, the same Management Committee at its meeting on 17 December 2014 established that the pay-ment of the remaining portion of the mentioned second tranche of the contribution will be made by two disbursements totalling EUR 698,098 t each, on 30 June 2015 and 30 June 2016.

At 31 December 2015 the amount recognised in equity for this concept is due both to the financial update of the last two payments, of 30 June 2015 and 2016, as to the effect on the update of the prepayments by the two deregistered entities in 2015, as indicated in note 19.1.

In addition, at 31 December 2015 under Article 146 of the Insolvency Act the outstand-ing contributions of Banco de Madrid, SAU, were transferred from “Credit institutions. Ex-traordinary expenditures” to “Collection rights extraordinary expenditures and contribution Banco Madrid” due to the Bank being in bankruptcy and liquidation (Note 12.6).

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As of December 31, 2016, the amount recorded in equity for this concept is due both to the financial update during the year of the last payment of June 30, 2016 and to the ef-fect on said updating of the advance payments made by the two entities deregistered in 2016 as indicated in note 19.1.

19.3. Adjustments for changes in value of financial investments

The adjustments for changes in value of financial investments in the financial year was as follows, in thousands of euros:

Concepts 2016 2015

Initial balance (notes 12.8 and 12.9) . . . . . . . . . . . . . . . . . . . . . . . . 725.3 24.0

National debt adjustment euro area (Note 12.8) . . . . . . . . . . . . . . . . (625.3) 578.2

National debt adjustment long term(Note 12.9) . . . . . . . . . . . . . . . . . 57,758.7 123.1

National debt adjustment short term (note 16.5) . . . . . . . . . . . . . . . . 325.1 —

Final balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,183.8 725.3

20. LONG TERM PROVISIONS


Concepts Notes 12.31.2016 12.31.2015

Disbursement provisions EPA Banco CAM, SA . . . . . . . . . . . 20.1 4,041,762.1 5,030,709.1

Disbursement provisions EPA Unnim Banc, SA . . . . . . . . . . . 20.2 1,484,077.3 1,576,993.1

Success fee provision EPA BdCLM . . . . . . . . . . . . . . . . . . . . 20.3 — 63,069.6

Asset management fee provision . . . . . . . . . . . . . . . . . . . . . . 20.4 61,258.6 71,350.3

Compensations (art. 74, Law 24/2001) . . . . . . . . . . . . . . . . . . 20.5 5,631.0 5,632.6

Commitments with staff . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.6 1,563.9 1,505.7

Other provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.7 468.1 468.1

Final balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,594,761.0 6,749,728.5

20.1. Disbursement provisions EPA Banco CAM, SA

Under the restructuring plan of Banco CAM, SA, the FGDEC granted an EPA to that entity (now absorbed by Banco Sabadell, SA), by which the FGDEC assumed, for a peri-od of ten years from 31 July 2011, 80% of the losses from a portfolio of assets of a prede-termined amount of EUR 24,644.3 M with provisions made by EUR 3,882.2 M, once ab-sorbed these provisions.

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The losses arising from the EPA are provisioned on basis of the estimates made by an independent firm of renowned experts at the end of each year, responding the coverage constituted to the present value of all payments expected to be made by the FGDEC by such reason.

Prior to the issuance of the guarantee, and in order to estimate the total loss of the protected portfolio throughout the term of the EPA, a report by external auditing firm was issued, quantifying the loss in EUR 5,557 M. Given the date of preparation of said report, it was considered that its estimate corresponded to the situation of the protected portfolio in 2011. As there is an accounting provision for this portfolio of EUR 3,882 M, the loss not covered would amount to EUR 1,675 M and, therefore, the loss for the FGDEC during the life of the EPA was estimated at EUR 1,340 M. The updated value of the latter amount at 3%, according to the expected payment dates, amounted at 31 December 2011 to EUR 1,145,468.9 t, a sum which was considered for the purposes of the cost of the restructur-ing of Banco CAM, SA.

At year-end 2012, the new independent expert report prepared according to the state of the protected portfolio to that date brought the total expected loss in the protected port-folio to EUR 7,589.3 M, so the estimated loss for the FGDEC during the term of the EPA increased by EUR 1,625,532.0 t, up to a total of EUR 2,965,726.9 t. The updated value of the latter amount at 3%, according to the expected payment dates, amounted at 31 De-cember 2012 to EUR 2,680,545.1 t.

The report of the independent experts, made in view of the situation of the protected portfolio at 31 December 2013, estimated a total loss during the term of the EPA of EUR 8,850.1 M, so the loss of the FGDEC was predicted to amount EUR 3,974,338.1, EUR 1,008,611.2 t higher than the estimated by the previous report, drawn up taking into ac-count the situation of the protected portfolio at year-end 2012. The updated portfolio value of the latter amount to 3%, according to the expected payment dates, totalled at 31 De-cember 2013, EUR 3,647,933.6 t.

The report of the independent experts, made in view of the situation of the protected portfolio at 31 December 2014, estimated a total loss during the term of the EPA of EUR 9,899.5 M, so the loss of FGDEC was predicted to amount EUR 4,813,890.1 t, EUR 839,552.0 t higher than the estimated by the previous report, drawn up taking into ac-count the situation of the protected portfolio at year-end 2013. The updated portfolio value of the latter amount at 3%, according to the expected payment dates, totalled at 31 De-cember 2014 EUR 4,551,091.0 t.

The report of the independent experts, made in view of the situation of the protected portfolio at 31 December 2015, estimated a total loss during the term of the EPA of EUR 11,701.1 M, so the loss by the FGDEC is projected to rise to EUR 6,255,166.1 t, EUR 1,441,276.0 t higher than the estimated by the previous report, drawn up taking into ac-count the situation of the protected portfolio at year-end 2014.

In turn, on 29 February 2016, the FGDEC made a first payment of EUR 825,875.3 t. as a result of the losses incurred declared up to 31 December 2015 by the EPA benefi-ciary entity. Clause 7.2 of the Protocol establishes that the effective date of payment of these losses is 28 February of each year. Taking into account that 28 February in 2016

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was Sunday and therefore the payment date would have been on 26 February, the FGDEC and the beneficiary entity agreed that the former would pay the latter the interest accrued from 26 February to 29 February, settlement date of the contributions of the member entities, at a rate equivalent to 0.68% per year, agreed between the parties and equal to the profitability of the placements in Public debt so that in this way the FGDEC should not disinvest, amount that amounted to EUR 46.1 t (Note 28).

The latest report of the independent experts, drawn up in view of the situation of the pro-tected portfolio at 31 December 2016, estimates a total loss in it during the lifetime of the EPA of EUR 11,272.0 M, which would result in a loss by the FGDEC of EUR 5,911,822.1 t, lower by EUR 343,344.0 t to that estimated by the previous report, made taking into ac-count the situation of the protected portfolio at the end of the financial year 2015.

However, according to the report, the estimation of the total loss is influenced by a significant reduction in the level of deterioration expected in the sub-portfolios of loans guaranteed with plots and awarded plots in relation to the appraisal values at the levels appreciated in previous reports issued by the same experts, due – according to the meth-odology followed – to the positive evolution observed in the sales of plots in 2016, while the level of deterioration expected in relation to the valuation values in other typologies of real estate presents values close to those considered in previous reports.

Due to this, and in anticipation that in the future the indicated positive evolution in sales may not persist, in order to constitute the corresponding provision, a total loss in the portfolio covered by the EPA of EUR 11,558.6 M is considered, greater than that conclud-ed in the aforementioned report issued by the experts in the amount of EUR 286.6 M, equal to the highest estimate of total loss that would have resulted from the existence of expected deterioration levels in said sub-portfolios in relation to the appraisal values simi-lar to those considered in previous reports issued by said experts, with a loss for the FGDEC of EUR 6,141,124.5 t.

Considering the expected dates of the payments that the FGDEC would still have to pay, the current value of the loss to be borne by the FGDEC at 31 December 2016 at a discount rate of 3% per year amounts to EUR 5,018,858.2 t.

This amount is lower by EUR 162,772.1 t (note 26.10) than the result of financial up-dating at 31 December 2016 the amount of EUR 5,030,709.1 t (note 28), which was cal-culated as the current value at 31 December 2015 of payments to be made by the FGDEC as from 31 December 2016 according to the experts’ report available at the end of 2015 and which was recorded as long-term coverage at 31 December 2015.

The current value of the payments thus estimated that the FGDEC should still make is recorded in current liabilities amounting to EUR 977,096.1 t (EUR 821,816.6 t in 2015) (note 22.3) and in non-current liabilities in the amount of EUR 4,041,762.1 t (EUR 5,030,709.1 t in 2015).

At the date of preparation of these annual accounts, the FGDEC has disbursed a total of EUR 1,807,796.9 t due to the coverage provided by the EPA, having made a first pay-ment of EUR 825,875.3 t in February 2016 and a second payment of EUR 981,921.6 t in February 2017 (note 7).

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20.2. Disbursement provisions EPA Banco Unnim Banc, SA

As a consequence of the restructuring of Unnim Banc, SA, the FGDEC granted an EPA to that entity (now absorbed by BBVA) by which the FGDEC would assume, during the period of ten years from 31 October 2011, the 80% of losses on a portfolio of assets of a predetermined amount of EUR 7,359.7 M, with provisions made by EUR 1,330.3 M, once absorbed these provisions.

The losses arising from the EPA are provisioned on basis of the estimates made by an independent firm of renowned experts at the end of each year, responding the constituted coverage to the present value of all payments expected to be made by the FGDEC by such reason.

In order to estimate the total loss of the protected portfolio throughout the term of the EPA, it was compiled a report issued by external experts on 25 February 2013 and 23 April 2013, which, based on the situation of the protected portfolio in late 2012, it quanti-fied the loss in EUR 2,578.0 M. As there is an accounting provision of this portfolio of EUR 1,330.3 M, the non-covered loss amounts to EUR 1,247.7 M, and the estimated loss for the FGDEC during the term of the EPA, to EUR 998.1 M. The updated value of the latter amount at 3%, according to the expected payment dates, would be, on the date of grant of the EPA, of EUR 866,258.0 t, a sum which was considered for the purposes of the restructuring cost of Unnim Banc, SA. The updated value of this amount at 3%, ac-cording to the expected payment dates, amounted at 31 December 2012, to EUR 885,676.6 t.

The report of the independent experts, made in view of the situation of the protected portfolio at 31 December 2013, estimated a total loss for the duration of the EPA of EUR 2,984 M, so the FGDEC loss predicted amounted to EUR 1,322,947.7 t, in EUR 324,847.7 t higher than the estimated by the previous report, drawn up taking into ac-count the situation of the protected portfolio at year-end 2012. The updated portfolio value of the latter amount at 3%, according to the expected payment dates, totalled at 31 De-cember 2013 EUR 1,201,165.4 t.

The report of the independent experts, made in view of the situation of the protected portfolio at 31 December 2014, estimated a total loss for the duration of the EPA of EUR 3,319 M, so the FGDEC loss was predicted to amount EUR 1,590,947.7 t, in EUR 268,000 t higher than the estimated by the previous report, drawn up taking into account the situation of the protected portfolio at year-end 2013. The updated portfolio value of the latter amount at 3%, according to the expected payment dates, totalled at 31 December 2014 EUR 1,487,829.8 t.

The report of the independent experts, made in view of the situation of the protected portfolio at 31 December 2015, estimated a total loss during the term of the EPA of EUR 3,497 M, so the loss by the FGDEC is projected to rise to EUR 1,733,347.7 t, in EUR 142,400 t higher than the estimated by the previous report, drawn up taking into account the situation of the protected portfolio at year-end 2014.

The latest report of the independent experts, drawn up in view of the situation of the pro-tected portfolio at 31 December 2016, estimates a total loss in it during the lifetime of the

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EPA of EUR 3,602 M, so the loss of the FGDEC is expected to amount to EUR 1,817,347.7 t, higher by EUR 84,000.0 t to that estimated by the previous report, made taking into ac-count the situation of the protected portfolio at the end of the financial year 2015.

Considering the expected timing of payments, the current value of the FGDEC loss at 31 December 2016 according to an annual discount rate of 3% amounts to EUR 1,688,707.7 t (EUR 1,576,993.1 t in 2015). This amount is EUR 64,404.9 t higher (note 26.11) than the result of financially updating at 31 December 2016 the amount of EUR 1,576,993.1 t (note 28), which was calculated on 31 December 2015 as the current loss value for that date of the FGDEC according to the report of the independent experts then available and listed as coverage at that time.

The current value of the estimated payments that should be made by the FGDEC is recorded in current liabilities amounting to EUR 204,630.4 t (note 22.3) and non-current li-abilities amounting to EUR 1,484,077.3 t (EUR 1,576,993.1 t in 2015)

Having received at the date of preparation of these annual accounts the liquidation of the beneficiary entity reporting the losses of the covered portfolio at 31 December 2016 for an amount that exceeds in EUR 259,596.4 t. the amount of provisions existing at 31 October 2011, the amount recorded in current liabilities corresponds to the current value of the payment of a nominal amount of EUR 207.677,1 t. that the FGDEC should make on 30 June 2017 in accordance with said settlement, at the expense of the amount that could finally result once the said liquidation is reviewed.

At the date of preparation of these annual accounts, the FGDEC has not yet disbursed any amount as a result of the coverage provided by the EPA, with the first of them being expected to be made on 30 June 2017.

20.3. Success fee provision EPA BdCLM

Among the commitments contemplated in the regulations governing the EPA of the BdCLM there is a fee, payable by the FGDEC to BdCLM at the end of the EPA based on the non-consumed part of the guarantee as an incentive to risk protected management and in order to maximize the return of the guarantee deposit provided by the FGDEC.

According to the latest information received from BdCLM, the estimated amount of re-turn of the deposit constituted in the entity by the EPA is nil, so that at 31 December 2016 the balance does not include a provision for this item (EUR 63,069.6 t in 2015). The pre-sent value at 31 December 2016 of the provision constituted in the previous year has been recorded as a positive result at the close of 2016 (notes 12.2, 26.2 and 28).

20.4. Assets management fee provision

Under the plan of action of CCM, services of divestment and management for main-taining the value of assets acquired by the FGDEC were entrusted to a management

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company under a contract of 3 December 2010 and for a period of seven years from that date being agreed a payment of a fixed annual fee and quarterly variable fees based on the value of assets under management.

Formalized agreements limit the liability of the FGDEC, regarding these bills and other payments already made by it, depending on the asset value of the assets received from CCM. The agreement also stipulates that the payment of invoices must be made in cash as long as the FGDEC received it as consideration for the realization of assets received from CCM. Otherwise, payment must be made by delivering part of the remaining assets received from CCM. Because of this, the FGDEC suspended cash payments in the third quarter of 2012 offering to the managing company to pay these fees in non-cash assets, which was not accepted by such management company.

In addition, in 2014, in view of the situation of such assets, it was estimated that the aforementioned limit of liability of the FGDEC would have already been exhausted with the satisfied bills before the third quarter of 2012, notwithstanding that in the future it could proceed a reconsideration of that fact in case of a recovery of the equity.

At the beginning of year 2015 IC carried out divestments that resulted in a recovery of the equity and the consequent revival of the FGDEC limit of liability for payment of invoic-es issued by the management company. However, at 31 December 2015 and after the ad-justments, based on the best information available, that the company has carried out a significant financial investment, the balance of IC has net negative own resources without reasonable prospect that the company can restore its balance sheet by ordinary activity, so that definitely is esteemed exhausted the limit of liability referred to the FGDEC, a situ-ation that remains at the end of 2016.

In this situation, after the disagreement of the management company to accept pay-ment of their bills in non-cash assets, last October 2015 the FGDEC filed for ordinary pro-ceedings in the Courts of Madrid in order to obtain the relevant resolution to determine the shape and limit of the referred payments, this action being followed by the filing by the mentioned management company of a counterclaim in relation to the matter.

Subsequently, on 27 December 2016, the FGDEC, the management company and its parent company, Liberbank, SA, agreed to terminate the management contract of 3 De-cember 2010 with effect from that date, as well as to maintain the dispute in relation to the form in which the FGDEC must pay the remuneration as consideration for the servic-es provided by the management company under the contract, a dispute that is the subject of the procedure followed before the Court of First Instance nº 6 of Madrid, process in which the FGDEC bears the status of counterclaimed complainant, the management company of counterclaiming defendant and Liberbank, SA, as of defendant.

At 31 December 2016, pending the corresponding court decision, and for reasons of prudence, the recorded cover includes items for EUR 61,258.6 t (EUR 71,350.3 t in 2015), amount equal to the principal of the invoices issued by the management company from the third quarter of 2012 up to 31 December 2016, unliquidated due to disagreement of the FGDEC with that society as to whether, in accordance with the commitments were to be addressed through payment in cash or by delivery of the remaining assets received at the time by the FGDEC from CCM, as well as the limit of liability of FGDEC.

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The variation of this provision in 2015 and 2016 was as follows, in thousands of euros:

Concepts Amount

Balance at 12.31.2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73,421.4

Financial update (note 28) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,011.0

Provision recovery (note 26.9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,082.1)

Balance at 12.31.2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71,350.3

Financial update (note 28) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 647.3

Provision recovery (note 26.9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10,739.0)

Balance at 12.31.2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61,258.6

20.5. Compensations (Art. 74, Law 24/2001)

Outstanding amounts resulting from the obligation under Article 74 of Law 24/2001 of 27 December, regarding the distribution rate between the FGDEC and the Fondo General de Garantía de Inversiones on compensations derived from the retroactive effect of the in-vestment guarantee system.

The variation is as follows, in thousands of euros:

Concepts 12.31.2016 12.31.2015

Provision 2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63,791.3 63,791.3

Provision 2004 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,773.1 15,773.1

Disbursements between 2002 and 2010 . . . . . . . . . . . . . . . . . . . . . . (64,920.0) (64,920.0)

Disbursements in 2011 (to10.15.2011) . . . . . . . . . . . . . . . . . . . . . . . . (53.4) (53.4)

Provisions cancellation reduction in 2011 (to 10.15.2011) . . . . . . . . . (8,813.2) (8,813.2)

Disbursements in 2011 (since 10.15.2011) . . . . . . . . . . . . . . . . . . . . (41.6) (41.6)

Disbursements in 2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (38.3) (38.3)




Disbursements in 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.6) —

Final balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,631.0 5,632.6

20.6. Commitments with staff

Among the agreements signed in 2000 on the occasion of the transfer of staff from FGDEB and FGDCC to the Management Company, remnant personnel that was trans-ferred in turn to the FGDEC in December 2012, it was included that the company would

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not assume the costs for possible compensations for dismissal of the personnel coming from the two deposits guarantee funds mentioned, so the possible amount of this was cal-culated at 30 June 2000, an amount that has been updated annually until 31 December 2011 and that with the dissolution of the Management Company has been transferred to the FGDEC. It also includes the current calculation of other commitments with employees whose expected costs will be accrued during their working life.

20.7. Other provisions

Provisions for contingent liabilities arising from past performances in credit institutions. They haven’t presented variation during the financial year.

21. LONG TERM DEBTS


Concepts Notes 12.31.2016 12.31.2015

Debt FROB-NCG Banco, SA . . . . . . . . . . . . . . . . . . . . . . . . . 21.1 55,422.9 109,788.1

Other creditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.2 1,763.8 1,709.6

Commitments to depositors . . . . . . . . . . . . . . . . . . . . . . . . . . 21.2 1,542.7 1,542.7

Other creditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 221.1 166.9

Final balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,186.7 111,497.7

21.1. Debt FROB-NCG Banco, SA

Under the fifth additional provision of Royal Decree-Law 21/2012, as amended by Arti-cle 2 of Royal Decree Law 6/2013, of 10 June the FGDEC announced an offer to acquire common shares of NCG Banco, SA, with certain considerations and conditions. As a re-sult of that offer, the FGDEC acquired 603,671,160 shares of NCG Banco, SA (Repre-senting 25.6% of its capital), for a total cost of EUR 802,364.1 t, while subscribing to the controlling shareholder of the entity, the FROB, certain agreements of partial coverage of the evolution of the value and the result of the sale of the stake.

As a result of the hedging contract on the involvement of the FGDEC in NCG Banco, SA, in 2013 a settlement was originated for a total of EUR 3,684.7 t by the FROB, which lowered the cost of such participation. A portion of such settlements of EUR 1,810.7 t was collected in 2014.

On 18 December 2013, the FROB announcedas the acquirer of a shareholding of 88.3% of NCG Banco, SA, after the study of the binding offers received in the corre-

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sponding sales process, , to Banco Etchevarría, SA (Banesco Group). As provided in Arti-cles 26.2 and 64.1.c of Law 9/2012 of 14 November, the referenced sales process includ-ed the shares owned by the FGDEC.

In view of the conditions of this operation and the estimated net receipts to be received by the FGDEC, at year-end 2013 was registered an impairment of EUR 577,379.4 t.

On 25 June 2014 the FROB announced the consummation of the transaction after ob-taining all the necessary authorizations. Subsequently it informed the FGDEC that the settlement of the transaction according to the formalization, according to which on 30 September 2014 it was recorded a greater impairment of EUR 1,154.0 t, in addition to the recorded on 31 December 2013 amounting to EUR 577,379.4 t, to adjust the amounts recognised at present value at the date of collections and payments foreseen in the oper-ation.

On 20 July 2015, the FROB informed the FGDEC a modification of the cost to be as-sumed by the latter, by increasing the value of the guarantees granted to the purchaser up to EUR 7,189.9 t, which has meant an estimated revenue reduction at 31 December 2014 by its current value of EUR 6,827.3 t. In the opposite way, the FROB has reported an advance payment on the recovery of deferred amounts that, by an increase in the cur-rent value of these, has led to the recognition of higher income amounting to EUR 36.7 t (note 26.8).

On 21 July 2016, the FROB notified the FGDEC of a new modification of the cost to be assumed by the FGDEC due to a reduction of the value of the guarantees granted to the buyer in EUR 2,231.7 t, as well as an advance on the scheduled dates for payment, which together has meant a reduction of the current value of the estimated payments in EUR 526.5 t. In the same communication, the FROB has also reported an increase of EUR 17,421.9 t of the amount to be paid by the latter to the FGDEC due to partial coverage of the evolution of the value and the result of the sale of the stake, with a current value of EUR16,857.9 t.

In addition, in 2016 there has been an advance on the estimated date in the collection of an amount of EUR 57.954,2 t corresponding to the deferred part of the sale price, which has meant an income of EUR 2,507.0 t in relation to the current value for which said amount was recorded at the time of collection.

The changes mentioned in the two previous paragraphs have resulted in an increase of revenues recorded in 2016 of EUR 19,891.4 t (note 26.8).

At 31 December 2016 the FGDEC had collected of this operation EUR 198,612.4 t (EUR 139,630.2 t in 2015), and an estimated of EUR 43,278.9 t is the expected present value of the net receipts thereof (EUR 80,533.7 in 2015), the result of charges to be re-ceived within a year with a current value of EUR 50,201.3 t (EUR 28,540.5 t in 2015) (note 16.4) and in longer term with a current value of EUR 77,017.8 t (EUR 161,781.3 t in 2015) (note 12.4), and payments to be made within the year with a current value of EUR 28,571.4 t. (note 22.5) and for a period longer than a year with a current value of EUR 55,422.9 t (EUR 109,788.1 t in 2015). The decrease in the present value of the expected net collections is due to what is indicated in the previous paragraphs.

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The financial capitalization of the present value of receipts and payments expected in 2016 for EUR 4,705.5 t (EUR 5,542.5 t in 2015) and EUR 2,871.7 t (EUR 3,048.4 t in 2015), respectively, are reflected in notes 27 and 28.

21.2. Other creditors

It corresponds to the amount of compensation for depositors in credit institutions, other than Banco de Madrid, SAU, which have not been claimed and deposits received for the lease of real estate registered in the heading Real estate investments.

22. SHORT TERM DEBTS

The detail of the balance at the end of the year is as follows, in thousands of Euros:

Concepts Notes 12.31.2016 12.31.2015

Creditors and other payables . . . . . . . . . . . . . . . . . . . . . . . . . 22.1 9,616.8 9,136.1

Public administrations payables . . . . . . . . . . . . . . . . . . . . . . . 22.2 186.0 329.7

Creditors payables EPA Banco CAM, SA . . . . . . . . . . . . . . . . 22.3 1,181,726.5 821,816.6

Commitments with depositors of Banco de Madrid . . . . . . . . 22.4 3,246.6 6,781.2

FROB-NGC Banco, SA, debt . . . . . . . . . . . . . . . . . . . . . . . . . 22.5 28,517.4 —

Creditors for pending disbursements . . . . . . . . . . . . . . . . . . . — 1.7

Final balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,223,293.3 838,065.3

22.1. Creditors and other payables

At 31 December 2016 this heading includes mainly EUR 8,273.4 t for the VAT of the unpaid invoices issued by the company that provides services to the FGDEC for the man-agement and divestment of assets acquired in the action plan of CCM for the amount of such invoices. According to the gathered information at the time of the elaboration of these annual accounts, it is estimated that according to the relevant arrangements it is responsi-bility of the FGDEC, without prejudice that the payment of the principal of such invoices should be made by delivery of assets received from CCM (note 20.4).

22.2. Public administrations payables

Includes amounts for the withholding on income tax and the contribution to Social Se-curity of December 2016, whose settlement has been submitted in 2017.

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22.3. Creditors payables EPA

At 31 December 2016, this item includes the present value of the payment made on 28 February 2017 for a total of EUR 977,096.1 t (EUR 821,816.6 t in 2015) related to the coverage of the protected portfolio by the EPA granted to Banco CAM. This payment is the second reimbursement made by the FGDEC in relation to said EPA (note 20.1).

At 31 December 2016, this item also includes the current value of the payment to be made by the FGDEC on 30 June 2017, for a sum of EUR 204,630.4 t corresponding to the liquidation presented by the beneficiary entity reporting the losses of the cov-ered portfolio at 31 December 2016, settlement which at the date of preparation of these accounts is being reviewed (note 20.2). As of the date of preparation of these annual accounts, the FGDEC has not yet disbursed any amount due to the coverage provided by this EPA.

22.4. Commitments with depositors of Banco de Madrid

In this item the outstanding amounts are reflected at 31 December 2016, in respect of guaranteed deposits to the depositors of Banco de Madrid, SAU, according to the infor-mation provided by its bankruptcy administrator, that have not been paid in the most part because of the absence or difficulty locating the depositors and, to a lesser extent, for having claimed their disagreement or due to other incidents managed by the Bankruptcy Administration (note 6).

22.5. FROB-NCG Banco, SA, debt

This item includes the current value of the expected payments related to the guaran-tees granted in the sale of the FGDEC stake in NCG Banco, SA, with a maturity of less than one year (note 21.1).

23. SHORT-TERM ACCRUAL/DEFERRAL

In the addendum to the Regulations governing the EPA, signed on 2 December 2014 between BdCLM and the FGDEC, it was agreed among other things, the payment of in-terest by BdCLM during the extension period as remuneration to the FGDEC for advanc-ing greater funds than the losses incurred on the covered portfolio.

From this agreement, in January 2015 BdCLM paid to the FGDEC the amount of EUR 6,057.5 t corresponding to the interests of the period from 1 January 2015 to 30 June 2016.

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At 31 December 2015 this account included mainly the advance payment of the men-tioned interest and not accrued to that date. At year-end 2015, the amount allocated to in-come amounted to EUR 4,042.0 t (note 26.3).

In 2016, BdCLM paid FGDEC interest for the period from 1 July 2016 to 31 December 2016, for an amount of EUR 819.8 t. This amount, together with the outstanding accrual amount at 31 December 2015 for this item (EUR 2,015.5 t) was recorded at the end of 2016 as higher income in the item Extraordinary Items (note 26.3).

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NOTES TO THE INCOME STATEMENTS

24. INCOME

24.1. Contributions from member entities

At its meeting on 15 July 2016, the FGDEC Management Committee set the annual contribution to the deposits guarantee compartment in an amount equal to 1.6 / 1000 of the guaranteed money deposits existing as of 30 June 2016, which would be calculated for each entity based on its guaranteed deposits and its risk profile, and the annual contri-bution to the securities guarantee compartment in an amount equal to 2/1000 of the 5/100 of the value at the last trading day of 2016 of the Securities deposited at 31 De-cember 2016, also determining that the disbursement of these contributions be made on the last business day of February 2017.

On 28 February 2017, the annual contributions of the member entities have been re-ceived. Also, on that date, the fifth maturity of the extraordinary expenditures has been settled. The amount entered on 28 February 2017 was EUR 1,157,734.5 t (EUR 1,131,927.9 t in February 2016), of which EUR 36,192.0 t (EUR 35,574.9 t in February 2016) correspond to the ordinary contribution to the securities guarantee fund and the rest – EUR 1,121,542.5 t (EUR 1,096,353 t in February 2016) – to the deposits guarantee compartment. In turn, of this last amount, EUR 887,171.8 t (EUR 861,827.5 t in February 2016) correspond to the ordinary contribution, and EUR 234,370.7 t (EUR 234,525.5 t in February 2016) to the entry of the fifth maturity of the extraordinary expenditures (notes 12.1 and 16.1). As of 31 December 2016, the current value of the ordinary contributions to the deposits compartment and the securities compartment amounted to EUR 882,942.9 t (EUR 857,661.5 t in 2015) and EUR 36,019.5 t (EUR 35,402.9 t in 2015), re-spectively (notes 16.3).

Additionally, in 2016 have been recorded in the profit and loss account complementary contributions to those made in prior years, for a net amount of EUR 61.1 t (EUR 230.7 t have been repayments made by the FGDEC to the entities, charged to the deposits com-partment, and EUR 291.8 t supplementary payments made by the entities, assigned to the securities compartment). At 31 December 2015, the additional contributions amount-ed to EUR 5,199.0 t, allocated entirely to the deposits compartment.

In paragraph 3.1 of Annex 3 is detailed the historical development of contributions from credit institutions to all deposits guarantee funds.

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24.2. Providing services

At 31 December 2016, this item does not present a balance due to the fact that the FGDEC has terminated the service contracts entered into with its investees Inversiones Corporativas, SA, Midamarta, SL, and Planes e Inversiones CLM, SA (note 15), and the results from leases of real estate owned by FGDEC, all acquired in the exercise of the right of first refusal on the assets covered by the EPA granted to Banco CAM, are recorded un-der the heading Extraordinary Items (Note 26.6).

At 31 December 2015 corresponded to the invoices for the services in management and administration provided by the FGDEC or rental to third parties of its assets. Of the total of EUR 871.1 t, EUR 798.5 t corresponded to services rendered to subsidiaries (note 15), EUR 49.4 t to leases of the FGDEC real estate (notes 10, 14.4 and 26.6) and EUR 23.2 t to fees for attending councils of its subsidiaries. All of these revenues are re-corded in the deposits compartment, as they come from the management of rehabilitation measures prior to 19 June 2015.

25. OPERATING EXPENSES


Concepts Notes 12.31.2016 12.31.2015

Staff costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.1 4,620.7 4,479.4

Professional services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.2 1,522.9 1,695.9

Maintenance expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.3 660.9 819.4

Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.4 7.6 (211.5)

Leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.5 501.2 435.8

Amortisation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.5 124.8 88.8

Impaired loans investees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.6 4,438.4 1,381.9

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,876.5 8,689.7

25.1. Staff costs

The breakdown of the staff costs is as follows, in thousands of euros:

Item 12.31.2016 12.31.2015

Wages and salaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,830.3 3,763.3

Social Security. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 612.4 564.5

Other social expenditure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 178.0 151.6

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,620.7 4,479.4

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Of the total staff costs EUR 4,502.7 t (EUR 4,432.4 t in 2015) corresponds to the de-posits compartment and EUR 118.0 t (EUR 47.0 t in 2015) to the securities compart-ment.

In 2016 the staff of the FGDEC was increased in 3 people, in order to meet the greater needs expressed in the functions entrusted to it. The “Other social expenditure” relates mainly to the accrual of employee life insurance premiums and contributions or insurance premiums paid by the staff pension funds to those entitled to such benefit.

The composition of staff at 31 December 2016, is as follows:

ClassificationAverage 2016 Total 12.31.2016

Men Women Total Men Women Total

Executives . . . . . . . . . . . . . . . . . . . . 2 2 4 2 2 4

Specialists . . . . . . . . . . . . . . . . . . . . 26 13 39 26 13 39

Administrative staff . . . . . . . . . . . . . 3 7 10 3 7 10

Total . . . . . . . . . . . . . . . . . . . . . 31 22 53 31 22 53

The composition of staff at 31 December 2015 was as follows:

ClassificationAverage 2015 Total 12.31.2015

Men Women Total Men Women Total

Executives . . . . . . . . . . . . . . . . . . . . 2 2 4 2 2 4

Specialists . . . . . . . . . . . . . . . . . . . . 23 13 36 23 13 36

Administrative staff . . . . . . . . . . . . . 3 7 10 3 7 10

Total . . . . . . . . . . . . . . . . . . . . . 28 22 50 28 22 50

In 2016 and 2015 the FGDEC has not recorded any costs related to per diems for the Management Commission.

At 31 December 2016 and 2015, there were not advances or loans, or either acquisi-tions of pension commitments, life insurance, or guarantees commitments to any previous or current members of the Management Committee of the FGDEC.

At 31 December 2016 the wages corresponding to the FGDEC’s senior management (CEO, CFO and General Counsel) totalled EUR 504.2 t and the cost of insurance premi-ums to EUR 12.8 t (EUR 489.0 t and EUR 13.6 t in 2015, respectively).

25.2. Professional services

It corresponds to the total cost of the services provided by lawyers, auditors, and nota-ries or similar.

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Of the total expenditures recognized at 31 December 2016 under this heading, EUR 1,519.9 t correspond to the deposits compartment and EUR 3.0 t to the securities com-partment (EUR 1,695.5 t and EUR 0.4 t in 2015, respectively).

25.3. Maintenance expenses

It includes costs of security, cleaning, repairs and also for publications, subscriptions and other minor expenses.

The distribution of these costs between the deposits and securities compartments amounted to EUR 648.8 t. and EUR 12.1 t, respectively.(EUR 815.2 t and EUR 4.2 t in 2015).

25.4. Taxes

At 31 December 2016 this item includes EUR 8.0 t (EUR 61.9 t in 2015) of expendi-tures of different taxes and an income of EUR 0.4 t (EUR 273.4 t in 2015) because of the pro-rata rule.

The distribution of this amount between the deposits guarantee compartment and se-curities guarantee compartment amount to EUR 7.4 t and EUR 0.2 t, respectively (EUR 213.4 t and EUR 1.9 t in 2015).

25.5. Leasing and amortisation

The expense recorded at 31 December 2016 in leases is distributed between the de-posits and securities compartments to EUR 488.4 t and EUR 12.8 t, respectively (EUR 431.4 t and EUR 4.4 t in 2015). The increase over the year 2015 is due mainly to the change in the deductible VAT coefficient.

Regarding depreciation and amortisation, EUR 122.1 t correspond to the deposits com-partment and EUR 2.7 t to the securities compartment (EUR 87.8 t and EUR 1.0 t in 2015).

25.6. Impaired loans to investees

Of the amount written on in 2016, EUR 4,405.7 t correspond to the amount recorded for the cancellation of the loans granted to Inversiones Corporativas, SA, to Midamarta, SL, and to Planes e Inversiones CLM, SA, net of the recovery of the impairment recorded at year-end 2015 due to the economic situation of both companies (note 15).

All of these costs have been recorded in the deposits compartment, as they come from the management of rehabilitation measures previous to 19 June 2015.

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26. EXTRAORDINARY ITEMS

Includes amounts from the positive and negative deviations from the initial estimates of the costs of the actions or restructuring plans of credit institutions.

The balance of this item corresponds to the deposits compartment since all rehabilita-tion originating it have occurred prior to 19 June 2015.

The detail in thousands of euros is as follows:

Concepts Notes 12.31.2016 12.31.2015

Guarantee fee EPA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.1 304.3 6,372.6

Success fee to pay EPA BdCLM . . . . . . . . . . . . . . . . . . . . . . . 26.2 64,961.7 —

Deposits interest EPA BdCLM . . . . . . . . . . . . . . . . . . . . . . . . 26.3 2,835.3 4,042.0

Refund rights EPA. BdCLM . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.4 — 95,021.0

Other extraordinary items . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.5 900.6 317.5

Results acquired assets EPA CAM . . . . . . . . . . . . . . . . . . . . . 26.6 2,017.2 —

Recovery Catalunya Banc, SA . . . . . . . . . . . . . . . . . . . . . . . . 26.7 1,031.4 8,641.0

Recovery NCG Banco, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.8 19,891.4 36.7

Asset management fee EPA BdCLM. . . . . . . . . . . . . . . . . . . . 26.9 10,739.0 3,085.1

Cost EPA Banco CAM, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.10 162,772.1 —

Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 265,453.0 117,512.9

Success fee to pay EPA BdCLM . . . . . . . . . . . . . . . . . . . . . . . 26.2 — (13,837.9)

Impairment refund rights EPA BdCLM. . . . . . . . . . . . . . . . . . . 26.4 (433,078.0) —

Rehabilitation NCG Banco, SA . . . . . . . . . . . . . . . . . . . . . . . . 26.8 — (6,827.3)

Participatory rights on BdCLM . . . . . . . . . . . . . . . . . . . . . . . . 26.9 — (1,097.9)

Cost EPA Banco CAM, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.10 — (1,164,902.0)

Cost EPA Unnim Banc, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.11 (64,404.9) (44,528.5)

Participatory rights in BdCLM . . . . . . . . . . . . . . . . . . . . . . . . . 26.12 (21,665.7) (16,105.3)

Impairment and provision changes . . . . . . . . . . . . . . . . . . . . . 26.13 — (4,238.1)

VAT sanctions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (0.5)

Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (519,148.6) (1,251,537.5)

TOTAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (253,695.6) (1,134,024.6)

26.1. Guarantee fees for granted EPA

It corresponds to the best estimate of the present value of the amounts expected to be received by the guarantees granted in each of the EPA in effect, according to the new es-timate of the amounts for which such charges will be settled.

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EPA corresponding fee 12.31.2016 12.31.2015

Banco de Castilla-La Mancha . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 5,934.2

Banco CAM, SA (Note 12.3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 272.6 181.1

Unnim Banc, SA (Note12.3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31.7 257.3

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 304.3 6,372.6

26.2. Success fee to pay EPA BdCLM

At December 31, 2016, it presents the lowest estimated amount of the present value of the success fee to pay for the highest estimated loss in this EPA compared to that esti-mated in fiscal year 2015 (note 20.3).

26.3. Deposits interest EPA BdCLM

Accrual of remuneration, by way of interests, paid by BdCLM to the FGDEC for the not disposed advance of the funds paid by the EPA granted to the entity, as stipulated in the signed addendum between the parties on 2 December 2014 (note 23).

26.4. Refund rights EPA BdCLM and impairment of refund rights EPA BdCLM

At 31 December 2016 it reflects the lower recovery expected by the FGDEC due to the increase in the estimated value of the EPA loss compared to the information existing at the beginning of the year (note 12.2).

At 31 December 2015 it reflected the higher expected recovery by the FGDEC by the estimated decrease in the value of the loss of the EPA regarding the existing information at the beginning of the year (note 12.2).

26.5. Other extraordinary income

At 31 December 2016 and 2015 corresponds to the recovered revenues during the fi-nancial year in judicial proceedings regarding the amounts provisioned in its day under Article 74 of Law 24/2001 of 27 December on fiscal, administrative measures and fiscal order (note 20.5).

26.6. Results acquired assets EPA CAM

As of 31 December 2016, this heading reflects the net result derived from (i) the com-mercialisation of EUR 3,790.9 t; (Ii) of the lease amounting to EUR 351.3 t (in 2015 EUR

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49.4 t, note 24.2); Iii) adjustment of the VAT pro rata per sale for the amount of EUR 88.4 t and expenses iv) for maintenance and taxes of EUR 2,213.4 t of the property acquired in exercise of the right of first refusal under the EPA Protocol granted to Banco CAM, SA (notes 10 and 13).

26.7. Recovery Catalunya Banc, SA

At 31 December 2016, it reflects the payment made by the FROB to the FGDEC in the year as a consequence of the lower estimated cost of the guarantees granted to the buyer and consequently the higher income obtained by the FGDEC in the sale of its participa-tion.

At 31 December 2015, it reflects the higher payment made by the FROB to the FGDEC due to the consummation of the operation, compared to the calculation made in 2014, and consequently the higher income obtained by FGDEC in the sale of its participation.

26.8. Rehabilitation NCG Banco, SA

On 21 July 2016, the FROB notified the FGDEC of a new modification of the cost to be assumed by the latter due to a reduction of the value of the guarantees granted to the buyer in EUR 2,231.7 t, as well as an advance on the scheduled dates for their payment, which together has meant a reduction of the current value of the payments estimated for such concept in EUR 526.5 t. In the same communication, the FROB has also reported an increase of EUR 17,421.9 t in the amount to be paid by the latter to the FGDEC due tothe agreement of partial coverage of the evolution of the value and the result of the sale of the stake, with a current value of EUR 16,857.9 t.

In addition, in 2016 there has been an advance on the estimated date for the collection of an amount of EUR 57,954.2 t corresponding to the deferred part of the sale price of the participation, which has meant an income of EUR 2,507.0 t in relation to the present val-ue for which said amount was recorded at the time of collection (note 21.1).

On 20 July 2015 the FROB has informed the FGDEC a modification of the cost to be as-sumed by it, due to an increase in the value of the guarantees granted to the purchaser in EUR 7,189.9 t, which has meant a reduction of the estimated revenue at 31 December 2014 by its current value of EUR 6,827.3 t (Note 21.1). To the contrary, the FROB has reported an advance in the recovery of deferred amounts increasing the current value of these, which has led to the recognition of higher income amounting to EUR 36.7 t (note 21.1).

26.9. Assets management fees EPA BdCLM

At 31 December 2016, this heading includes the recovery, made in 2016 of a portion of the provision for assets management fees, due to the resolution, on 27 December

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2016, with effect from that date, of the Management contract dated 3 December 2010 (note 20.4).

At 31 December 2015, this item includes: i) as higher income, the recovery made in the exercise of the Provision for assets management fees, estimating that the amount of the in-voices to be issued by the management company will be less than the estimated the previ-ous year (Note 20.4); and ii) as higher spending, the amount of non-deductible VAT by ap-plying the pro rata rule to the invoices issued by the assets management company from CCM’s rehabilitation that, according to the information available at the date of the elabora-tion of these financial statements, it is estimated that according to the contracts signed it would reach the FGDEC’s responsibility (note 22.1).

26.10. Cost EPA Banco CAM, SA

The allocation made at the end of each year corresponds to the difference between the result of capitalizing at 3% per annum the coverage existing at the end of the previous year, after deduction from the said coverage the present value that the payment, if it had been made, had at the end of the previous year, and the current value of the total cover-age required at the end of the financial year in question, in accordance with the latest es-timate made (note 20.1).

26.11. Cost EPA Unnim Banc, SA

The allocation made at the end of each year corresponds to the difference between the result of capitalizing at 3% per annum the coverage existing at the end of the previous year, after deduction from the said coverage the present value that the payment, if it had been made, had at the end of the previous year, and the current value of the total cover-age required at the end of the financial year in question, in accordance with the latest es-timate made (note 20.2).

26.12. Participatory rights in BdCLM

Decreased estimated value of participatory rights in BdCLM, which are quantified based on the equity value of the said entity (Note 12.5).

26.13. Impairment and provision changes

The detail of recovery and provisions is as follows, in thousands of euros:

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Concepts 31.12.2016 31.12.2015

Allocation Inversiones Corporativas, SA (Note 11) . . . . . . . . . . . . . . . — (39,956.5)

Net recoveries Inversiones Corporativas, SA . . . . . . . . . . . . . . . . . . . — 35,718.4

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (4,238.1)

In 2015, in addition to the accounting of the total impairment of the FGDEC sharehold-ing in Inversiones Corporativas, SA, for EUR 39,956.5 t, the release of the provision that the FGDEC had constituted at 31 December 2015 for EUR 35,718.4 t was also recorded to meet the general and financial expenses or other costs that it was estimated might be necessary to attend until the investment inherent to such participation was made.

27. FINANCIAL INCOME

From the total financial income recognised in 2016, EUR 22,698.4 t corresponds to the deposits compartment and EUR 319.3 t to the securities compartment (entirely to the de-posits compartment in December 2015) and its detail is as follows, in thousands of euros:

Concepts 12.31.2016 12.31.2015

Financial income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,601.0 4,663.7

Treasury bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.2 1,962.4

Bonds and State obligations interests . . . . . . . . . . . . . . . . . . . . . . . . 13,788.3 2,877.4

National debt euro area . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (245.3) (191.4)

Equity investments and other income . . . . . . . . . . . . . . . . . . . . . . . . . 44.8 15.3

Financial updates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,416.7 5,975.7

Assets financial update . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,416.7 5,975.7

TOTAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,017.7 10,639.4

In 2016 financial income from investments in treasury bills, government bonds, Nation-al debt and euro area debt amounted collectively to EUR 13,556.2 t (EUR 4,648.4 t in 2015).

In the same financial year, the financial update of assets corresponds to the income from the update at 3% of the estimated amount of fees to be charged from the EPAs granted, amounting to EUR 259.2 t (EUR 388.9 t in 2015) (note 12.3), EUR 66.0 t from fee update of the EPA granted to BdCLM (note 14.1), from the updating of the charges for the sale of NCG Banco, SA, amounting to EUR 4,707.5 t (EUR 5,542.5 t in 2015) (note 21.1), of the updating of charges for ordinary contributions collected on 28 February 2016 amounting to EUR 4,338.0 t (EUR 0.0 t in 2015) (note 16.3) and EUR 46,0 t of the update of the obligations of Caja de Ahorros de San Fernando, Guadalajara, Huelva, Jerez and Sevilla (EUR 44.3 t in 2015) (note 12.10).

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28. FINANCIAL COSTS

All financial expenses recorded in 2016 were allocated to the deposits compartment, and correspond to the financial update of financial liabilities at the rate of 3%, as are the estimates that have to be paid by EPA disbursements, the estimated amount to be paid for asset management and other minor liabilities, and the amounts payable to the FROB from the sale of NCG Banco, SA, due to the guarantees given by it to the buyer of the en-tity.

The EPA of Banco CAM, SA, has generated a financial cost of EUR 154,980.0 t after updating at 3% per annum the balance at the beginning of the year of EUR 5,030,709.1 t (EUR 136,532.7 t in 2015), and the updating of the balance at the beginning of the year of creditors for EPA CAM of EUR 821,816.6 t (Note 20.1) and the EPA of Unnim Banc, SA, has generated a financial cost of EUR 47,309.7 t after updating at 3% per annum the bal-ance at the beginning of the year of EUR 1,576,993.1 t (note 20.2) (EUR 44,634.8 t in 2015).

The breakdown of financial expenses is as follows, in thousands of euros:

Concepts 12.31.2016 12.31.2015

EPA Banco CAM, SA (note 20.1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 154,980.0 136,532.7

EPA Unnim Banc, SA (note 20.2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,309.7 44,634.8

Success fee of EPA BdCLM (note 20.3) . . . . . . . . . . . . . . . . . . . . . . . 1,892.1 1,434.0

Provision for asset management & other (note 20.4) . . . . . . . . . . . . . 647.3 1,011.0

Rebalance investee update . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 273.4

Update NCG Banco, SA (note 21.1) . . . . . . . . . . . . . . . . . . . . . . . . . . 2,871.7 3,048.4

Interest paid Banco CAM, SA, loss settlement 2015 (note 20.1) . . . . 46.1 —

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 207,746.9 186,934.3

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OTHER NOTES TO THE ANNUAL ACCOUNTS

29. INFORMATION ABOUT THE AVERAGE PAYMENT PERIOD TO SUPPLIERS. THIRD ADDITIONAL DISPOSAL, “DUTY OF DISCLOSURE”, OF LAW 15/2010,OF 5 JULY

The detail of the average payment period of 2016 and 2015, as well as the payments made during those years and the outstanding payments at 31 December 2016 and 2015, pursuant to the provisions of Law 15/2010, of 5 July, establishing measures to combat late payment is as follows, in days and thousands of Euros:

Concepts2016 2015

Days Days

Average payment period to suppliers . . . . . . . . . . . . . . . . . . . . . . . . 40 37

Ratio of paid operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 37

Ratio of outstanding payment transactions . . . . . . . . . . . . . . . . . . . . 13 33

Amount Amount

Total payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,649.8 3,081.4

Total outstanding payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 378.5 236.1

This information is presented as established in the only additional provision of the Resolution of 29 January 2016, of the Institute of Accounting and Auditing, on the infor-mation to be included in the notes to the financial statements in relation to the average period payment to suppliers in commercial transactions.

At 31 December 2016, the FGDEC had received several invoices from one supplier, of which several of them (for a total of EUR 60,926.2 t, including VAT) had not been paid, and they were issued before the period established in The Royal Decree-Law 4/2013, of 22 February, to support the entrepreneur and stimulate growth and job creation, due to the disagreement with that supplier as to whether, according to the contracts signed, said invoices should be settled in cash or by delivery of part of the remaining assets of those received by the FGDEC within the CCM’s action plan, and the said supplier has not ac-cepted the collection in such non-cash assets.

As a result of this, in order to obtain the pertinent resolution determining the form and the limit of the referenced payments, in October of 2015 the FGDEC filed a lawsuit in the

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courts of Madrid, followed by the presentation by the said provider of a counterclaim for the matter (note 20.4).

30. TAX SITUATION

The FGDEC has a tax exemption of corporate tax and indirect taxes that may accrue by reason of its constitution, its operation and acts and transactions undertaken in fulfil-ment of its purposes.

Having assumed the FGDEC possible obligations from the deposits guarantee funds dissolved and the managing company, it is reported that the last four years are pending inspection on taxes that may apply. In any case, it is estimated that the related liabilities, if they should occur, would not significantly affect the financial statements.

31. OTHER DISCLOSURES

The auditor of the entity is Grant Thornton, SLP. Audit fees for the year amount to EUR 44.0 t (EUR 44 t in 2015). At 31 December 2016 Grant Thornton, SLP, had invoiced other services amounting EUR 13.5 t (in 2015 it had not invoiced for any other services).

32. ENVIRONMENTAL IMPACT

They are considered minimal, and in any case, the environmental risks that may arise from the activity are adequately covered, and it is estimated that no additional liabilities will arise with this risk. In 2016 no expenses have been occurred for this item or environ-ment-related grants received.

Report issued on 8 May 2017.

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ANNEXES

Annex 1 Allocation of the annual accounts for 2016 to deposits guarantee and securities guarantee compartments.

Annex 2 List of shareholdings at 31 December 2016.

Annex 3 Historical series of contributions, assets and investments.

Annex 4 Credit institutions members at 31 December 2016.

Annex 5 Rehabilitation or restructuring operations of credit institutions.

Annex 6 Legislative index.

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ANNEX 1

ALLOCATION OF THE ANNUAL ACCOUNTS FOR 2016 TO DEPOSITS GUARANTEE AND SECURITIES GUARANTEE COMPARTMENTS

BALANCE SHEET

Thousands of euros

Assets Notes

Deposits guarantee compartment

Securities guarantee compartment

12.31.2016 12.31.2015 12.31.2016 12.31.2015

NON CURRENT ASSETS

Intangible assets . . . . . . . . . . . . . . . . . . . . . 8 123.9 13.2 — —

Property, plant and equipment . . . . . . . . . 9 272.5 284.4 — —

Real estate investments . . . . . . . . . . . . . . . 10 1,770.5 1,695.3 — —

Non-current investments in Group companies & associates . . . . . . . . . . . . . . 11 — — — —

Shareholdings . . . . . . . . . . . . . . . . . . . . . . . . 11 673,015.3 673,015.3 — —

Impairment shareholdings . . . . . . . . . . . . . . . 11 (673,015.3) (673,015.3) — —

Non-current financial assets . . . . . . . . . . . 12 6,312,099.5 2,597,073.1 34,495.3 —

Credit entities. Extraordinary expenditure . . . 12.1 1,068,233.2 1,264,413.7 — —

Reimbursement rights EPA . . . . . . . . . . . . . . 12.2 2,475,000.0 2,475,000.0 — —

Impairment reimbursement rights EPA . . . . . 12.2 (2,475,000.0) (2,041,922.0) — —

Receivables for provided guarantees EPA . . 12.3 7,107.3 8,638.7 — —

Long term loans . . . . . . . . . . . . . . . . . . . . . . 12.4 77,017.8 161,781.3 — —

Participatory rights . . . . . . . . . . . . . . . . . . . . 12.5 24,818.3 46,484.0 — —

Extr. expenditure & contribution collectionrights Banco Madrid . . . . . . . . . . . . . . . . . . . 12.6 705.7 705.7 — —

Depositors collection rights Banco Madrid . . 12.7 65,983.2 125,755.5 — —

Public debt euro area . . . . . . . . . . . . . . . . . . 12.8 94,935.5 293,673.4 — —

Guarantee deposits made . . . . . . . . . . . . . . . 12.8 202,716.8 4,849.5 — —

National debt . . . . . . . . . . . . . . . . . . . . . . . . . 12.9 4,767,661.0 255,233.2 34,495.3 —

Subordinate debentures (net) . . . . . . . . . . . . 12.10 2,137.3 2,091.3 — —

Shares in credit institutions . . . . . . . . . . . . . . 12.11 186.3 186.3 — —

Other financial assets . . . . . . . . . . . . . . . . . . 12.12 345.7 55.9 — —

Staff loans . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.13 251.4 126.6 — —

Total non-current assets . . . . . . . . . . . 6,314,266.4 2,599,066.0 34,495.3 —

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Assets Notes

Deposits guarantee compartment

Securities guarantee compartment

12.31.2016 12.31.2015 12.31.2016 12.31.2015

CURRENT ASSETS

Non-current assets for sale . . . . . . . . . . . . 13 25,313.3 28,481.3 — —

Debtors and other account receivables . . 14 21,277.0 35,396.2 — —

Investments in Group companies & associates . . . . . . . . . . . . . . . . . . . . . . . . . . 15 7,846.1 12,201.3 — —

Short term financial investments . . . . . . . 16 2,021,926.2 6,018,171.5 36,250.2 35,402.9

Credit entities. Extraordinary expenditure . . .16.1

& 12.1 233,253.6 233,407.7 — —

Credit entities. Extraordinary contributions . . 16.2 — 687,642.5 — —

Ordinary contributions . . . . . . . . . . . . . . . . . . 16.3 882,942.9 857,661.5 36,019.5 35,402.9

Short term loans FROB-NCG Banco, SA . . . 16.4 50,201.3 28,540.5 — —

National debt . . . . . . . . . . . . . . . . . . . . . . . . . 16.5 795,285.3 4,115,765.6 — —

National debt accrued interests . . . . . . . . . . 16.6 59,656.8 59,296.7 230.7 —

Deposits receivables . . . . . . . . . . . . . . . . . . . 16.7 126.8 7.0 — —

Depositors collection rights Banco Madrid . . 16.8 405.3 405.3 — —

Staff loans . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.9 53.9 41.8 — —

Other short term loans . . . . . . . . . . . . . . . . . 0.3 — —

Short term accrual/deferrals . . . . . . . . . . . 17 37.6 52.7 — —

Cash & cash equivalents . . . . . . . . . . . . . . 18 10,052.5 30,268.7 1,634.2 —

Total current assets . . . . . . . . . . . . . . . 2,086,452.7 6,089,168.8 37,884.4 35,402.9

TOTAL ASSETS . . . . . . . . . . . . . . . . . . . 8,400,719.1 8,688,234.8 72,379.7 35,402.9

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BALANCE SHEET

Thousands of euros

Equity and liabilities Notes

Deposits guaranteecompartment

Securities guaranteecompartment

12.31.2016 12.31.2015 12.31.2016 12.31.2015

EQUITY

Own funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 1,467,822.7 1,021,598.4 71,825.8 —

Equity fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 986,254.4 1,366,324.1 35,344.0 —

Extraordinary expenditure . . . . . . . . . . . . . . . . . . 19.1 39,116.9 44,952.5 — —

Extraordinary contribution . . . . . . . . . . . . . . . . . . 19.2 10,210.2 30,195.2 — —

Surplus (deficit) financial year . . . . . . . . . . . . . . . 432,241.2 (455,217.4) 36,481.8 35,344.0

Adjustments for value changes financial investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.3 57,629.9 725.3 553.9 —

Of which National Debt long term . . . . . . . . . . 19.3 57,327.9 — 553.9 —

Of which National Debt short term . . . . . . . . . 19.3 325.1 — — —

Of which Debt zone euro . . . . . . . . . . . . . . . . . 19.3 (23.1) — — —

Total net equity . . . . . . . . . . . . . . . . . . . . . . 1,525,452.6 986,979.7 72,379.7 35,344.0

NON-CURRENT LIABILITIES

Long term provisions . . . . . . . . . . . . . . . . . . . . 20 5,594,761.0 6,749,728.5 — —

Disbursement provision EPA Banco CAM . . . . . 20.1 4,041,762.1 5,030,709.1 — —

Disbursement provision EPA Unnim Banc . . . . . 20.2 1,484,077.3 1,576,993.1 — —

Success fee provision EPA BdCLM . . . . . . . . . . 20.3 — 63,069.6 — —

Assets management fee provision . . . . . . . . . . .20.4 61,258.6 71,350.3 — —

Compensations (Art. 74, Law 24/2001) . . . . . . . 20.5 5,631.0 5,632.6 — —

Commitments with staff . . . . . . . . . . . . . . . . . . . . 20.6 1,563.9 1,505.7 — —

Other provisions . . . . . . . . . . . . . . . . . . . . . . . . . 20.7 468.1 468.1 — —

Long term debts . . . . . . . . . . . . . . . . . . . . . . . . 21 57,186.7 111,497.7 — —

Debt FROB-NCG Banco, SA . . . . . . . . . . . . . . . 21.1 55,422.9 109,788.1 — —

Other creditors . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.2 1,763.8 1,709.6 — —

Total non-current liabilities . . . . . . . . . . . . 5,651,947.7 6,861,226.2 — —

100

Equity and liabilities Notes

Deposits guaranteecompartment

Securities guaranteecompartment

12.31.2016 12.31.2015 12.31.2016 12.31.2015

CURRENT LIABILITIES

Short terms debts . . . . . . . . . . . . . . . . . . . . . . . . 22 1,223,293.3 838,065.3 — —

Creditors and other payables . . . . . . . . . . . . . . . 22.1 9,616.8 9,136.1 — —

Public administrations payables . . . . . . . . . . . . . 22.2 186.0 329.7 — —

Creditors payables EPA . . . . . . . . . . . . . . . . . . . . 22.3 1,181,726.5 821,816.6 — —

Commitments with depositors of Banco de Madrid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.4 3,246.6 6,781.2 — —

Debt FROB-NCG Banco, SA . . . . . . . . . . . . . . . 22.5 28,517.4 — — —

Creditors for pending disbursements . . . . . . . . . — 1.7 — —

Trade and other payables . . . . . . . . . . . . . . . . . 25.5 6.0 — —

Short-term accrual/deferrals . . . . . . . . . . . . . . 23 — 2,016.5 — —

Interfunding between compartments . . . . . . . — (58.9) — 58.9

Total current liabilities . . . . . . . . . . . . . . . . 1,223,318.8 840,028.9 — 58.9

Total liabilities . . . . . . . . . . . . . . . . . . . . . . . 6,875,266.5 7,701,255.1 — 58.9

TOTAL EQUITY AND LIABILITIES . . . . . . . 8,400,719.1 8,688,234.8 72,379.7 35,402.9

101



INCOME STATEMENT

Thousands of euros

Continuing operations NotesDeposits guarantee compartment

Securities guarantee compartments

12.31.2016 12.31.2015 12.31.2016 12.31.2015

Income . . . . . . . . . . . . . . . . . . . . . . . . . . 24 882,712.2 863,731.6 36,311.3 35,402.9

Contributions from member institutions . . 24.1 882,712.2 862,860.5 36,311.3 35,402.9

Of which ordinary contributions . . . . . . 24.1 882,942.9 857,661.5 36,019.5 35,402.9

Of which extraordinary contributions . . 24.1 (230.7) 5,199.0 291.8 —

Provided services . . . . . . . . . . . . . . . . . . 24.2 — 871.1 — —

Operating expenses . . . . . . . . . . . . . . . 25 (11,727.7) (8,630,8) (148.8) (58.9)

Outcome disposal of assets and other income . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 1.3 — —

Extraordinary items . . . . . . . . . . . . . . . . 26 (253,695.6) (1,134,024.6) — —

Management results . . . . . . . . . . . . . . . . . 617,289.7 (278,922.5) 36,162.5 35,344.0

Financial income . . . . . . . . . . . . . . . . . . 27 22,698.4 10,639.4 319.3 —

Financial loss . . . . . . . . . . . . . . . . . . . . . 28 (207,746.9) (186,934.3) — —

Financial results . . . . . . . . . . . . . . . . . . . . (185,048.5) (176,294.9) 319.3 —

RESULT OF CONTINUING OPERATIONS . 432,241.2 (455,217.4) 36,481.8 35,344.0

SURPLUS (DEFICIT) FINANCIAL YEAR . 432,241.2 (455,217.4) 36,481.8 35,344.0

103


ANNEX 2

LIST OF SHAREHOLDINGS AT 31 DECEMBER 2016

Entities - Direct and indirect holdings above 10% % shares

Angalia Tour Operador, SA (in liquidation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.00

CCM Conecta, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.00

CCM Iniciativas Industriales, SL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.00

CCM Inmobiliaria Centrum, 2004, SL (in liquidation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.00

CCM Servicios Turísticos, SA (in liquidation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.00

Empresa Constructora Cantabria, SA (in liquidation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.00

Explotaciones Forestales y Cinegéticas Alta-Baja, SAU . . . . . . . . . . . . . . . . . . . . . . . . . 100.00

Gesimca, SA (in liquidation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.00

Instituto de Economía y Empresa, SLU . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.00

Inversiones Corporativas, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.00

Midamarta, SL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.00

Planes e Inversiones CLM, SA (in liquidation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.00

Pombo 22, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.00

Prominca, SA (in liquidation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.00

Promociones Miralsur, SL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.00

Realizaciones Patrimoniales, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.00

Agrocaja, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93.79

H2 Puente Largo, SA (in liquidation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83.71

Inmobiliaria San Miguel del Cross, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79.00

Icatejo, SA (in liquidation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73.68

Centro de Servic. de Castilla-La Mancha, SA (in liquidation) . . . . . . . . . . . . . . . . . . . . . 52.00

Planes e Inversiones del Sur, SA (in liquidation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51.00

Alqlunia CLM, SL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00

Casa 2030, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00

Gestiones Hervemu, SL (in liquidation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00

Polígono Romica, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00

Urbanizadora Cuatrecarreres, SL (in liquidation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00

Aldaban Iniciativas, SL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49.00

Claudia Zahara 22, SL (in liquidation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38.25

104

Entities - Direct and indirect holdings above 10% % shares

C. R. Aeropuertos, SL (in liquidation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36.43

Airport Operaciones, SL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36.43

Madrid Sur Rail, SL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36.43

Industrializaciones Estratégicas, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35.00

Atalia Iniciativas, SL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33.33

Kipoa de Inversiones, SL (in liquidation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.00

Villa Romana Golf, SL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.68

Área Logística Oeste, SL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.00

Hormigones y Áridos Aricam, SL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.00

Biocombustibles de Cuenca, SA (in liquidation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00

Grupo Naturener, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00

Naturener North America, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00

Naturener Solar, SAU . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00

Naturener Asset Management, SL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00

Telecom Castilla-La Mancha, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00

Urbanizadora Montearagón, SL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.00

Desarrollo Industrial Aricam, SL (in liquidation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.97

Obenque, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.20

DHO Grupo Constructor Corporativo, SL (in liquidation) . . . . . . . . . . . . . . . . . . . . . . . . . 16.01

Tranvía de Parla, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.00

Toletum Visigodo, SL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.54

El Reino de D. Quijote de la Mancha, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.80

Onlygreen SGPS, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.15

Soc. Des. Ind. Castilla-La Mancha, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.82

EBM Alisma, FCR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.66

EBM Vaccaria, FCR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.11

Espírito Santo Iberia I, FCR (in liquidation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.89

Baring Iberia III Inversión en Capital, FCR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.38

Desarrollos Tecnológicos y Logísticos . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.07

Oquendo (SCA) Sicar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.06

Inversora de Autopistas del Sur, SL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00

Alqlunia 8, SRL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00

Jardines de la Ribera del Tajo, SL (in liquidation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00

Indirect participations of the Grupo Naturener, SA are not included because of its high number.

105


ANNEX 3

HISTORICAL SERIES OF CONTRIBUTIONS, ASSETS,AND INVESTMENTS

3.1. Contributions of member entities

The year-on-year evolution of the contributions made to FGDEC and to the dissolved deposits guarantee funds was as shown in the table below, in thousands of euros.

In addition, at 31 December 2016 the assets of the FGDEC include the present value of the receivables for: the ordinary contributions calculated taking into account the exist-ing bases at the same date of EUR 918,962.4 t, payables on 28 February 2017 and six outstanding instalments of EUR 234,370.7 t each to be settled on the same date as the ordinary contributions from year 2017 to 2022, registered at their present value.

YearCredit

institutionsBank ofSpain

Totals Changes (%)

1980. . . . . . . . . . . . . . . . . . . 38,941.4 38,941.4 77,882.8 —

1981. . . . . . . . . . . . . . . . . . . 46,657.2 46,657.2 93,314.4 19.81

1982. . . . . . . . . . . . . . . . . . . 84,253.6 84,253.6 168,507.2 80.58

1983. . . . . . . . . . . . . . . . . . . 98,717.3 98,717.3 197,434.6 17.17

1984. . . . . . . . . . . . . . . . . . . 112,234.7 112,234.7 224,469.4 13.69

1985. . . . . . . . . . . . . . . . . . . 143,194.8 143,194.8 286,389.6 27.59

1986. . . . . . . . . . . . . . . . . . . 148,770.3 148,770.3 297,540.6 3.89

1987. . . . . . . . . . . . . . . . . . . 150,960.4 150,960.4 301,920.8 1.47

1988. . . . . . . . . . . . . . . . . . . 120,170.7 120,170.7 240,341.4 –20.40

1989. . . . . . . . . . . . . . . . . . . 201,998.1 114,759.4 316,757.5 31.79

1990. . . . . . . . . . . . . . . . . . . 277,654.2 154,246.6 431,900.8 36.35

1991. . . . . . . . . . . . . . . . . . . 312,742.2 173,713.0 486,455.2 12.63

1992. . . . . . . . . . . . . . . . . . . 339,290.9 189,987.5 529,278.4 8.80

1993. . . . . . . . . . . . . . . . . . . 231,283.4 138,214.3 369,497.7 –30.19

1994. . . . . . . . . . . . . . . . . . . 260,654.7 155,943.3 416,598.0 12.75

1995. . . . . . . . . . . . . . . . . . . 331,048.6 303,251.8 634,300.4 52.26

1996. . . . . . . . . . . . . . . . . . . 325,192.0 308,063.8 633,255.8 –0.16

1997. . . . . . . . . . . . . . . . . . . 164,108.2 — 164,108.2 –74.09

1998. . . . . . . . . . . . . . . . . . . 161,191.5 — 161,191.5 –1.78

106

YearCredit

institutionsBank ofSpain

Totals Changes (%)

1999. . . . . . . . . . . . . . . . . . . 167,855.4 — 167,855.4 4.13

2000. . . . . . . . . . . . . . . . . . . 183,840.8 — 183,840.8 9.52

2001. . . . . . . . . . . . . . . . . . . 287,788.4 — 287,788.4 56.54

2002. . . . . . . . . . . . . . . . . . . 251,354.3 — 251,354.3 –12.66

2003. . . . . . . . . . . . . . . . . . . 266,856.7 — 266,856.7 6.17

2004. . . . . . . . . . . . . . . . . . . 277,763.4 — 277,763.4 4.09

2005. . . . . . . . . . . . . . . . . . . 297,019.0 — 297,019.0 6.93

2006. . . . . . . . . . . . . . . . . . . 328,675.6 — 328,675.6 10.66

2007. . . . . . . . . . . . . . . . . . . 379,645.0 — 379,645.0 15.51

2008. . . . . . . . . . . . . . . . . . . 417,596.3 — 417,596.3 10.00

2009. . . . . . . . . . . . . . . . . . . 447,489.9 — 447,489.9 7.16

2010. . . . . . . . . . . . . . . . . . . 771,216.7 — 771,216.7 72.34

2011. . . . . . . . . . . . . . . . . . . 885,926.3 — 885,926.3 14.87

2012. . . . . . . . . . . . . . . . . . . 2,517,413.6 — 2,517,413.6 184.16

2013. . . . . . . . . . . . . . . . . . . 1,809,914.8 — 1,809,914.8 –28.10

2014. . . . . . . . . . . . . . . . . . . 2,340,346.7 — 2,340,346.7 29.31

2015. . . . . . . . . . . . . . . . . . . 1,829,547.5 — 1,829,547.5 –51.63

2016. . . . . . . . . . . . . . . . . . . 1,855,587.1 — 1,855,587.1 1.42

Total . . . . . . . . . . . . . . . 18,864,901.7 2,482,080.1 21,346,981.8

The graphic representation is as follows:

Contributions from credit institutions(t. Euros)

0200,000400,000600,000800,000

1,000,0001,200,0001,400,0001,600,0001,800,0002,000,0002,200,0002,400,0002,600,0002,800,0003,000,0003,200,000

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

107

3.2. Inter-annual changes in equity of deposits guarantee funds

The inter-annual evolution of the assets of the FGDEC and the dissolved deposits guarantee funds was as follows, in thousand of Euros:

YearSurplus/(deficit)

for the yearValue adjustment

financial investments

Extraordinary expenditures and

contributionsEquity fund

1980. . . . . . . . . . . . . . . . . . . 54,633.2 — — 54,633.2

1981. . . . . . . . . . . . . . . . . . . 11,190.4 — — 65,823.6

1982. . . . . . . . . . . . . . . . . . . 24,452.0 — — 90,275.6

1983. . . . . . . . . . . . . . . . . . . –281,326.1 — — –191,050.5

1984. . . . . . . . . . . . . . . . . . . –48,973.2 — — –240,023.7

1985. . . . . . . . . . . . . . . . . . . –18,025.7 — — –258,049.4

1986. . . . . . . . . . . . . . . . . . . 108,730.6 — — –149,318.8

1987. . . . . . . . . . . . . . . . . . . 285,365.7 — — 136,046.9

1988. . . . . . . . . . . . . . . . . . . 156,917.7 — — 292,964.6

1989. . . . . . . . . . . . . . . . . . . 124,445.3 — — 417,409.9

1990. . . . . . . . . . . . . . . . . . . 88,257.8 — — 505,667.7

1991. . . . . . . . . . . . . . . . . . . –21,678.8 — — 483,988.9

1992. . . . . . . . . . . . . . . . . . . 557,678.7 — — 1,041,667.6

1993. . . . . . . . . . . . . . . . . . . 409,686.6 — — 1,451,354.2

1994. . . . . . . . . . . . . . . . . . . –778,702.2 — — 672,652.0

1995. . . . . . . . . . . . . . . . . . . 674,019.7 — — 1,346,671.7

1996. . . . . . . . . . . . . . . . . . . 736,388.5 — — 2,083,060.2

1997. . . . . . . . . . . . . . . . . . . 319,906.4 — — 2,402,966.6

1998. . . . . . . . . . . . . . . . . . . 294,593.3 — — 2,697,559.9

1999. . . . . . . . . . . . . . . . . . . 275,278.4 — — 2,972,838.3

2000. . . . . . . . . . . . . . . . . . . 304,689.9 — — 3,277,528.2

2001. . . . . . . . . . . . . . . . . . . 442,884.4 — — 3,720,412.6

2002. . . . . . . . . . . . . . . . . . . 331,691.5 — — 4,052,104.1

2003. . . . . . . . . . . . . . . . . . . 362,069.5 — — 4,414,173.6

2004. . . . . . . . . . . . . . . . . . . 390,194.4 — — 4,804,368.0

2005. . . . . . . . . . . . . . . . . . . 410,498.9 — — 5,214,866.9

2006. . . . . . . . . . . . . . . . . . . 461,198.1 — — 5,676,065.0

2007. . . . . . . . . . . . . . . . . . . 826,651.7 — — 6,502,716.7

2008. . . . . . . . . . . . . . . . . . . 698,535.1 — — 7,201,251.8

2009. . . . . . . . . . . . . . . . . . . 677,304.1 — — 8,005,143.8

2010. . . . . . . . . . . . . . . . . . . –2,104,201.6 — — 5,793,239.8

2011. . . . . . . . . . . . . . . . . . . –7,829,546.9 10,791.9 — –2,025,515.2

2012. . . . . . . . . . . . . . . . . . . –1,263,777.5 -9,342.5 2,051,149.8 –1,247,485.4

2013. . . . . . . . . . . . . . . . . . . –613,924.5 -1,533.7 1,864,842.4 1,898.8

2014. . . . . . . . . . . . . . . . . . . –274,459.1 108.3 1,638,800.1 1,366,348.1

2015. . . . . . . . . . . . . . . . . . . –419,873.4 701.3 75,147.7 1,022,323.7

2016. . . . . . . . . . . . . . . . . . . 468,723.0 57,458.5 49,327.1 1,597,832.3

108


Equity evolution (t. Euros)

-2,000,000

-1,000,000

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

8,000,000

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

3.3. Inter-annual evolution of financial investments in National debt

The year-on-year evolution of financial investments in National debt of the FGDEC and the dissolved deposits guarantee funds is as follows, in thousands of Euros:

Year Investments

1987. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,618.5

1988. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93,581.7

1989. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190,950.5

1990. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 181,844.5

1991. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 315,738.7

1992. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 417,596.5

1993. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 928,832.1

1994. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,305,778.2

1995. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,465,620.7

1996. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,676,236.8

1997. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,010,496.2

1998. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,396,869.2

1999. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,688,505.3

2000. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,960,293.1

109

Year Investments

2001. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,255,030.3

2002. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,755,639.2

2003. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,035,818.2

2004. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,482,821.6

2005. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,881,127.0

2006. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,311,097.4

2007. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,371,450.1

2008. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,069,135.2

2009. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,423,404.8

2010. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,639,848.8

2011. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,260,936.3

2012. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 356,487.3

2013. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,787.8

2014. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,838,048.5

2015. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,370,998.8

2016. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,597,441.6


Financial investment evolution (t. Euros)

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

8,000,000

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

111


ANNEX 4

CREDIT INSTITUTIONS MEMBERS AT 31 DECEMBER 2016

The institutions members of the FGDEC at year-end 2016 are as follows:

Entity Code

A&G Banca Privada, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0241

Abanca Corporación Bancaria, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2080

Allfunds Bank, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0011

Andbank España, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1544

Aresbank, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0136

Banca March, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0061

Banca Pueyo, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0078

Banco Alcalá, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0188

Banco Bilbao Vizcaya Argentaria, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0182

Banco Caixa Geral, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0130

Banco Caminos, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0234

Banco Cetelem, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0225

Banco Cooperativo Español, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0198

Banco de Albacete, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0091

Banco de Caja España de Inversiones, Salamanca y Soria, SA . . . . . . . . . . . . . . . . . . . . . . . . . . 2108

Banco de Castilla-La Mancha, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2105

Banco de Crédito Social Cooperativo, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0240

Banco de Depósitos, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0003

Banco de la Nación Argentina, SE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0169

Banco de Promoción de Negocios, SA (Promobanc) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0132

Banco Sabadell, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0081

Banco Europeo de Finanzas, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0184

Banco Finantia Sofinloc, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0220

Banco Industrial de Bilbao, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0113

Banco Inversis, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0232

112

Entity Code

Banco Mare Nostrum, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0487

Banco Mediolanum, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0186

Banco Occidental, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0121

Banco Pastor, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0238

Banco Pichincha España, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0235

Banco Popular Español, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0075

Banco Santander, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0049

Bancofar, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0125

Wizink Bank, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0229

Bankia, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2038

Bankinter, SA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0128

Bankoa, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0138

Banque Marocaine du Commerce Extérieur International, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . 0219

BNP Paribas España, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0058

Caixa de Crèdit dels Enginyers-Caja de Crédito de los Ingenieros, Sociedad Cooperativa de Crédito . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3025

Caixa Popular-Caixa Rural, Sociedad Cooperativa de Crédito Valenciana . . . . . . . . . . . . . . . . . . 3159

Caixa Rural “Sant Josep” de Vilavella, Sociedad Cooperativa de Crédito Valenciana . . . . . . . . . 3160

Caixa Rural Albalat dels Sorells, Cooperativa de Crédito Valenciana . . . . . . . . . . . . . . . . . . . . . . 3186

Caixa Rural Altea, Cooperativa de Crédito Valenciana . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3045

Caixa Rural Benicarló, Sociedad Cooperativa de Crédito Valenciana . . . . . . . . . . . . . . . . . . . . . . 3162

Caixa Rural d’Algemesí, Sociedad Cooperativa Valenciana de Crédito . . . . . . . . . . . . . . . . . . . . 3117

Caixa Rural de Callosa d’en Sarrià, Cooperativa de Crédito Valenciana . . . . . . . . . . . . . . . . . . . 3105

Caixa Rural de L’Alcúdia, Sociedad Cooperativa Valenciana de Crédito . . . . . . . . . . . . . . . . . . . . 3096

Caixa Rural de Turís, Cooperativa de Crédito Valenciana . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3123

Caixa Rural Galega, Sociedad Cooperativa de Crédito Limitada Gallega . . . . . . . . . . . . . . . . . . . 3070

Caixa Rural La Vall “San Isidro”, Sociedad Cooperativa de Crédito Valenciana . . . . . . . . . . . . . . 3111

Caixa Rural Les Coves de Vinromà, Sociedad Cooperativa de Crédito Valenciana . . . . . . . . . . . 3166

Caixa Rural San Vicent Ferrer de La Vall d’Uixó, Sociedad Cooperativa de Crédito Valenciana . 3102

Caixa Rural Torrent, Cooperativa de Crédito Valenciana . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3118

Caixa Rural Vinarós, Sociedad Cooperativa de Crédito Valenciana . . . . . . . . . . . . . . . . . . . . . . . 3174

CaixaBank, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2100

Caja de Ahorros y Monte de Piedad de Ontinyent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2045

Caja de Arquitectos, Sociedad Cooperativa de Crédito . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3183

Caja de Crédito de Alcoy, Cooperativa de Crédito Valenciana (en liquidación) . . . . . . . . . . . . . . . 3184

Caja de Crédito de Petrer, Caja Rural, Cooperativa de Crédito Valenciana . . . . . . . . . . . . . . . . . 3029

113

Entity Code

Caja Laboral Popular, Cooperativa de Crédito . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3035

Caja Rural de Almendralejo, Sociedad Cooperativa de Crédito. . . . . . . . . . . . . . . . . . . . . . . . . . . 3001

Caja Rural de Jaén, Barcelona y Madrid, Sociedad Cooperativa de Crédito . . . . . . . . . . . . . . . . 3067

Caja Rural de Nueva Carteya, Sociedad Cooperativa Andaluza de Crédito . . . . . . . . . . . . . . . . . 3098

Caja Rural “Nuestra Madre del Sol”, Sociedad Cooperativa Andaluza de Crédito . . . . . . . . . . . . 3115

Caja Rural “Nuestra Señora de la Esperanza” de Onda, Sociedad Cooperativa de Crédito Valenciana . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3134

Caja Rural “San Isidro” de Vilafamés, Sociedad Cooperativa de Crédito Valenciana . . . . . . . . . . 3165

Caja Rural “San Jaime Alquerías Niño Perdido”, Sociedad Cooperativa de Crédito Valenciana . . . 3119

Caja Rural “San José” de Almassora, Sociedad Cooperativa de Crédito Valenciana . . . . . . . . . . 3130

Caja Rural “San José” de Alcora, Sociedad Cooperativa de Crédito Valenciana . . . . . . . . . . . . . 3113

Caja Rural “San José” de Burriana, Sociedad Cooperativa de Crédito Valenciana . . . . . . . . . . . . 3112

Caja Rural “San José” de Nules, Sociedad Cooperativa de Crédito Valenciana . . . . . . . . . . . . . . 3135

Caja Rural “San Roque” de Almenara, Sociedad Cooperativa de Crédito Valenciana . . . . . . . . . 3095

Caja Rural Baena “Nuestra Señora de Guadalupe”, Sociedad Cooperativa de Crédito Andaluza . 3089

Caja Rural Católico-Agraria, Sociedad Cooperativa de Crédito Valenciana . . . . . . . . . . . . . . . . . 3110

Caja Rural Central, Sociedad Cooperativa de Crédito . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3005

Caja Rural de Albacete, Ciudad Real y Cuenca, Sociedad Cooperativa de Crédito . . . . . . . . . . . 3190

Caja Rural de Albal, Cooperativa de Crédito Valenciana . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3150

Caja Rural de Alginet, Sociedad Cooperativa de Crédito Valenciana . . . . . . . . . . . . . . . . . . . . . . 3179

Caja Rural de Aragón, Sociedad Cooperativa de Crédito . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3191

Caja Rural de Asturias, Sociedad Cooperativa de Crédito . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3059

Ruralnostra, Sociedad Cooperativa de Crédito Valenciana . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3138

Caja Rural de Burgos, Fuentepelayo, Segovia y Castelldans, Sociedad Cooperativa de Crédito . . 3060

Caja Rural de Cañete de las Torres “Nuestra Señora del Campo”, Sociedad Cooperativa Andaluza de Crédito . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3104

Caja Rural de Casas Ibáñez, Sociedad Cooperativa de Crédito de Castilla-La Mancha . . . . . . . 3127

Caja Rural de Castilla-La Mancha, Sociedad Cooperativa de Crédito . . . . . . . . . . . . . . . . . . . . . 3081

Caja Rural de Cheste, Sociedad Cooperativa de Crédito . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3121

Caja Rural de Extremadura, Sociedad Cooperativa de Crédito . . . . . . . . . . . . . . . . . . . . . . . . . . . 3009

Caja Rural de Gijón, Cooperativa de Crédito . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3007

Caja Rural de Granada, Sociedad Cooperativa de Crédito . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3023

Caja Rural de Guissona, Sociedad Cooperativa de Crédito . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3140

Caja Rural de Navarra, Sociedad Cooperativa de Crédito . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3008

Caja Rural de Salamanca, Sociedad Cooperativa de Crédito . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3016

Caja Rural de Soria, Sociedad Cooperativa de Crédito . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3017

Caja Rural de Teruel, Sociedad Cooperativa de Crédito . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3080

114

Entity Code

Caja Rural de Utrera, Sociedad Cooperativa Andaluza de Crédito . . . . . . . . . . . . . . . . . . . . . . . 3020

Caja Rural de Villamalea, Sociedad Cooperativa Agraria de Crédito de Castilla-La Mancha . . . . 3144

Caja Rural de Villar, Cooperativa de Crédito Valenciana . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3152

Caja Rural de Zamora, Cooperativa de Crédito . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3085

Caja Rural del Sur, Sociedad Cooperativa de Crédito . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3187

Caja Rural La Junquera de Chilches, Sociedad Cooperativa de Crédito Valenciana . . . . . . . . . . 3157

Caja Rural Regional “San Agustín” de Fuente Álamo Murcia, Sociedad Cooperativa de Crédito . . 3018

Cajamar Caja Rural, Sociedad Cooperativa de Crédito . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3058

Cajasiete, Caja Rural, Sociedad Cooperativa de Crédito . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3076

Cajasur Banco, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0237

Cecabank, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2000

Citibank España, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0122

Citibank, NA, SE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1515

Colonya - Caixa d’Estalvis de Pollença . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2056

Crédit Suisse AG, SE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1460

Deutsche Bank, SAE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0019

EBN Banco de Negocios, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0211

EVO Banco, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0239

Ibercaja Banco, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2085

JP Morgan Chase Bank National Association, SE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0151

Kutxabank, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2095

Liberbank, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2048

Nuevo Micro Bank, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0133

Open Bank, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0073

Popular Banca Privada, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0233

Bank Degroof Petercam Spain, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0200

Bancoval Securities Services, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0094

Renta 4 Banco, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0083

Santander Consumer Finance, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0224

Santander Investment, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0036

Santander Securities Services, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0038

Self Trade Bank, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1490

Targobank, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0216

The Bank of Tokyo-Mitsubishi Ufj, Ltd, SE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0160

Unicaja Banco, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2103

115


ANNEX 5

REHABILITATION OR RESTRUCTURING OPERATIONS OF CREDIT INSTITUTIONS

Grants made by the deposits guarantee funds in the rehabilitation or restructuring op-erations of credit institutions. On these amounts are not considered the recovered amounts.

5.1. Fondo de Garantía de Depósitos en Establecimientos Bancarios, until15 October 2011

Detail, by entities, of the grants provided by the FGDEB until 15 October of 2011, in millions of euros:

Year Entities SharesTangible Assets

Financial Assets

Shares in companies

LoansPayment Deposits

Losses TotalTotal in M

Euros 2016 (*)

CPI2016 = 100

1978 Banco de Navarra, SA . . . . . . . . . . . — — 3.6 — — 25.0 — 28.6 182.4 15.7

1978 Banco Cantábrico, SA . . . . . . . . . . . . 4.7 4.2 — — 25.3 — — 34.2 218.1 15.7

1978 Banco Meridional, SA . . . . . . . . . . . . 6.1 — 61.1 4.7 — — — 71.9 458.6 15.7

1978 Banco de Valladolid, SA . . . . . . . . . . — 7.0 64.3 11.8 60.1 — 33.0 176.2 1,123.8 15.7

1979 Banco de Granada, SA . . . . . . . . . . . 18.1 — — — 57.2 — 31.7 106.9 589.8 18.1

1980 Banca López Quesada, SA . . . . . . . . 18.1 16.8 — — 80.7 — — 115.5 553.2 20.9

1980 Banco Promoción de Negocios, SA . 9.3 — 51.7 4.2 47.6 — 3.2 115.7 554.1 20.9

1980 Banco Catalán de Desarrollo, SA . . . 18.0 — — — — — 96.2 114.2 546.9 20.9

1980 Banco de Asturias, SA . . . . . . . . . . . 6.0 — 1.6 — 12.0 — — 19.6 93.9 20.9

1980 Banco Industrial del Mediterráneo, SA . 15.0 — — — — — 42.1 57.1 273.5 20.9

1981 Banco de los Pirineos, SA . . . . . . . . — — — — — 17.0 — 17.0 71.2 23.9

1981 Banco de Descuento, SA . . . . . . . . . 14.9 15.1 80.6 5.2 26.5 — — 141.7 593.2 23.9

1981 Banco Occidental, SA (**) . . . . . . . . . 21.4 9.4 240.9 21.3 90.2 — — 383.2 1,604.2 23.9

1982 Banca Más Sardá, SA . . . . . . . . . . . . — — — — 12.0 — 28.9 40.9 150.2 27.2

1982 Banco Unión, SA . . . . . . . . . . . . . . . . — 60.1 30.1 139.7 — — 90.4 319.6 1,173.7 27.2

1982 Banco de Préstamo y Ahorro, SA . . . — — 35.6 1.3 — — 9.0 45.9 168.6 27.2

1982 Banco de Alicante, SA . . . . . . . . . . . — 11.3 5.0 — 41.3 — — 57.6 211.5 27.2

1982 Banco de Crédito e Inversiones, SA . — 5.7 61.7 — 42.8 — — 110.2 404.7 27.2

1982 Banca Catalana, SA (***) . . . . . . . . . 81.8 43.5 574.2 46.8 214.3 — 49.2 1,009.6 3,707.6 27.2

116

Year Entities SharesTangible Assets

Financial Assets

Shares in companies

LoansPayment Deposits

Losses TotalTotal in M

Euros 2016 (*)

CPI2016 = 100

1982 Banco de Gerona, SA . . . . . . . . . . . . — — 1.2 — — — — 1.2 4.4 27.2

1982 Banco de Levante, SA . . . . . . . . . . . 33.1 1.0 193.6 55.8 44.8 — 30.8 359.1 1,318.7 27.2

1984 Banco Simeón, SA . . . . . . . . . . . . . . — 11.0 — — — — — 11.0 33.0 33.3

1985 Banco de Finanzas, SA . . . . . . . . . . — — 15.0 — — — — 15.0 41.6 36.0

1985 Banco Urquijo Unión, SA . . . . . . . . . — — 207.6 144.0 — — — 351.6 975.8 36.0

1991 Bank of Credit and Commerce, SAE . — — — — — 26.2 — 26.2 50.5 51.9

1991 Banco Europeo de Finanzas, SA . . . — — — — — 3.3 — 3.3 6.4 51.9

1992 Banco Ibercorp, SA . . . . . . . . . . . . . . — — — — — 0.7 — 0.7 1.3 54.6

1994 Banco Español de Crédito, SA . . . . . 1,081.8 — — — 1,893.2 — 1,712.4 4,687.4 7,843.5 59.8

1996 Banco Credipás, SA . . . . . . . . . . . . . — — — — — 13.2 — 13.2 20.5 64.3

2004 Eurobank del Mediterráneo, SA . . . . — — — — — 82.7 — 82.7 102.7 80.5

Total . . . . . . . . . . . . . . . . . . . . . . 1,328.3 185.1 1,627.8 434.8 2,648.0 168.1 2,126.9 8,517.0 23,077.6

(*) This column states the total of the rehabilitation operations, the amounts updated according to the CPI, establishing as base 100 December 2016.

(**) Includes its subsidiary Banco Comercial Occidental, SA.(***) Includes its subsidiaries Banco Industrial de Cataluña, SA, and Banco Industrial del Mediterráneo, SA.

5.2. Fondo de Garantía de Depósitos en Cajas de Ahorro, until 15 October 2011

Detail by entities of the grants provided by the FGDCA until 15 October of 2011, in mil-lions of Euros:

Year EntitiesPurchaseof assets

Subordinates debentures

Maximun collateral provisions

Loan TotalTotal in M euros

2016 (*)CPI

(2016=100)

1983 Cáceres (1) . . . . . . . . . . . . . . . . . . . . . . . . 37.0 37.0 121.1 30.6

1985 Cáceres (1) . . . . . . . . . . . . . . . . . . . . . . . . 4.5 4.5 12.5 36.0

1987 Cáceres (1) . . . . . . . . . . . . . . . . . . . . . . . . 3.4 3.4 8.3 40.8

1986 Plasencia (2) . . . . . . . . . . . . . . . . . . . . . . . 10.2 10.2 26.1 39.0

1989 Plasencia (2) . . . . . . . . . . . . . . . . . . . . . . . 23.5 0.5 24.0 52.0 46.2

1983 Cádiz (2) . . . . . . . . . . . . . . . . . . . . . . . . . . 12.0 12.0 39.3 30.6

1991 Unicaja (2) . . . . . . . . . . . . . . . . . . . . . . . . . 24.0 24.0 46.3 51.9

1985 Palencia (3) . . . . . . . . . . . . . . . . . . . . . . . . 7.2 7.2 20.0 36.0

1985 Central Ávila (4). . . . . . . . . . . . . . . . . . . . . 12.0 36.1 48.1 133.5 36.0

1987 Huelva (5) . . . . . . . . . . . . . . . . . . . . . . . . . 9.0 9.0 22.0 40.8

1990 Huelva (5) . . . . . . . . . . . . . . . . . . . . . . . . . 18.0 18.0 36.6 49.2

1989 Valladolid Popular (6) . . . . . . . . . . . . . . . . 2.1 2.1 4.5 46.2

1989 Valladolid Provincial (6) . . . . . . . . . . . . . . . 2.5 1.3 3.8 8.2 46.2

1990 España de Inversiones (6) . . . . . . . . . . . . 6.6 6.6 13.4 49.2

1990 Ceuta (7) . . . . . . . . . . . . . . . . . . . . . . . . . . 3.8 11.4 15.2 30.9 49.2

1990 Provincial de Granada (8) . . . . . . . . . . . . . 12.0 12.0 24.4 49.2

1991 Provincial de Alicante y Valencia (9) . . . . . 3.1 3.1 6.0 51.9

117


Subordinates debentures

Maximun collateral provisions

Loan TotalTotal in M euros

2016 (*)CPI

(2016=100)

1992 Provincial de Alicante y Valencia (9) . . . . . 15.0 15.0 27.5 54.6

1994 C. A. San Fernando de Sevilla y Jerez (10) . . . . . . . . . . . . . . . . . . . . . . . . 15.0 15.0 25.1 59.8

2010 C. A. Castilla-La Mancha (11) . . . . . . . . . . 1,693.4 2,475.0 4,168.4 4,431.1 94.1

Total . . . . . . . . . . . . . . . . . . . . . . . . . . 1,758.5 90.6 2,475.0 114.5 4,438.6 5,088.9


(a) States the maximum amount guarantee granted by the FGDEC in an EPA.(1) Integrated in Caja de Ahorros y Monte de Piedad de Extremadura.(2) Integrated in Monte de Piedad y Caja de Ahorros de Ronda, Cádiz, Almería, Málaga y Antequera (Unicaja).(3) Integrated in Caja de Ahorros de Salamanca y Soria.(4) Integrated in Caja de Ahorros y Monte de Piedad de Ávila.(5) Integrated in Monte de Piedad y Caja de Ahorros de Huelva y Sevilla.(6) Integrated in Caja España de Inversiones, Caja de Ahorros y Monte de Piedad.(7) Integrated in Caja de Ahorros y Monte de Piedad de Madrid.(8) Integrated in Caja General de Granada.(9) Integrated in Caja de Ahorros del Mediterráneo.(10) Integrated in Caja de San Fernando de Sevilla y Jerez.(11) Partially integrated in Banco de Castilla-La Mancha.

5.3. Fondo de Garantía de Depósitos en Cooperativas de Crédito, until15 October 2011

Detail by entities of the grants provided by the FGDCC until 15 October of 2011, in mil-lions of Euros:


FinancialAssets

Loans TotalTotal in M euros

2016 (*)CPI

(2016 = 100)

1982 CRP Jaén . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8 1.8 6.6 27.2

1983 C. Laboral y E. Salamanca . . . . . . . . . . . . . . . . 1.3 1.3 4.3 30.6

1984 C. Cto. Ind. Coop. Madrid (1) . . . . . . . . . . . . . . . 4.2 4.2 12.6 33.3

1984 Coop. Cto. Jávea (2) . . . . . . . . . . . . . . . . . . . . . 2.0 2.0 6.0 33.3

1984 CRP Las Palmas . . . . . . . . . . . . . . . . . . . . . . . . 3.1 3.1 9.3 33.3

1984 CRP La Coruña . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 14.3 15.3 45.9 33.3

1984 CRP Badajoz . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7 2.7 8.1 33.3

1984 CRP La Rioja . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9 2.9 8.7 33.3

1984 CRP Palencia . . . . . . . . . . . . . . . . . . . . . . . . . . 10.3 52.6 62.9 188.9 33.3

1986 CRP Palencia . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 0.2 0.5 39.0

1984 CRP Pontevedra . . . . . . . . . . . . . . . . . . . . . . . . 24.6 24.6 73.9 33.3

1984 CRP Sevilla . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.6 28.0 33.6 100.9 33.3

1984 CRC Interp. Creta . . . . . . . . . . . . . . . . . . . . . . . 2.7 2.7 8.1 33.3

1984 CR Cto. U. C. Avicultura . . . . . . . . . . . . . . . . . . 1.5 1.5 4.5 33.3

1984 CRP Santander . . . . . . . . . . . . . . . . . . . . . . . . . 19.4 2.5 21.9 65.8 33.3

1984 CRP Alicante . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2 4.2 12.6 33.3

1984 CRP Málaga . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.3 3.3 9.9 33.3

1984 CR Sax, Montaña y Vinalopó (3) . . . . . . . . . . . 3.5 3.5 10.5 33.3

118


FinancialAssets

Loans TotalTotal in M euros

2016 (*)CPI

(2016 = 100)

1987 CR Sax, Montaña y Vinalopó (3) . . . . . . . . . . . 4.2 4.2 10.3 40.8

1984 CRP Ávila . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.1 9.1 27.3 33.3

1984 CRP Teruel . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.3 15.3 45.9 33.3

1984 CRP Murcia . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.0 18.0 54.0 33.3

1984 CRP Madrid . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8 1.8 5.4 33.3

1984 CRP Baleares . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8 3.1 5.9 17.7 33.3

1984 CR Nacional . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.1 19.1 57.4 33.3

1985 CR La Mancha, S. C. Agrícola (4) . . . . . . . . . . 4.5 4.5 12.5 36.0

1986 C. Inversión C. Coop. Cto. Ltda. (5) . . . . . . . . . . 2.1 2.1 5.4 39.0

1986 CR Pirineo (6) . . . . . . . . . . . . . . . . . . . . . . . . . . 6.0 6.0 15.4 39.0

1987 CRP Cádiz (7) . . . . . . . . . . . . . . . . . . . . . . . . . . 20.3 20.3 49.7 40.8

1987 CRP Salamanca . . . . . . . . . . . . . . . . . . . . . . . . 3.6 3.6 8.8 40.8

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.4 53.0 239.2 301.6 887.0


(1) Acquired by CA y MP Madrid.(2) Acquired by CA Alicante y Murcia.(3) Acquired by CR Valencia.(4) Acquired by CRP Albacete.(5) Acquired by CA y MP Madrid.(6) Acquired by CAP Barcelona.(7) Acquired by CAP San Fernando.

4.4. Fondo de Garantía de Depósitos de Entidades de Crédito, since 15 October 2011

Details by entities of the grants provided by the FGDEC since 15 October 2011, in mil-lions of Euros:

Year EntitiesCapital

InjectionsMaximun collateral

provisions (a)Total

Total in M euros 2016 (*)

CPI(2016 = 100)

2011 Banco CAM, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,249.0 16,609.7 21,858.7 22,691.8 96.3

2012 Unnim Banc, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 953.3 4,823.5 5,776.8 5,828.0 99.1

2013 NCG Banco, SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 802.4 807.1 99.4

2013 Catalunya Banc, SA . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000.9 1,006.7 99.4

2015 Banco de Madrid, SAU . . . . . . . . . . . . . . . . . . . . . . . . 125.8 127.8 98.4

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,564.6 30,461.4

(*) This column states the total of the rehabilitation operations, the amounts updated according to the CPI, establishing as base 100 December 2016.In the case of NCG Banco, SA, and Catalunya Banc, SA, the amounts correspond to the cost of the shares purchased through public offer-ings of voluntary acquisition aimed at retail investors, originated in management actions of hybrid instruments carried out by the FROB in the re-spective entities.

(a) States the maximum guarantee amount granted by the FGDEC in each EPA.

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ANNEX 6

LEGISLATIVE INDEX

Basic law

• Royal Decree-law 16/2011, of 14 October, under which the Fondo de Garantía de Depósitos de Entidades de Crédito is created.

• Royal Decree 2606/1996, of 20 December, on deposits guarantee funds of credit in-stitutions.

Additional legislation

• Corrections of errors of Circular 5/2016 of 27 May, of the Bank of Spain, on the method of calculating the contributions of the member institutions to the Fondo de Garantía de Depósitos de Entidades de Crédito, for them to be proportional to their risk profile.

• Circular 5/2016 of 27 May, of the Bank of Spain, on the method of calculating the contributions of the member institutions to the Fondo de Garantía de Depósitos de Entidades de Crédito, for them to be proportional to their risk profile.

• Correction of errors of Circular 8/2015 of 18 December of the Bank of Spain to the entities and subsidiaries members of the Fondo de Garantía de Depósitos de Enti-dades de Crédito, on information to determine the basis for calculating contributions to the Fondo de Garantía de Depósitos de Entidades de Crédito.

• Circular 8/2015 of 18 December, of the Bank of Spain to the entities and subsidiar-ies members of the Fondo de Garantía de Depósitos de Entidades de Crédito, on in-formation to determine the basis for calculating the contributions to the Fondo de Garantía de Depósitos de Entidades de Crédito.

• Royal Decree 1012/2015, of 6 November, implementing Law 11/2015, of 18 June, on recovery and resolution of credit institutions and investment services companies, de-veloping and amending the Royal Decree 2606/1996, of 20 December, on deposits guarantee funds of credit institutions.

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• Law 11/2015, of 18 June, on recovery and resolution of credit institutions and invest-ment services companies.

• Sixth Additional Provision of Royal Decree 84/2015, of 13 February, by which it is im-plemented the Law 10/2014 of 26 June on management, supervision and solvency of credit institutions (representatives of the member entities in the Managing Com-mittee of the Deposits Guarantee Fund).

• Law 9/2012, of 14 November, on restructuring and resolution of credit institutions.

• Royal Decree-Law 2/2011, of 18 February, to strengthen the financial system.

• Royal Decree 628/2010, of 14 May, amending the Royal Decree 2606/1996, of 20 December, on deposits guarantee funds in credit institutions and the Royal Decree 948/2001, of 3 August on compensation mechanisms to the investors.

Community Legislation

• Directive 94/19/EC, of 30 May, of the European Parliament.

• Directive 97/9/EC, of 3 March, of the European Parliament.

• Directive 2009/14/EC, of 11 March, of the European Parliament.

• Directive 2014/49/EU, of 16 April, of the European Parliament and of the Council, on deposits guarantee schemes.

• Directive 2014/59/EU of the European Parliament and of the Council, of 15 May 2014, establishing a framework for the restructuring and resolution of credit institu-tions and investment services firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council.

• Commission Delegated Regulation (EU) 2015/63 of 21 October supplementing Di-rective 2014/59/EU of the European Parliament and of the Council with regard to ex ante contributions to resolution financing arrangements.

Documents

FONDO DE GARANTÍA DE DEPÓSITOS DE ENTIDADES · PDF fileMr. Amado Franco Lahoz ... FONDO DE GARANTÍA DE DEPÓSITOS DE ENTIDADES DE CRÉDITO ... SA, respectively, in each case in