Based on the information provided to Bankia by the Board members and senior managers of Bankia, there is no family relationship between the persons mentioned in this section 12.1. G) Report to the Board of Directors on the annual systems plan. A) Study and report on plans and actions in relation to computer systems. D) how to use trendlines in your trading Discuss the above matters and make recommendations and propose initiatives to the executive and the Board of Directors for their consideration. B) Advise the Board of Directors on matters relating to the Bank’s innovation strategy and plans and any trends in respect of new business models, technologies and products.

On 25 May, it was reported that Bankia SA had negotiated a further state guarantee, marking another rise in the cost of a drawn-out rescue. Bankia also revised its earnings statement for 2011, stating that instead of a profit of €309 million, it had in fact lost €4.3 billion before taxes, and asked for 1.4 billion fiscal credit to reduce its loss. The New York Times described the increasing bailout as making Spain one of the new focal points of the European sovereign-debt crisis. In response to growing concerns, Standard & Poor’s downgraded its rating of Bankia’s creditworthiness to BB+, making it a junk bond. Once the annual accounts have been approved, the general meeting will resolve regarding allocation of results for the financial year. The average term for payment to suppliers of the Company will be published on the Company’s website.

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On 26 June 2017 the boards of directors of Bankia and BMN authorised and signed the Common Draft Terms of Merger for the merger by absorption of BMN by Bankia. Second, to facilitate the listing of the share, the committee agreed to a reverse split, in which the 1,993,963,300 shares of Bankia with a par value of one euro cent, all of the same class and series, were exchanged for new shares of Bankia in the proportion of 100 old shares for each new share, raising the par value of the shares from one euro cent to one euro per share. In this respect, in 2019 the Group broadened the digital offer with the mortgage simulator and property valuation calculator, which enable users to calculate the costs of a mortgage including different interest rate or income scenarios, and also to obtain the value of any property in Spain.

• In 2019 this item amounted to €185,176 million, a year-on-year increase of €3,308 million (+1.8%), mainly due to the greater liquidity obtained from temporary repurchase agreements with credit institutions.
• Nevertheless, the meeting may be held in Madrid if so provided by the board of directors when issuing the call.
• The deadline for the privatisation of Bankia was end-2019, however, in December 2018 the Government decided to postpone the privatization until end-2021.
• Market shares calculated on banks, savings banks and credit cooperatives.
• The members of the Risk Advisory Committee must have the necessary knowledge, ability and experience to fully understand and control the Company’s risk strategy and risk appetite.

In addition, independently of the remuneration provided for in the preceding paragraphs, it is envisaged that remuneration schemes may be implemented that are indexed to the stock market price of shares or involve delivery of shares or options on shares to directors. The risk advisory committee will be composed of a minimum of three and maximum of five directors, who may not be executive directors, without prejudice to attendance, when so expressly resolved by the members of the committee, of other directors, including executive directors, senior managers and any employee. In any event, the number of members of the risk advisory committee will be determined either directly by express resolution or indirectly by way of filling vacancies or appointment of new members how to read candlestick charts within the established maximum. The remuneration committee will be comprised of non-executive directors and a majority of independent directors, with a minimum of 3 and a maximum of 5, all of the foregoing without prejudice to the attendance, when so expressly agreed by the members of the committee, of other directors including executive directors, senior executives and any employee. In any event the number of members of the remuneration committee will be determined directly by way of establishment of that number by express resolution, or indirectly by way of filling vacancies or appointment of new members within the established maximum. Gains or losses on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net.

Had drafted and signed a common draft of terms for the merger by absorption of Bankia, S.A. At the date of this Registration Document, the FROB, through BFA, holds an indirect interest of 61.823% in Bankia’s share capital. On 29 June 2011, Bankia registered with the CNMV a prospectus for a public offering of shares and admission to trading of shares. The public offering of shares was executed by increasing Bankia’s share capital by 824,572,253 shares at an issue price of €3.75 per share. Bankia’s shares began trading on the Barcelona, Bilbao, Madrid and Valencia stock exchanges on 20 July 2011, through the stock exchange interconnection system .

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

See also 4.4 and section I of this Universal Registration Document, which includes the specific and relevant factors that in Bankia’s opinion may have a significant impact on Bankia group operations. The following is a summary of the main aspects of the regulatory framework applying to the Bankia group and of the main factors that have had, or are having, a significant direct or indirect impact on Bankia group operations. Section 9 of this Universal Registration Document includes a summary of the main regulatory restrictions on capital resources that could directly or indirectly affect the Bankia Group’s operations. At 30 June 2020, 66% of debt funding are customer deposits (68% at the end of 2019, 70% at the end of 2018 and 69% at the end of 2017). At 30 June 2020, the Group’s debt funding17 totalled €193,753 million, 5.5% more than at 31 December 2019.

Between 30 June 2020 and the date of this Universal Registration Document there has been no significant change in the Bankia group’s activities, income or expenses as compared with those described in this document. In March 2014 the European Parliament and the Council reached a political agreement on the creation of the second pillar of the banking union, the Single Resolution Mechanism . The principal aim of the SRM is to ensure that any future bank failures within the banking union will be managed efficiently and with minimum cost to the taxpayer and the real economy.

Preference shares

Between 2008 and 2019 he was head of retail banking and was appointed Deputy General Manager, Retail Banking in July 2014. In January 2019 he was appointed Deputy General Manager, Asset Management and Investees. He has been a member of Bankia’s Management Committee since 25 June 2014.

To cover the risk arising from claims and proceedings, as well as other legal, regulatory and tax risks, as at 30 June 2020 the Group had made balance sheet provisions of €188 million, representing 12.9% of all provisions recorded in the Group’s assets as at that date. The liquidation share will be paid, in whole or in part, in assets or rights originally contributed by each shareholder, on the terms established by the general meeting. The general meeting may resolve that the dividend will be fully or partially paid in kind, provided that the assets or securities distributed are uniform and are not distributed at a value less than that appearing on the balance sheet of the Company.

Financial Reports

Any disagreements with management are resolved or else are submitted to the consideration of the Committee. All material changes to the work plan are properly reported to the Committee. D) Report to the Board of Directors, before publication, on the financial and related non-financial information the Company is required to publish periodically, paying special attention to the clarity and integrity of the information. The Audit and Compliance Committee met a total of 18 times in 2019 and a total of 16 times in the period from 1 January 2020 to 30 September 2020. The Committee will have a secretary and, optionally, a vice-secretary, who need not be directors and may be other than the secretary and vice-secretary of the Board of Directors. K) Verify that the Company’s risk reporting processes are appropriate for managing the risks taken and propose the improvements considered necessary in order to correct them.

• They also take account of the more flexible capital measures approved at the start of the pandemic and mentioned above.
• Factors in this improvement include the full consolidation of the results of BMN, together with the initial savings generated following the merger of the two institutions and the absence of the extraordinary staff costs incurred in 2017 linked to the merger (€445 million).
• In order to be appointed as a member of the board of directors it will not be necessary to be a shareholder.

A large part of his career has been spent at the BBVA Group, where he held various management positions. He has been a director of BBVA Bancomer and BBVA Continental, vice-chairman of Banca Nazionale del Lavoro, general manager of Human Resources and Quality at BBVA and a member of the BBVA Group’s Management Committee. Before joining Bankia, he was director of the master’s programme in Human Resources at the Centro de Estudios Garrigues and a member of its Academic Board, a position he combined with business consulting activities and directorship of the School of Banking at the Virtual University of Instituto turkey braces for yet another currency crisis Tecnológico de Monterrey in Mexico. To fulfil its mandate and functions, the Technology and Innovation Committee will adopt an annual schedule of meetings, which will include at least four meetings. In any event, the Committee will meet as often as meetings are called by resolution of the Committee itself or its chairman. Those called upon to report to the meetings of the Technology and Innovation Committee will appear at the invitation of the chairman of the Committee and on the terms specified by the Committee and will be obliged to cooperate and provide access to any information available to them.

The business, results of operations and financial, economic or asset position of Bankia, S.A. (“Bankia”, the “Company” or the “Bank” and, together with its subsidiaries, the “Bankia Group” or the “Group”) are mainly subject to risks relating to its activity, the sector in which it pursues its activity and the environment in which it operates. The risks to which Bankia is exposed could materialise or worsen as a result of changes in competitive, economic, political, legal, regulatory, social, business and financial conditions, therefore any investor must take them into account. Any risk, if it materialises, could have a substantial negative impact on the business, results of operations or financial and asset position of Bankia as well as affect the market price of its securities, which could result in a partial or total loss of any investment made. The board of directors will arrange for definitive preparation of the accounts in a manner that will not result in qualifications by the statutory auditor. Nevertheless, when the board believes it must maintain its position, it will, through the chairman of the audit and compliance committee, publicly explain the substance and scope of the difference and, also, will arrange for the statutory auditor also to state its comments in this regard.

The most relevant operations between both groups are described in the Bank’s Annual Corporate Governance Report. Other operating income and expenses represented a net expense of €238 million in the year, an increase of €43 million (+22.1%) on the figure reported in the previous year, mainly due to higher contributions to the Deposit Guarantee Fund (+8%) and an increase in the tax on deposits after the merger with BMN. Net interest income for the year totalled €2,049 million, €81 million (+4.1%) higher than in 2017 due to the consolidation of BMN. Net equity amounted to €13,189 million, €424 million less (-3.1%) than at the end of 2017.

At the date of this Universal Registration Document, neither the General Meeting of Shareholders nor the Board of Directors of Bankia has agreed on any change relating to the Board of Directors or the Board committees that could have a significant impact on Bankia’s corporate governance. In June 2010 the CNMV published a guide with recommendations on internal control of financial reporting by listed companies. This guide provided a set of recommendations and best practices, and identifies the benchmark indicators listed companies should use when reporting on their system of internal control over financial reporting (“SICFR”). Bankia has mechanisms in place to underwrite directors’ civil liability in conditions that are commensurate with the Company’s circumstances and situation. Specifically, in the period from June 2019 to June 2020 the premiums paid for civil liability insurance for directors, officers and the Company amounted to €1,277,726.

• At 30 June 2020, digital channel sales accounted for 39.9% of total Group sales and 57.1%11 of clients operated through digital channels.
• During 2019, no shares were delivered, as no amounts were paid in respect of variable remuneration.
• Bankia believes that this will reduce risk-weighted assets by around €5970 million.

It is calculated as net interest income, plus net fees, minus administrative expenses and minus amortisations. 5.7.4 Environmental issues that may affect the issuer’s utilisation of the tangible fixed assets. At the date of this Registration Document, there are no significant investments in progress, and Bankia’s management bodies have not assumed firm commitments to make significant investments in the future. In 2017, the most significant investment was the merger with BMN (see section 5.3 of the Registration Document). Section 5.4 below of this Registration Document contains a description of Bankia’s current Strategy Plan. On 15 March 2017, through a Material Disclosure, the FROB announced that its Governing Committee had decided that a merger of Bankia and BMN was the best strategy to optimise the capacity to recoup state aid in a future divestment process, calling on the two institutions to take whatever steps were required to implement the merger.

This gives awareness of changes in levels of risk by reason of changes in the prices of the financial products and their volatility. Apart from individual legal actions brought by customers, ten class actions by consumer associations have been notified to Bankia as of 30 June 2020. As of the date of this Universal Registration Document, six of these class actions have been dismissed by the courts. At 30 June 2020 the total estimated risk in terms of ongoing legal proceedings amounts to €15 million. The total amount of provisions for current contingencies and liabilities relating to the IPO of Bankia was set at 1 million euros, based on information available at 30 June 2020. The assumptions made for the establishment of this provision are regularly reviewed and validated.