IFR Magazine – June 08, 2019

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THEû32" ûWASûmAWEDû4HEYûAREû
seeking billions of euros in
COMPENSATION

FLAWED VALUATION
,IKEû"ANCOûDEû%SPANA ûTHEû32"û
MISSEDûVITALûOPPORTUNITIESûINûTHEû
RUN
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û
MOREûTHANûõBNûOFûDEPOSITSû
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BEENûCAUSEûFORûCONCERN ûGIVENû
THATûALMOSTûALLûTHEû32"SûROUTINEû
planning for a resolution of
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POTENTIALûSOLVENCYûISSUESû
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RULESûALSOûSEVERELYûLIMITEDûHOWû
THOSEûFUNDSûCOULDûBEûUSED
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the potential options in its
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HEALTHIERûBANKûTHATûCOULDûINJECTû

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ANYûFUTUREûSALEûOFûTHEûBANK

HIGHLY UNCERTAIN

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Deloitte to “strictly prioritise ...

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the basis for the sale of the bank

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UPPER HAND

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/NEûPERSONûINVOLVEDûINûTHATû

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3ANTANDERûHELDûALLûTHEûCARDS

h3UDDENLYûYOUûCHANGEûYOURû

counterparty from professional

-!ûBANKERSûûûûTOûCIVILû

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SAIDûTHEûPERSON

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ANDûCOMPLETELYûDETACHEDûFROMû

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THINGSûHAPPENû3ANTANDERûMUSTû

HAVEûTHOUGHTû@WEûHAVEûAûGREATû

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INVESTOR PROTECTIONS

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CHANGEDûANDû

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INSOLVENCYûPROCESS

h4HISûISûTHEûSAFETYûVALVEûOFûTHEû

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THATûANYTHINGûITûDIDûWASûWRONGv

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RESOLUTIONSûWILLûREMAINûASûLONGû

as the current regime remains

INûPLACEûOTHERSûBELIEVE

h4HEûPROCESSûGIVESûSOûMUCHû

LEEWAYûANDûmEXIBILITYûTOûAUTHORITIESû

THATûTHEYûPRETTYûMUCHûCANûDOû

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h!NDûTHEûRESULTûISûTHATûYOUûCANûENDû

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REASONABLEûANDûWELLûMANAGEDûnûORû

Source: Refinitiv THEûEXACTûOPPOSITEû„

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April 3April 17May 1May 15May 29

BANCO POPULAR’S FINAL WEEKS

CLOSING SHARE PRICE, €

“Unless there is serious

and thorough review

of the Banco Popular

case by the EU General

Court, no lessons will

be learned”