Guarantees

In the sale process of recapitalised institutions under Law 9/2012, guarantees were granted with the aim of minimizing the use of public resources in a situation of different perception of the risk/cost of certain contingencies between buyer and seller. Two types of guarantees granted by FROB to buyers can be distinguished: the Asset Protection Schemes (APS) in which FROB covers the losses on a specific asset portfolio, and guarantees that covered very different contingencies (possible liabilities that might arise from lawsuits for mis-selling of hybrid instruments, floor clauses, interest-rate hedge agreements, etc)

As of 12/31/2022, the EPA of Banco de Valencia has expired, pending settlement in 2023, and guarantees for certain concepts of CX and NCG are still active.