deposit guarantee fund of credit institutions · on 16 july 2012, in order to facilitate the...
TRANSCRIPT
DEPOSIT GUARANTEE
FUND
OF CREDIT INSTITUTIONS
ANUAL REPORT 2014
Abbreviations and signs
FGDEC: Deposit Guarantee Fund for Credit Institutions
FGDEB: Deposit Guarantee Fund for Banks
FGDCA: Deposit Guarantee Fund for Savings Banks
FGDCC: Deposit Guarantee Fund for Credit Cooperatives
FROB Bank Restructuring Fund
Manager: Management Company of the Deposit Guarantee Fund for Credit Institutions, AIE.
-- Amount equal to zero or inexistent with respect to the item in question
( ): Negative figure
DEPOSIT GUARANTEE FUND OF CREDIT INSTITUTIONS
José Ortega y Gasset, 22 - 28006 MADRID
MANAGEMENT COMMITTEE OF THE DEPOSIT GUARANTEE FUND FOR
CREDIT INSTITUTIONS
Publication registration No: M. 19338-2014 Auxiliary Services Unit. Bank of Spain
MANAGEMENT COMMITTEE OF THE DEPOSIT GUARANTEE FUND FOR CREDIT INSTITUTIONS
(At 31 December 2014)
(Formed in accordance with Royal Decree Law 16/2011 of 14 October 2011)
President D. Fernando Restoy Lozano
Deputy Governor of Banco de España
Vice president Mrs. Rosa María Sánchez-Yebra Alonso (since 28 June 2014)
General Ministry of the Treasury and Financial Policy
Secretary D. Francisco Javier Priego Pérez
Secretary-general of Banco de España
Vocales
D. Julio Durán Hernández Managing Director of Regulation and Finantial Stability of Banco de España
D. Mariano Herrera García-Canturri (from November 17, 2014)
Deputy Director General of Supervision of Banco de España
D. José Carlos Alcalde Hernández (since 28 June 2014)
State Administration General Comptroller
D. Matías Rodríguez Inciarte
Second Vice President of Banco Santander, SA
Dª Cristina de Parias Halcón (since 26 May 2014)
Director, Spain and Portugal, BBVA
D. Isidro Fainé Casas
President of Confederación Española de Cajas de Ahorros
D. José María Méndez Álvarez-Cedrón
Managing Director of Confederación Española de Cajas de Ahorros
D. Julio Gallastegui Zubizarreta
Managing Director of Caja Laboral Popular Cooperativa de Crédito
D. Jaime Sáenz de Tejada Pulido (until 27 May 2014)
Managing Director of Spain and Portugal of BBVA
Mr. Pedro Comín Rodríguez (between 21 February 2014 and 17 November 2014)
Assistant General Manager, Supervision, Bank of Spain
D. Juan de la Cruz Cárdenas Rodríguez (until 18 November 2014)
Vice-CEO of Cajas Rurales Unidas
Substitute chair D. Javier Alonso Ruiz-Ojeda (since 17 November 2014, formerly full member)
Operations General Director, Markets and Payment
Systems from Banco de España
D. Roberto Ugena Torrejón (since 17 November 2014)
Director of the Legal Department of Banco de España
D. Jaime Ponce Huerta (since 25 July 2014)
Deputy General Manager of Financial Legislation and Policy
Dª. Rosario Martínez Manzanedo (since 18 de julio de 2014)
Accounting Office National Director of the Ministry of Finance and Public Administration
D. Jaime Guardiola Romojaro
CEO of Banco Sabadell, SA
D. Francisco Gómez Martín
CEO of Banco Popular, SA
D. Braulio Medel Cámara
President of Unicaja Banco, SA
D. Amado Franco Lahoz
President of Ibercaja Banco, SA
D. Rafael López-Tarruella Martín
Managing Director of Caja Rural del Sur
D. José María Lamamié de Clairac Delgado (until 17 November 2014)
Director of the Inspection Department II of Banco de España
Managing Director: Mr. Luis Lorenzo Olmeda
6
TABLE OF CONTENTS
Pages
DIRECTORS`S REPORT 2014 8
INDEPENDENT AUDITOR`S REPORT ......................................................................... 18
ANNUAL ACCOUNTS 2014
Balance sheet .................................................................................................................. 20
Income statement ............................................................................................................ 22
Statement of changes in equity ....................................................................................... 23
Cash Flow statement ....................................................................................................... 24
ANNUAL REPORT FOR 2014
Notes to the annual accounts………………………………………………………………….. 26
Notes to the balance sheet………………………………………………………………….... 36
Notes to the income statement………………………………………………………………... 61
Other Notes to the annual accounts ................................................. …………………….. 68
APPENDIX
Appendix 1 List of shareholdings……………………………………………………………… 71 Appendix 2 Historical breakdown of contributions, equity and investments………………. 73 Appendix 3 Member credit institutions at 31 December 2014………………………………. 78
Appendix 4 Credit institutions rehabilitations………………………………………………… 83 Appendix 5 Legislation…………………………………………………...…………………… 88
7
Under the article 2.º - 4 b) of Royal Decree 2606/1996, of December 20, the
Management Committee is competent to approve the accounts that the Deposit
Guarantee Fund of Credit Institutions must submit each year to their members and to
Banco de España.
In fulfilment of those rules, on 25 May 2015 are formulated the balance sheet, the
income statement, the statement of changes in equity, the statement of cash flows and
the related notes, that together with the Directors’ Report, offer information about the
activities performed during the year 2014, present fairly the financial position, the equity
and the financial situation of the Deposit Guarantee Fund of Credit Institutions, the results
of its management and the source and allocation of funds for the year 2013.
.
8
DEPOSIT GUARANTEE FUND OF CREDIT INSTITUTIONS
DIRECTOR`S REPORT FOR THE YEAR 2014 Formation
1. On 15 October 2011, Royal Decree Law 16/2011, of 14 October, whereby the
Deposit Guarantee Fund of Credit Institutions was created, came into effect and declared the dissolution of the three Deposit Guarantee Funds that existed up until now (the Deposit Guarantee Fund for Savings Banks - FGDCA, the Deposit Guarantee Fund for Banking Establishments - FGDEB and the Deposit Guarantee Fund for Credit Cooperative Banks - FGDCC), whose assets will be covered by the new Deposit Guarantee Fund of Credit Institutions - FGDEC which subrogates to all the rights and obligations of the former.
The references shown as FGDCA, FGDEB and FGDCC are referred to the three
Deposit Guarantee Funds dissolved.
Organization
2. The FGDEC has its own legal personality and full capacity to carry on its objects under Spanish private law without being subject to the regulations governing public bodies and government corporations.
The purpose of the FGDEC is to guarantee deposits in credit institutions in accordance
with the provisions of Royal Decree-Law 16/2011 and the enabling regulations thereof.
To fulfil its objects, the FGDEC utilizes the following resources: contributions from member institutions provided for in the regulations governing its operation; b) extraordinary contributions by these institutions, distributed according to the calculation base for contributions, which will be treated as equity after being agreed; and c) funds raised on stock markets, from loans or from any other kind of borrowing operation.
Activity carried out during the year
3. The management of the FGDEC in 2013 centred on the action taken and the
guidelines followed in recent years, as concerns: – Management of liquid assets in investments in Government debt.
– Income from investments in Spanish public debt has amounted to €7,263.0 thousand
(€3,781.9 thousand in 2013) which, based on an average investment in the year of €1,294.7 million, has provided an annual yield of 0.56%.
9
However, financial results, which include revenues from investments, the cost of financing received, income from the sale of public debt and the effect of the financial restatement of the payments expected by reason of the asset protection schemes ("APS") granted and from other expected payments and collections, have given rise to a net loss of €142,046 thousand (€113,919.1 thousand in 2013).
– Operations related to the management and disinvestment of the assets acquired in
2010 from Caja de Ahorros de Castilla-La Mancha (CCM), under that entity's action plan.
– Operations related to the management and development of portfolios of assets covered by asset protection schemes granted in 2010, 2011 and 2012 to Banco de Castilla La-Mancha, SA, (BdCLM), Banco CAM, SA, and Unnim Banc, SA, respectively, in compliance, in each case, with the action or restructuring plan approved in this respect.
– Actions related to the acquisition of two shareholdings in Catalunya Banc, SA, and
NCG Banco, SA, respectively, through voluntary share acquisition offerings announced by the FGDEC on 10 June 2013.
– Management of loans to investee entities and the remaining assets acquired in
previous operations in credit institutions.
– Preparation of management committees and implementation of the decisions
taken.
Action plan for Caja de Ahorros de Castilla La Mancha
4. The management and divestment of the assets derived from the actions taken in
Caja de Ahorros de Castilla-La Mancha have continued. In 2012, these assets were grouped into the company Inversiones Corporativas, SA, (IC), also derived from the CCM and, since 2010, a 100% subsidiary of the FGDEC, through a non-cash contribution of those assets thereto in a share capital increases.
Following this grouping, during 2013 and 2014 the funds derived from the divestments
carried out have been applied to the expenses of IC or its investees, and to reducing its debt. Accordingly, the FGDEC has not received any cash amount from these divestments.
In addition, as part of the CCM action plan, the FGDEC granted an APS to BdCLM on
a certain asset portfolio, with the FGDEC assuming the losses that could arise therein over a period of five years as from 31 December 2009. This term could be extended to seven years in certain circumstances, above the provisions pertaining to that asset portfolio and up to a given maximum. To this end, a guarantee deposit for the same sum as that maximum was set up in BdCLM.
10
On 2 December 2014 the BdCLM and the FGDEC signed an addendum to the
Regulations governing the EPA, extending its term until 31 December 2016. At the end of 2014 the FGDEC has covered the total amount of expected losses up until the end of the new term of the EPA in accordance with the latest estimates available.
Restructuring of Banco CAM, S.A.
5. The commitments derived from the restructuring of Banco CAM, S.A. in force in
2014 pertain to the APS granted on a certain portfolio of assets, with the FGDEC assuming 80% of the losses that could arise therein over a term of ten years as from 31 July 2011, above the provisions existing with respect to that asset portfolio. At end-2014 the FGDEC has recorded at present value the amount of the payments to be made to cover the losses expected to be incurred to the termination of the APS in accordance with the latest available estimate.
Restructuring of Unnim Banc, S.A.
6. The commitments derived from the restructuring of Unnim Banc, S.A. in force in
2014 pertain to the APS granted on a certain portfolio, with the FGDEC assuming 80% of the losses that could arise therein over a term of ten years as from 31 October 2011, above the provisions existing with respect to that asset portfolio. At end-2014 the FGDEC has recorded at present value the amount of the payments to be made to cover the losses expected to be incurred to the termination of the APS in accordance with the latest available estimate. European financial aid
7. On 16 July 2012, in order to facilitate the European financial aid operation for the
recapitalisation of Spanish financial institutions in the terms laid down in Additional Provision 5 of Royal Decree-Law 21/2012 on liquidity and financial measures by the public authorities, and under the provisions of paragraph 4 of that Provision, the FGDEC entered into a guarantee contract in favour of the Republic of Finland, undertaking to furnish a pledge equivalent to 40% of the risk assumed by that state with respect to the disbursements made by the European Financial Stability Fund to the Kingdom of Spain. This contract was subsequently adapted to the definitive implementation of the European Stability Mechanism through the relevant Addenda on 28 November 2012.
The Republic of Finland's share of the European Stability Mechanism is 1.7974% and
the disbursements made by it to the Kingdom of Spain were €39,468 million in November 2012 and €1,865 million in January 2013, by reason of which the FGDEC created the respective guarantee deposits in cash, the first on 28 November 2012 in the amount of €283,759.1 thousand and the second on 22 January 2013 for €13,408.6 thousand.
Subsequently, under the terms of the guarantee contract, these amounts were
invested in securities issued by Member States of the euro zone with the highest credit rating. It is considered that the granting of that guarantee will not entail any loss for the FGDEC.
During 2014, €8,088.8 thousand has been paid with respect to the coupons of the
securities acquired and €106,469 thousand (nominal value) at the maturity of one of the investments, which are funds that. In accordance with the terms of the contract, these funds have been used to acquire further securities issued by Member States of the euro zone with the highest credit rating, and are retained as security for the operation.
11
Subscription of shares in NCG Banco, S.A. and Catalunya Banc, S.A.
8. In accordance with Additional Provision Five of Royal Decree Law 21/2012, on
liquidity measures for the public authorities and in the financial area, amended by Article 2 of Royal Decree-Law 6/2013 (22 March) on the protection of holders of certain savings and investment products and other financial measures, on 10 June 2013 the FGDEC announced voluntary offerings for the acquisition of ordinary shares in NCG Banco, S.A., and Catalunya Banc, S.A., in accordance with certain consideration and conditions. As a result of these offerings, the FGDEC acquired 640,964,146 shares in Catalunya Banc, S.A., (representing 32.4% of its capital) for a total cost of €1,000,939.9 thousand, and 603,671,160 shares in NCG Banco, S.A., (representing 25.6% of its capital) for a total cost of €802,364.1 thousand. Simultaneously, it concluded certain agreements to partially cover the fluctuations in the value and the result of the sale of those shares with the controlling shareholder, the Bank Restructuring Fund (FROB).
On 18 December 2013, the FROB reported the adjudication, after studying the binding
offers received in the sale process, of a shareholding of 88.3% in NCG Banco, S.A. to Banco Etcheverría S.A., (Grupo Banesco). As provided in Articles 26.2 and 64.1.c of Law 9/2012 (14 November) on the restructuring and rehabilitation of credit institutions, the above sale process included the shares owned by the FGDEC. On 25 June 2014 the FROB reported the completion of the transaction after receiving all necessary authorizations.
At 31 December 2014 the amounts already received by the FGDEC for this transaction
total €139,630.20 thousand, and the present value of the net expected payments is estimated at €84,830.20 thousand.
On 21 July 2014, the FROB reported the awarding of a shareholding of 98.4% or
100%, based on certain circumstances, in Catalunya Banc, S.A., to Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), after the analysis of binding bids received during the relevant sale process. In accordance with the provisions of the aforementioned Articles 26.2 and 64.1.c of Law 9/2012, the sale process referred to includes the shares owned by FGDEC. The transaction was subject to the condition of compliance with the legal requirements and the authorization of the competent national and international authorities. Subsequently, on 24 April 2015, the FROB reported the completion of the transaction covering 98.4% after all necessary authorizations were obtained.
In light of to the conditions of that transaction and the estimated amounts to be
received by FGDEC, at the end of 2014 the necessary write-down was applied to bring the carrying value of FGDEC's shareholding in Catalunya Banc, S.A. into line with those payments.
12
Disputes with the heirs of Mr. Domingo López Alonso
9. With respect to the legal proceedings initially involving the former Chairman of
Banco de Vallalodid, S.A. (currently Barclays Bank, S.A.U), Mr Domingo Lopez Alonso, and now his heirs, and that are under the legal management and economic coverage of the FGDEC, it is noted that as indicated in the FGDEC’s report for 2013, through the writ of 27 July 2012, the Court of First Instance No. 4 of Madrid determined and listed the securities that Barclays Bank, S.A.U. should deliver in accordance with the Judgement of 6 October 1998. As a result, the aforementioned bank delivered all the relevant securities to the Court and requested that the execution of the process be brought to an end and the process shelved. Mr Domingo Lopez Alonso's heirs filed an appeal against the shelving of the process. No decision has yet been issued in this respect.
With respect to the legal proceedings through which Barclays Bank, S.A.U. has
claimed the recovery of the amounts (€27.4 million) wrongly delivered to Mr Domingo López Alonso in late 2003 as a result of the provisional execution of the judgement against that entity, in 2014 proceedings continued in order to determine the use which the money delivered was put. It should be borne in mind that Mr Domingo López Alonso's heirs accepted the inheritance and benefit of inventory and consigned the credit rights which derive from the legal proceedings referred to in this Note as the single asset inherited.
Lastly, noteworthy is the procedure through which the amounts were claimed from the
heirs of Mr Domingo Lóplez Alonso (deriving from executive proceedings in 1981) and in which the Provisional Court of Madrid confirmed through the Writ of 11 February 2013, a prior Resolution of 23 October 2009 of the Court of First Instance No. 21, that set the amounts pending payment to FGDEC at €1.6 million. Its effectiveness is currently being promoted through the pertinent asset enquiries.
Investment coverage function
10. Under a Resolution by the Secretary of State for the Economy dated 1 August
2002, issued in compliance with the provisions of Article 74.3 of Law 24/2001 on fiscal, administrative and social measures, the percentages to be paid by each of the three Deposit Guarantee Funds existing at the time and the General Investment Guarantee Fund were set with respect to the total indemnities due to non-compliance with return obligations occurring with respect to investment service enterprises before the entry into force of Law 24/2001.
By virtue of that resolution, the percentage distribution of the total of the indemnities to
be paid to the prejudiced investors among the dissolved Deposit Guarantee Funds and the General Investment Guarantee Fund was determined as follows:
%
Deposit Guarantee Fund Credit Institutions 99.83
Guarantee Fund Bank Deposit 53.98
Deposit Guarantee Fund for Savings Banks 40.90
Deposit Guarantee Fund for Credit Cooperatives 4.95
General Investment Guarantee Fund 0.17
13
The indemnities estimated by Gestora del Fondo General de Garantía de Inversiones,
S.A., totaled €79.7 million, with €79.5 million corresponding to the Deposit Guarantee Funds. During 2014, €13.5 thousand was paid (36 thousand euros in 2013). At the year end, the indemnities pending payment by the FGDEC totaled €5.6 million.
Institutions included and their contributions
11. At 1 January 2014, there were 166 member institutions. During 2014, 2 new
member entities have jointed and 21 members have departed. Therefore, at the year-end there are 147 member institutions. Appendix 3 includes a list of member institutions at 31 December 2014.
On 3 December 2011, Royal Decree Law 19/2011 (2 December) came into effect,
amending Royal Decree Law 16/2011 which specified the annual contributions to be made by member institutions at 0.2% of the calculation basis established in Articles 3 and 4 of Royal Decree 2606/1996, also laying down a maximum limit of 0.3%. The contributions are to be paid on the last working day of February.
On 23 March 2013, Royal Decree Law 6/2013 on the protection of holders of certain savings
and investment products and other financial measures was enacted, which amended
Additional Provision 5 of Royal Decree law 21/2012 (13 July) on liquidity measures for the
public authorities and in the financial area, stipulating that the annual contribution envisaged
in Article 3 of Royal Decree 2606/1996 (20 December) on Deposit Guarantee Funds for
Credit Institutions, to be made by member institutions with respect to deposits at 31
December 2012, was to be increased, exceptionally and on a one-off basis, by 0,3%. This
increase was to be paid in two tranches: the first consisting of two-fifths of the total increase,
to be paid within twenty working days of 31 December 2013, and the second consisting of the
remaining three-fifths, to be paid after 1 January 2014 within a maximum of seven years in
accordance with the payment schedule fixed by the Management Committee,
notwithstanding which the amount pertaining to the second tranche is to be recognized as
equity in the FGDEC on the date on which the first tranche is paid.
It is also stipulated that, in relation to the first tranche, the Management Committee of the FGDEC may establish, through resolutions adopted by a majority of two thirds of members: (i) a shift to the second tranche of the contribution corresponding to this initial tranche of up to a maximum of 50%; (ii) the non-application of this tranche to the institutions referred to in Additional Provision Nine of Law 9/2012; (iii) a deduction of up 50% in the contributions by member institutions whose calculation basis does not exceed € 5,000 million; and (iv) a deduction of up to 30% of the amounts invested by the institutions before 31 December 2013 in the subscription or acquisition of subordinated debt instruments issued by the Management Company for Assets Derived from Bank Restructuring. With respect to the foregoing, the sum of the deductions mentioned in iii) and iv) above may not exceed 90% of the amount which, based on the deposit balance maintained at 31 December 2012, each entity is required to pay.
14
To arrange payment of the first tranche of the additional contribution, on 22 November
2013 the Management Committee agreed to the adoption, within the framework of the authorization granted by the legislation referred to above, of the deductions envisaged therein, thus specifying the amount of the first tranche payable by each member institution, for a total of €233,790.8 thousand, recorded as an increase in the equity of the FGDEC in 2013 and paid by the member institutions on 22 January 2014.
In accordance with the content of that legislation, the restated value of the second
tranche of the extraordinary contribution was recognized as an increase in the equity of FGDEC on 22 January 2014. Also in accordance with the same legislation, on 10 June 2014 the Management Committee decided that the payment of the seventh part of the second tranche would take place on 30 September 2014 and the payment on that date totaled €232,699.30 thousand. At the meeting held on 17 December 2014 the Management Committee decided that the rest of the second tranche of the contribution would take place through 2 payments of equal amounts on 30 June 2015 and 30 June 2016.
Under current legislation, the Bank of Spain is not required to make any contribution.
Guaranteed Deposits and equity coverage
1 2 . On 3 June 2010 Royal Decree 628/2010 was enacted, amending Royal Decree
2606/1996 (20 December) on deposit guarantee funds in credit institutions and Royal Decree 948/2001 (3 August) on indemnity systems for investors, stipulating that deposits guaranteed shall have a limit of the amount of €100,000 per account holder, and the guaranteed amount for investors that have entrusted to the credit institution securities and financial instruments shall be independent and shall be at least €100,000 per holder.
15
Fluctuations in guaranteed deposits corresponding to the aggregate of the Deposit
Guarantee Funds in recent years have been as follows, in million euro:
Year Deposits and
securities guaranteed
Basis of contributions
Deposits and securities covered
% covered/ guaranteed
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%
Since 31 December 2001, the guaranteed deposits and securities include guaranteed
securities and financial instruments. The calculation basis for the contributions includes cash deposits and 5% of securities and financial instruments. At 31 December 2014, the amount of guaranteed cash deposits and securities has decreased by 0.3% compared with the previous year.
Under Article 3.4 of Royal Decree 2606/1996, the contributions will be stopped when
the equity fund not committed to operations performed under the objects of the FGDEC equals or exceeds 1% of the calculation basis of the contributions.
At 31 December 2014, the FGDEC does not have an uncommitted equity fund.
16
Financial situation
13. Available financial assets amount to €4,435,740.2 thousand, and increased
during the year by €3,897,883.4 thousand due to, among other things, the recognition of the ordinary contributions for that year as a depth claim at 31 December 2014 which the member entities paid the FGDEC on 28 February 2015. The financial assets were invested in Government debt.
At the year end, investments in government debt amounts to €1,838,048.5 thousand,
invested in Government Bonds and Debentures. The average maturity period is 107 days.
Extraordinary contribution approved
14. The FGDEC Management Committee, at a meeting held on 30 July 2012 and in order to restore the financial position of the FGDEC in accordance with Article 6.2 of Royal Decree Law 16/2011, agreed to an extraordinary contribution by the member institutions for a nominal amount of €2,346,000 thousand, distributed according to the calculation basis for contributions at 31 December 2011, to be paid by each institution through ten equal annual instalments, with annual payments totaling €234,600 thousand, which will be paid on the same day that the ordinary annual contributions are paid. Each member institution may deduct that payment of the ordinary annual contribution which they pay on that same date, as the case may be, up to the amount of the ordinary contribution.
In 2014 the second annual installment was paid.
Results for the year and equity
15. The year ended with a deficit of €274,459.1 thousand, which breaks down as
follows (thousand euro):
Items Management Financial Credit institution
restructuring
Total (Thousand of
euros)
Income ...................................................... 1,645,003.1 9,544.0 -- 1,654,547.1
Expenses ................................................... (6,591.1) (151,590.0) -- (158,181.1)
Profit/(loss) on fixed asset disposals .......... -- -- -- --
Profit/(loss) on divestments ........................ 404.1 -- -- 404,1
Extraordinary items .................................... (1,093,529.2) -- -- (1,093,529.2)
Restructuring or rehabilitation cost ............. -- -- (677,700.0) (677,700.0)
Total .......................................................... 545,286.9 (142,046.0) (677,700.0) (274,459.1)
Management income includes €1,644,107.9 thousand in ordinary contributions relating
to 2014 that the member entities paid the FGDEC on 28 February 2015. Extraordinary items consist of increased costs derived from credit institution restructuring processes compared with those calculated in previous years.
Accumulated equity at 31 December 2014 is positive by €1,366,348.1 thousand,
including the deficit for the year, in accordance with the matters indicated in Note 2 c) Preparation of the annual accounts and comparative information.
17
In addition, on 28 February 2015 the FGDEC received the third annual payment of the
extraordinary contribution described in 14 above, in the amount of €234,597.7 thousand euros, although the receipt of this sum, while impacting the FGDEC's financial situation, does not affect its equity as it had already been recorded as an asset and as equity on its balance sheet.
Financial and economic control
Court of Accounts
16. At the date of preparation of this report, the contracts concluded in 2014 have
already been sent to the Court of Accounts.
External audit
17. The audit report for the year drawn up by PricewaterhouseCoopers Auditores, S.L. is set out below.
18. The Note 7, of the Annual Accounts, reveals the significant matters occurring after December 31, 2014 and until the date of preparation of those financial statements.
18
AUDIT REPORT
19
DEPOSIT GUARANTEE FUND OF CREDIT INSTITUTIONS BALANCE SHEET Thousand euros
ASSETS Notes 31.12.2014 31.12.2013 (*)
NON CURRENT ASSETS
Intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 22.6 27.6
Property, plant and equipment. . . . . . . . . . . . . . . . . 9 236.3 173.0
Investment in related companies. . . . . . 10 39,956.5 45,595.9
Company shareholdings . . . . . . . . . . . . . . . . . . . . . . . . 10 673,025.3 672,606.0
Impairment of shareholdings . . . . . . . . . . . . . . . . 10 (633,068.8) (627,010.1)
Long term financial investment . . . . . . . . . . . . . . . . 11 3,020,187.4 2,428,075.1
Credit institutions. Extraordinary payment. . . . . . . . . 11.1 1,453,359.6 1,637,686.7
Credit institutions. Extra payments contributions.. .. . . . . 11.2 667,848.7 --
Reimbursement rights APS . . . . . . . . . . . . . . . . . . . . . . 11.3 2,475,000.0 2,475,000.0
Impairment reimbursement rights APS . . . . . . . . . . 11.3 (2,136.943.0) (2,049,323.0)
Receivable - guarantees received APS. . . . . . . . . . . . 11.4 12,962.4 12,335.4
Non-current loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.5 184,742.6 --
Participating rigths. . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.6 62,589.3 52,219.8
Public Debt (bonds and government bonds) . . . . . 11.7 298,124.2 297,547.2
Deposit held as security . . . . . . . . . . . . . . . . . . . . 11.7 11.9 1.0
Subordinated Debt (Net) . . . . . . . . . . . . . . . . . . 11.8 2,047.0 2,004.0
Credit institutions shareholdings. . . . . . . . . . . . . . 11.9 186.3 186.3
Other financial assets. . . . . . . . . . . . . . . . . . . . . . . . . . . 11.10 55.9 224.1
Loans to working personal. . . . . . . . . . . . . . . . . . . . . . . . . . . 11.11 202.5 193.6
Total non-currents assets . . . . . . . . . . . . . . . . . . . . . . . . . 3,060,402.8 2,473,871.6
CURRENT ASSETS
Assets available for sale . . . . . . . . . . . . . . . . . . . . . 12 148.9 146.0
Accounts receivable . . . . . . . . . . . . . . . . . . 13 29,147.0 37,486.6
Loans to related companies . . . . . . 14 12,724.2 12,216.7
Current financial investments . . . . . . . . . . . . . . . 15 4,565,647.2 3,212,773.2
Credit institutions. Extraordinary payments outlays . . . . . . . 15.1 234,597.7 234,600.0
Credit institutions. Extraordinary payments contributions…. 15.2 687,939.9 233,790.8
Ordinary contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.3 1,644,107.9 1,639,212.4
Participaciones en entidades de crédito. . . . . . . . . . . . . . 15.4 133,820.2 1,045,194.6
Debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.5 1,838,048.5 59,787.8
Credit institutions shareholdings . . . . . . . . . . . . . . . 15.6 26,959.6 187.6
Deposits payable . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.7 173.4 --
Accruals . . . . . . . . . . . . . . . . . . . . . 16 70.5 84.1
Cash and others liquid assets . . . . . . . . 17 4,086.6 9,490.8
Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,611.824.4 3,272,197.4
TOTAL ASSETS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,672,227.2 5,746,069.0
(*)The balances for 2013 are presented for the purposes of comparison and have been restated, see Note 2 c)
Luis Lorenzo Olmeda José Luis Ballesteros Corrales Marisol Salvador Rodríguez Managing Director Director of Finance and Administration Comptroller
20
DEPOSIT GUARANTEE FUND OF CREDIT INSTITUTIONS BALANCE SHEET Thousand euros
EQUITY AND LIBILITIES Notes 31.12.2014 31.12.2013 (*)
STOCKHOLDER´S EQUITY
Equity. . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18 1,366,324.1 1,983.1
Retained Earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 1,983.1 326,380.0
Extraordinary outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.1 50,286.8 55,736.8
Extaordinary payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.2 1,588,513.3 233,790.8
(Deficit) Surplus of the year . . . . . . . . . . . . . . . . . . . . . . . . . . (274,459.1) (613,924.5)
Valuation Adjustments . . . . . 18.3 24.0 (84.3)
Total Stockholder’s Equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,366,348.1 1,898.8
NON CURRENT LIABILITIES
5.033.481,4 Long term provisions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 6,203,145.9 5,033,481.4
Provision for payment APS Banco CAM. . . . . . . . . . . . . . . 19.1 4,551,091.0 3,647,933.6
Provision for payment APS Unnim Banc, . . . . . . . . . . . . . . 19.2 1,487,829.8 1,201,165.4
Payables APS success fee CCM. . . . . . . . . . . . . . . . . . . 19.3 47,797.7 61,991.8
Provision for asset management fee. . . . . . . . . . . . . . . . . 19.4 73,421.4 72,045.5
Obligations assumed with investee companies. . . . . . . . . . . . . . . . . .
19.5 35,445.0 42,861.7
Indemnities for legal prescription (art. 74, Ley 24/2001). . . . . . . . . . . . . . . . . . .
19.6 5,648.4 5,661.9
Acquired commitments with personal. . . . . . . . . . . . . . . . . . 19.7 1,444.5 1,353.4
Other provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.8 468.1 468.1
Long Term Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 101,568.7 1,654.4
FROB-NCG Banco, S.A. Debt . . . . . . . . . . . . . . . . . . . . . . . . . 20.1 99,912.4 --
Other liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.2 1,656.3 1,654.4
Total non current liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . 6,304,714.6 5,035,135.8
CURRENT LIABILITIES
Short Term Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 1,164.5 709,034.4
Loan received (FROB) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.1 -- 703,110.8
Creditors and other payables. . . . . . . . . . . . . . . . . . . . . . 21.2 482.3 5,644.6
Taxes and Social Security Payable. . . . . . . . . . . . . . . . . . . . 21.3 680.7 277.5
Creditors pending disbursements. . . . . . . . . . . . . . . . . . 1.5 1.5
Total current liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,164.5 709,034.4
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,305,879.1
5,744,170.2
TOTAL STOCKHOLDER´S EQUITY AND LIABILITIES . . . . . . . . . . . . . .
7,672,227.2 5,746,069.0
(*)The balances for 2013 are presented for the purposes of comparison and have been restated, see Note 2 c)
Luis Lorenzo Olmeda José Luis Ballesteros Corrales Marisol Salvador Rodríguez Managing Director Director of Finance and Administration Comptroller
21
DEPOSIT GUARANTEE FUND OF CREDIT INSTITUTIONS INCOME STATEMENT Thousand euros
CONTINUING ACTIVITIES Notes 31.12.2014 31.12.2013(*)
Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 1,645,003.1 1,640,259.7
Annual contributions from adhered entities . . . . . . . . . . . . . . . . . 22.1 1,644,107.9 1,639,212.4
Professional services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.2 895.2 1,047.3
Operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 (6,591.1) (5,655.8)
Extraordinary expense . . . . . . . . . . . . . .. . . . . . . . . . . . . .. . . . -- --
Result on disposal of assets and other income . . . . . . 24 404.1 617,1
Extraordinary accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 (1,093,529.2) (1,374,268.3)
Operating income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 545,286.9 260,952.7
Financial revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 9,544.0 6,311.1
Financial expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 (151,590.0) (122,254.0)
Result on disposal of financial investments . . . . 28 -- 2,023.8
Impairment and results on the disposal of financial instruments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . .
-- --
Financial income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (142,046.0) (113,919.1)
RESULT ON CONTINUING OPERATIONS . . . 403,240.9 147,033.6
Credit institutions reestructuring cost . . . . . . . . . 29 (677,700.0) (760,958.1)
Income (loss) from restructuring operations . . . (677,700.0) (760,958.1)
PROFIT (LOSS) FOR THE YEAR . . . . . . . . . . . . . (274,459.1) (613,924.5)
(*)The balances for 2013 are presented for the purposes of comparison and have been restated, see Note 2 c)
Luis Lorenzo Olmeda José Luis Ballesteros Corrales Marisol Salvador Rodríguez Managing Director Director of Finance and Administration Comptroller
22
DEPOSIT GUARANTEE FUND OF CREDIT INSTITUTIONS STATEMENTS OF INCOME AND EXPENSE
During the year, except for the amount originating from the greater present value of the receipts expected from the extraordinary contribution approved on 30 July 2012 from the member institutions and the amount of the first tranche of the additional contribution laid down in Royal Decree Law 21/2012, no income or expense item has been allocated directly to equity, other than those relating to the statement of income and the adjustment for the valuation of investments.
TOTAL STATEMENTS OF CHANGES IN EQUITY Thousand euros
Items 31.12.2014 31.12.2013 (*)
INITIAL EQUITY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,898.8 327,829.4
Contributions from member credit institutions . . . . . . . . . . . . . . . . . 1,644,107.9 1,639,212.4
Services rendered . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 895.2 1,047.3
Management expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6,591.1) (5,655.8)
Result on disposal of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 404.1 617.1
Extraordinary items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,093,529.2) (1,374,268.3)
Management gain/(loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 545,286.9 260,952.7
Financial income/(expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (142,046.0) (113,919.1)
Restructuring costs for credit institutions . . . . . . . . . . . . . . . . . . (677,700.0) (760,958.1)
SURPLUS/ (DEFICIT) FOR THE YEAR . . . . . . . . . . . . . . . . . . . . . . . . . (274,459.1) (613,924.5)
CHANGE IN THE VALUE OF FINANCIAL INVESTMENTS . . . . . . . . . . 108.3 (1,533.7)
EXTRA PAYMENTS FROM CREDIT INSTITUTIONS . . . . . . . . . . . . . . . . . 50,286.8 55,736.8
EXTRAORDINARY CONTRIBUTION 1st and 2nd TRANCHE L-RD 21/2012 . . . . .
1,588,513.3 233,790.8
INCREASE/ (REDUCTION) IN EQUITY FOR THE YEAR . . . . . . 1,364,449.3 (325,930.6)
FINAL EQUITY 1,366,348.1 1,898.8
(*)The balances for 2013 are presented for the purposes of comparison and have been restated, see Note 2 c)
Luis Lorenzo Olmeda José Luis Ballesteros Corrales Marisol Salvador Rodríguez Managing Director Director of Finance and Administration Comptroller
23
DEPOSIT GUARANTEE FUND OF CREDIT INSTITUTIONS CASHFLOW STATEMENT Presentation using the indirect method Thousand euro
2014 2013 (*)
Deficit for the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (274,459.1) (613,924.5)
Adjustments to profit/(loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,246,321.7 2,021,924.0
Asset depreciation/amortisation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73.8 --
Impairment adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . 1,273,945.2 2,069,460.6
Change in provisions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (21,533.2) (49,065.4)
Financial income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,759.6) (5,429.0)
Financial expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,595.5 6,957.8
Changes in working capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,339.6, 692.3
Loans and other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,339.6, 700.8
Borrowings and other payables . . . . . . . . . . . . . . . . . . . . . . . . . . . . -- (8.5)
Other cash flows from operating activities . . . . . . . . -- 4,502.2
Other payments received . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -- 4,502.2
CASH FLOWS FROM MANAGEMENT ACTIVITIES . . . . . . 980,202.2 1,413,194.0
Payments for investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,053.9 (1,398,079.0)
Financial investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,124.0 (1,398,055.8)
Intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (63.3) (46.3)
Property, plant and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.0 (3.0)
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11.8) 26.1
Amounts collected from divestments . . . . . . . . . . . . . . . . . . . . . . . . . . (1,809,861.5) 558,084.6
Group companies and associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -- 503.2
Financial investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,810,029.7) 557,429.8
Other financial assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 168.3 151.6
CASH FLOWS FROM INVESTING ACTIVITIES . . . . (1,737,807.5) (839,994.4)
Payments made and received for financial liability instruments . . . . 752,201.1 (567,120.8)
Other collections/payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (707,499.2) (312,324.0)
Bank borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,459,700.3 (254,796.8)
CASH FLOWS FROM FINANCING ACTIVITIES . 752,201.1 (567,120.8)
NET INCREASE/DECREASE IN CASH AND CASH EQUIVALENTS (5,404.2) 6,078.8
Cash and cash equivalents at beginning of the year . . . . . . . . . . . . . . 9,490.8 3,412.0
Cash and cash equivalents at end of the year . . . . . . . . . . . . . . . . . . . 4,086.6 9,490.8
(*)The balances for 2013 are presented for the purposes of comparison and have been restated, see Note 2 c)
Luis Lorenzo Olmeda José Luis Ballesteros Corrales Marisol Salvador Rodríguez Managing Director Director of Finance and Administration Comptroller
24
DEPOSIT GUARANTEE FUND OF CREDIT INSTITUTIONS CASH FLOW STATEMENT Presentation using the direct method
Thousand euro Income (Payments)
2014 2013
CONTINUING ACTIVITIES
Contributions from credit institutions . . . . . . . . . . . . . . . . 2,340,300.1 1,809,914.8
Refund of excess contributions . . . . . . . . . . . . . . . . . . . . . . . -- (7,050.4)
Loan received from the FROB . . . . . . . . . . . . . . . . . . . . . . . . . -- 700,000.0
Repayment of FROB loan . . . . . . . . . . . . . . . . . . . . . . (700,000.0) (953,263.8)
Interest on FROB loan . . . . . . . . . . . . . . . . . . . . . . . . . (3,964.8) (18,484.6)
Receivables for EPA commissions . . . . . . . . . . . . . . . . . . . . . . . 11,813.7 15,932.7
Financial income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,647.6 5,667.2
Diagnostic of the Spanish financial system . . . . . . . . . . . . . . . . . -- (37,932.3)
FOGAIN refund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -- 5,810.6
Operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . (6,293.4) (4,971.1)
VAT refund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84.8 1,496.7
Payments received for services rendered . . . . . . . . . . . . . . . . . . 1,210.9 1,946.6
Other movements with investee companies . . . . . . . . . . (993.3) (283.0)
IBERBOL, S.A. liquidation . . . . . . . . . . . . . . . . . . . . . . . . . . . . 259.9 --
Other minor items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (179.9) (548.9)
Total change in continuing activities . . . . . . . . . . . . 1,646,885.6 1,518,234.5
INVESTING ACTIVITIES
Maturity and divestment of financial investments . . . . . -- 4,458,582.3
Acquisition of financial investments . . . . . . . . . . . . . . . . . (1,927,420.4) (3,900,396.9)
Financing repo operations . . . . . . . . . . . . . . . . . . . . . . -- 1,143,201.6
Maturity of financing repo operations . . . . . . . . . . . . 125,000.0 (1,143,908.4)
Acquisition of shares in Catalunya Banc, S.A. . . . . . . . . . . . . . . . 12,374.4 (1,000,939.9)
Acquisition of shares in NCG Banco, S.A. . . . . . . . . . . . . . . . . . . 137,756.2 (800,490.0)
Guarantee deposits in eurozone . . . . . . . . . -- (13,408.6)
Application of guarantee deposits in eurozone . . . . . . . . . . . 106,469.0 297,167.7
Interest on eurozone government debt . . . . . . . . . . . . . . . . . . 8,088.8 3,327.2
Acquisition of eurozone government debt . . . . . . . . . . . . . . . . (114,557.8) (300,493.9)
Payables for EPA granted . . . . . . . . . . . . . . . . . . . . . . . -- (254,796.8)
Payment of share capital in Banco CAM, S.A. . . . . -- --
Total change in investing activities . . . . . . . . . . . . . . (1,652,289.8) (1,512,155.7)
Net increase in cash and cash equivalents . . . . . . . . . . . . . (5,404.2) 6,078.8
INITIAL CASH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,490.8 3,412.0
ENDING CASH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,086.6 9,490.8
Luis Lorenzo Olmeda José Luis Ballesteros Corrales Marisol Salvador Rodríguez Managing Director Director of Finance and Administration Comptroller
25
DEPOSIT GUARANTEE FUND OF CREDIT INSTITUTIONS
NOTES CORRESPONDING TO THE YEAR ENDED 31 DE DECEMBER DE 2014
NOTES TO THE ANNUAL ACCOUNTS
1. FORMATION, NATURE, PURPOSE AND GUARANTEE
Formation: On 15 October 2011 Royal Decree Law 16/2011 came into force, leading to the creation of the Deposit Guarantee Fund for Financial Institutions ("FGDEC") and the dissolution of the three Deposit Guarantee Funds existing to that time (Deposit Guarantee funds for Savings Banks, Banking Institutions and Credit Cooperatives) the equity of which was integrated into the FGDEC, which was subrogated to all their rights and obligations.
Nature: The FGDEC has its own legal personality and full capacity to carry on its
objects under Spanish private law.
It is administered by a Management Committee comprising eleven members: four designated by the Bank of Spain, one by the Ministry of Finance and five by the associations that represent the member credit institutions, in compliance with applicable regulations.
The Bank of Spain's representatives are appointed by its executive committee. One of
the members is the Deputy Governor. The representative of the Ministry of Finance and Competitiveness is the General
Secretary of the Treasury and Financial Policy, who holds the position of Vice Chair of the Management Committee and is the substitute for the Chair in the event of a vacancy, absence or illness.
The representative of the Ministry of the Treasury and Public Administrations is the
State Administration Comptroller.
The representatives of the member institutions are appointed as follows: three by the associations representing the banks, one by those representing savings banks and one by those representing credit cooperatives, in compliance with applicable regulations.
The registered office is located in calle José Ortega y Gasset 22, Madrid. The Fund is
nationwide in scope.
Spanish mercantile legislation requires, with certain exceptions, that the parent companies of corporate groups draw up the corresponding consolidated annual accounts and consolidated directors' report. However, commercial legislation also establishes that, in exceptional cases in which the application of statutory accounting regulations is incompatible with the true and fair view that must be provided by the annual accounts, such regulations shall not apply.
26
In this respect, the FGDEC has carried out an analysis of the necessity of presenting
consolidated annual accounts and, given its special legal nature, the specific legal rules governing it and the special characteristics of the investments it makes in investees entities, it has concluded that it does not need to draw up consolidated annual accounts, on the understanding that these would not fulfil the objective of offering a true and fair view of the nature and purpose of the FGDEC's holdings; furthermore, no obligation is laid down in this respect in the specific legislation governing the FGDEC. The matters taken into consideration include the extremely exceptional circumstances that require the involvement of the FGDEC in the processes in which it has acquired majority shareholdings, the fact that the acquisition of these majority holdings forms part of a restructuring process in which there is not expectation of gain, and the fact that the presentation of these consolidated annual accounts would not provide relevant information for their potential users.
Purposes: The purpose of the FGDEC is to guarantee deposits in credit institutions in
accordance with the provisions of Royal Decree-Law 16/2011 (14 October) and the enabling regulations thereof.
Guarantee: The guarantees furnished are different and independent for cash
deposits and for deposits in securities or other financial instruments, which have a maximum and independent limit of €100,000 each per depositor and credit institution, as established by Royal Decree 628/2010 (14 May).
Cash deposits: Guaranteed deposits are considered to be credit balances in
accounts, including funds from transitory commercial situations and registered certificates of deposit, in any currency, provided that they are made in Spain or another European Union Member State.
Securities deposits: Guaranteed deposits are considered to be marketable securities
and financial instruments provided for in the Stock Market Act which have been entrusted to the credit institution to be deposited or registered, or to carry out an investment service with specific characteristics described in applicable prevailing legislation.
2. BASIS OF PRESENTATION
a) Fair presentation
The balance sheet, income statement, statement of changes in equity and cash flow statement are shown before the application of results and have been prepared on the basis of the accounting records of the FGDEC. They are presented in accordance with current mercantile legislation in order to provide a true and fair view of the equity and financial position at 31 December 2014 and the results of operations and cash flows that have occurred during the year.
All mandatory accounting principles having a significant effect on these annual accounts
have been applied.
27
b) Estimates made
In the accounts for the year estimates were used to quantify certain assets, liabilities,
income, expenses and commitments, which are described in each section. These estimates have been made based on the best information available at the time of preparation and refer to 31 December 2014; however, it is possible that future events may have an impact on these estimates. Any such impact is recognized in the income statement for the years in question under the heading Extraordinary items.
c) Preparation of the annual accounts and comparison of information
The accounts for the year have been drawn up in accordance with the standards laid
down in the General Chart of Accounts, approved through Royal Decree 1514/2007, and the amendments included therein through Royal Decree 1159/2010.
The annual accounts are presented in thousand euros, unless otherwise indicated and
include the figures for the previous year relating to each item in the 2014 balance sheet, income statement and statement of changes in equity, for purposes of comparison, as is indicated in the following paragraph.
At 31 December 2014, based on the policies followed by FGDEC member entities to
record the annual contributions made after the adoption of IFRIC 21 by Regulation (EC) 634/2014 and in accordance with the indications made to those entities by the Bank of Spain in a notification dated 23 December 2014 as established by Rule Eight in Bank of Spain Circular 4/2004, the FGDEC recorded income from ordinary contributions in its income statement in accordance with the calculation basis existing at 31 December 2014. This represents a change in accounting policy compared with prior years, in which those contributions were recognized at the time they were collected. For this reason, and for the purposes the comparison of the information, the FGDEC's financial statements at 31 December 2013 were restated as follows:
BALANCE SHEET
Thousand euros
31.12.2013 31.12.2013
Restated Approved
CURRENT ASSETS
Ordinary contributions 1,639,212.4 —
EQUITY
Capital and reserves
1,983.1 (1,637,229.3)
Equity fund (1) 326,380.0 (1,248,934.8)
Extra payment 55,736.8 55,736.8
Extraordinary contribution 233,790.8 233,790,8
Surplus/(deficit) for the year (2) (613,924.5) (677,822.1)
Adjustments due to changes in value of financial investments . . . .
(84.3) (84.3)
Total equity 1,898.8 (1,637,313.6)
(1) Increase due to the recognition under equity of the ordinary contributions made in
accordance with the existing guaranteed deposits at 31 December 2012 totalling €1,575,314.8 thousand.
(2) Increase due to the recognition in the income statement of the ordinary contributions in 2013 (€1,639,212.4 thousand) and the reclassification to equity of the ordinary contributions made in accordance with the existing guaranteed deposits at 31 December 2012 (€1,575,314.8 thousand).
28
INCOME STATEMENT Thousand euros
CONTINUING OPERATIONS 31.12.2013 31.12.2013
Restated Approved
Income 1,640,259.7 1,576,362.1
Contributions from member entities (3) 1,639,212.4 1,575,314.8
Rendering of services 1,047.3 1,047.3
Operating expenses (5,655.8) (5,655.8)
Result on disposal of assets and other income 617.1 617.1
Extraordinary items (1,374,268.3) (1,374,268.3)
Management gain/(loss) 260,952.7 197,055.1
Financial income 6,311.1 6,311.1
Financial expense (122,254.0) (122,254.0)
Result on disposal of financial investments 2,023.8 2,023.8
Financial income / (expense) (113,919.1) (113,919.1)
PROFIT FROM CONTINUING OPERATIONS 147,033.6 83,136.0
Cost of restructuring credit institutions (760,958.1) (760,958.1)
RESULTS FROM RESTRUCTURING OPERATIONS (760,958.1) (760,958.1)
SURPLUS/(DEFICIT) FOR THE YEAR (613,924.5) (677,822.1)
(3) Change due to the recognition in the income statement of the ordinary contributions made in
accordance with the existing guaranteed deposits at 31 December 2013 (€1,639,212.4
thousand) instead of the ordinary contributions made in accordance with the existing
guaranteed deposits at 31 December 2012.
d) Shareholdings in credit institutions
At 31 December 2014, the FGDEC has a direct interest in the capital of Catalunya Banc,
S.A., (640,964,146 shares, representing 32.39% of its share capital, acquired in July 2013 through a voluntary share acquisition offering), Unicaja Banco S.A. (483,158 shares, representing 0.01% of its share capital), Banco CEISS S.A. which, in turn, originate from the fixed income securities swap previously carried out by savings banks, and Banco Mare Nostrum, S.A., (2,691,098 shares, representing 0.17% of capital derived from an exchange of fixed income securities issued by savings banks).
In addition, through Inversiones Corporativas, S.A., 100% owned by the FGDEC and
derived from CMM within the action plan of the entity, the FGDEC holds an interest in the capital of CaixaBank, S.A. (341,334 shares, representing 0.01% of share capital, derived from the exchange of fixed income securities issued by savings banks) and Banco Sabadell, S.A. (52,019 shares that represent 0.001% of its share capital, deriving from the fixed income securities swap previously carried out by Banco Gallego, S.A.U.).
e) Shareholdings in other companies
The FGDEC holds direct and indirect interests in a number of companies. These
holdings are disclosed under Investments in Group companies and associates and are measured at acquisition cost, net of related impairment. Appendix 1 provides information on the equity interests.
29
3. ACCOUNTING PRINCIPLES AND POLICIES
The Accounting principles and standards which are generally accepted in Spain and
contained in the Spanish Chart of Accounts and supplementary legislation have been applied when preparing the accounts.
a) Accruals principle
The accounts for the year have been drawn up on an accruals basis, irrespective of
when collections or payments actually arise, except in the cash flow statement using the direct method.
b) Intangible assets
Intangible assets are recorded at their acquisition cost and are amortized over a period
of four years. There are no intangible assets with an indefinite useful life.
c) Property, plant and equipment Assets included under this heading are valued at their acquisition price. They are
depreciated over their estimated useful lives: eight years for property, plant and equipment, and four years for computer equipment.
d) Investments
Investments are initially recorded at acquisition cost and are adjusted to fair value on a
monthly basis in the case of financial assets with a liquid market value, and annually in the case of illiquid markets. Any differences between the carrying value and the market value determined by valuations obtained on the secondary market are taken to equity.
Treasury Bills held to maturity and securities purchased under repo agreements are
recorded at acquisition cost and implicit interest is apportioned as financial income based on the time elapsed between the acquisition and maturity dates, provided that the effect of not discounting flows is not significant.
In addition, in the case of financial assets, adjustments are made if there is objective
evidence of impairment as a result of a reduction or delay in estimated future cash flows in the case of acquired debt instruments or due to the lack of recovery of the carrying value of the asset in the case of equity investments. The adjustment is the difference between their cost or amortized cost less, if appropriate, any adjustment previously recognized in the income statement, and their fair value at the time at which measurement takes place. In the event that the equity instruments are measured at cost because their fair value cannot be calculated, the adjustment is determined in the same manner as for equity investments in group, multi-group and associated companies.
If there is objective evidence of irreversible impairment of financial assets classified as
held for sale, the accumulated loss recognised previously in equity as a result of the fall in fair value is recognised in the income statement. Impairment losses recognised in the income statement on equity instruments are reversed through the income statement.
30
The fair values of listed investments are based on current bid prices. If the market for a
financial asset is not active (and for unlisted securities), the fair value is established by using measurement techniques which include the use of recent transactions between knowledgeable willing parties, reference to other instruments which are substantially identical, methods of discounting future cash flows and models for setting option prices by making maximum use of observable market data and relying as little as possible on subjective considerations.
Investments are recorded under current assets except for those that mature in more
than 12 months as from the date of the balance sheet, which are classified as non-current assets.
e) Revenue recognition
Starting in the year ended 31 December 2014 revenues from ordinary contributions
are recognized when they accrue at the end of each year. Extraordinary contributions are recorded, once agreed and in accordance with applicable regulations, directly in equity at the present value of expected receipts; the subsequent capitalization is also recorded as equity.
Interest on investments is recognized using the effective interest rate method.
f) Deferred collections and payments
Deferred collections and payments are carried at the amount obtained by discounting
and capitalizing forecast cash flows at market rates. In the current year, an annual rate of 3% has been used as the discount rate.
g) Related-party transactions
Transactions with related parties are carried out under market conditions in
accordance with the obligations assumed.
h) Value impairment
Impairment is calculated on items where there is objective evidence that circumstances have arisen which imply that the carrying amount of the assets will not be fully recovered.
i) Financial institution restructuring costs
The financial effect on the FGDEC resulting from a restructuring or from the action
plans of credit institutions or from other operations relating to them is taken to the income statement in the year in which it arises, on the basis of data derived from the agreements covering specific operations and applying the best possible estimate of the effect of the commitments that are undertaken. If future events can alter these estimates, the cost fluctuation is recognized in the income statement under extraordinary items.
j) Commitments with employees
Commitments concerning pension supplements with employees that are entitled to
such benefits are handled by an external insurance company.
31
k) Taxation
The FGDEC is exempt from corporate income tax under Article 9.1.c) of the revised
Corporate Income Tax Act approved by Legislative Royal Decree 4/2004 (5 March) and is exempt from indirect taxes applicable to actions and operations undertaken by the FGDEC in order to fulfil its objects, as provided in Article 3.3.b) of Royal Decree Law 16/2011 (14 October).
4. APPLICATION OF RESULTS
Any surplus or deficit for the year is taken to the equity fund.
5. FINANCIAL RISK MANAGEMENT
In accordance with the rules governing the FGDEC, non-committed equity is invested in public debt or in other high liquidity/low risk assets.
6. RESTRUCTURING OR ACTION PLANS OF MEMBER INSTITUTIONS AND
RESTORING THE FGDEC'S FINANCIAL POSITION. As well as other residual items derived from the restructuring of institutions which have
already been carried out, the accounting statements for 2014 contain amounts relating to the assets received by the FGDEC in 2010 from the restructuring of Caja de Ahorros de Castilla La Mancha (CCM) represented by the shareholding of the FGDEC in its subsidiary Inversiones Corporativas, S.A., and the APS granted in 2010, 2011 and 2012 to Banco de Castilla La Mancha, S.A., Banco CAM, S.A., and Unnim Banc, S.A., respectively.
On 3 November 2009, FGDCA's Management Committee approved the action plan
relating to Caja de Ahorros de Castilla La Mancha under which this entity's assets and liabilities not forming part of the banking business or its community projects were transferred to the Fund in exchange for the financial support totalling €1,650 million expected by that institution. It was decided that, as compensation for any losses that might be incurred by the Fund, CCM (now Fundación CCM) would transfer to it part of its shareholding in BdCLM, subject to a limit of 15% of the capital of the 25% package received in the same operation.
The plan also included the granting to BdCLM of an asset protection scheme (APS)
under which the Fund would assume, for a period of five years, which could be extended to seven if agreed by the parties, the losses derived from a predetermined asset portfolio with a value of €7,975 million, with provisions totalling €1,496 million, after absorbing the provisions created with respect to those assets, and subject to a maximum of €2,475 million.
On 7 December 2011, FGDEC's Management Committee agreed to take part in the
restructuring of Banco CAM, S.A., assuming the following commitments:
a) Acquire 100% of the capital of Banco CAM, S.A., by subscribing one or more
capital increases totaling €5,249 million, and subsequently sell the shares thus acquired for €1 to Banco de Sabadell, S.A.
32
b) Grant an asset protection scheme (APS) to Banco CAM, S.A. under which
FGDEC would assume, for a period of ten years as from 31 July 2011, the 80% of the losses derived from a predetermined asset portfolio worth €24,644.3 million, with provisions totaling €3,882.2 million, after absorbing the provisions created with respect to those assets.
Such losses are considered to be those resulting from disposals of assets, repossessions, foreclosures or other similar operations related to cancellations of assets, and irreversible impairment emerging in the assets during the term of the APS, as well as reasonable estimated impairment in the protected portfolio at the date of expiration of the APS.
Thereafter, and following an operation that reduced to zero the capital of Banco CAM,
S.A., on 15 December 2011 the FGDEC subscribed an initial capital increase for an amount of €2,800 million.
Following authorization by the competent authorities for the restructuring of Banco
CAM, S.A., on 1 June 2012 the FGDEC subscribed a second capital increase of €2,449 million, subsequently selling all the shares subscribed in Banco CAM, S.A. to Banco Sabadell, S.A. for a price of €1.
On 7 March 2012, FGDEC's Management Committee agreed to take part in the
restructuring of Unnim Banc, S.A., assuming the following commitments:
a) Financially support the purchase by BBVA from the FROB of the entire capital
of Unnim Banc, S.A., for a price of €1, providing the necessary funds for the FROB to recover, in the selling process, the full amount of its holding in Unnim Banc, S.A., amounting to €953,263.8 thousand.
b) Grant an asset protection scheme (APS) to Unnim Banc, S.A. under which the
FGDEC would assume, for a period of ten years as from 31 October 2011, 80% of the losses derived from an asset portfolio worth €7,359.7 million, with provisions totaling €1,330.3 million, after absorbing the provisions created with respect to those assets.
As in the case of the APS granted to Banco CAM, S.A., such losses are considered to be those resulting from disposals of assets, repossessions, foreclosures or other similar operations related to cancellations of assets, and irreversible impairment emerging in the assets during the term of the APS, as well as reasonable estimated impairment in the protected portfolio at the date of expiration of the APS.
Following authorization by the competent authorities for the restructuring of Unnim
Banc, S.A., on 27 July 2012 the purchase by BBVA of the entire share capital of Unnim Banc, S.A. from the FROB for a price of €1 was formally executed. Subsequently, in order for the FGDEC to compensate the FROB for the loss arising on the operation, the FROB granted the FGDEC a €953,263.8 thousand loan, this being the amount of the loss, maturing on 1 March 2013, which was applied by the borrower for the purposes of such compensation. The FROB was provided with a written acquaintance for that amount, fulfilling the FGDEC's commitment to compensate for losses. The loan was repaid on 1 March 2013.
The assets derived from the CCM were recognized on the basis of the proportional book value of the subsidiary Inversiones Corporativas, S.A. In addition, over 88% of that value has been provided for at 31 December 2014 to cover future impairment.
33
The losses that could derive from the APS for the FGDEC that have been granted to
credit institutions are provided for based on the reports issued by independent experts, which, in the light of the status of the protected portfolios at the year end, have estimated the total loss that will arise in each of them upon the expiration of the relevant APS. The coverage provided at 31 December 2014 corresponds to the present value of the payments which are expected to be made by the FGDEC in each APS in order to cover the part of the total loss it must assume in accordance with the commitments undertaken in each institution.
On 23 March 2013, Royal Decree Law 6/2013 (22 March) on the protection of holders
of certain savings and investment products and other financial measures was enacted, which amended Additional Provision 5 of Royal Decree law 21/2012, enabling the FGDEC to subscribe or acquire shares or debt of the Management Company for Assets derived from Bank Restructuring ("SAREB") as well as unlisted shares of institutions that have transferred assets to the SAREB, thereby providing liquidity for these shares received by their holders in mandatory exchanges performed in the management of hybrid equity instruments and subordinated debt carried out in restructuring and recovery processes.
Under this legislation, the FGDEC acquired shareholdings in Catalunya Banc, S.A., and
NCG Banco, S.A., mentioned in Note 2 d).
In order to maintain a healthy financial position for the FGDEC, that amendment provides for an extraordinary contribution by member institutions equal to 0.3% of the contribution calculation basis at 31 December 2012, in two tranches: the first, of 40% with respect to which the FGDEC can establish a series of deductions depending on the size of each member institution, their contributions to the SAREB or the receipt of public aid, which will be paid to the FGDEC within 30 working days as from 31 December 2013; and a second 60% contribution payable as from 1 January 2014 within a maximum of seven years, in accordance with the payment schedule to be established by the FGDEC.
To arrange payment of the first tranche of that additional contribution, on 22 November
2013 the FGDEC Management Committee agreed to the adoption, within the framework of the authorization granted by the legislation referred to above, of the deductions envisaged therein, thus specifying the amount of the first tranche payable by each member institution, for a total of €233,790.8 thousand, recorded as an increase in the equity of the FGDEC at the end of 2013 and paid by the member institutions on 22 January 2014.
The first payment of the second tranche was made by member entities on 30
September 2014 in the amount of €232,699.3 thousand and the FGDEC's Management Committee decided at a meeting held on 17 December 2014 that the remaining payment of the second tranche of the contribution would take place through two equal payments (€698,098 thousand) on 30 June 2015 and 30 June 2016. In accordance with the content of that legislation, the restated value of the second tranche of the extraordinary contribution was recognized as an increase in the equity of FGDEC on 22 January 2014.
34
7. SUBSEQUENT EVENTS
On 28 February 2015 the FGDEC received €1,878,705.6 thousand from member
entities, of which €1,644,107.9 thousand is due to the ordinary contributions recognized as profit for 2014. The rest totaling €234,597.7 thousand relates to the third annual payment of the extra amount due as explained in the Note 11.1 and 18.1 of these notes to the annual accounts, although the collection of those amounts do not affect FGDEC's equity situation although they do influence its financial situation as they are recognized as assets and equity in the balance sheet and as a deficit in the income statement. The difference between the amount of that third annual payment of the extra amount and the nominal amount of €234,600 thousand previously projected relates to the entities that are members of the FGDEC at the time the extra payment was approved and which subsequently left the organization and paid the present value of the pending payments.
On 18 March 2015, after having requested the provisional administrators of Banco de
Madrid, S.A.U. to implement bankruptcy proceedings for that entity that took place on the 16th of that month, the Bank of Spain determined that Banco de Madrid, S.A.U. had defaulted on deposits that were due and payable and that that entity was in a situation making it impossible to make those payments and there was no outlook that it would be able to do so in the immediate future. In accordance with the provisions of Article 8 of Royal Decree-Lot 16/2011, that decision meant that the FGDEC must pay the account holders the guaranteed amounts in accordance with the terms established by regulations.
At the date these annual accounts were prepared the FGDEC is making payment of
those guaranteed amounts based on the information received up until now from the entity, and no conclusion can be reached as to the total amount involved. In accordance with the statement filed by the entity at 31 December 2014 the monetary deposits covered by the FGDEC at that date totaled €120,021 thousand and therefore this amount is estimated to represent the aforementioned payments.
At 24 April 2015 the FROB reported the completion of the sale transaction with BBVA
concerning the shares owned by the FROB and the FGDEC, which total 98.4% of the share capital of Catalunya Banc, S.A., after all required authorizations were obtained. Pending receipt of the definitive settlement from the FROB regarding the transaction, the estimation is that the final result for the FGDEC will coincide with the amount recognized in its balance sheet at 31 December 2014.
No other subsequent events after 31 December 2014 are known that could affect the
accounts of FGDEC, except for the matters indicated above.
35
DEPOSIT GUARANTEE FUND OF CREDIT INSTITUTIONS
NOTES TO THE BALANCE SHEET
8. INTANGIBLE ASSETS
Intangible assets consist of software licenses acquired by the Management Company of the Deposit Guarantee Funds for Credit Institutions which were transferred, on the dissolution thereof on 20 December 2012, to the FGDEC at carrying value, in addition to such assets acquired subsequently. They are amortized over four years.
9. PROPERTY, PLANT AND EQUIPMENT
This includes moveable property, installations, computer equipment and vehicles
acquired by the FGDEC or which were transferred to it from the Management Company when it was dissolved, at carrying value.
They are depreciated over their estimated useful lives: eight years for property, plant
and equipment, and four years for computer equipment. On 28 December 2012 Law 16/2012 (27 December) was published and in accordance with Article 9, property, plant and equipment and investment property located both in Spain and abroad may be restated. After assessing the potential accounting repercussions of that Law 16/2012, the FGDEC decided not carry out any balance sheet restatement.
10. LONG-TERM INVESTMENTS IN GROUP COMPANIES AND ASSOCIATES The breakdown is as follows is as follows, in thousand euros:
Epigraph Notes 31.12.2014 31.12.2013
Shareholdings .......................................................................... 10 673,025.3 672,606.0
Impairment value shareholdings ................................................ 10 (633,068.8) (627,010.1)
TOTAL ................................................................................ 39,956.5 45,595.9
Shareholdings mainly relate to acquisitions carried out under the CCM action plan.
Movements in 2014 are as follows (thousand euros):
Concepts Cost Impairment
31.12.2013 ..................................................................................... 672,606.0 (627,010.1)
Higher cost share ......................................................................... 419.3 --
Change in the provision Inversiones Corporativas, S.A. (Note 25.9) -- (5,639.4)
Contribution to the share capital increase in Realizaciones Patrimoniales (Note 25.9) .................................................................................
-- 420.3
Recovery oh the provision for the sale of Planes e Inversiones CLM, S.A. (Note 25.9) .................................................................................
-- 1.0
31.12.2014 ..................................................................................... 673,025.3 (633,068.8)
36
During 2013 the Company stockholdings were (thousand euro):
Items Cost Impairment
A 31.12.2012. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 670,821.6 (498,612.4)
Increased cost of the shareholding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
221.9 -
Allocation to impairment during the year (Note 25.9) . . . . . . . . . . . . . . . . . . . . . . .
- (99,147.0)
Change in the provision Inversiones Corporativas, S.A. . . . . . . . . . . . . . . . . . . .
- (35,703.0)
Recovery of the provision for Inversiones Corporativas, S.A. (Note 25.9) - 10,285.0
Financial restatement 2013 (Note 27) . . . . . . . . . . . . . . . . . . . . . . . . . . . - (2,356.9)
Impairment adjustment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 86.7
Other movements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,562.5 (1,562.5)
A 31.12.2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 672,606.0 (627,010.1)
On 23 July 2014 the FGDEC sold its interest in Planes e Inversiones CLM, S.A. to the
company Midamarta, S.L., which is wholly owned by Inversiones Corporativas, S.A. The transaction had no effect on the equity of FGDEC.
On 23 December 2014 the FGDEC carried out a share capital increase in Realizaciones
Patrimoniales, S.A., by contributing loans to that company, which gave rise to an increase in the cost of the shareholding totalling €420.3 thousand (Note 14). At 31 December 2014 the shareholding in Realizaciones Patrimoniales, S.A. was fully impaired (Note 25.9).
Set out below is a breakdown of the balance at 31 December 2014 (thousand euro):
2014
COMPANIES % Direct Interest
% Indirect Interest
Cost Impairment
INVERSIONES CORPORATIVAS, S.A. ....... 99.99% 0.01%
669,688.9 (629,732.4)
C.R. AEROPUERTO, S.L. ............................ 6.07% 30.36%
2,678.0 (2,678.0)
CCM INMOBILIARIA DEL SUR, S.A............. 0.01% 99.99%
10.0 (10.0)
CCM INMOBILIARIA CENTRUM, S.A. ......... 0.01% 99.99%
10.0 (10.0)
OTHER EQUITY ...........................................
638.4 (638.4)
TOTAL .......................................................
673,025.3 (633,068.8)
37
Set out below is a breakdown of the balance at 31 December 2013 (thousand euro):
2013
COMPANIES % Direct Interest
% Indirect Interest
Cost Impairment
INVERSIONES CORPORATIVAS, S.A. ....... 99.99% 0.01%
669,688.9 (624,093.0)
C.R. AEROPUERTO, S.L. ............................ 6.07% 30.36%
2,678.0 (2,678.0)
CCM INMOBILIARIA DEL SUR, S.A............. 0.01% 99.99%
10.0 (10.0)
CCM INMOBILIARIA CENTRUM, S.A. ......... 0.01% 99.99%
10.0 (10.0)
PLANES E INVERSIONES CLM, S.A. ......... 0.01% 99.99%
1.0 (1.0)
OTHER EQUITY ...........................................
218.1 (218.1)
TOTAL .......................................................
672,606.0 (627,010.1)
Impairment of investee companies in 2014 amounted to €6,059.7 thousand (€128,397.7 thousand in 2013).
Direct and indirect shareholdings are included in Appendix 1.
11. LONG TERM INVESTMENTS
The breakdown is as follows in thousands of euros:
Epigraph Notes 31.12.2014 31.12.2013
Credit institutions. Extraordinary outlay. . . . . . . . . . . . . . . 11.1 1,453,359.6 1,637,686.7
Credit institutions. Extraordinary contribution . . . . . . . . . . . . . . . . . 11.2 667,848.7 —
Reimbursement rights APS . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.3 2,475,000.0 2,475,000.0
Impairment of repayment rights EPA-CCM . . . . . . . . . . . . . . . . . . . .
11.3 (2,136,943.0) (2,049,323.0)
Receivable for guarantees provided EPA . . . . . . . . . . . . . . . . . . . 11.4 12,962.4 12,335.4
Non-current loans . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . 11.5 184,742,6 —
Participatory Rights BdCLM . . . . . . . . . . . . . . . . . . . . . . . . . . 11.6 62,589.3 52,219.8
Public debt Euro Zone States . . . . . . . . . . . . . . . . . . . . . 11.7 298,124.2 297,547.2
Deposits provided as guarantee Finland . . . . . . . . . . . . . . 11.7 11.9 1.0
Subordinated debentures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.8 2,047.0 2,004.0
Holdings in credit institutions. . . . . . . . . . . . . . . . . . . . 11.9 186.3 186.3
Other financial assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.10 55.9 224.1
Staff loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.11 202.5 193.6
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,020,187.4 2,428,075.1
38
11.1 Credit institutions. Extraordinary contribution
The FGDEC Management Committee, at a meeting held on 30 July 2012, agreed to
an extraordinary contribution by the member institutions for a total amount of €2,346,000 thousand, distributed according to the calculation basis for ordinary contributions at 31 December 2011, to be paid by each institution through ten equal annual instalments of €234,600 thousand. They are to be paid on the same day as the ordinary contributions between 2013 and 2022 and may be deducted from the ordinary annual contribution paid by each institution, if any, up to the amount of the ordinary contribution.
At 31 December 2014 the present value of outstanding receipts at an annual discount
rate of 3% is €1,687,957.3 thousand (€1,872,286.7 thousand at 31 December 2013); of this amount, €234,597.7 thousand (€234,600 thousand at 31 December 2013) is recorded under current assets relating to the amount to be received on 28 February of the following year (Notes 15.1 and 22.1) and the remaining €1,453,359.6 thousand is recorded under Long-term investments (€1,637,686.7 thousand at 31 December 2013).
11.2 Credit institutions. Extraordinary contribution.
The balance at 31 December 2014 relates to the present value of the amount payable by member entities at 30 June 2016 with respect to the final payment of the extraordinary contribution established by Royal Decree Law 6/2013 (22 March), on the protection of the holders of certain investment savings products and other measures of a financial nature (Notes 18.2).
11.3 APS reimbursement rights (Asset protection scheme)
The support envisaged in the CCM action plan included the granting to Banco de
Castilla La Mancha, S.A., (BdCLM) of an asset protection scheme whereby the FGDEC will assume the losses pertaining to a predetermined asset portfolio during five years as from 31 December 2009 (extendable in certain circumstances to seven years) once the existing provisions have been absorbed, subject to a maximum of €2,475,000 thousand.
Under the action plan, the FGDEC made a deposit in BdCLM for that sum of
€2,475,000 thousand and upon the expiration of the APS it will reimburse to BdCLM any amount remaining after the losses have been settled.
Under the agreement of 7 December 2010 which regulates the operation of the APS,
BdCLM must estimate annually the losses incurred under the APS against the risks covered, which must be reviewed by the entity's auditor. It notified the FGDEC that this estimate, made using data available at 31 December 2014, includes losses to be borne by the FGDEC of €2,136,943 thousand (€2,049,323 thousand at 31 December 2013). This is €87,620 thousand higher than the estimate made at the previous year end. The additional amount has been provided for against income (€100,323 thousand in 2013) (Note 25.7).
On 2 December 2014 the BdCLM and the FGDEC signed an addendum to the aforementioned Regulations governing the EPA, extending its term by two years until 31 December 2016.
39
11.4 Debtors for guarantees provided APS
The Asset Protection Schemes granted envisage commissions to be received by the
FGDEC over its life based on the amount of the available guarantee. Future payments of these commissions are estimated annually on the basis of the best available information on the expected performance of each APS. Movements in the year as follows (thousand euro):
Concept BdCLM BANCO CAM UNNIM BANC TOTAL
Opening balance .......................................................... -- 9,577.7 2,757.7 12,335.4
Financial updating (Note 26) ......................................... -- 287.2 82.8 370.0
Estimated recovery value variation (Note 25.1) 10,589.6 (350.3) (110.8) 10,128.5
Transfer to short term (Note 13.1) .................................. (7,698.4) (1,684.0) (489.1) (9,871.5)
Closing balance ........................................................... 2,891.2 7,830.6 2,240.6 12,962.4
The movement in 2013 was as follows, in thousands of euros:
Concept BdCLM BANCO CAM UNNIM BANC TOTAL
Opening balance ....................................................... 21,332.1 11,442.5 3,346.0 36,120.6
Invoicing for 2013 ....................................................... (8,178.8) (1,684.0) (489.1) (10,351.9)
Invoicing for 2011 ....................................................... (2,146.1) -- -- (2,146,1)
Invoicing for 2012………………………………………. (3,347.0) -- -- (3,347.0)
Financial Updating ..................................................... 229.8 343.2 100.4 673.4
Estimated recovery value variation (Note 25.1) 1,006.2 (524.0) (199,6) 282.6
Transfer to short term (Note 13.1) (8,896.2) -- -- (8,896.2)
Closing balance ........................................................ -- 9,577.7 2,757.7 12,335.4
The APS granted to BdCLM described in Note 11.3 includes revenue in favour of the
FGDEC determined at 1.5% p.a. of available loss coverage. The guarantee initially amounted to €2,475,000 thousand. This amount varies annually depending on the cumulative volume of estimated losses and the impairment provisions relating to that portfolio based on the information received from BdCLM on those provisions for impairment of the risks covered and therefore of the coverage available. Note 13.1 refers to an incident arising in relation to the invoicing and collection of this commission.
The APS granted to Banco CAM, S.A. and Unnim Banc, S.A., include, as
consideration for the guarantee, a commission of 0.01% of the respective available APS balance.
The present value of these commissions in 2014 applying a discount rate of 3% is
€370.0 thousand (Note 26), (2013: €673.4 thousand).
11.5 Non-current loans This heading reflects the present value of the expected payments to be received on
the sale of FGDEC's interest in NCG Banco, S.A. (Note 20.1).
40
11.6 Participating rights
The agreements concluded in compliance with the CCM action plan include the
distribution of any profit that might derive from the liquidation of the assets acquired by the FGDEC. This profit is to be calculated by deducting from any receipts obtained by the FGDEC from the assets the amounts contributed by the FGDEC in the CCM action plan, capitalizing the relevant amounts at the mid-swap rate in force on the date of each receipt and contribution.
In the event of a loss, a scale is to be applied based on the amount concerned, the
FGDEC obtaining a percentage holding in the share capital of BdCLM of between 5% and 15%.
In accordance with the data at end-2014, the FGDEC is entitled to a 15% interest in
the share capital of BdCLM with an estimated value of €62,589.3 thousand. This is €10,369.5 higher than the amount calculated at 31 December 2013 due to the reduction in the equity value of BdCLM compared with the end of the preceding year. In 2013 the reduction was €10,882.8 thousand (Note 25.8).
11.7 Euro zone public debt and guarantee deposits
On 16 July 2012, in order to facilitate the European financial aid operation for the recapitalization of Spanish financial institutions in the terms laid down in Additional Provision 5 of Royal Decree-Law 21/2012 on liquidity measures for the public authorities and in the financial area, and under the provisions of paragraph 4 of that Provision, the FGDEC entered into a guarantee contract in favour of the Republic of Finland, undertaking to furnish a pledge equivalent to 40% of the risk assumed by that state with respect to the disbursements made by the European Financial Stability Fund to the Kingdom of Spain. Subsequently, as a result of the definitive implementation of the European Stability Mechanism, on 28 November 2012 the FGDEC and the Republic of Finland signed an addendum to that contract to bring it into line with the new situation. The Republic of Finland's share of the European Stability Mechanism is 1.7974%.
In compliance with the above commitment on 28 November 2012 the FGDEC created a cash guarantee deposit in the amount of €283,759.1 thousand on the basis of the first payment provided by that Mechanism to the Kingdom of Spain. The second contribution was made on 22 January 2013 for €13,408.6 thousand.
Subsequently, in January 2013 under the terms of the guarantee contract and by charge
to the guarantee deposit, €283,756.4 thousand was invested in securities issued by Member States of the euro zone with the highest credit rating. In February 2013, the second contribution was invested in the same kind of securities, up to a total of €297,166.7 thousand. On 11 October 2013, interest amount to €3,327.2 thousand was received, which was reinvested in new securities amounting to €3,327.1 thousand. During the current year (2014) FGDEC has received interest amounting to €8,088.8 thousand and €106,469 thousand as result of investments maturity, which have been reinvested in new securities totaling €114,546.9 thousand.
41
At 31 December 2014 the guarantee cash deposit balance amounts to €11.9 thousand.
The market value - less accrued interest - of the guarantee securities amounts to €292,411.6 thousand (€292,055.8 thousand at 31 December 2013) while accrued interest amounts to €5,712.6 thousand (€5,491.4 thousand at 31 December 2013). The market value of these investments exceeds their carrying amount by €24 thousand (note 18.3), which is included in equity as an equity adjustment. At 31 December 2013 the market value of these investments was €84.3 thousand less than cost. At 31 December 2014 guarantee securities break down as follows (thousand euro):
Bond 31.12.2014 Due date
Dutch government debt 2.75% ........................................................ 90,305.2 15.01.2015
France government debt 2.50% ...................................................... 85,595.4 15.01.2015
Finland government debt 4.25% ...................................................... 3,142.6 04.07.2015
France government debt 0.25% ...................................................... 4,625.5 25.11.2015
Finland government debt 1.75% ...................................................... 129.0 04.05.2016
Austrian government debt 4% ......................................................... 108,613.9 15.09.2016
Total ............................................................................................... 292,411.6
Accrued Interest .............................................................................. 5,712.6
TOTAL ............................................................................................ 298,124.2
The breakdown of those guaranteed securities at 31 December 2013 was as follows
(thousand euro):
Bond 31.12.2013 Due date
Finland government debt 3.125% .................................................... 108,678.2 15.09.2014
Dutch government debt 2.75% ........................................................ 92,578.8 15.01.2015
France governmemt debt 2.50% ..................................................... 87,536.9 15.01.2015
Finland government debt 4.25% ...................................................... 3,261.9 04.07.2015
Total ............................................................................................... 292,055.8
Accrued Interest .............................................................................. 5,491.4
TOTAL ............................................................................................ 297,547.2
It is estimated that the granting of this guarantee will not lead to any loss for the FGDEC and therefore no provision has been recorded in this respect.
11.8 Subordinated bonds (net)
The balance under this heading relates to perpetual or 99-year zero-interest bonds
acquired to help in the rehabilitation of savings banks in previous years.
42
The breakdown at 31 December 2014 is as follows, in thousand euro:
Issuing Entities Subscription Depreciation
Fund Net Amount
Perpetual Bonds - Cajas de ahorros
M.P. y C.A. S. Fdo., Guadalajara, Huelva, Jerez y Sevilla .............. 18,030.4 (17,850.1) 180.3
Caja de Ahorros del Mediterráneo (CAM) ....................................... 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
Bonds 99 years – Cajas de ahorros
M.P. y C.A. S. Fdo., Guadalajara, Huelva, Jerez y Sevilla .............. 15,025.3 (13,549.2) 1,476.1
Total ................................................................................................ 72,121.5 (70,074.5) 2,047.0
The breakdown at 31 December 2013 is as follows, in thousand euro:
Issuing Entities Subscription Depreciation
Fund Net Amount
Perpetual Bonds - Cajas de ahorros
M.P. y C.A. S. Fdo., Guadalajara, Huelva, Jerez y Sevilla .............. 18,030.4 (17,850.1) 180.3
Caja de Ahorros del Mediterráneo (CAM) ....................................... 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
Bonds 99 years – Cajas de ahorros
M.P. y C.A. S. Fdo., Guadalajara, Huelva, Jerez y Sevilla ............... 15,025.3 (13,592.2) 1,433.1
Total ................................................................................................ 72,121.5 (70,117.5) 2,004.0
The difference between the balance in this heading at 31 December 2014 (€2,047.0
thousand) and at 31 December 2013 (€2,004.0 thousand) is due the 99-year bonds earlier maturity, with an increase of €43.0 thousand (Note 26).
11.9 Shareholdings in credit institutions
As a result of the exchange of Special Perpetual Subordinated Debt issued by Caja
España de Inversiones in accordance with the resolution of the Management Committee of the Bank Restructuring Fund of 16 May 2013 whereby actions were agreed concerning recapitalization and management of hybrid instruments and subordinated debt within the implementation of the Rectification Plan for Banco de Caja España de Inversiones, Salamanca y Soria, S.A., (Banco CEISS), the FGDEC acquired 1,992,595 shares in this institution. On 3 April 2014, the FGDEC cover the share exchange of Banco CEISS by Unicaja Banco, S.A. shares, as owner, on 31 December 2014 of 483,158 shares of this entity (Note 2 d).
43
Likewise, as a result of the exchange of Perpetual Subordinated Debt issued by Caja
Granada in accordance with the resolution of the Management Committee of the Bank Restructuring Fund of 27 May 2013 whereby actions were agreed concerning management of hybrid instruments and subordinated debt within the implementation of the Restructuring Plan for Banco Mare Nostrum, S.A., (BMN), the FGDEC acquired 2,691,098 shares in this institution.
At 31 December 2014, these shareholdings are recorded at the carrying value at which
the securities from which they derive were recorded, in accordance with the following breakdown (thousand euro):
Entity % share Nº of shares Amount
Unicaja Banco, S.A. ...................................... 0.01% 483,158 66.1
Banco Mare Nostrum, S.A. ........................... 0.17% 2,691,098 120.2
TOTAL .......................................................
186.3
At 31 December 2013 they were recorded as follows (thousand euro):
Entity % share Nº of shares Amount
Banco CEISS, S.A. ....................................... 0.5% 1,992,595 66.1
Banco Mare Nostrum, S.A. ........................... 0.17% 2,691,098 120.2
TOTAL .......................................................
186.3
11.10 Other financial assets
This heading breaks down as follows at 31 December 2014 (thousand euro):
Epigraph Cost Impairment Net
Third party debtors …………………………………………………. 34,340.6 (34,340.6) —
Guarantees and deposits …………………………………………. 518.8 (462.9) 55.9
Caja Extremadura (currently Liberbank, S.A.)…………………… 2.3 (2.3) —
Caja de Ahorros de Ávila (currently Bankia, S.A.)………………. 1.3 (1.3) —
Total 34,863.0 (34,807.1) 55,9
This heading breaks down as follows at 31 December 2013 (thousand euro):
Epigraph Cost Impairment Net
Caja Madrid - actually Bankia, S.A. ..................................... 168.5 -- 168.5
Third party debtors ............................................................... 34,340.6 (34,340.6) --
Guarantees and deposits ...................................................... 514.9 (459.3) 55.6
Caja Extremadura - actually Liberbank, S.A. ......................... 2.3 (2.3) --
Caja de Ahorros Ávila - actually Bankia, S.A. ........................ 1.3 (1.3) --
TOTAL ................................................................................ 35,027.6 (34,803.5) 224.1
44
Third-party debtors. Of the total, €27,124.3 thousand relates to the net balance
resulting (amount deposited less amount recovered less expenses) from the sum consigned by the former FGDEB in 2003 with the Court of First Instance No. 4 of Madrid in connection with a claim by Mr. Domingo López Alonso; that amount was made available by the Court to the person in question and was subsequently not recovered, and since then has been claimed in court; the remaining €7,216.3 thousand relates to various residual balances which are all impaired, pertaining to that person and his corporate group. These balances have not shown any fluctuations in recent years.
Deposits and guarantees. This heading includes: i) judicial consignments amounting
to €462.9 thousand (€459.3 thousand at 31 December 2013) which are 100% impaired, and ii) €55.9 thousand (€55.6 thousand at December 31, 2013) relating to guarantee deposits paid by the FGDEC mainly in relation to the leasing of offices and parking space.
11.11 Employee loans
This heading records loans to personnel amounting to €202.5 thousand (€193.6
thousand in 2013), with maturities running until 2022. In the present year the opening balance has increased by €102.2 thousand and €93.3 thousand has been repaid.
12. AVAILABLE FOR SALE ASSETS This heading presents residual properties resulting from the rehabilitation of institutions
which are available for sale, amounting to €148.9 thousand and €146 thousand at 31 December 2014 and 2013, respectively.
13. DEBTORS AND OTHER RECEIVABLES
The breakdown is as follows, in thousands of euros:
Epigraph Note 31.12.2014 31.12.2013
Commission receivables APS ................................................... 13.1 47,248.5 49,190.7
Commission receivables APS (impairment) .............................. 13.1 (18,562.5) (18,562.5)
Public Administrations .............................................................. 13.2 325.4 4,683.9
Receivables from liquidation of subsidiaries ............................. 13.3 -- 259.9
Other receivables ..................................................................... 13.4 135.6 1,914.6
TOTAL .................................................................................... 29,147.0 37,486.6
45
13.1 Receivables for APS commissions
Amounts pending receipt arising from commissions charged to institutions benefitting
from the APS granted (Note 11.3). Movements have been as follows (thousand euro):
Concept CCM BANCO CAM UNNIM BANC Total
Invoicing period 2010 ................................... 37,125.0 -- -- 37,125.0
Invoicing period 2011 ................................... 24,033.4 710.5 81.7 24,825.6
Additional invoicing 2011 ............................. 2,297.6 -- -- 2,297.6
Invoicing period 2012 .................................. 15,404.8 1,688.7 490.4 17,583.9
Additional invoicing 2012 ............................. 3,447.5 -- -- 3,447.5
Invoicing period 2013 .................................. 8,178.8 1,684.0 489.1 10,351.9
Invoicing period 2014 (Note 11.4) .............. -- 1,684.0 489.1 2,173.1
Estimated recovery value (Note 11.4) ......... 7,699.0 -- -- 7,699.0
Non adversarial interest ............................... 1,021.4 -- -- 1,021.4
Bill accrual 2014 (Note 11.4) ........................ 8,896.2 -- -- 8,896.2
Deliveries received ...................................... (63,028.3) (4,083.2) (1,061.2) (68,172.7)
Accrued Interest .......................................... 4,184.2 -- -- 4,184.2
Provision...................................................... (4,184.2) -- -- (4,184.2)
Closing Balance ........................................ 45,075.4 1,684.0 489.1 47,248.5
At 31 December 2014, the BdCLM has not paid the invoice included in the above table
relating to FY 2010 as it disagrees with the procedure followed by the FGDEC for calculating the invoices in question. As a result, the FGDEC had filed claim in the ordinary courts demanding payment of the invoice plus default interest, as well as requesting confirmation of the system followed by the FGDEC for calculating the invoices in question. In this respect, the judgment of 30 December 2013 issued by the relevant Court of First Instance did not uphold the right of the FGDEC to collected that invoice.
Although the judgment was appealed against in 2014, a provision for it has been
recorded at December 31, 2013 amounting to €18,562.5 thousand, equivalent to 50% of the amount invoiced (Note 25). The interest claimed on that invoice is fully provisioned.
In 2014, BdCLM has paid the interest to FGDEC as has been stablished in the sentence demanded by the amount of 744,4 thousand, plus 13,1 thousand as accrued interest.
13.2 Public authorities
Relates mainly to the VAT refundable from 2014 and 2013, amounting to €325.3
thousand and €4,636.6 thousand, respectively. The decrease occurred during the current year is explained in Note 19.4.
13.3 Receivables from dissolution of investee
At 31 December 2013 this heading reflects the debt claim deriving from the agreement covering the final distribution of the assets remaining after the liquidation of IBERBOL, S.A., which was received in 2014 (Note 24).
46
13.4 Other receivables
Includes €47.1 thousand for which the FROB is responsible as a result of the amount
invoiced to the FGDEC by an independent expert relating to collaboration services that the latter provides to the former; €76.3 thousand relating to the balance, net of impairment, defaults and other liabilities deriving from items arising from write-downs applied by the aforementioned guarantee funds for banks, savings banks and credit cooperatives; and the rest totaling €12.2 thousand relate to receivables from ordinary activities.
14 INVESTMENTS IN GROUP COMPANIES AND ASSOCIATES
Relates to the amounts owed to the FGDEC by investees due to loans acquired in the rehabilitation of credit institutions, expenses paid on their behalf and fees charged for services rendered to them and to the FROB. A breakdown and movements in the year are as follows (thousand euro):
Concept 31.12.2013 Debts (Charges) 31.12.2014
Personal secures loans ...................................... 20,383.5 2,138.7 (9,425.5) 13,096.7
Accounting cost ..................................................... 20,383.5 2,138.7 (9,425.5) 13,096.7
Impairment ............................................................ (8,166.8) -- 7,794.3 (372.5)
Net closing balance ............................................. 12,216.7 2,138.7 (1,631.2) 12,724.2
Charges include €1,019.7 thousand of invoices in 2014 for services rendered to
companies administered (€1,047.3 thousand in 2013), (Note 22.2). On 23 December 2014, Realizaciones Patrimoniales, S.A., which is wholly owned by
FGDEC, carried out a share capital increase that was fully subscribed by FGDEC through the contribution of loans to that company and subsequently a share capital decrease was carried out to offset losses and restore its equity position. The loans contributed by FGDEC to that transaction totalled €8,214.6 thousand, which are reflected as collections in the preceding table, and they were impaired by the amount of €7,794.3 thousand, whose release is also shown in the preceding table (Note 25.9).
The movement in 2013 was as follows (thousand euro):
Items 31.12.2012 Payments (Collection)s)
31.12.2013
Loans with personal guarantee . . . . . . . . . . . . . 19,492.3 2,837.8 (1,946.6) 20,383.5
Book cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,492.3 2,837.8 (1,946.6) 20,383.5
Impairment . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6,772.4) (1,394.4) — (8,166.8)
Net ending balance . . . . . . . . . . . . . . . . . . . . . 12,719.9 1,443.4 (1,946.6) 12,216.7
47
15 SHORT TERM INVESTMENTS
The breakdown is as follows in thousands of euros:
Headings Notes 31.12.2014 31.12.2013
Credit institutions. Extra payment. . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.1 234,597.7 234,600.0
Credit institutions. Extraordinary contribution. . . . . . . . . . . . . . . . . . . 15.2 687,939.9 233,790.8
Ordinary contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.3 1,644,107.9 1,639,212.4
Shareholdings in credit institutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.4 133,820.2 1,045,194.6
Government debt (Bills, bonds and government debentures) . . . . . . 15.5 1,838,048.5 59,787.8
Interest accrued on government bonds . . . . . . . . . . . . . . . . . . . . . . . 15.6 26,959.6 187.6
Deposits payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.7 173.4 --
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,565,647.2 3,212,773.2
The information regarding current financial investments at 31 December 2013 has been
restated in accordance with the change in the accounting policy that was made in 2014.
15.1 Credit institutions. Extra payment.
At 31 December 2014 this relates to the third payment to be received that falls due on 28 February 2015 with respect to the extra payment agreed on 30 July 2012. At 31 December 2013 it is due to the second collection that fell due on 28 February 2014 (Note 11.1). The difference between the amounts of the second and third payment to be received is due to the FGDEC members at the time the extra payment was approved have left the organization before the third amount was due, paying the present value of the pending amounts.
15.2 Credit institutions. Extraordinary contribution.
At 31 December 2014 this item relates to the debt claim arising from the second
payment of the second tranche of the extraordinary contribution regulated by Royal Decree-Law 6/2013 (22 March) that the member entities must pay on 30 June 2015 (Note 18.2). 31 December 2013 this item related to the debt claim arising from the first tranche of that contribution that the member entities had to pay on 22 January 2014.
15.3 Ordinary contributions
At 31 December 2014 this item records the amount of the ordinary contributions
calculated in accordance with the calculation bases at that date that the member entities paid the FGDEC on 28 February 2015. At 31 December 2013 this consists of the ordinary contributions that the member entities paid on 28 February 2014 (Notes 2.c and 22.1).
48
15.4 Shareholdings in credit institutions
At 31 December 2014 this item relates to FGDEC's shareholding in Catalunya Banc,
S.A., as follows (thousand euro):
Entity CATALUNYA BANC, S.A.
Purchase amount ..................................................................................... 1,000,939.9
First settlement related to NCG Banco shares .......................................... (11,570.1)
Second settlement related to NCG Banco shares (Note 13.5) .................. (804.3)
TOTAL ................................................................................................... 988,565.5
IMPAIRMENT........................................................................................... (854,745.3)
Taken to the income statement for 2014 (Note 29.3) (677,700.00)
NET TOTAL ............................................................................................ 133,820.2
Shareholdings in credit institutions and their movements in 2013 (thousand euro):
Entity CATALUNYA BANC, SA NCG BANCO, S.A.
Purchase amount ..................................................................................... 1,000,939.9 802,364.1
First settlement related to NCG Banco shares .......................................... -- (1,874.0)
Second settlement related to NCG Banco shares (Note 13.5) .................. -- (1,810.7)
TOTAL ................................................................................................... 1,000,939.9 798,679.4
IMPAIRMENT (Note 31) .......................................................................... (177,045.3) (577,379.4)
NET TOTAL ............................................................................................ 823,894.6 221,300.0
In accordance with Additional Provision Five of Royal Decree Law 21/2012, (July 13
th)
on liquidity and financial measures by the public authorities, amended by Article 2 of Royal Decree-Law 6/2013 (22 March) on the protection of holders of certain savings and investment products and other financial measures, on 10 June 2013 the FGDEC announced voluntary offerings for the acquisition of ordinary shares in NCG Banco, S.A., and Catalunya Banc, S.A., in accordance with certain consideration and conditions.
As a result of those offers, the FGDEC acquired 640,964,146 shares in Catalunya
Banc, S.A. (representing 32.39% of its share capital) for a total cost of €1,000,939.9 thousand, and reaching certain agreements with the entity's controlling shareholder (FROB) regarding partial security and share sale hedge agreements. At 31 December 2013, the FGDEC recorded the relevant impairment totaling €177,045.3 thousand to adjust it to the theoretical value resulting from the audited financial statements of the entity of reference at that same date.
In 2014, as a result of the hedge agreement relating to FGDEC's interest in Catalunya
Banc, S.A., there were settlements paid by FROB totaling €12,374.4 thousand that reduce the cost of that interest.
49
On 21 July 2014, the FROB reported the awarding of a shareholding of 98.4% or
100%, based on certain circumstances, in Catalunya Banc, S.A., to Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), after the analysis of binding bids received during the relevant sale process. In accordance with the provisions of Articles 26.2 and 64.1.c of Law 9/2012, the sale process referred to includes the shares owned by FGDEC. The transaction was subject to the condition of compliance with the legal requirements and the authorization of the competent national and international authorities. Subsequently, on 24 April 2015, the FROB reported the completion of the transaction covering 98.4% after all necessary authorizations were obtained.
In view of the conditions of the operation and the amounts that the FGDEC is expected
to receive from it, a write-down was recorded in the amount of €677,700 thousand (Note 29) to bring the book value of the FGDEC's holding in NCG Banco, S.A., to the figure of €133,820.2 thousand, which is the present value of the receipts expected at 31 December 2014.
15.5 Public debt (Treasury Bills and Government Bonds and Debentures)
Its content is due to acquisitions of Treasury bills and government bonds with terms exceeding three months at the contract date and they break down as follows at 31 December 2014 (thousand euro):
Security-Maturity
ISIN Codes Amount at
maturity
Carrying
amount
Treasury bills maturity 20.2.2015 . . . . . . . . . . . . . . . . . . ES0L01502209 215.050,0 213.908,0
Treasury bills maturity 19.6.2015 . . . . . . . . . . . . . . . . . . ES0L01506192 365.783,0 365.352,5
Bonds 2.75% maturity 31.3.2015 . . . . . . . . . . . . . . . . . . . . .
ES00000123T1 915.342,0 920.187,6
Bonds 3.00% maturity 30.4.2015 . . . . . . . . . . . . . . . . . . . . .
ES00000122F2 336.000,0 338.600,4
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.832.175,0 1.838.048,5
The inventory of Treasury bills and government bonds and debentures at the end of
2013 was a follows (thousand euro):
Certificate - Expiration ISIN Code Maturity Amount Accounting
Amount
Treasury bills 24.01.2014................................. ES0L01401246 50,000.0 49,794.5
Treasury bills 24.01.2014................................. ES0L01401246 10,000.0 9,993,3
Total ............................................................. 60,000.0 59,787.8
Movements in the year in Public Debt were as follows (thousand euros):
Concepts Amount
Balance 31.12.2013 ..................................................................................................... 59,787.8
Acquisition .................................................................................................................... 1,838,048.5
Maturity ....................................................................................................................... (59,787.8)
Balance 31.12.2014 ...................................................................................................... 1,838,048.5
50
Movements during 2013 are as follows (thousand euros):
Concepts Amount
Balance 31.12.2012 .................................................................................................... 356,487.3
Acquisition .................................................................................................................... 59,787.8
Maturity ...................................................................................................................... (356,487.3)
Balance 31.12.2013 ..................................................................................................... 59,787.8
15.6 Interest accrued on public debt These heading records accrued interest not due on investments. At 31 December
2014, the balance stood at €26,959.6 thousand. Movements have been as follows (thousand euros):
Concepts 2014 2013
Opening balance ...................................................................... 187.6 16,159.9
Interest in acquisitions of bonds and notes ................................... 31,805.9 --
Accrued interest ......................................................................... 30,059.8 3,781.9
Interest due and unpaid .............................................................. (35,093.7) (3,600.4)
Intereses de desinversión de bonos y obligaciones ...................... -- (16,153.8)
Closing balance ........................................................................ 26,959.6 187.6
15.7 Deposits payable
The amount at 31 December 2014 mainly relates to a monetary deposit created in
2010 by the former FGDCA in compliance with a certain condition established on the sale of a shareholding totaling €168.5 thousand, transferred to this account since it falls due on 17 November 2015.
16 SHORT TERM PREPAYMENTS AND ACCRUALS
This heading relates to time apportionment of annual payments of insurance premiums relating to the FGDEC's employees.
17 CASH AND CASH EQUIVALENTS
This heading reflects freely available balances in credit institutions and the Bank of Spain, and assets acquired under repo agreements. Set out below is a breakdown of this account (thousand euros):
Entities 31.12.2014 31.12.2013
Cash .......................................................................................... 1.5 3.3
Banco de España. ...................................................................... 3,190.8 3,961.3
Credit Institutions ....................................................................... 894.3 529.3
Treasury bills ............................................................................. -- 4,996.9
Total ........................................................................................ 4,086.6 9,490.8
51
At 31 December 2013, the balance relates to an acquisition on the secondary market of
Treasury Bills maturing on 24 January 2014 (ISIN ES0L0401246) with a nominal value of €5 million.
Movements for the year 2014 in assets acquired under repo agreements are as follows:
Concepts Amount (thousands
of euros)
Balance 31.12.2013 ........................................................................................ 4,996.9
Acquisitions ...................................................................................................... --
Expiration ....................................................................................................... (4,996.9)
Balance 31.12.2014 ........................................................................................ --
Movements for the year 2014 in assets acquired under repo agreements are as follows:
Concepts Amount (thousands
of euros)
Balance 31.12.2013 ........................................................................................ 244,757.9
Acquisitions ...................................................................................................... 3,845,606.0
Expiration ....................................................................................................... (4,085,367.0)
Balance 31.12.2014 ........................................................................................ 4,996.9
18 SHAREHOLDER EQUITY
At 31 December 2014, shareholder equity is negative by €1,366,348.1 thousand, in accordance with the following breakdown (thousand euros):
Concepts 2014 2013
INITIAL EQUITY ................................................................................................... 1,898.8 327,829.4
Result of management ......................................................................................... 545,286.9 260,952.7
Financial result ...................................................................................................... (142,046.0) (113,919.1)
Coste de reestructuración de entidades ............................................................... (677,700.0) (760,958.1)
SURPLUS (DEFICIT) OF THE YEAR ................................................................... (274,459.1) (613,924.5)
CREDIT INSTITUTIONS OUTLAY (Note 18.1) ..................................................... 50,286.8 55,736.8
1st TRACT EXTRAORDINARY CONTRIBUTION RDL 21/2012 (Note 18.3) ....... 18.2) 1,588,513.3 233,790.8
Variation in value of investments (Note 18.3) .................................................... 108.3 (1,533.7)
INCREASE (DECREASE) IN EQUITY .................................................................. 1,364,449.3 (325,930.6)
FINAL BALANCE ................................................................................................ 1,366,348.1 1,898.8
The equity information at 31 December 2013 has been restated based on the change in
the accounting policy in 2014, with respect to the recognition of ordinary contributions, as described in Note 2 c).
Paragraph 2.2. in Appendix 2 details historical developments in equity.
52
18.1 Extraordinary contribution
Note 11.1 explain the origin of the extraordinary contribution. The total receivable by the
FGDEC for the member institutions is €2,346,000 thousand, which has been recorded under equity to 31 December 2014 as follows (thousand euros):
Concept Amount
Nominal amount of recoveries ......................................................................... 2,346,000.0
Discount financial charges to July 30, 2012 ........................................................... (320,028.7)
Amount recognized in equity when the outlay was approved .......................... 2,025,971.3
Capitalization pending recoveries recorded in equity in 2012. ................................ 25,178.5
Capitalization pending recoveries recorded in equity in 2013 ................................. 55,736.8
Capitalization pending recoveries recorded in equity in 2014 ................................. 50,286.8
Amount recognized in equity until December 31, 2013 ..................................... 2,157,173.4
During 2014 two entities left the organization, abandoning the present value of the
pending extra payments. For that reason the amount that will finally be paid to the FGDEC at the end of the period established for payment will be less than the projected nominal amount of €2,346,000 thousand by an amount equal to the difference between the nominal amount that those two entities should have paid and the lower payment made as a result of the financial restatement applied due to bringing the payment forward.
18.2 First tranche extraordinary contribution RDL 21/2012
On March 23
rd, 2013, Royal Decree Law 6/2013 (March 22
nd) on the protection of holders
of certain savings and investment products and other financial measures was enacted, which amended Additional Provision 5 of Royal Decree law 21/2012 (July 13
th) on financial and
liquidity measures for the public authorities, stipulating that the annual contribution envisaged in Article 3 of Royal Decree 2606/1996 (December 20
th) on Deposit Guarantee Funds for
Credit Institutions, to be made by member institutions with respect to deposits at 31 December 2012 was to be increased, exceptionally and on a one-off basis, by 0.3%. This increase was to be paid in two tranches: the first consisting of two-fifths of the total increase, to be paid within twenty working days of 31 December 2013, and the second consisting of the remaining three-fifths, to be paid after 1 January 2014 in accordance with the payment schedule fixed by the Management Committee within a maximum of seven years, notwithstanding which the amount pertaining to the second tranche is to be recognized as equity in the FGDEC on the date on which the first tranche is paid.
53
It is also stipulated that, in relation to the first tranche, the Management Committee of
the FGFEC may establish, through resolutions adopted by a majority of two thirds of members: (is) a shift to the second tranche of the contribution corresponding to this initial tranche of up to a maximum of 50%; (ii) the non-application of this tranche to the institutions referred to in Additional Provision Nine of Law 9/2012 (14 November); (iii) a deduction of up 50% in the contributions by member institutions whose calculation basis does not exceed €5,000 million; and (iv) a deduction of up to 30% of the amounts invested by the institutions before 31 December 2013 in the subscription or acquisition of subordinated debt instruments issued by the Management Company for Assets Derived from Bank Restructuring. With respect to the foregoing, the sum of the deductions mentioned in iii) and iv) above may not exceed 90% of the amount which, based on the deposit balance maintained at 31 December 2012, each entity is required to pay.
To arrange payment of the first tranche of the additional contribution, on 22
November 2013 the Management Committee agreed to the adoption, within the framework of the authorization granted by the legislation referred to above, of the deductions envisaged therein, thus specifying the amount of the first tranche payable by each member institution, for a total of €233,790.8 thousand (Note 15.2), recorded as an increase in the equity of the FGDEC in 2013 and paid by the member institutions on 22 January 2014.
On 22 January 2014 the FGDEC recognised as an increase in equity an amount of
€1,474,189.8 thousand, equal to the present value of expected receipts on account of the second tranche, as established by applicable legislation. For such purposes, it was estimated that pending its formalisation by the Management Committee of the FGDEC, such second tranche would be satisfied through seven payments paid in at 30 June 2014 through 2020. As a result of this situation, two entities left, after paying the present value of their outstanding contributions under the second tranche in accordance with the assumptions indicated amounting to €25.4 thousand.
Subsequently, the mentioned Managing Commission, in its meeting held on June 10,
2014, and exercising the powers conferred to it by the mentioned rule, set the date of the first payment of the second tranche of the extraordinary contribution at September 30, 2014, which was held at that date for a total amount of 232,699.30 thousand Euros.
Similarly, the same Management Committee held a meeting on 17 December 2014
and established that the payment of the remaining portion of the second tranche of the contribution would be made through to payments totaling €698,098 thousand each, on 30 June 2015 and 30 June 2016. At 31 December 2014 the amount recognized under equity in this respect is due to the sum of the collection of the first payment of the second tranche on 30 September 2014, plus the present value of the future payments relating to the rest of the second tranche, plus the payment made by the two entities that left the organization as indicated in the preceding paragraph.
18.3 Adjustments due to changes in value of investments
The change in the measurement adjustment for financial investments during the year
was as follows (thousand euros):
Concept 2014 2013
Opening balance ............................................................................ (84.3) 1,449.4
Variation .......................................................................................... 108.3 (1,533.7)
Closing balance (Note 11.7) ........................................................... 24.0 (84.3)
54
19 LONG-TERM PROVISIONS
A breakdown is as follows (thousand euros):
Concepts Notes 31.12.2014 31.12.2013
Provision for payment APS Banco CAM ................................. 19.1 4,551,091.0 3,647,933.6
Provision for payment APS Unnim Banc ................................ 19.2 1,487,829.8 1,201,165.4
Payables APS success fee CCM ............................................ 19.3 47,797.7 61,991.8
Provision for asset management fee ...................................... 19.4 73,421.4 72,045.5
Obligations assumed with investee companies....................... 19.5 35,445.0 42,861.7
Indemnities (art. 74, Law 24/2001) ......................................... 19.6 5,648.4 5,661.9
Acquired commitments with personal ..................................... 19.7 1,444.5 1,353.4
Other Provisions..................................................................... 19.8 468.1 468.1
Closing balance ................................................................ 6,203,145.9 5,033,481.4
19.1 Provision for APS payments Banco CAM, S.A.
Under the Banco CAM, S.A. restructuring plan, an asset protection scheme (APS) was
granted to Banco CAM, S.A. (since absorbed by Banco de Sabadell, S.A.) under which FGDEC would assume, for a period of ten years as from 31 July 2011, the 80% of the losses derived from a predetermined asset portfolio worth €24,644.3 million, with provisions totaling €3,882.2 million, after absorbing these provisions.
The losses that could derived from the APS for the FGDEC are provided for based on
the reports issued by independent experts of recognized prestige at each year end. The provisions cover the present value of all payments that the FGDEC is expected to make in this respect.
Before granting the guarantee and to estimate the total loss on the protected portfolio
over the term of the APS, a report was drawn up by an external audit firm which quantified that loss at €5,557 million. This estimate, at the time of that report, was regarded as corresponding to the status of the protected portfolio at the end of 2011. As there is an accounting provision for this portfolio of €3,882 million, the uncovered loss amounts to €1,675 million and therefore the loss for the FGDEC over the term of the APS is estimated at €1,340 million. The present value of this amount discounted at 3%, in accordance with the expected payment dates, amounted to €1,145,468.9 thousand at 31 December 2011. This figure was taken into consideration for the purposes of the restructuring cost of Banco CAM, S.A.
At year-end 2012, the new report by independent experts based on the status of the
protected portfolio at that date raised the total expected loss on the protected portfolio to €7,589.3 million. Therefore, the loss estimated for the FGDEC during the term of the ASP increased by €1,625,532 thousand to a total of €2,965,726.9 thousand. The discounted value of the latter amount at 3%, according to the dates of expected payment, amounted to €2,680,545.1 thousand at 31 December 2012.
55
The latest report by the independent experts, drawn up in view of the status of the
protected portfolio at 31 December 2013, estimated a total loss in it over the term of the APS of €8,850.1 million; therefore the loss borne by the FGDEC is expected to amount to €3,974,338.1 thousand, €1,008,611.2 thousand higher than that estimated in the previous report based on the situation of the protected portfolio at the end of 2012.
The latest report by the independent experts, drawn up in view of the status of the
protected portfolio at 31 December 2014, estimates a total loss in it over the term of the APS of €9,899.5 million; therefore the loss borne by the FGDEC is expected to amount to €4,813,890.1 thousand, €839,552 thousand higher than that estimated in the previous report based on the situation of the protected portfolio at the end of 2013.
Considering the expected payment dates, the present value of the loss pertaining to
the FGDEC at 31 December 2014 at an annual discount rate of 3% is €4,551,091.0 thousand. This amount is €793,719.3 thousand (Note 25) higher than the figure obtained by financially discounting at 31 December 2014 the amount of €3,647,933.6 thousand (Note 27) which was calculated at 31 December 2013 as the present value at that date of the loss to be borne by the FGDEC according to the independent experts' report available at that time and which figured as coverage at that date.
At 31 December 2014 the FGDEC had not yet paid any amount for the coverage
provided by the EPA.
19.2 Provision for payments Unnim Banc, S.A. APS
Under the Unnim Banc, S.A. restructuring plan, an asset protection scheme (APS) was granted to that institution (since absorbed by Banco de Sabadell, S.A.) under which FGDEC would assume, for a period of ten years as from 31 October 2011, the 80% of the losses derived from a predetermined asset portfolio with a value of €7,359.7 million, with provisions totaling €1,330.3 million, after absorbing these provisions.
The losses that could derived from the APS for the FGDEC are provided for based on
the reports issued by independent experts of recognized prestige at each year end. The provisions cover the present value of all payments that the FGDEC is expected to make in this respect.
In order to estimate the total loss on the protected portfolio over the term of the APS, a
report was drawn up by an independent expert issued on 25 February 2013 and 23 April 2013 which quantified that loss, based on the status of the protected portfolio at end-2012, at €2,578 million. As there is an accounting provision for this portfolio of €1,330.3 million, the uncovered loss amounts to €1,247.7 million and the loss for the FGDEC over the term of the APS is estimated at €998.1 million. The present value of this amount discounted at 3%, in accordance with the expected payment dates, would amount to €866,258.0 thousand on the grant date of the APS. This figure was taken into consideration for the purposes of the restructuring cost of Unnim Banc, S.A. The present value of this amount at a 3% discount rate, according to the dates of expected payment, finally amounted to €885,676.6 thousand at 31 December 2012. .
The latest report by the independent experts, drawn up in view of the status of the
protected portfolio at 31 December 2013, estimated a total loss in it over the term of the APS of €2,984 million; therefore the loss borne by the FGDEC is expected to amount to €1,322,947.7 thousand, €324,847.7 thousand higher than that estimated in the previous report based on the situation of the protected portfolio at the end of 2012.
56
The latest report by the independent experts, drawn up in view of the status of the
protected portfolio at 31 December 2014, estimates a total loss in it over the term of the APS of €3,319 million; therefore the loss borne by the FGDEC is expected to amount to €1,590,947.7 thousand, €268,000 thousand higher than that estimated in the previous report based on the situation of the protected portfolio at the end of 2013.
Considering the expected payment dates, the present value of the loss pertaining to
the FGDEC at 31 December 2014 at an annual discount rate of 3% is €1,487,829.8 thousand. This amount is €250,629.5 thousand (Note 25) higher than the figure obtained by financially discounting at 31 December 2014 the amount of €1,201,165.4 thousand (Note 27) which was calculated at 31 December 2013 as the present value at that date of the loss to be borne by the FGDEC according to the independent experts' report available at that time and which figured as coverage at that date.
At 31 December 2014 the FGDEC had not yet paid any amount for the coverage
provided by the EPA.
19.3 Provision for CCM APS success fee The commitments included in the regulations governing the APS of BdCLM include a
commission payable by the FGDEC to BdCLM upon the termination of the APS based on the unutilized portion of the guarantee, as an incentive for managing the protected risks and to maximize the return on the guarantee deposit set up by the FGDEC.
Based on the latest information received from BdCLM, the estimated amount of the
return has decreased and therefore the estimated success fee payable discounted to 31 December 2014 at 3% is reduced to €47,797.7 thousand, €16,053.9 thousand less (Note 25) than that recorded at the beginning of the year (€61,991.8 thousand, Note 27), which was calculated at 31 December 2013 as the present value of the commission payable.
19.4 Provision for asset management fee
Under the CCM action plan, the divestment and management services for maintaining
the value of the assets acquired by the FGDEC were entrusted to a management company under a contract dated 3 December 2010 for a term of seven years, which envisaged payment of a fixed annual fee and variable quarterly fees based on the value of the assets managed.
This heading also contains items amounting to €24,843 thousand relating to the
invoices issued by that management company after the third quarter of 2012 and until 31 December 2013, then not settled due to the dispute with that company as to whether, in accordance with the signed agreements, they had to be paid in cash or through the delivery of part of the remaining assets previously received by the FGDEC from CCM.
It also includes items totaling €48,578.4 thousand, which is equal to the estimated
principal of the invoices that may be issued after 31 December 2013 for those commissions in accordance with the divestment plan established by the aforementioned management company, restated financially at a discount rate of 3% per year (€47,202.5 thousand in 2013).
The agreements concluded under the CCM action plan limit FGDEC's liability with
respect to these invoices and other payments already made by it, on the basis of the equity value of the assets received from CCM and in light of the situation of these assets in 2014 it is estimated that FGDEC's liability limit would have been exhausted before the end of the third quarter of 2012, notwithstanding the fact that in the future this may be reconsidered in the event of a recovery of the equity value.
57
This is why in 2014 the output VAT paid on the invoices issued by the management
company in that year has not been recorded and the VAT returns for 2012 and 2013 were adjusted by the output VAT amount in the invoices issued by the management company between the third quarter of 2012 until 31 December 2013 and FGDEC paid the amounts deriving from that restatement and the inherent surcharges (Note 25.4).
19.5 Obligations undertaken towards investee companies
In view of the financial situation of the 100% owned subsidiary Inversiones Corporativas, S.A., (formerly CCM Corporación, S.A.), a holding company acquired by the FGDEC under the CCM action plan and the developments as regards the realization of its assets, a provision has been set up to cover general and financial expenses or other costs that might need to be met until that investment is finally realized. In 2010, according to the business plan at that time, established a provision to attend the costs during 5 years, until 31 December 2015. Related to the market situation, to the experience acquired and according to the volume of the disinvestments at December 31 of 2014 the provision has been recalculated to attend the cost incurred during the period until 31 of December of 2017. This amount has been updated and amounts to €35,445.0 thousand at 31 December 2014. This amount is lower than 8,701.6 thousand euros (Note 25.9) as a result of present value of 42,861.7 thousand euros (Note 27) at 31 of December of 2013. The balance in this heading is subject to the limit of the carrying value at which the interest held by the FGDEC in Inversiones Corporativas, S.A. is recognized, plus, if appropriate, the carrying value of the other assets relating to this company.
19.6 Indemnities (Art. 74, Law 24/2001)
These are amounts pending payment derived from the obligation laid down in Article
74 of Law 24/2001 (December 27th) on fiscal, administrative and social measures,
concerning the system for distributing the indemnities derived from the retroactive nature of the investment guarantee system between the Deposit Guarantee Fund and the General Investment Guarantee Fund.
Accumulated movements are as follows (thousand euros):
Concepts 31.12.2014 31.12.2013
Charge of the year 2002 ................................................................................... 63,791.3 63,791.3
Charge of the year 2004 ................................................................................... 15,773.1 15,773.1
Outlay from 2002 to 2010 ................................................................................. (64,920.0) (64,920.0)
Outlay in 2011 (until 15.10.2011) ...................................................................... (53.4) (53.4)
Cancellation by reducing provision in 2011 (until 15.10.2011) ........................... (8,813.2) (8,813.2)
Outlay in 2011 (from 15.10.2011) ..................................................................... (41.6) (41.6)
Outlay in 2012 ................................................................................................. (38.3) (38.3)
Outlay in 2013 ................................................................................................. (36.0) (36.0)
Outlay in 2014…………………………………………………………………………. (13.5) --
Closing balance ............................................................................................. 5,648.4 5,661.9
58
19.7 Commitments with employees
The agreements concluded in 2000 at the time of the transfer of personnel from the
FGDEB and FGDCC to the Deposit Guarantee Fund Management Company - residual personnel that in turn were transferred to the FGDEC in December 2012 - included a provision to the effect that said company would not assume costs for potential severance indemnities payable to personnel from the two DGFs mentioned above. Accordingly, the possible amount of this item was calculated at 30 June 2000 and since then has been restated annual. When the Management Company was dissolved it was transferred to the FGDEC, and accounts for most of the balance in the commitments acquired. It also includes the calculation of the present value of other obligations with employees, the cost of which is expected to accrue over the period of their employment.
19.8 Other provisions
Provisions for off-balance-sheet exposures originating in past actions by credit institutions and without any movement in the current year.
20 LONG TERM PAYABLES
A breakdown is as follows (thousand euros):
Concepts Notes 31.12.2014 31.12.2013
Deuda FROB-NCG Banco, S.A. ...................................................... 20.1 99,912.4 --
Advances received on account expropriation ................................... 20.2 1,542.7 1,542.7
Other creditors ............................................................................... 113.6 111.7
Closing balance ........................................................................... 101,568.7 1,654.4
20.1 FROB-NCG Banco, S.A. Debt.
In accordance with Additional Provision Five of Royal Decree-Law 21/2012, amended
by Article 2 of Royal Decree-Law 6/2013, on 10 June 2013 the FGDEC announced an offer to acquire the ordinary shares of NCG Banco, S.A. under certain conditions. As a result of that offer, the FGDEC acquired 603,671,160 shares in NCG Banco, S.A. (representing 25.6% of its share capital) for a total cost of €802,364.1 thousand, and reaching certain agreements with the entity's controlling shareholder (FROB) regarding partial security and share sale hedge agreements.
As a result of the hedge agreement relating to FGDEC's interest in NCG Banco, S.A.,
there were settlements paid by FROB totalling €3,684.7 thousand in 2013 that reduced the cost of that interest. A portion of those settlements totaling €1,810.7 thousand was collected in 2014.
On 18 December 2013, the FROB reported the awarding of a shareholding of 88.3% in
NCG Banco, S.A., to Etchevarría, S.A. (Banesco Group). In accordance with the provisions of Articles 26.2 and 64.1.c of Law 9/2012 (14 November), on the restructuring and resolution of credit institutions, the sale process referred to include the shares owned by FGDEC.
In light of the conditions of that transaction and the net amounts that are expected to be
collected by the FGDEC, at the end of 2013 an impairment totaling €577,379.4 thousand was recognized.
59
On 25 June 2014, the FROB reported the completion of the transaction after all
necessary authorizations were obtained. Subsequently the FROB informed the FGD easy of the liquidation of the transaction as formally agreed, in accordance with which on 30 September 2014 an increase in the impairment totaling €1,154 thousand (No 25.10) was recorded, in addition to that recognized on 31 December 2013 in the amount of €577,379.4 thousand, in order to adjust the recognized amounts to the present value of the projected receivables and payables on the transaction at that date. The financial capitalization of the present value of the projected receivables and payables between 30 September 2014 and 31 December 2014 totaling €1,371.4 thousand and €741.6 thousand, respectively, is reflected in Notes 26 and 27.
At 31 December 2014 the amounts already received by the FGD the with respect to that
transaction total €139,630.2 thousand, and the present value of the projected receivables and payables on this transaction are estimated to be €184,742.6 thousand and €99,912.4 thousand, respectively, resulting in a net amount of €84,830.2 thousand.
20.2 Commitments with deposit holders
This relates to the indemnities payable to deposit holders of credit institutions which
have not been claimed.
21 SHORT-TERM PAYABLES The year-end balance breaks down as follows (thousand euros):
Concepts Notes 31.12.2014 31.12.2013
Loan received (FROB) 21.1 -- 703,110.8
Creditors and other payables 21.2 482.3 5,644.6
Taxes and Social Security payable 21.3 680.7 277.5
Creditors pending disbursements 1.5 1.5
Closing balance 1,164.5 709,034.4
21.1 Loan received (FROB)
The €703,110.8 thousand balance at 31 December 2013 relates to another loan
obtained by the FROB amounting to €700,000 thousand at 18 July 2013, to partially finance the purchase of shareholdings in NCG Banco, S.A., and Catalunya Banc, S.A., then acquired by the FGDEC, plus interest accrued to 31 December 2013 totaling €3,110.8 thousand. This loan was repaid at maturity on 28 February 2014.
21.2 Creditors and other payables
At 31 December 2013 this heading mainly recorded the VAT on the invoices issued
by the company that renders services to the FGDEC with respect to the management and divestment of the assets acquired under the CCM action plan that had not been satisfied at that date in the amount of €5,182.9 thousand. In 2014 this amount was adjusted by filing the relevant VAT amendment returns (Notes 19.4 and 25.4).
21.3 Payables to Public Administrations
This item includes the amounts relating to personal income tax withholdings for the
fourth quarter of 2014, social security contributions for the month of December 2014 and input VAT and 31 December 2014, which were settled in 2015.
60
DEPOSIT OF FUNDS OF CREDIT INSTITUTIONS
NOTES TO INCOME STATEMENT 22 INCOME
22.1 Contributions by member institutions
On 28 February 2014 the ordinary annual contributions from member entities were received in an amount equivalent to 2/1000 of the calculation base of the deposits existing at the end of the preceding year and to which the guarantee extends, as stipulated by Article 3.2 of Royal Decree 2606/1996 (20 December). The amount received totaled €1,873,812.4 thousand, of which €1,639,212.4 thousand was recognized, for the purposes of comparison, in the income statement for the year ended 31 December 2013 (Note 2.c) and the difference totaling €234,600 thousand relates to the income from the second maturity of the extra payment approved on 30 July 2012 (Note 11.1).
On 28 February 2015 the ordinary annual contributions from member entities were
received in an amount equivalent to 2/1000 of the calculation base of the deposits existing at the end of the preceding year and to which the guarantee extends, as stipulated by the aforementioned Article 3.2 of Royal Decree 2606/1996. The amount received totaled €1,878,705.6 thousand, of which €1,644,107.9 thousand was recognized in the income statement for the year ended 31 December 2014 (Note 2.c) and the difference totaling €234,597.7 thousand relates to the income from the third maturity of the indicated extra payment (Note 11.1).
Details are provided in section 2.1 of appendix 2 regarding the past development of
the contributions made by credit institutions to all of the deposit guarantee funds.
22.2 Provision of services
This pertains to the invoicing of management and administration services rendered by the FGDEC. Of the total amount of €895.2 thousand, €842.8 thousand relates to services rendered to controlled companies (Note 14), and €38.9 thousand to services rendered to the FROB (Note 13.4).
23 OPERATING EXPENSES
A breakdown is as follows (thousand euros):
Concepts Notes 31.12.2014 31.12.2013
Staff cost ......................................................................................... 23.1 4,227.1 3,247.2
Professional services ...................................................................... 23.2 1,314.7 1,051.6
Maintenance expenses ................................................................... 23.3 496.2 445.4
Tax .................................................................................................. 20.9 437.8
Rentals ............................................................................................ 458.4 410.1
Depreciation .................................................................................... 73.8 63.7
Total ............................................................................................... 6,591.1 5,655.8
61
23.1 Employee expenses
Personnel expenses break down as follows (thousand euros):
Epigraph 31.12.2014 31.12.2013
Wages and salaries ...................................................................................... 3,373.7 2,600.9
Social security
....................................................................................................................
….
533.8 415.5
Other social costs ......................................................................................... 319.6 230.8
Total ................................................................................................. 4,227.1 3,247.2
FGDEC's payroll increased by 9 employees in 2014 in order to attend to the increase
in the duties it must fulfill. The heading "Other employee benefits" mainly relates to the accrual of life insurance premiums for employees and the creation of a pension fund for the personnel entitled to that benefit.
At 31 December 2014, the composition of the workforce is as follows:
Classification Men Women Total
Executives. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 4
Technician. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23 13 36
Administrative staff . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 6 9
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 21 49
At 31 December 2013, the composition of the workforce is as follows:
Classification Men Women Total
Executives. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 4
Technician. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21 8 29
Administrative staff . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 4 7
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 14 40
23.2 Professional services
Services rendered by lawyers, auditors, notaries and similar professionals.
23.3 Maintenance costs
This heading includes security, cleaning and repair expenses, as well as expenses
relating to publications, subscriptions and other minor items. 24 PROFIT/ (LOSS) FROM DISPOSAL OF ASSETS AND OTHER INCOME
At year-end 2014, the balance of €404.1 thousand includes €400 thousand
corresponding to the recovered amount from the execution of a guarantee backing an asset, originating from an entity which was reorganised by the FGDEB, prior to 2010.
In 2013 the balance includes €324.8 thousand relating to the adjustment to the amount
received for the expropriation of land (Los Corralejos) and €259.9 thousand with respect to assets remaining after the liquidation of IBERBOL, S.A., (Note 13.3).
62
25 EXTRAORDINARY ITEMS
This heading includes positive and negative variances from the initial estimates of the costs of the credit institution action or restructuring plans. A breakdown is as follows (thousand euros):
Items Notes 31.12.2014 31.12.2013
Guarantee commission APS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.1 10.128.5 282.6
Success fee APS CCM. . . . . . . . . . . . . . . . . . . . . . . . . 25.2 16,053.9 15,600.4
Impairment and change in provisions . . . . . . . . . . . . . . . . . . . . . . 25.9 2,642.9 —
Other extraordinary income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.3 88.7 5,810.6
VAT correction . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.4 310.1 —
Participation rights in BdCLM . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.8 10,369.5 —
Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 39,593.6 21,693.6
APS Cost Banco CAM, S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.5 (793,719.3) (886,972.2)
APS Cost APS Unnim Banc, S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . 25.6 (250,629.5) (288,918.4)
Impairment reimbursement rights CCM 25.7 (87,620.0) (100,323.0)
Participatory rights in BdCLM . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.8 — (10,882.8)
Impairment and change in provisions . . . . . . . . . . . . . . . . . . . . . . 25.9 — (90,303.0)
NCG Banco, S.A restructuring plan. . . . . . . . . . . . . . . . . . . . . . . . . 25.10 (1,154.0) —
Impairment receivables BdCLM (Note 13.1). . . . . . . . .. . . . . . . . . — (18,562.5)
Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,133,122.8) (1,395,961.9)
TOTAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,093,529.2) (1,374,268.3)
25.1 Commissions for APS guarantees
This relates to the best estimate of the present value of the amounts expected to be
received under the guarantees granted in each APS in force, according to the new estimate of the sums that will be used as a basis for calculating these commissions.
APS corresponding to the commission 31.12.2014 31.12.2013
Caja de Ahorros Castilla La Mancha (Note 11.4) .................................... 10,589.6 1,006.2
Banco CAM, S.A. (Note 11.4) ................................................................. (350.3) (524.0)
Unnnim Banc, S.A. (Note 11.4) ............................................................... (110.8) (199.6)
Total ................................................................................................... 10,128.5 282.6
25.2 Success fee payable BdCLM APS
Lowest estimated present value of the success fee payable in this APS (Note 19.3).
63
25.3 Other extraordinary income
At 31 December 2014 this heading records the interest accrued on the loan to its investee company Realizaciones Patrimoniales, S.A., which, after the increase in the aforementioned interest, was provided by FGDEC in the share capital increase and reduction transaction carried out by that company in 2014 (Note 14).
At 31 December 2013 it recorded the income recovered during court proceedings
concerning the amounts for which provision had been made in compliance with Article 74 of Law 24/2001 (27 December), on tax, administrative and social order measures.
25.4 VAT correction
This is the amount paid by the FGD east the due to the corrections made in the VAT
returns for 2012 and 2013 with the estimation that the liability limit in the contract signed on 3 December 2010 with the management company that renders divestment and management services to maintain the value of the assets acquired by the FGD would have been exhausted, in accordance with the CCM action plan (Notes 19.4 and 21.2).
25.5 Cost Banco CAM, S.A. APS Each year this corresponds to the highest coverage recorded at 31 December,
according to the latest estimate available at the end of the same year, with respect to the amount which, at that same date, the coverage would consist of which was recorded at 31 December of the previous year, plus a 3% annual restatement (Note 19.1).
25.6 Cost Unnim Banc, S.A. APS
This pertains to the highest coverage recorded as at 31 December 2014, according to
the latest estimate available at end 2014, with respect to the amount which, at that same date, the coverage would consist of which was recorded at 31 December 2013 of the previous year, plus a 3% annual restatement (Note 19.2).
25.7 Impairment refund rights CCM APS
Relates to the lowest estimated amount to be recovered from the APS granted under
the CCM action plan, based on the information available at the beginning of the year. The figure recognized in 2014 amounted to €87,620 thousand (€100,323 thousand in 2013) (Note 11.3).
25.8 Participating rights in BdCLM
Increase in the estimated value of participating rights in BdCLM, which are quantified
based on the equity value of that entity (Note 11.6).
64
25.9 Provision impairment and variation
Recoveries and provisions break down as follows (thousand euros):
Concepts 31.12.2014 31.12.2013
Endowment Inversiones Corporativas, SA (Note 10) ........................ (5,639.4) (99,147.0)
Endowment participation Realizaciones Patriomoniales S.A. (Note 10) (420.3) (1,441.0)
Recobery Inversiones Corporativa, S.A. (Note 19.5) 8.701,6 10.285,0
Provision surplus recovery (Note 10) ................................................ 1.0 --
Total ............................................................................................ 2,642.9 (90,303.0)
25.10 Write-down of NCG Banco, S.A.
This relates to an additional write down carried out to adapt the carrying value of the
net projected receivables on the foreclosure transaction involving the shareholding in NCG Banco, S.A. to match the settlement received from the FROB after the completion of that transaction (Note 20.1).
26 FINANCIAL INCOME
This heading breaks down as follows (thousand euros):
Concepts 31.12.2014 31.12.2013
Financial Income ................................................................................ 7,759.6 5,616.6
Treasury bills and repos ....................................................................... 1,131.8 --
Interest bonds and debentures ............................................................. 6,089.0 --
Eurozone public debt ........................................................................... 479.5 464.8
Repos (Note 15.5) ................................................................................ 42.2 3,781.9
Equity investments and other income.................................................... 17.1 1,369.9
Financial update................................................................................. 1,784.4 694.5
Updated financial assets ...................................................................... 1,784.4 694.5
Total ............................................................................................... 9,544.0 6,311.1
In 2014 the financial income from the investments in Treasury bills, repos and Spanish
and eurozone government debt totaled €7,742.5 thousand. (€4,246.7 thousand in 2013).
The financial discounting of assets relates to income arising from the discounting at 3% of the estimated commissions and fees to be collected from the APS amounting to €370.0 thousand (Note 11.4), from the restatement of the receivables totalling €1,371.4 thousand on the sale of NCG Banco, S.A. (Note 20.1) and €43 thousand from the restatement of the bonds of Caja de Ahorros de San Fernando, Guadalajara, Huelva, Jerez and Sevilla (Note 11.8).
65
27 FINANCIAL EXPENSES
This relates to the discounting of financial liabilities at a rate of 3%, such as estimated
payments to be made under the APS, the estimated amount to be paid for asset management and other minor liabilities, the amounts payable to the FROB for the sale of NCG Banco, S.A. as well as the guarantees provided by the former to the buyer and the interest accrued on the loan received from the FROB at the contract rate.
The Banco CAM APS has generated a financial cost of €109,438 thousand due to the
discounting at an annual rate of 3% of the balance at the beginning of the year of €3,647,933.6 thousand (Note 19.1). The Unnim Banc APS has given rise to a financial cost of €36,035 thousand due to the discounting of the balance at the beginning of the year of €1,201,165.4 thousand at an annual rate of 3% (Note 19.2).
Financial expenses are analysed below (thousand euro):
Concepts 31.12.2014 31.12.2013
APS Banco CAM, S.A. (Note 19.1) .......................................................... 109,438.0 80,416.4
APS Unnim Banc, S.A. (Note 19.2) .......................................................... 36,035.0 26,570.3
APS CCM ............................................................................................... -- 1,861.6
Payables APS success fee CCM (Note 19.3).......................................... 1,859.8 2,260.0
Provision for asset management fee (Note 19.4) .................................... 1,375.8 1,831.0
Loans from FROB (Note 21.1) ................................................................. 853,9 6,250.9
Rebalancing provision actualization (Note 19.5) ....................................... 1,285.9 2,356.9
Rebalancing NCG Banc, S.A. (Note 20.1) ................................................ 741.6 --
Other financial expenses………………………………………………….. -- 706.9
Total ................................................................................................. 151,590.0 122,254.0
28 PROFITS ON DISPOSALS OF INVESMENTS
In 2013 this heading originates from the divestments of public debt made during the year to meet the partial repayment of the FROB loan signed on 27 July 2012 (Note 21.1).
Results in 2013 are as follows (thousand euros):
Concepts Treasury bills
Bonds and notes
Total
Disinvestment and maturity amounts ........................ -- 373,215.4 373,215.4
Interest ..................................................................... -- (16,153.8) (16,153.8)
Book value ................................................................ -- (356,487.3) (356,487.3)
Adjustments for changes in value ............................. -- 1,449.5 1,449.5
Outcome in 2013 ..................................................... -- 2,023.8 2,023.8
66
29 COST OF CREDIT INSTITUTION RESTRUCTURING
The balance at 31 December 2014 is as follows (thousand euro): Concepts Notes 31.12.2014 31.12.2013
Cost Spanish financial system diagnosis ....................................................... 29.1 -- 6,533.4
Impairment in shares NCG Banco, S.A. (Note 20.1) ...................................... 29.2 -- 577,379.4
Impairment in shares Catalunya Banc, S.A. (Note 15.4) ................................ 29.3 677,700.0 177,045.3
Total ....................................................................................................... 677,700.0 760,958.1
29.1 Cost of diagnostic analysis of the Spanish financial system
In 2013 the cost of the diagnostic analysis of the situation in the Spanish financial
system was paid in the amount of €37,932.3 thousand; of this amount, €31,398.9 thousand had been provided for in 2012.
29.2 Impairment holding in NCG Banco, S.A. Write-down in 2013 to bring the carrying value of the shareholding in NCG Banco, S.A.
into line with the present value of expected future receipts on the adjudication of that shareholding notified by the FROB (Note 20.1).
The additional write-down recorded in 2014 in light of the settlement received from the
FROB after the completion of the transaction is recognized under the heading Extraordinary Items (Note 25.10).
29.3 Impairment holding in Catalunya Banc, S.A.
In 2014 this relates to the new write-down made to adapt the carrying value of the
shareholding in Catalunya Banc, S.A. to match the present value of the projected receivables from the foreclosure of that shareholding reported by the FROB (Note 15.4).
Write-down in 2013 to bring the carrying value of the shareholding in Catalunya Banc,
S.A. into line with the equity value obtained from the entity's consolidated annual accounts for the year ended 31 December 2013 (Note 15.4).
67
DEPOSIT OF FUNDS OF CREDIT INSTITUTIONS
OTHER NOTES TO THE ANNUAL ACCOUNTS
30 INFORMATION REGARDING THE DEFERRAL OF PAYMENTS TO SUPPLIERS
ADDITIONAL PROVISION THREE. "REPORTING REQUIREMENTS" ESTABLISHED BY LAW 15/2010 (5 JULY)
Details of the payments for commercial transactions carried out during the year with
respect to the legal deadlines established by Law 15/2010 (5 July) which establishes measures against delinquent payments are as follows (thousand euros):
Payments made and pending payment as the balance sheet closing date
1.1.2014.
31.12.2014
%
1.1.2013-
31.12.2013
%
Payments during the year within the maximum legal deadline 2,775.3 100.0 2,384.8 100.0
Average excess payment period (days) -- -- -- --
Deferrals that at the closing date exceed the legal maximum
deadline -- -- -- --
Total payments during the year . . . . . . . . . . . . . . . . . . . . . . .
2,775.3 100.0 2,384.8 100.0
At 31 December 2014 the FGDEC had received invoices from a supplier totaling
€27,606.1 thousand (€17,925.8 thousand at 31 December 2013) that have been outstanding in excess of the deadline established in the aforementioned legislation due to a dispute with that supplier as to whether or not those payments, in accordance with the agreements concluded, had to be paid in cash for through the delivery of part of the remaining assets previously received by the FGDEC within the action plan for that entity and that supplier did not accept the offer made in order to make payment through the delivery of non-monetary assets.
In addition, in accordance with the formal agreements regarding the CCM action plan,
which limits the liability of FGDEC with respect to those invoices and other payments already made by that party based on the equity value of the assets received from CCM, in light of the situation of those assets in 2014 it was estimated that the aforementioned liability limit for FGDEC would have already been exhausted with the invoices already paid to that supplier, notwithstanding the fact that in the future this matter may be reconsidered in the event that the equity value is recovered.
31. TAX SITUATION The FGDEC is exempt from corporate income tax and any taxes that might accrue on
its foundation, operation or acts and transactions it carries out to comply with its objects. As the FGDEC has assumed the potential liabilities of the dissolved Deposit
Guarantee Funds and the Management Company, it is reported that the last four years are pending inspection for all applicable taxes. In any event, it is estimated that any such liabilities would not significantly affect the financial statements.
68
31 OTHER INFORMATION
The auditors of the entity are PricewaterhouseCoopers Auditores, S.L. Audit fees for
the year amount to €54 thousand (€40 thousand in 2013) and fees for other services amount to €6.0 thousand.
32 ENVIRONMENTAL INFORMATION
Any environmental risks that may derive from the Fund's activities are considered to be minimum and are, in any event, adequately covered and it is understood that no additional liabilities connected with such risks will arise. No environment-related expenses have been incurred and no grants related to environmental risks have been received during 2014.
Report drawn up on 25 May 2015.
69
DEPOSIT GUARANTEE FUND OF CREDIT INSTITUTIONS
APPENDIX
Appendix 1 List of shareholdings at 31 December 2014 Appendix 2 Historical breakdown of contributions, equity and investments Appendix 3 Member credit institutions at 31 December 2014 Appendix 4 Credit institution rehabilitation operations Appendix 5 Legislation
70
DEPOSIT GUARANTEE FUND OF CREDIT INSTITUTIONS
APPENDIX 1 LIST OF SHAREHOLDINGS AT 31 DECEMBER 2014
Entidades - Participaciones superiores al 10 % % participación
ANGALIA TOUR OPERADOR, SA 100,00
CCM CONECTA, SA 100,00
CCM INICIATIVAS INDUSTRIALES, SL 100,00
CCM INMOBILIARIA CENTRUM, 2004, SL, (En liquidación) 100,00
CCM INMOBILIARIA DEL SUR, 2004, SL, (En liquidación) 100,00
CCM SERVICIOS TURÍSTICOS, SA 100,00
EMPRESA CONSTRUCTORA CANTABRIA, SA (En liquidación) 100,00
EXPLOTACIONES FORESTALES Y CINEGÉTICAS ALTA-BAJA, SAU 100,00
GESIMCA, SA (En liquidación) 100,00
INSTITUTO DE ECONOMÍA Y EMPRESA, SLU 100,00
INVERSIONES CORPORATIVAS, SA 100,00
MIDAMARTA, SL 100,00
PLANES E INVERSIONES CLM, SA 100,00
POMBO 22, SA 100,00
PROMINCA, SA (En liquidación) 100,00
PROMOCIONES MIRALSUR, SL 100,00
REALIZACIONES PATRIMONIALES, SA 100,00
AGROCAJA, SA 93,79
H2 PUENTE LARGO, SA 83,71
INMOBILIARIA SAN MIGUEL DEL CROSS, SA 79,00
ICATEJO, SA 73,68
CENTRO DE SERVIC. DE CASTILLA-LA MANCHA, SA 52,00
PLANES E INVERSIONES DEL SUR, SA (En liquidación) 51,00
ALQLUNIA CLM, SL 50,00
CASA 2030, SA 50,00
COMPLEJOS COSTA MEDITERRÁNEO, SL (En liquidación) 50,00
GESTIONES HERVEMU, SL 50,00
POLÍGONO ROMICA, SA 50,00
URBANIZADORA CUATRECARRERES, SL (En liquidación) 50,00
ATALIA INICIATIVAS, SL 49,66
ALDABAN INICIATIVAS, SL 49,00
LAS LOMAS DE POZUELO, SA 40,00
AERNNOVA AEROSPACE, SA 39,53
SYNERGY INDUSTRY AND TECHNOLOGY, SA 39,53
SYNERGY REAL STATE, SA 39,53
71
Entidades - Participaciones superiores al 10 % % participación
CLAUDIA ZAHARA 22, SL (En liquidación) 38,25
C. R. AEROPUERTOS, SL 36,43
AIRPORT OPERACIONES, SL 36,43
MADRID SUR RAIL, SL 36,43
OESÍA NETWORKS, SL 36,15
TECNOBIT, SL 36,15
INDUSTRIALIZACIONES ESTRATÉGICAS, SA 35,00
COMTAL ESTRUC, SL (En liquidación) 31,51
KIPOA DE INVERSIONES, SL 30,00
PROMOGESTIÓN 2006, SA 30,00
VILLA ROMANA GOLF, SL 25,68
ÁREA LOGÍSTICA OESTE, SL 25,00
HORMIGONES Y ÁRIDOS ARICAM, SL 25,00
KAPLAN DESARROLLOS INDUSTRIALES, SL (En liquidación) 22,87
AEROBLADE, SA 21,34
BIOCOMBUSTIBLES DE CUENCA, SA 20,00
GRUPO NATURENER, SA 20,00
INDUSTRIAS CÁRNICAS LORIENTE PIQUERAS, SA 20,00
NATURENER ENERGY CANADÁ, INC. 20,00
NATURENER SOLAR, SA 20,00
NATURENER USA, LLC 20,00
SECADEROS DE ALMAGUER, SAU 20,00
TELECOM CASTILLA-LA MANCHA, SA 20,00
DESARROLLOS URBANÍSTICOS VENECIOLA, SA 20,00
URBANIZADORA MONTEARAGÓN, SL 20,00
DIVERGEA CONSTRUCCIONES, SL, EN LIQUIDACIÓN 19,79
DESARROLLO INDUSTRIAL ARICAM, SL 18,97
ORISOL CORPORACIÓN ENERGÉTICA, SA 18,50
DESARROLLOS INTERMODALES GRAN EUROPA 21, SL 17,38
CHINCHÓN GOLF 17,38
DHO GRUPO CONSTRUCTOR CORPORATIVO, SL 16,01
TRANVÍA DE PARLA, SA 15,00
OBENQUE, SA 14,33
TOLETUM VISIGODO, SL 13,54
PROMOCIONES INMOBILIARIAS GAYTÁN IV, SL 13,50
EL REINO DE D. QUIJOTE DE LA MANCHA, SA 12,80
EXPLORER I, FCR 12,10
SOC. DES. IND. CASTILLA-LA MANCHA, SA 11,82
GRUPO ISOLUX CORSÁN, SA 11,74
EBM ALISMA, FCR 11,66
EBM VACCARIA, FCR 11,11
ESPÍRITO SANTO IBERIA I, FCR 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 10,00
The indirect interests of Grupo Isolux Corsán, S.A. are not because of its high number.
72
DEPOSIT GUARANTEE FUND OF CREDIT INSTITUTIONS
APPENDIX 2 HISTORICAL BREAKDOWN OF CONTRIBUTIONS, EQUITY
AND INVESTMENTS
2.1 Contributions by member institutions
The year-on-year development of the contributions received by the FGDEC and the
dissolved Deposit Guarantee Funds as a whole are as follows (thousand euros):
Years Credit Entities Banco de España Totals Variation (%)
1980 38,941.4 38,941.4 77,882.8 --
1981 46,657.2 46,657.2 93,314.4 19.8%
1982 84,253.6 84,253.6 168,507.2 80.6%
1983 98,717.3 98,717.3 197,434.6 17.2%
1984 112,234.7 112,234.7 224,469.4 13.7%
1985 143,194.8 143,194.8 286,389.6 27.6%
1986 148,770.3 148,770.3 297,540.6 3.9%
1987 150,960.4 150,960.4 301,920.8 1.5%
1988 120,170.7 120,170.7 240,341.4 -20.4%
1989 201,998.1 114,759.4 316,757.5 31.8%
1990 277,654.2 154,246.6 431,900.8 36.4%
1991 312,742.2 173,713.0 486,455.2 12.6%
1992 339,290.9 189,987.5 529,278.4 8.8%
1993 231,283.4 138,214.3 369,497.7 -30.2%
1994 260,654.7 155,943.3 416,598.0 12.7%
1995 331,048.6 303,251.8 634,300.4 52.3%
1996 325,192.0 308,063.8 633,255.8 -0.2%
1997 164,108.2 -- 164,108.2 -74.1%
1998 161,191.5 -- 161,191.5 -1.8%
1999 167,855.4 -- 167,855.4 4.1%
2000 183,840.8 -- 183,840.8 9.5%
2001 287,788.4 -- 287,788.4 56.5%
2002 251,354.3 -- 251,354.3 -12.7%
2003 266,856.7 -- 266,856.7 6.2%
2004 277,763.4 -- 277,763.4 4.1%
2005 297,019.0 -- 297,019.0 6.9%
2006 328,675.6 -- 328,675.6 10.7%
2007 379,645.0 -- 379,645.0 15.5%
2008 417,596.3 -- 417,596.3 10.0%
2009 447,489.9 -- 447,489.9 7.2%
2010 771,216.7 -- 771,216.7 72,34%
2011 885,926.3 -- 885,926.3 14.9%
2012 2,517,413.6 -- 2,517,413.6 184.2%
2013 1,809,914.8 -- 1,809,914.8 -28.1%
2014 2,340,346.7 -- 2,340,346.7 29.31%
Total 15,179,767.1 2,482,080.1 17,661,847.2
At 31 December 2014 FGDEC's assets include debt claims for: ordinary contributions
calculated in accordance with the calculation bases existing at that date totaling
73
€1,644,107.9 thousand to be received on 28 February 2015, eight outstanding payment installments totaling €234,597.7 thousand each to be received on the same date on which the ordinary contributions are settled in 2015 through 2022 and which are recorded at their present value, and two outstanding payments relating to the second tranche of the extraordinary contribution established in accordance with Royal Decree-Law 6/2013 totaling €698,098 thousand each, to be received on 30 June 2015 and 2016 which are recognized that their present value.
The graphical representation is as follows:
0
200.000
400.000
600.000
800.000
1.000.000
1.200.000
1.400.000
1.600.000
1.800.000
2.000.000
2.200.000
2.400.000
2.600.000
Aportaciones de la entidades de crédito (m. euros)
74
2.2 Year-on-year development of the equity of the Deposit Guarantee Funds
The year-on-year development of the equity of the FGDEC and the dissolved Deposit
Guarantee Funds as a whole are as follows (thousand euros):
Years (Deficit) Surplus of
the year Valuation
Adjustments
Extraordinary outlays and payments
Retained earnings
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
(*) The balances for 2013 are presented for the purposes of comparison and have been restated, see Note 2 c)
75
The graphical representation is as follows:
2.3 Year-on-year development of investments in public debt The year-on-year development of the investment in public debt by the FGDEC and the
dissolved Deposit Guarantee Funds are as follows (thousand euros):
Years
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
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
-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
Evolución del fondo patrimonial (m.euros)
76
Years Investments
2010 3,639,848.8
2011 1,260,936.3
2012 356,487.3
2013 59,787.8
2014 1,838,048.5
The graphic representation is as follows:
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
19
87
19
88
19
89
19
90
19
91
19
92
19
93
19
94
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
Evolución de las inversiones financieras (m.euros)
77
DEPOSIT GUARANTEE FUND OF CREDIT INSTITUTIONS
APPENDIX 3
MEMBER CREDIT INSTITUTIONS AT 31 DECEMBER 2014
FGDEC member institutions at end-2014 are the following:
78
Entidad Código
A&G Banca Privada, S.A..................................................................................................................... 0241
Abanca Corporación Bancaria, S.A. ................................................................................................... 2080
Allfunds Bank, S.A. ............................................................................................................................. 0011
Andbank España, S.A. ........................................................................................................................ 1544
Aresbank, S.A. .................................................................................................................................... 0136
Banca March, S.A............................................................................................................................... 0061
Banca Pueyo, S.A. .............................................................................................................................. 0078
Banco Alcalá, S.A. .............................................................................................................................. 0188
Banco Bilbao Vizcaya Argentaria, S.A. ............................................................................................... 0182
Banco Caixa Geral, S.A. ...................................................................................................................... 0130
Banco Caminos, S.A. .......................................................................................................................... 0234
Banco Cetelem, S.A. .......................................................................................................................... 0225
Banco Cooperativo Español, S.A. ...................................................................................................... 0198
Banco de Albacete, S.A. ..................................................................................................................... 0091
Banco de Caja España de Inversiones Salamanca y Soria,S.A. .......................................................... 2108
Banco de Castilla-La Mancha, S.A. .................................................................................................... 0115
Banco de Crédito Social Cooperativo, S.A. ........................................................................................ 0240
Banco de Depósitos, S.A. ................................................................................................................... 0003
Banco de La Nación Argentina, S.E. ................................................................................................... 0169
Banco de Madrid, S.A. ....................................................................................................................... 0059
Banco de Promoción de Negocios, S.A. (Promobanc) ....................................................................... 0132
Banco de Sabadell, S.A. ..................................................................................................................... 0081
Banco Depositario BBVA, S.A. ........................................................................................................... 0057
Banco Europeo de Finanzas, S.A. ...................................................................................................... 0184
Banco Financiero y de Ahorros, S.A. ................................................................................................. 0488
Banco Finantia Sofinloc, S.A. ............................................................................................................. 0220
Banco Industrial de Bilbao, S.A. ......................................................................................................... 0113
Banco Inversis, S.A............................................................................................................................. 0232
Banco Mare Nostrum, S.A. ................................................................................................................ 0487
Banco Mediolanum, S.A. ................................................................................................................... 0186
Banco Occidental, S.A. ....................................................................................................................... 0121
Banco Pastor, S.A. ............................................................................................................................. 0238
Banco Pichincha España, S.A. ............................................................................................................ 0235
Banco Popular Español, S.A. .............................................................................................................. 0075
Banco Santander, S.A. ....................................................................................................................... 0049
Entity Code
79
Bancofar, S.A. .................................................................................................................................... 0125
Bancopopular-E, S.A. ......................................................................................................................... 0229
Bank of America, National Association, S.E....................................................................................... 1485
Bankia, S.A. ........................................................................................................................................ 2038
Bankinter, S.A. ................................................................................................................................... 0128
Bankoa, S.A. ....................................................................................................................................... 0138
Banque Marocaine du Commerce Exterieur International,S.A. ........................................................ 0219
Barclays Bank, S.A. ............................................................................................................................ 0065
BBVA Banco de Financiación, S.A. ..................................................................................................... 0129
BNP Paribas España, S.A. ................................................................................................................... 0058
Caixa de Credit 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 Benicarlo, Sociedad Cooperativa de Crédito Valenciana ............................................... 3162
Caixa Rural D'Algemesi, Sociedad Cooperativa Valenciana de Crédito. ........................................... 3117
Caixa Rural de Callosa D'En Sarria, Cooperativa de Crédito Valenciana. .......................................... 3105
Caixa Rural de L'Alcudia, Sociedad Cooperativa Valenciana de Crédito ........................................... 3096
Caixa Rural de Turis, 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 Vinroma, Sociedad Cooperativa de Crédito Valenciana. .......................... 3166
Caixa Rural San Vicent Ferrer de La Vall D'Uxió, Sociedad Cooperativa de Crédito Valenciana. ...... 3102
Caixa Rural Torrent Cooperativa de Crédito Valenciana. .................................................................. 3118
Caixa Rural Vinaros, Sociedad Cooperativa de Crédito Valenciana. ................................................. 3174
Caixabank, S.A. .................................................................................................................................. 2100
Caja de Ahorros y Monte de Piedad de Ontinyent ........................................................................... 2045
Caja de Arquitectos, Sociedad Cooperativa de Crédito .................................................................... 3183
Caja de Crédito Cooperativo, Sociedad Cooperativa de Crédito ..................................................... 3146
Caja de Crédito de Alcoy, Cooperativa de Crédito Valenciana. (En Liquidación) .............................. 3184
Caja de Crédito de Petrer, Caja Rural, Cooperativa de Crédito Valenciana. ..................................... 3029
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 Nuestra Señora del Rosario, Sociedad Cooperativa Andaluza de Crédito . .................... 3098
Caja Rural “Nuestra Madre del Sol”, Sociedad Cooperativa Andaluza de Crédito .......................... 3115
Caja Rural “Nuestra Señora La Esperanza” de Onda, Sociedad Cooperativa de Crédito Valenciana 3134
Caja Rural “San Isidro” de Vilafames, Sociedad Cooperativa de Crédito Valenciana ....................... 3165
Caja Rural “San Jaime Alquerias Niño Perdido”, Sociedad Cooperativa de Crédito Valenciana ....... 3119
Caja Rural “San Jose “de Almassora, Sociedad Cooperativa de Crédito Valenciana. ....................... 3130
Caja Rural “San Jose” de Alcora, Sociedad Cooperativa de Crédito Valenciana ............................... 3113
Caja Rural “San Jose” de Burriana, Sociedad Cooperativa de Crédito Valenciana ........................... 3112
Caja Rural “San Jose” de Nules, Sociedad Cooperativa de Crédito Valenciana ................................ 3135
Caja Rural “San Roque” de Almenara, Sociedad Cooperativa de Crédito Valenciana ...................... 3095
Entity Code
80
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
Caja Rural de Betxi, 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 Ibañez, 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 La Carlota, Sociedad Cooperativa Andaluza de Crédito Limitada (En Liquidación) .... 3154
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
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 Alamo Murcia, Sociedad Cooperativa de Crédito ..... 3018
Cajas Rurales Unidas, Sociedad Cooperativa de Crédito .................................................................. 3058
Cajasiete, Caja Rural, Sociedad Cooperativa de Crédito ................................................................... 3076
Cajasur Banco, S.A. ............................................................................................................................ 0237
Catalunya Banc, S.A. .......................................................................................................................... 2013
Cecabank, S.A. ................................................................................................................................... 2000
Citibank España, S.A. ......................................................................................................................... 0122
Citibank, N.A., S.E. ............................................................................................................................. 1515
Colonya - Caixa D'Estalvis de Pollensa .............................................................................................. 2056
Credit Suisse AG, S.E. ......................................................................................................................... 1460
Deutsche Bank Trust Company Americas, S.E. .................................................................................. 0161
Deutsche Bank, S.A.E. ........................................................................................................................ 0019
Dexia Sabadell, S.A. ........................................................................................................................... 0231
EBN Banco de Negocios, S.A. ............................................................................................................ 0211
EVO Banco S.A. .................................................................................................................................. 0239
Entity Code
81
At 31 December 2014 the Savings Banks that appear below indirectly operated as credit institutions:
General Electric Capital Bank, S.A. .................................................................................................... 0223
Ibercaja Banco, S.A. ........................................................................................................................... 2085
Jpmorgan Chase Bank National Association, S.E. .............................................................................. 0151
Kutxabank, S.A ................................................................................................................................... 2095
Liberbank, S.A. ................................................................................................................................... 2048
Nuevo Micro Bank, S.A. ..................................................................................................................... 0133
Open Bank, S.A. ................................................................................................................................. 0073
Popular Banca Privada, S.A. .............................................................................................................. 0233
Privat Bank Degroof, S.A. .................................................................................................................. 0200
RBC Investor Services España, S.A. .................................................................................................... 0094
Renta 4 Banco, S.A. ........................................................................................................................... 0083
Santander Consumer Finance, S.A. ................................................................................................... 0224
Santander Investment, S.A. ............................................................................................................... 0036
Santander Securities Services, S.A. ................................................................................................... 0038
Self Trade Bank, S.A. .......................................................................................................................... 1490
Targobank, S.A. .................................................................................................................................. 0216
The Bank Of Tokyo-Mitsubishi Ufj, Ltd, S.E. ...................................................................................... 0160
UBS Bank, S.A .................................................................................................................................... 0226
Unicaja Banco, S.A. ............................................................................................................................ 2103
UNOE Bank, S.A. ................................................................................................................................ 0227
Entidad Código
Caja de Ahorros de Murcia 2422
Caja de Ahorros Y Monte de Piedad de Las Baleares 2424
Caja de Ahorros Y Monte de Piedad de Guipúzcoa Y San Sebastián 2431
Entity Code
Entity Code
82
DEPOSIT GUARANTEE FUND OF CREDIT INSTITUTIONS
APPENDIX 4
CREDIT INSTITUTION REHABILITATION OPERATIONS
Aid provided by the Deposit Guarantee funds in credit institution rehabilitation or
restructuring operations. The amounts recovered are not included in these figures.
4.1 Deposit Guarantee Fund for Banks to 15 October 2011
Aid provided by the FGDEB until 15 October 2011 is as follows by entity (million euros):
Year Entities Shares Tangible Assets
Financial Assets
Shares in companies
Loans Payment
s of deposits
Assumed losses
Total
Total in
million euros 2014
(*)
CPI (2013=
100)
1978 Banco de Navarra, S.A. -- -- 3.6 -- -- 25.0 -- 28.6 190.7 15.0
1978 Banco Cantábrico, S.A. 4.7 4.2 -- -- 25.3 -- -- 34.2 228.0 15.0
1978 Banco Meridional, S.A. 6.1 -- 61.1 4.7 -- -- -- 71.9 479.3 15.0
1978 Banco de Valladolid, S.A. -- 7 64.3 11.8 60.1 -- 33.0 176.2 1,174.7 15.0
1979 Banco de Granada, S.A. 18.1 -- -- -- 57.2 -- 31.7 106.9 593.9 18.0
1980 Banca López Quesada, S.A. 18.1 16.8 -- -- 80.7 -- -- 115.5 550.0 21.0
1980 Banco Promoción de Negocios, S.A.
9.3 -- 51.7 4.2 47.6 -- 3.2 115.7 551.0 21.0
1980 Banco Catalán de Desarrollo, S.A.
18 -- -- -- -- -- 96.2 114.2 543.8 21.0
1980 Banco de Asturias, S.A. 6 -- 1.6 -- 12 -- -- 19.6 93.3 21.0
1980 Banco Ind. del Mediterráneo, S.A
15 -- -- -- -- -- 42.1 57.1 271.9 21.0
1981 Banco de los Pirineos, S.A. -- -- -- -- -- 17.0 -- 17.0 70.8 24.0
1981 Banco de Descuento, S.A. 14.9 15.1 80.6 5.2 26.5 -- -- 141.7 590.4 24.0
1981 Banco Occidental, S.A. (**) 21.4 9.4 240.9 21.3 90.2 -- -- 383.2 1,596.7 24.0
1982 Banca Más Sardá, S.A. -- -- -- -- 12 -- 28.9 40.9 151.5 27.0
1982 Banco Unión, S.A. -- 60.1 30.1 139.7 -- -- 90.4 319.6 1,183.7 27.0
1982 Banco de Préstamo y Ahorro, S.A.
-- -- 35.6 1.3 -- -- 9.0 45.9 170.0 27.0
83
1982 Banco de Alicante, S.A. -- 11.3 5 -- 41.3 -- -- 57.6 213.3 27.0
1982 Banco de Crédito e Inversiones, S.A.
-- 5.7 61.7 -- 42.8 -- -- 110.2 408.1 27.0
1982 Banca Catalana, S.A. (***) 81.8 43.5 574.2 46.8 214.3 -- 49.2 1,009.6 3,739.3 27.0
1982 Banco de Gerona, S.A. -- -- 1.2 -- -- -- -- 1.2 4.4 27.0
1982 Banco de Levante, S.A. 33.1 1 193.6 55.8 44.8 -- 30.8 359.1 1,330.0 27.0
1984 Banco Simeón, S.A. -- 11 -- -- -- -- -- 11.0 33.3 33.0
1985 Banco de Finanzas, S.A. -- -- 15 -- -- -- -- 15.0 41.7 36.0
1985 Banco Urquijo Unión, S.A. -- -- 207.6 144 -- -- -- 351.6 976.7 36.0
1991 Bank of Credit and Commerce, S.A.E.
-- -- -- -- -- 26.2 -- 26.2 50.4 52.0
1991 Banco Europeo de Finanzas, S.A.
-- -- -- -- -- 3.3 -- 3.3 6.3 52.0
1992 Banco Ibercorp, S.A. -- -- -- -- -- 0.7 -- 0.7 1.3 54.0
1994 Banco Español de Crédito, S.A. 1,081.8 -- -- -- 1,893.2 -- 1,712.4 4,687.4 7,812.3 60.0
1996 Banco Credipás, S.A. -- -- -- -- -- 13.2 -- 13.2 20.6 64.0
2004
Eurobank del Mediterráneo, S.A.
-- -- -- -- -- 82.7 -- 82.7 102.1 81.0
Total 1,327.8 185.1 1,627.0 434.1 2,648.0 168.1 2,126.9 8,517.0 23,179.6
(*) This column includes the totals of the rehabilitation operations, amounts are updated for inflation taking December 2014 as base 100.
(**) Includes subsidiary Banco Comercial Occidental, S.A. (***) Includes subsidiaries Banco Industrial de Cataluña, S.A., and Banco Industrial del Mediterráneo, S.A.
4.2 Deposit Guarantee Fund for Savings Banks to 15 October 2011
Aid provided by the FGDCA until 15 October 2011 is as follows by entity (million euros):
Year Entities Purchase of
Assets Subordinated
liabilities
Provided maximum guarantee
(a)
Loans Total
Total in millions of
euros 2014 (*)
CPI (2013=10
0)
1983 CÁCERES (1) 37.0 37.0 123.8 29.9
1985 CÁCERES (1) 4.5 4.5 12.6 35.7
1987 CÁCERES (1) 3.4 3.4 8.4 40.5
1986 PLASENCIA (2) 10.2 10.2 25.9 38.6
1989 PLASENCIA (2) 23.5 0.5 24.0 51.9 46.3
84
1983 CÁDIZ (2) 12.0 12.0 40.1 29.9
1991 UNICAJA (2) 24.0 24.0 46.1 52.1
1985 PALENCIA (3) 7.2 7.2 20.2 35.7
1985 CENTRAL ÁVILA (4)
12.0 36.1 48.1 134.8 35.7
1987 HUELVA (5) 9.0 9.0 22.2 40.5
1990 HUELVA (5) 18.0 18.0 36.6 49.2
1989 VALLADOLID POPULAR (6)
2.1 2.1 4.5 46.3
1989 VALLADOLID PROVINCIAL (6)
2.5 1.3 3.8 8.2 46.3
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 52.1
1992 PROVINCIAL DE ALICANTE Y VALENCIA (9)
15.0 15.0 27.3 55.0
1994
CA SAN FERNANDO DE SEVILLA Y JEREZ (10)
15.0 15.0 25.1 59.8
2010 CA CASTILLA-LA MANCHA (11)
1,693.4 2,475.0 4,168.4 4,411.3 94.5
TOTAL 1,758.5 90.6 2,475.0 114.5 4,438.9 5,073.8
(*) This column includes the totals of the rehabilitation operations, amounts are updated for inflation taking
December 2014 as base 100.
This item records the maximum amount of the guarantee provided by the FGDEC to an EPA
1 Included in Caja de Ahorros y Monte de Piedad de Extremadura.
2 Included in Monte de Piedad y Caja de Ahorros de Ronda, Cádiz, Almería, Málaga y Antequera, (Unicaja).
3 Included in Caja de Ahorros de Salamanca y Soria.
4 Included in Caja de Ahorros y Monte de Piedad de Ávila.
5 Included in Monte de Piedad y Caja de Ahorros de Huelva y Sevilla.
6 Included in Caja España de Inversiones, Caja de Ahorros y Monte de Piedad.
7 Included in Caja de Ahorros y Monte de Piedad de Madrid.
8 Included in Caja General de Granada.
9 Included in Caja de Ahorros del Mediterráneo.
10 Included in Caja de San Fernando de Sevilla y Jerez.
11 Included in Banco de Castilla-La Mancha
4.3 Credit Cooperative Fund (FGDCC) to 15 October 2011 Aid provided by the FGDCC until 15 October 2011 is as follows by entity (million
euros):
85
Year Entity Purchase of assets
Financial Assets
Loans Total
Total million euros
2014 (*)
CPI (2013=100)
1982 CRP JAÉN 1.8 1.8 6.6 6.6
27.4
1983 C.LABORAL Y E. SALAMANCA
1.3 1.3 4.2 4.2
30.8
1984 C.CTO IND. COOP. MADRID (1)
4.2 4.2 12.5 12.5
33.5
1984 COOP.CTO JÁVEA (2) 2.0 2.0 6.0 6.06.0
33.5
1984 CRP LAS PALMAS 3.1 3.1 9.2 33.5
1984 CRP LA CORUÑA 1.0 14.3 15.3 45.6 33.5
1984 CRP BADAJOZ 2.7 2.7 8.1 33.5
1984 CRP LA RIOJA 2.9 2.9 8.7 33.5
1984 CRP PALENCIA 10.3 52.6 62.9 187.7 33.5
1986 CRP PALENCIA 0.2 0.2 0.5 0.5
39.3
1984 CRP PONTEVEDRA 24.6 24.6 73.4 73.4
33.5
1984 CRP SEVILLA 5.6 28.0 33.6 100.2 100.2
33.5
1984 CRC INTERP. CRETA 2.7 2.7 8.1 8.1
33.5
1984 CR CTO. U.C. AVICULTURA 1.5 1.5 4.5 4.5
33.5
1984 CRP SANTANDER 19.4 2.5 21.9 65.3 65.3
33.5
1984 CRP ALICANTE 4.2 4.2 12.5 12.5
33.5
1984 CRP MÁLAGA 3.3 3.3 9.8 9.8
33.5
1984 CRSAX. MONTAÑA Y VINALOPÓ (3)
3.5 3.5 10.4 10.4
33.5
1987 CRSAX. MONTAÑA Y VINALOPÓ (3)
4.2 4.2 10.2 10.2
41.1
1984 CRP ÁVILA 9.1 9.1 27.1 27.1
33.5
1984 CRP TERUEL 15.3 15.3 45.6 45.6
33.5
1984 CRP MURCIA 18.0 18.0 53.7 53.7
33.5
1984 CRP MADRID 1.8 1.8 5.4 5.4
33.5
1984 CRP BALEARES 2.8 19.1 3.1 25.0 74.6 74.6
33.5
1984 CR NACIONAL -
-
33.5
1985 CR LA MANCHA S. C. AGRÍCOLA (4)
4.5 4.5 12.4 12.4
36.3
1986 C INVERSIÓN C.COOP.CTO.LTDA. (5)
2.1 2.1 5.3 5.3
39.3
1986 CR PIRINEO (6) 6.0 6.0 15.3 15.3
39.3
1987 CRP CÁDIZ (7) 20.3 20.3 49.4 49.4
41.1
1987 CRP SALAMANCA 3.60 3.6 8.8 8.8.8
41.1
TOTAL 9.4 53.0 239.2 301.6 881.3 881.3
(*) This column includes the totals of the rehabilitation operations updating amounts for inflation, taking December 2014 as
base 100.
Absorbed by C. A. and M. P. Madrid.
Absorbed by C. A. Alicante y Murcia.
Absorbed by C. R. Valencia.
Absorbed by C. R. P. Albacete.
Absorbed by C. A. and M. P. Madrid.
Absorbed by C. A. P. Barcelona.
Absorbed by C. A. P. San Fernando
86
4.4 Deposit Guarantee Fund for Credit Institutions to 15 October 2011 Aid provided by the FGDEC since 15 October 2011 is as follows by entity (million
euros):
Year Entity Capital
Injection
Providing Maximum Guarantee
(a)
Total
Total in millions of
euros 2014 (*)
CPI (2014=100)
2011 BANCO CAM, S.A. 5,249.0 16,609.7
21,858.7 96.0
2012 UNNIM BANC, S.A. 953.3 4,823.5
5,776.8 100.0
2013 NCG BANCO, S.A.
802.4 802.4 100.0
2013 CATALUNYA BANC, S.A.
1,000.9 1,000.9 100.0
TOTAL
1,803.3 29,438.8
(*) This column includes the totals of the rehabilitation operations, amounts are updated for inflation taking
December 2014 as base 100.
(a) This includes the maximum amount of the guarantee provided by the FGDEC under an asset production
scheme. No payments have been made at 31 December 2014.
87
DEPOSIT GUARANTEE FUND OF CREDIT INSTITUTIONS
APPENDIX 5 LEGISLATION
Royal Decree-Law 16/2011 (14 October) creating the Deposit Guarantee
Fund for Credit Institutions.
a. Final Provision Nine of Law 10/2014 (26 June) on the structure,
supervision and solvency of credit institutions.
b. Final Provision Eight of Law 9/2012(14 November) on the restructuring
and resolution of credit institutions.
c. Final Provision Four of Royal Decree-Law 2/2012 (3 February) on write-
downs in the financial system.
d. Royal Decree-Law 19/2011 (2 December) which amends Royal Decree-
Law 15/2011 (14 October) which created the Deposit Guarantee Fund for
Credit Institutions.
Additional Provision Six of Royal Decree 84/2015 (13 February) which enables
Law 10/2014 (26 June) on the structure, supervision and solvency of credit
institutions (Representatives of the entities that are members of the Management
Committee at the Deposit Guarantee Fund).
Law 9/2012 (14 November) on bank restructuring and dissolution.
Additional Provision Five of Royal Decree Law 21/2012 (13 July) on liquidity
measures for the public administrations and in the financial area.
Royal Decree-Law 2606/1996 (20 December) on deposit guarantee funds
for credit institutions.
Circular 4/2001, de 24 de septiembre, del Banco de España, sobre la base de
cálculo de las aportaciones.
Article 8.3.d) of Law 13/1985 (25 May) on investment ratios, equity and reporting
obligations of financial intermediaries.
Article 1 of Royal Decree 628/2010 (14 May) amending Royal Decree
2606/1996 on deposit guarantee funds for credit institutions and Royal
Decree 948/2001 (3 August) on investor compensation arrangements.
Articles 4 and 5 of Royal Decree-Law 11/2010 (9 July), on governing bodies and
other matters relating to the legal system for Savings Banks. (FGDC Savings).
Additional Provisions One and Four of Royal Decree-Law 2/2011 (18 February),
intended to reinforce the financial system.
Directive 94/19/EC of the European Parliament and Council on deposit
guarantees systems.
Directive 97/9/EC, 3 march, of the European Parliament and Council on
investor compensation arrangements.
Directive 2009/14/EC, 11 march, of the European Parliament.
88
Directive 2014/49/EU of 16 April 2014 relating to deposit guarantee systems
(reworded) (pending transposition).
Supplementary information is available at:
http://www.fgd.es