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The other problem is what one politician calls «San Diego Specials», where «obvious solutions to long-running problems die for the lack of vision, leadership and action.» I’ve seen this kind of thing in action numerous times on housing issues. Fortunately, one of the biggest practitioners of this kind of politics did not get re-elected in 2018. Ok, they’re not longer as bad as the late sixties/early seventies, when the entire insides were cheap plasterboard, and I could put my fist through a wall without damage. And with contracting/sub-sub-sub-contracting, the folks doing the work, mostly non-union, are getting paid crap, and the developers and real estate agents get rich. While it’s likely that the BJP will emerge as the largest party after these elections, they likely won’t have a majority and will have to go into coalition.

Albo’s probably more likely than TP or PW to slip the knife into BS too. And he’s probably the reason I’ll never give the ALP 1st preference again in my life . So sooner or later it was bound to fail in some way when the climate anomaly reverted to normal and knocked all the false assumptions out from under everyone’s feet.

  • You should read the thread and what I post more carefully.
  • The key seems to be whether assets can be arbitrarily and personally bought and sold for other assets, and used to leverage the collection of more assets .
  • When reactor parts unexpectedly crack, you can’t.
  • 1) Chamberlain makes «I have a piece of paper» speech at Croydon.
  • Then Vice President George H.W. Bush didn’t find out about Reagan’s letter until after Reagan came out of recovery and had already signed a second letter reclaiming his power.

Worse news in some ways is that if they ate certain kinds of plastic there would be a population explosion shortly after they got loose, as a bunch of oil and gas platforms failed and released a lot of oil and gas into the sea. Which the beasties would presumably also eat. I fear that many wind and tidal plants would also suffer. Unfortunately, that means the bottleneck will get worse over the next few decades, according to Mr. Walston and his co-authors, because urbanization imposes short-term costs, including an increase in overall consumption. But it also leads to reduced per capita energy consumption, as well as reduced birthrates, and it reopens old habitat in abandoned rural areas to wildlife. Tall wood gets green light from building code This is actually a big deal, It allows the construction of timber skyscrapers, allowing the replacement of cement and steel with heavy timber and engineered plywood.

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They’ll impound your vehicle and give you a whopping big fine if they catch you in there without what they consider «proper» equipment (not to mention what it’s going to cost to get your vehicle back from the towing company). My experience has mainly been using cruise control to counteract a tendency to lead foot it. I can set it to maintain a almost constant speed. I’m not disrupting the flow of traffic by going too fast or too slow. I don’t own a vehicle new enough to have adaptive cruise control.

  • Available workforce is certainly an important component of it but there are others, like productivity resulting from mechanization/ automation, international trade and the like.
  • As for moving people out of southern California, yes, I do hope that happens.
  • He also pounds on who he refers to as Very Serious People, who claim to know/be economists, who expound theories with zero basis, and never apologize when they’re proven wrong.
  • Automotive technology has improved a bit since then.
  • A straight-line extension of the last decadal estimates suggests to me something in the 560ppm region, up about 150ppm from today’s 410ppm figure.
  • This Green spend has resulted in no noticeable decrease in the extraction and burning of lignite to provide expensive electrical power in that nation.

Somehow, I don’t think that the researchers who created this method had an anti-Roman bias. Oh, and direct links to documents showing / proving that Putin is popular due to, you know, the fucking Life Expectancy levels shooting up. Oooh, Ms Rowling’s publisher has got to be looking like a fucking idiot. To GT @873The Munich agreement, disgraceful as it was, was to buy time.So was the non-aggression pact, wasn’t it? European powers were so much eager to collide USSR and Germany directly they decided that interests of Poland are of no concern, and surrendered it without so much as lifting a finger.

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Someone realised if they removed the embankment up to the bridge they could move the station, get rid of the bridge, gain a larger car park and flog the old site for housing to pay for everything. This was duly set in motion, replacement bus service installed and the track removed back to the start of the embankment. It was a this point the material making up the embankment was tested and found to contain so much arsenic the whole thing had to be treated as hazardous waste instead of being dumped in a China Clay pit. Sure, they get down to less than a hundred tonnes of high level material, and that’s kind of impressive. All they need to do now is store it somewhere safe for longer than any human structure has lasted. «In comparison with the global political picture, my personal 2018 was all butterflies and rainbows.»

  • That’s a reason no-one’s selling uranium derived from seawater right now.
  • The waste is virtrified, put in a copper barrel and the barrel then bedded down in clay.
  • After all, previous iterations of capitalism have made immense profits by declaring slaves non-human and coopting their labor without adequate recompense.
  • Including «administrative measures», as MattS @641 deigned to say (w.r.t Stalin’s punitive system).
  • John Quiggin in Australia has done a bunch of thinking/debunking of the nuclear fantasy and there’s a whole lot of details .

And imagine where species were hunted to 90% extinction for fucking energy and they never ever killed you and they even adapted into helping you out and then you fucking discovered oil / gas and deafened them for their non-violence. And those are the songs without all the fucking death in them. They’re not really understanding the actual plan though. It’s probably not anything that’s going to save the earth, but heart warming news just the same. That little girl in Wisconsin whose parents were murdered when she was kidnapped has been found alive and her abductor taken into custody.

And yet they used the same method you view as fraudulent, despite the fact that they had the ability to use a different method. It should tell you how reliably the method is viewed.My problem is not the method itself, but rather how it is applied. After enough chatting, most Trump supporters I’ve met has alluded to something about the lower races. People and groups are usually pretty heterogeneous, but I’d ascribe racism as the common theme to Trump support.

This is also true for Christianity, whatever is actually preached in any particular church. Well, some areas of the world that’s likely correct, such as South America. And yes, Russia and Eastern Europe have rebounded from the extreme poverty of the Nineties, though standards of living are mostly still lower than before the Wall went down, except in the Baltics. But I looked over the comments on the «brown» website for India, and one commenter noted that the reason that India has «less extreme poverty» is that the government changed the goalposts for deciding what «extreme poverty» is.

Neither Milliband brother got “shot to death in a robbery gone wrong”, and journalists who attempt to expose corruption don’t mysteriously get dead by the dozen. Hasn’t invaded and annexed Ireland or Normandy, claiming historic imperative. Then incited and supported Breton separatists, started a Civil War, and sent the Army off to fight there while denying it.

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Part of the anti-nuclear myth is that «we don’t have enough uranium» to fuel a lot more reactors that we’ve got. It’s just wrong but that doesn’t stop people, including some of the folks who comment on this blog, from trotting it out on a regular basis. But I’m flexible enough that if you presented me with a good, safe, transparent design that works in the real world I’d be willing to give it a try. In fact, I think that global warming is so dangerous that we should build all the newer, safer designs and test them carefully to see what happens when the designs and their crews are put under pressure. Then we should industrialize the best design and use it everywhere.

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Like stopping loan-sharks & helping to enable better birth control ( Especially those «trapped» in NI ) & other health-related issues, which are borderline for the NHS ….. Oh and «stalking» & similar mental health issues, which also largely affect women, poor or not. How that qualifies as «hate the poors» is difficult to understand.

This is not about any particular people, it’s a systemic issue. Note above comments, it’s part of a musical piece. Think about what a response is actually about.

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No part of this process is even remotely energy intensive, let alone energy intensive enough to compare to the content of uranium. I read the report, and they based their energy assumption on desalination and fishing. A moderately serious question — what do people think the CO2 level will be by the year 2100? A straight-line extension of the last decadal estimates suggests to me something in the 560ppm region, up about 150ppm from today’s 410ppm figure.

These things take years/decades to plan and implement. I liked systems I saw there but don’t hold out for the US doing such things due to they take 5 to 10 or more election cycles to do and we just don’t do that very well. Stuttgart has the local issue of «Stuttgart 21» taking way more money and time than planned and has resulted in the Green party now being holding the largest number of seats in the area government. A lot of the project seems to be changing the rail station from a termination of all tracks to a through system. And any tracking project like this inhales money at a stupendous rate. As far as I have been able to interpret available data, the worldwide number of people living in extreme poverty has been declining.

There’s an article where people hacked photosynthesis and improved efficiency by about 25%. Also, overall, I really like 3D printers – there’s something about putting agency into people’s hands that seems fun. Besides, s’reality for now, there’s a bit of brightness in most clouds. The one I see is that those educated elites are noticing that relying on deplorables for their voting block can result in the deplorables taking over.

The nasty part is the «ownership.» In a traditional commons, say an irrigation system, there are owners. If someone else comes in and takes water, all the owners, or their enforcers, take action. All the car companies and the dealers got the cooties with that phrase. On the other hand, I’ve seen some new, smaller minivans that really are station wagons, not mini-VANS. The next, obvious, step is to refine the process to detect the presence of gases generated by industrial processes in life-supporting extrasolar atmospheres. Halogenated organic compounds are most likely, but there could be others.

To JH @630 First, there was an outbreak of hunger in post-war USSR, but nobody in the west ever mentions it, because a) it is not in line with official «genocide» rhetoric and b) it was solved fairly quickly with previous experience in sight. Also, civil war years, of course, but nobody cares enough either. Of course In the Ukraine Stalin compounded the misery with a series of punitive administrative measures, such as a meat tax on those who couldn’t meet the grain quota which meant losing the family cow the last bulwark against starvation, with predictable results. Of course in the Ukraine the coup de grace was holding to the 1933 grain requisition targets, that decision cost about 3 million lives. At least in the case of the Ukraine I think starvation by quota was a tool of government policy, not just an ‘oops’ or peasant indifference. The «good» influence operation gives us a look into what Russia feels.

I did cite quite the opposite – I am looking for balance of opinions, and it seems to me that there is a number people in denial of simple historical facts. They insist that this famine was, if anything, one of a kind – a «man-made» one. Which is complete and utter bullshit and Nazi propaganda, and I already explained why. Just like Germany and France in WWI maintained a constant population throughout the war years, Ukraine maintained a slightly-declining population throughout the famine years. By your logic, the 6 million refugees + 0.5 million dead must be total fiction, since the population could not have recovered around 3.5 million people within such a short period of time. Forex Broker Review ( – SCAM

Roman scientists invented plenty of potentially labor-saving technologies like watermills, but they weren’t actually used till a thousand years later, as there was no need for them seen, as making higher profits was simply not what the Roman economy was about. 200 MeV of energy, Avogadro’s constant is about 6e23, uranium is mostly U238, 1 MeV is 1.6e-13 joule, so fissioning 10 grams of uranium produces about 800 GJ, if I have done it right. Yes, I accept that relying SOLELY on natural U235 is not energetically cost-effective, but that’s irrelevant – we have had breeder reactors since the 1950s.

In the US they generally already use an 85/15 split to determine speed limits . Set it to the speed limit and you can then use your eyes to actually read the road for danger, rather than hawkishly eyeing the speedo to ensure you don’t creep over. Over the years I’ve observed «the speed of traffic» out on highways in between cities pretty much follows that 10mph over the posted speed limit pretty closely. There’s close to zero tolerance in residential areas, especially around marked school zones. I don’t remember enough to identify the author, but it wasn’t a «Stainless Steel Rat» story.

Laws do not work when the behaviour they proscribe is widely considered to be perfectly OK. This is certainly the case when the behaviour concerned is something that everyone does do, often several times a day, because it requires continuous reference to a measuring instrument to determine whether you’re actually doing it or not. Particularly when it is trivially obvious that the concept regulated by the law is so unrelated to its supposed purpose that the law does next to limefx broker reviews nothing to achieve that purpose, and indeed may even achieve the opposite in many cases. Laws work when they are a backstop against behaviour which is near-universally considered unacceptable in any case, but is still practised by the inevitable small percentage of people who won’t stop it unless forced to. So, for instance, nobody argues that we shouldn’t have laws against something like theft. Not even habitual thieves do – try stealing from one if you don’t believe me.

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Schroders Capital US Inc. (“Schroders Capital US” or “Schroders Capital” herein) is registered as an investment adviser with the SEC. It provides asset management products and services to clients in the United States and Canada. We search the Ibex 35 for the most undervalued companies by fundamental multiples and for this search we take the ratio best known and used by ordinary investors, the PER. It is not responsible for the content to be found directly or indirectly on any third-party website nor does it endorse or recommend the products and services presented on any such third-party website.


Tax reliefs referred to are those currently available and their value depends on the circumstances of the individual investor. Investment in emerging markets involves a high degree of risk. Investment in any sub-fund mentioned herein should not be made without careful reference to the relevant prospectus. The information contained in these pages does not form part of any contract, nor can you rely on it for any contractual purpose. Schroder Investment Management North America Inc. (“SIMNA”) is an SEC registered investment adviser providing asset management products and services to clients in the US and Canada. Schroder Fund Advisors LLC (“SFA”) is a wholly-owned subsidiary of SIMNA Inc. and is registered as a limited purpose broker-dealer with FINRA and markets certain investment vehicles for which for which another Schroders entity is an investment adviser.

  • If a company has a low PER and a high CBA the PEG will be very low and, therefore, the company will be clearly cheap by multiples.
  • When you visit this site, you are not required to provide us with any personal information other than your country of residence, unless you choose to do so.
  • Therefore, to locate cheap companies by results, we must add the variable PEG to our analysis.

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Therefore, to locate cheap companies by results, we must add the variable PEG to our analysis. If a company has a low PER and a high CBA the PEG will be very low and, therefore, the company will be clearly cheap by multiples. The same occurs with Bankinter, which is recovering on the Ibex 35 after the downward sessions at the beginning of this month of June. The company is also reinforced by the interest of mutual funds that have improved their outlook on the market by going from negative to stable.

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  • In the case of the banking sector, BBVA continues to advance in the market by having the backing of brokers such as JP Morgan and its potential in the Spanish stock market has also increased.
  • Well, in sectors where PVC analysis does work well, the companies most undervalued by this multiple in the Ibex 35 are, of course, banks, Sabadell, Caixabank, Santander, BBVA, Bankinter and an insurance company, Mapfre.
  • The information contained in these pages does not form part of any contract, nor can you rely on it for any contractual purpose.
  • This applies to both ESG integration into investment decisions as well as active ownership.
  • We search the Ibex 35 for the most undervalued companies by fundamental multiples and for this search we take the ratio best known and used by ordinary investors, the PER.

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A new era for UK fiscal policy, but will the gamble pay off?

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All these companies are cheap by ratios, both by PER and by CBA and therefore we expect an upward path in the medium / long term. But if we really want to look for cheap companies by multiples, we should not stay only with the PER. A low profit ratio, when the expected growth of these profits is also low, null or even negative, is not indicating an undervaluation.

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In the case of the banking sector, BBVA continues to advance in the market by having the backing of brokers such as JP Morgan and its potential in the Spanish stock market has also increased. In addition, after its approach to bitcoin, it has positioned itself as the first bank in the eurozone in which this cryptocurrency can be acquired in addition what does atr mean to taking advantage of the momentum of the possible rise in interest rates. As a result of these concerns, you should not send sensitive information by E-mail, which may not be secure. When you visit this site, you are not required to provide us with any personal information other than your country of residence, unless you choose to do so.

And, finally, to reinforce our analysis we must also review the ratio of Equity, PVC, or ratio of Book Value or Book Value. That is to say, this multiple that relates the price to the funds contributed by the company’s shareholders, long-term and non-enforceable financing for the company. This indicator should not be used in sectors such as real estate or SOCIMIS, in which this accounting data does not provide relevant information . The value of investments and the income from them may go down as well as up and investors may not get back the amount originally invested. Any past performance figures shown are not indicative of future performance. Exchange rate may vary and cause the value of international investments to rise or fall.

Following links to any third-party website or pages shall be at your own risk. Combining his talents as a network security insurance expert and an insurance product development expert, Ty Sagalow is the leading expert on the unique risk and insurance needs of the bitcoin industry. Well, in sectors where PVC analysis does work well, the companies most undervalued by this multiple in the Ibex 35 are, of course, banks, Sabadell, Caixabank, Santander, BBVA, Bankinter and an insurance company, Mapfre. Also undervaluation by book value for Arcelor Mittal, Repsol, Acerinox and Telefónica, axitrader vs vantage fx who is better in 2021 thus achieving full undervaluation by our three criteria and, therefore, triple undervalued. In addition, Telefónica sneaks in, a company that has been penalized for many semesters and that, based on its new strategic plan and its fundamentals, is clearly undervalued, and Indra, a technology business closely linked to public funds. Under this criterion, our list is again made up of Arcelor Mittal, Acerinox, Indra, Santander, Repsol, Mapfre, CIE Automotive, Telefónica and, furthermore, they are undervalued by PEG, Naturgy, Merlin Properties, BBVA and Inditex.

Alantra advised Banco de Crédito e Inversiones on the acquisition of City National Bank of Florida

The main cash inflow from operating activities was from the group’s financial liabilities at amortised cost, which generated an inflow of €10,718 million (€4,669 million in the first half of 2019), due to the larger volume of financing obtained from the ECB through the TLTRO programme compared to the first half of 2019. 26 Alternative Performance Measure It is calculated as the difference between the average interest rate charged on loans and advances to customers and the average interest rate paid on customer deposits. As a result of all the above, the profit or loss attributable to the parent company for the first half of 2020 was €142 million, €258 million less than in the same period of 2019. Administrative expenses totalled €796 million, down 2.2% compared to June 2019, due to lower staff costs as a result of lower variable remuneration, temporary lay-offs and lower costs due to COVID-19.

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On 8 September, Bankia announced that it was included in the Dow Jones Sustainability Index with a score of 84 out of 100. On 28 February 2014, Spain sold a 7.5% stake in Bankia for €1.3 billion. Further divestment was expected for 2014 under the rescue programme, but did not happen. tezos news In addition to the financial problems, the new management had to deal with controversies related to former managements. On 10 May, the Spanish government said it would convert its preference shares in BFA into voting shares, giving it a controlling stake of 45% in Bankia.

Bankia valued at €3.8B in all-share merger deal with CaixaBank

Operational risk includes the potential loss that may occur as a result of the inadequacy or failure of the Bank’s internal or external procedures, systems or security. Also, operational risk includes operational risks arising from external events or human failure, including legal risk and excluding strategic and reputational risk. A possible increase in interest rates could weaken the income and balance sheets of some economic agents, which could translate into defaults in relation to Bankia and so is a risk to be taken into account. The Board of Directors annually approves the limits and procedures for internal measurement of the risk of each of the products and markets in which the various business areas operate. The Market and Operational Risk Directorate, under the Corporate Risk Directorate, has the task of independent measurement, monitoring and control of the Bank’s market risk and the limits assigned by the Board of Directors.

¿Por que invertir en renta fija?

La renta fija ofrece una serie de ventajas a los inversores: Son instrumentos de baja volatilidad y riesgo, ideal para los inversores más conservadores. Esto tiene como contrapartida una rentabilidad más baja en relación con otros productos de inversión. Permite obtener una renta periódica por el capital invertido.

The right to terminate each provision of services by providing reasonable prior notice and subject to ascertaining good faith and payment by the Parties of any breakage costs derived from an early termination, in the event of a change of control. During the two years preceding the date of this Universal Registration Document, no company of the Bankia Group has signed any material contracts other than those related to its own ordinary activity. At the date of this Universal Registration Document, no Group member has any capital subject to an option, or which has been conditionally or unconditionally agreed to be subject to an option.

Alantra advised Banco de Crédito e Inversiones on the acquisition of City National Bank of Florida

Shareholders may establish and be part of Associations of Shareholders of the Company provided that they comply with all the legal requirements for their creation and operation. Attendance at the general meeting by the represented shareholder, whether personally or by that shareholder’s having cast a remote vote, will constitute revocation of the proxy granted, whatever the date thereof. The chairman of the general meeting may authorise attendance at the meeting of any person he deems appropriate. All meetings, whether ordinary or extraordinary, are subject to the same rules of procedure and authority. If formal status as a shareholder is in a person or entity acting as a trustee or in a comparable role, the Company may demand that it provide information regarding the actual owners of the shares, as well as transfers and encumbrances thereof.

¿Cómo se puede invertir en bonos?

Cuando comprás un bono entregás una cantidad de dinero (el capital de la operación) a la entidad emisora del bono, la cual se compromete a devolver el capital al final del plazo establecido junto a un tanto por ciento de interés (el beneficio que obtendrás de esta operación).

If the number of directors is not odd, the youngest director will not become a liquidator. Become liquidators, unless the general meeting has appointed other liquidators in the winding up resolution. The Company will be wound up in the cases and subject to the requirements contemplated in applicable legislation. The content of the report will be regulated in the board regulations.

EN BREVE-Los acuerdos de Bankia y Caixabank aprueban la fusión de los dos bancos

Retroactive effect, but in December 2016 the Court of Justice of the European Union rejected that decision. The CJEU ruled that Spanish consumers who signed a mortgage loan contract before the 2013 trial date were also entitled to obtain a refund of all amounts paid in excess to the banks. Up to 30 why is there a coin shortage in the us June 2020, the BFA-Bankia Group had created a provision of €1,851 million for legal contingencies, to cover costs arising from legal claims in relation to hybrid instruments, of which, as at that date, €1,746 million had been used. As at 30 June 2020, the total provision amounted to €105 million.

  • He has been a director of National Express Group, plc and Hispania Activos Inmobiliarios and chairman of Autopista del Sol Concesionaria Española.
  • Ask the statutory auditor for explanations about the internal quality control system it has in place to safeguard its independence, as well as information on internal practices regarding the rotation of the audit partner and audit team and whether those practices comply with applicable Spanish and EU regulations in this respect.
  • The maximum amount of annual remuneration of all directors in their capacities as such must be approved by the general meeting and will remain in effect until modification thereof is approved.
  • Additionally, on 23 January 2019 the Supreme Court declared in five judgments that, in case of nullity of the expenses clause of a mortgage loan, the consumer can claim the return of half of the agency expenses and notary fees of the original of the public deed, and all the expenses derived from the registration of the mortgage in the Property Registry.
  • The Pillar II requirements initially communicated by the Supervisor (9.25%) have been adjusted to reflect the early application of article 104 a) of the CRR.

Information distributed in connection with the proposed transaction and the related shareholder vote is subject to Spanish disclosure requirements that are different from those of the United States. Financial statements and financial information included herein are prepared in accordance with Spanish accounting standards that may not be comparable to the financial statements or financial information of United States companies. Bankia sold around €5 billion in complex financial products such as preference shares and subordinated debt to customers. On 15 July 2016, the time limit for submissions of applications for arbitration expired.

BFA Tenedora Acciones Investment Preferences

The Deputy General Directorate of Financial Management of Bankia manages the Company’s own structural portfolios, invested mainly in public debt and corporate bonds, and also brokers all kinds of risks, both those generated by the products that Capital Markets distributes among customers and the Company’s balance sheet management risks. Meanwhile, the Group’s risk-weighted assets have been reduced through a gradual process of balance sheet deleveraging and disposal of non-strategic assets, in fulfilment of the undertakings given in the BFA-Bankia Group Restructuring Plan approved by the European Commission in November 2012, which was completed at the end of 2017. At the end of 2017, the integration with BMN meant an increase in RWA of €16,699 million. Includes impact of integration of BMN mainly by capital increase, restructuring costs and €16,699 million of RWA by integration of BMN on the balance sheet.

  • There are no shares other than those representing the Bank’s capital stock.
  • BFA Tenedora Acciones is a financial institution and is the holding company for Bankia, S.A. The entity was created in 2015 after Banco Financiero y de Ahorros was converted into holding company.
  • In 2019, none of the members of the Board of Directors of Bankia received any remuneration on account of the duties they performed in BFA.
  • In 2021, the bank merged with CaixaBank to create a new entity but preserving the name of the latter.
  • For their approval at respective extraordinary general meetings, that are expected to be held in November or December 2020.

The holders of 500 or more shares registered in their names in the corresponding records five days in advance of the date a general meeting is to be held will be entitled to attend the meeting, whether it is an ordinary or an extraordinary general meeting. The Company must ensure that these proposed resolutions and the attached documentation, if any, are circulated among the other shareholders. Shareholders’ pre-emptive rights involving euro to norwegian krone exchange rate convert eur the issuance of convertible debentures may be withheld under the terms provided by law. Issue, provided said securities are neither convertible into shares nor entitle the holder to share in the Company’s profits. The entity responsible for maintaining the book entry records will advise the Company of transactions related to shares, and the Company well maintain its own records with the identities of the shareholders.

Financial Reports

She has extensive experience in banking, having served as internal auditor and controller with Santander Investment and in communication in listed companies. Ms. Blanco has served as general manager of Communication and External Relations at Gamesa and Ferrovial, chief of staff of the chairman of Hidrocantábrico and director and general manager of Vértice 360º. The Remuneration Committee will consult the chairman and, where appropriate, the CEO of the Company, especially in matters concerning executive directors and senior managers. D) Ensure the transparency of remuneration and the inclusion of information on directors’ remuneration in the annual directors’ remuneration report and annual corporate governance report; and, to that end, submit to the Board any information that may be appropriate. C) Serve as a channel of communication between the Board of Directors and the auditors , assess the results of each audit and the management team’s response to the auditor’s recommendations and mediate in the event of disagreement between the auditors and the management team regarding the principles and criteria to be applied in preparing the financial statements.

  • The remuneration corresponding to executive functions assigned to the executive directors of the Company will also be stated in the report, individually and for each of the categories.
  • The chairman of the committee will be a director that is a member thereof appointed by the Company’s board of directors.
  • The court said that the prospectus for its public stock offering had contained «serious inaccuracies».
  • Net interest income for the year totalled €2,049 million, €81 million (+4.1%) higher than in 2017 due to the consolidation of BMN.

At €11,906 million, the amount of fixed income securities in the portfolio of financial assets at fair value through other comprehensive income at December 2019 was €3,653 million lower than at December 2018 (-23.5%). Debt securities in the portfolio of financial assets at amortised cost, meanwhile, fell by €674 million to €33,068 million in 2019 (-2%). In both cases the reductions were due to the sale of public debt during the year, both Spanish and foreign.

The assessment includes the results of the EBA’s EU-wide 2020 Stress Test base-case scenario, which was designed before the start of the COVID-19 pandemic and provides a benchmark against which to assess the impact of the pandemic on European banks. It is calculated as the financial liabilities at amortised cost on the balance sheet, from which other financial liabilities are excluded. As of the date of this Universal Registration Document, central bank deposits, within the framework of the programmes designed by the ECB to improve the financing of institutions, include €22,919 million in these programmes. Specifically, the entire amount currently down corresponds to Targeted Longer-Term Refinancing Operations (“TLTRO”) Programme III, which has been drawn to its maximum capacity as a preventive measure to ensure that liquidity is available at all times in order to be able to finance customer requirements that may arise from the situation caused by COVID-19. The percentage of own financial resources over total resources, both own funds and debt funding, was 6.2% in June 2020, 6.7% in 2019, 6.7% in 2018 and 6.6% in 2017. The reduction in the Bankia Group’s equity in the first half of 2020 is mainly due to the payment of the dividend recorded in March against 2019 earnings (€352 million) and the result generated in the first half of 2020 (€142 million).

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