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Banco Santander, S.A.
and Companies
composing Santander
Group
Consolidated Financial Statements and
Directors' Report for the year ended 31
December 2011, together with Auditors'
Report

Translation of a report originally issued in Spanish
based on our work performed in accordance with the
audit regulations in force in Spain and of
consolidated financial statements originally issued in
Spanish and prepared in accordance with the
regulatory financial reporting framework applicable to
the Group (see Notes 1 and 55). In the event of a
discrepancy, the Spanish-language version prevails.
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Banco Santander, S.A.
and Companies
composing Santander
Group
Consolidated Financial Statements and
Directors' Report for the year ended 31
December 2011
Translation of consolidated financial statements originally issued in Spanish and prepared in accordance with the regulatory financial reporting framework applicable to the Group (see Notes 1 and 55).
                                                                                                   In the event of a discrepancy, the Spanish-language version prevails.

                                                                                                          SANTANDER GROUP
                                                 CONSOLIDATED BALANCE SHEETS AT 31 DECEMBER 2011, 2010 AND 2009
                                                                       (Millions of Euros)
                   ASSETS                                     Note          2011             2010 (*)            2009 (*)                 LIABILITIES AND EQUITY                                          Note         2011               2010 (*)        2009 (*)
CASH AND BALANCES WITH CENTRAL BANKS                                           96,524            77,786              34,889 FINANCIAL LIABILITIES HELD FOR TRADING:                                                      146,948             136,772         115,516
                                                                                                                             Deposits from central banks                                                     20             7,740              12,605           2,985
                                                                                                                             Deposits from credit institutions                                               20             9,287              28,371         43,131
FINANCIAL ASSETS HELD FOR TRADING:                                            172,638             156,762           135,054 Customer deposits                                                                21            16,574               7,849           4,658
 Loans and advances to credit institutions                        6             4,636              16,216              5,953 Marketable debt securities                                                      22               77                 366             586
 Loans and advances to customers                                 10             8,056                755             10,076 Trading derivatives                                                               9          103,083               75,279         58,713
 Debt instruments                                                 7            52,704              57,872            49,921 Short positions                                                                   9            10,187              12,302           5,140
 Equity instruments                                               8             4,744               8,850              9,248 Other financial liabilities                                                     24          -                   -                   303
 Trading derivatives                                              9           102,498              73,069            59,856
                                                                                                                            OTHER FINANCIAL LIABILITIES AT FAIR VALUE
                                                                                                                             THROUGH PROFIT OR LOSS:                                                                          44,909             51,020          42,371
OTHER FINANCIAL ASSETS AT FAIR VALUE                                                                                         Deposits from central banks                                                     20                1,510               337           10,103
 THROUGH PROFIT OR LOSS:                                                          19,563              39,480         37,814 Deposits from credit institutions                                                20                8,232             19,263          12,745
 Loans and advances to credit institutions                        6                4,701              18,831         16,243 Customer deposits                                                                21               26,982             27,142          14,636
 Loans and advances to customers                                 10               11,748               7,777           8,329 Marketable debt securities                                                      22                8,185              4,278           4,887
 Debt instruments                                                 7                2,649               4,605           7,365 Subordinated liabilities                                                                     -                  -               -
 Equity instruments                                               8                 465                8,267           5,877 Other financial liabilities                                                                  -                  -               -

                                                                                                                             FINANCIAL LIABILITIES AT AMORTISED COST:                                                     935,669            898,969         823,403
                                                                                                                              Deposits from central banks                                                    20            34,996              8,644          22,345
AVAILABLE-FOR-SALE FINANCIAL ASSETS:                                              86,613              86,235          86,620 Deposits from credit institutions                                               20            81,373             70,892          50,782
 Debt instruments                                                 7               81,589              79,689          79,289 Customer deposits                                                               21           588,977            581,385         487,681
 Equity instruments                                               8                5,024               6,546           7,331 Marketable debt securities                                                      22           189,110            188,229         206,490
                                                                                                                              Subordinated liabilities                                                       23            22,992             30,475          36,805
                                                                                                                              Other financial liabilities                                                    24            18,221             19,344          19,300
LOANS AND RECEIVABLES:                                                        779,525             768,858            736,746
 Loans and advances to credit institutions                        6            42,389              44,808             57,641 CHANGES IN THE FAIR VALUE OF HEDGED ITEMS
 Loans and advances to customers                                 10           730,296             715,621            664,146 IN PORTFOLIO HEDGES OF INTEREST RATE RISK                                       36                876                810             806
 Debt instruments                                                 7             6,840               8,429             14,959
                                                                                                                             HEDGING DERIVATIVES                                                             11                6,444              6,634           5,191

HELD-TO-MATURITY INVESTMENTS                                                  -                   -                  -            LIABILITIES ASSOCIATED WITH NON-CURRENT
                                                                                                                                   ASSETS HELD FOR SALE                                                                         42                 54             293

CHANGES IN THE FAIR VALUE OF HEDGED
 ITEMS IN PORTFOLIO HEDGES OF                                                                                                     LIABILITIES UNDER INSURANCE CONTRACTS                                      15                517               10,449          16,916
 INTEREST RATE RISK                                              36                2,024               1,464              1,420
                                                                                                                            PROVISIONS:                                                                                       15,572             15,660          17,533
HEDGING DERIVATIVES                                              11                9,898               8,227           7,834 Provision for pensions and similar obligations                                  25                9,045              9,519          10,629
                                                                                                                             Provisions for taxes and other legal contingencies                              25                3,663              3,670           3,283
NON-CURRENT ASSETS HELD FOR SALE                                 12                5,338               6,285           5,789 Provisions for contingent liabilities and commitments                           25                 659               1,030            642
                                                                                                                             Other provisions                                                                25                2,205              1,441           2,979
INVESTMENTS:                                                     13                4,155               273              164
 Associates                                                                        2,082               273              164 TAX LIABILITIES:                                                                                   8,174              8,618           7,005
 Jointly controlled entities                                                       2,073          -                  -       Current                                                                                           5,101              4,306           3,338
                                                                                                                             Deferred                                                                        27                3,073              4,312           3,667

INSURANCE CONTRACTS LINKED TO                                                                                                   OTHER LIABILITIES                                                            26             9,516              7,600           7,625
 PENSIONS                                                        14                2,146               2,220              2,356 TOTAL LIABILITIES                                                                       1,168,667          1,136,586       1,036,659

REINSURANCE ASSETS                                               15                254                 546                 417 EQUITY
                                                                                                                                SHAREHOLDERS' EQUITY:                                                        30               80,896             77,333          71,832
TANGIBLE ASSETS:                                                                  13,846              11,142              8,996 Share capital                                                                31                4,455              4,164           4,114
Property, plant and equipment-                                                     9,995               9,832              7,905 Registered                                                                                     4,455              4,164           4,114
 For own use                                                     16                7,797               7,508              6,202 Less: Uncalled capital                                                                    -                  -               -
 Leased out under an operating lease                             16                2,198               2,324              1,703 Share premium                                                                32               31,223             29,457          29,305
Investment property                                              16                3,851               1,310              1,091 Reserves                                                                     33               32,980             28,307          24,608
                                                                                                                                  Accumulated reserves (losses)                                              33               32,921             28,255          24,540
                                                                                                                                  Reserves (losses) of entities accounted for using the
INTANGIBLE ASSETS:                                                                28,083              28,064             25,643    equity method                                                             33                59                 52                68
 Goodwill                                                        17               25,089              24,622             22,865 Other equity instruments                                                     34              8,708              8,686             7,189
 Other intangible assets                                         18                2,994               3,442              2,778 Equity component of compound financial instruments                           34              1,668              1,668        -
                                                                                                                                  Other                                                                      34              7,040              7,018           7,189
                                                                                                                                 Less: Treasury shares                                                       34             (251)              (192)             (30)
TAX ASSETS:                                                                       22,901              22,572             20,655 Profit for the year attributable to the Parent                                               5,351              8,181           8,942
 Current                                                                           5,140               5,483              4,828 Less: Dividends and remuneration                                              4            (1,570)            (1,270)         (2,296)
 Deferred                                                        27               17,761              17,089             15,827
                                                                                                                                VALUATION ADJUSTMENTS                                                                      (4,482)            (2,315)         (3,165)
OTHER ASSETS                                                     19                8,018               7,587              6,132 Available-for-sale financial assets                                          29             (977)             (1,249)            645
 Inventories                                                                        319                 455                519 Cash flow hedges                                                              11             (202)              (172)           (255)
 Other                                                                             7,699               7,132              5,613 Hedges of net investments in foreign operations                              29            (1,850)            (1,955)            297
                                                                                                                                 Exchange differences                                                        29            (1,358)              1,061         (3,852)
                                                                                                                                 Non-current assets held for sale                                                         -                  -               -
                                                                                                                                 Entities accounted for using the equity method                              29               (95)           -               -
                                                                                                                                 Other valuation adjustments                                                              -                  -               -

                                                                                                                             NON-CONTROLLING INTERESTS                                                       28             6,445              5,897           5,203
                                                                                                                              Valuation adjustments                                                                          435                838              45
                                                                                                                              Other                                                                                         6,010              5,059           5,158
                                                                                                                             TOTAL EQUITY                                                                                  82,859             80,915          73,870
TOTAL ASSETS                                                                1,251,526           1,217,501          1,110,529 TOTAL LIABILITIES AND EQUITY                                                               1,251,526          1,217,501       1,110,529
                                                                                                                             MEMORANDUM ITEMS:
                                                                                                                             CONTINGENT LIABILITIES                                                          35            48,042             59,795          59,256
                                                                                                                             CONTINGENT COMMITMENTS                                                          35           195,382            203,709         163,531
                                                                         (*) Presented for comparison purposes only.
                                    The accompanying Notes 1 to 55 and Appendices are an integral part of the consolidated balance sheet at 31 December 2011.
Translation of consolidated financial statements originally issued in Spanish and prepared in accordance with the regulatory financial reporting framework applicable to the Group
                                                        (see Notes 1 and 55). In the event of a discrepancy, the Spanish-language version prevails.

                                                                                SANTANDER GROUP
                                                          CONSOLIDATED INCOME STATEMENTS
                                                 FOR THE YEARS ENDED 31 DECEMBER 2011, 2010 AND 2009
                                                                  (Millions of Euros)
                                                                                                                                                                    (Debit) Credit
                                                                                                                                 Notes              2011              2010 (*)             2009 (*)

Interest and similar income                                                                                                        38                     60,856              52,907              53,173
Interest expense and similar charges                                                                                               39                  (30,035)            (23,683)             (26,874)
NET INTEREST INCOME                                                                                                                                      30,821               29,224              26,299
Income from equity instruments                                                                                                     40                       394                 362                  436
Share of results of entities accounted for using the equity method                                                                 41                        57                  17                    (1)
Fee and commission income                                                                                                          42                     12,749              11,681              10,726
Fee and commission expense                                                                                                         43                    (2,277)             (1,946)              (1,646)
Gains/losses on financial assets and liabilities (net)                                                                             44                      2,838               2,164                3,802
 Held for trading                                                                                                                                          2,113               1,312                2,098
 Other financial instruments at fair value through profit or loss                                                                                            21                  70                  198
 Financial instruments not measured at fair value through profit or loss                                                                                    803                 791                 1,631
 Other                                                                                                                                                      (99)                  (9)               (125)
Exchange differences (net)                                                                                                         45                      (522)                441                  444
Other operating income                                                                                                                                     8,050               8,195                7,929
 Income from insurance and reinsurance contracts issued                                                                            46                      6,748               7,162                7,113
 Sales and income from the provision of non-financial services                                                                     46                       400                 340                  378
 Other operating income                                                                                                            46                       902                 693                  438
Other operating expenses                                                                                                                                 (8,032)             (8,089)              (7,785)
 Expenses of insurance and reinsurance contracts                                                                                   46                    (6,356)             (6,784)              (6,774)
 Changes in inventories                                                                                                            46                      (249)               (205)                (238)
 Other operating expenses                                                                                                          46                    (1,427)             (1,100)                (773)
GROSS INCOME                                                                                                                                             44,078               42,049              40,204
Administrative expenses                                                                                                                                (17,781)            (16,255)             (14,825)
 Staff costs                                                                                                                     47                    (10,326)              (9,329)              (8,451)
 Other general administrative expenses                                                                                           48                      (7,455)             (6,926)              (6,374)
Depreciation and amortisation charge                                                                                           16 & 18                   (2,109)             (1,940)              (1,596)
Provisions (net)                                                                                                                 25                      (2,601)             (1,133)              (1,792)
Impairment losses on financial assets (net)                                                                                                            (11,868)            (10,443)             (11,578)
 Loans and receivables                                                                                                            10                   (11,040)            (10,267)             (11,088)
 Other financial instruments not measured at fair value through profit or loss                                                  7 & 29                     (828)               (176)                (490)
PROFIT FROM OPERATIONS                                                                                                                                     9,719              12,278              10,413
Impairment losses on other assets (net)                                                                                                                  (1,517)               (286)                (165)
 Goodwill and other intangible assets                                                                                          17 & 18                   (1,161)                (69)                 (31)
 Other assets                                                                                                                                              (356)               (217)                (134)
Gains/(losses) on disposal of assets not classified as non-current assets held for sale                                            49                      1,846                350                 1,565
Gains on bargain purchases arising on business combinations                                                                                            -                   -                    -
Gains/(losses) on non-current assets held for sale not classified as discontinued operations                                       50                    (2,109)               (290)              (1,225)
PROFIT BEFORE TAX                                                                                                                                          7,939              12,052              10,588
Income tax                                                                                                                         27                    (1,776)             (2,923)              (1,207)
PROFIT FOR THE YEAR FROM CONTINUING OPERATIONS                                                                                                             6,163               9,129                9,381
PROFIT (LOSS) FROM DISCONTINUED OPERATIONS (Net)                                                                                   37                       (24)                (27)                  31
CONSOLIDATED PROFIT FOR THE YEAR                                                                                                                           6,139               9,102                9,412
Profit attributable to the Parent                                                                                                                          5,351               8,181                8,942
Profit attributable to non-controlling interests                                                                                   28                       788                 921                  470

EARNINGS PER SHARE
From continuing and discontinued operations
  Basic earnings per share (euros)                                                                                                 4                     0.60                 0.94                1.04
  Diluted earnings per share (euros)                                                                                               4                     0.60                 0.94                1.04
From continuing operations
  Basic earnings per share (euros)                                                                                                 4                     0.60                 0.94                1.04
  Diluted earnings per share (euros)                                                                                               4                     0.60                 0.94                1.04


                                                                           (*) Presented for comparison purposes only.

              The accompanying Notes 1 to 55 and Appendices are an integral part of the consolidated income statement for the year ended 31 December 2011.
Translation of consolidated financial statements originally issued in Spanish and prepared in accordance with the regulatory financial reporting framework applicable to the Group
                                             (see Notes 1 and 55). In the event of a discrepancy, the Spanish-language version prevails.

                                                                   SANTANDER GROUP
                          CONSOLIDATED STATEMENTS OF RECOGNISED INCOME AND EXPENSE
                              FOR THE YEARS ENDED 31 DECEMBER 2011, 2010 AND 2009
                                               (Millions of Euros)


                                                                                                                          2011                2010 (*)             2009 (*)

CONSOLIDATED PROFIT FOR THE YEAR                                                                                                  6,139                9,102                 9,412

OTHER RECOGNISED INCOME AND EXPENSE                                                                                              (2,570)                1,643                5,551
Available-for-sale financial assets:                                                                                               344                (2,719)                1,254
 Revaluation gains/(losses)                                                                                                        231                (1,863)                2,133
 Amounts transferred to income statement                                                                                           156                 (856)                 (777)
 Other reclassifications                                                                                                           (43)           -                          (102)
Cash flow hedges:                                                                                                                  (17)                117                     73
 Revaluation gains/(losses)                                                                                                       (109)                (89)                   160
 Amounts transferred to income statement                                                                                            92                 206                    (41)
 Amounts transferred to initial carrying amount of hedged items                                                              -                    -                     -
 Other reclassifications                                                                                                     -                    -                            (46)
Hedges of net investments in foreign operations:                                                                                   106                (2,253)               (1,171)
 Revaluation gains/(losses)                                                                                                         13                (2,444)               (1,222)
 Amounts transferred to income statement                                                                                              9                 191                     51
 Other reclassifications                                                                                                            84            -                     -
Exchange differences:                                                                                                            (2,824)               5,704                 5,915
 Revaluation gains/(losses)                                                                                                      (2,906)               5,986                 5,944
 Amounts transferred to income statement                                                                                            85                (282)                   (29)
 Other reclassifications                                                                                                             (3)          -                     -
Non-current assets held for sale:                                                                                            -                    -                           (37)
 Revaluation gains/(losses)                                                                                                  -                    -                           (37)
 Amounts transferred to income statement                                                                                     -                    -                     -
 Other reclassifications                                                                                                     -                    -                     -
Actuarial gains/(losses) on pension plans                                                                                    -                    -                     -
Entities accounted for using the equity method:                                                                                    (95)           -                           148
 Revaluation gains/(losses)                                                                                                        (37)           -                     -
 Amounts transferred to income statement                                                                                     -                    -                     -
 Other reclassifications                                                                                                           (58)           -                           148
Other recognised income and expense                                                                                          -                    -                     -
Income tax                                                                                                                         (84)                794                   (631)

TOTAL RECOGNISED INCOME AND EXPENSE                                                                                               3,569               10,745                14,963
Attributable to the Parent                                                                                                        3,184                9,031                14,077
Attributable to non-controlling interests                                                                                         385                  1,714                  886



                                                               (*) Presented for comparison purposes only.
          The accompanying Notes 1 to 55 and Appendices are an integral part of the consolidated statement of recognised income and expense
                                                      for the year ended 31 December 2011.
Translation of consolidated financial statements originally issued in Spanish and prepared in accordance with the regulatory financial reporting framework applicable to the Group (see Notes 1 and 55). In the event of a discrepancy, the Spanish-language version prevails.


                                                                                                                               SANTANDER GROUP
                                                                                    CONSOLIDATED STATEMENTS OF CHANGES IN TOTAL EQUITY
                                                                                     FOR THE YEARS ENDED 31 DECEMBER 2011, 2010 AND 2009
                                                                                                      (Millions of Euros)

                                                                                                                                  Equity Attributable to the Parent
                                                                                                                         Shareholders’ Equity
                                                                                                Reserves
                                                                                                           Reserves
                                                                                                            (losses)
                                                                                                           of entities                                                   Profit for
                                                                                 Accumulated              accounted                Other               Less:              the year              Less:                 Total                                                         Non-
                                              Share             Share              reserves              for using the             equity            Treasury           attributable        Dividends and          shareholders'        Valuation                                controlling           Total
                                              capital          premium              (losses)            equity method           instruments           shares           to the Parent        remuneration              equity           adjustments              Total             interests            equity

Ending balance at 31/12/10 (*)                       4,164           29,457                  28,255                    52                  8,686               (192)               8,181                 (1,270)              77,333            (2,315)                75,018                  5,897         80,915
Adjustments due to changes in
  accounting policies                            -                  -                    -                       -                     -                   -                   -                     -                    -                    -                   -                       -                 -
Adjustments due to errors                        -                  -                    -                       -                     -                   -                   -                     -                    -                    -                   -                       -                 -
Adjusted beginning balance                           4,164           29,457                  28,255                    52                  8,686               (192)               8,181                 (1,270)              77,333            (2,315)                75,018                  5,897         80,915
Total recognised income and
  expense                                        -                  -                    -                       -                     -                   -                      5,351              -                       5,351             (2,167)              3,184                      385          3,569
Other changes in equity                              291                1,766                 4,666                      7                   22                 (59)            (8,181)                  (300)             (1,789)             -                    (1,789)                    164        (1,625)
Capital increases                                    120                  17                  (123)              -                          (17)           -                   -                     -                         (3)             -                        (3)            -                       (3)
Capital reductions                               -                  -                    -                       -                     -                   -                   -                     -                    -                    -                   -                            (51)         (51)
Conversion of financial liabilities
  into equity                                        171                1,773            -                       -                     -                   -                   -                     -                         1,944           -                        1,944          -                      1,944
Increases in other equity
  instruments                                    -                  -                    -                       -                         185             -                   -                     -                         185             -                         185               -                    185
Reclassification of financial
  liabilities to other equity
  instruments                                    -                  -                    -                       -                     -                   -                   -                     -                    -                    -                   -                   -                 -
Reclassification of other equity
  instruments to financial liabilities           -                  -                    -                       -                     -                   -                   -                     -                    -                    -                   -                   -                 -
Distribution of dividends                        -                  -                        (2,060)             -                     -                   -                   -                         (1,570)           (3,630)             -                    (3,630)                    (431)      (4,061)
Transactions involving own equity
  instruments (net)                              -                  -                          (31)              -                     -                        (59)           -                     -                         (90)            -                         (90)          -                        (90)
Transfers between equity items                   -                       (24)                 6,970                      7                  (41)           -                    (8,181)                   1,270           -                    -                   -                   -                 -
Increases (decreases) due to
  business combinations                          -                  -                    -                       -                     -                   -                   -                     -                    -                    -                   -                            162            162
Equity-instrument-based payments                 -                  -                    -                       -                         (105)           -                   -                     -                        (105)            -                        (105)              -                  (105)
Other increases/(decreases) in
  equity                                         -                  -                          (90)              -                            -            -                   -                     -                         (90)            -                         (90)                   484             394
Ending balance at 31/12/11                           4,455           31,223                  32,921                    59                  8,708               (251)               5,351                 (1,570)              80,896            (4,482)                76,414                  6,445         82,859

                                                                                                                       (*) Presented for comparison purposes only.
                          The accompanying Notes 1 to 55 and Appendices are an integral part of the consolidated statement of changes in total equity for the year ended 31 December 2011.
Translation of consolidated financial statements originally issued in Spanish and prepared in accordance with the regulatory financial reporting framework applicable to the Group (see Notes 1 and 55).
                                                                                                               In the event of a discrepancy, the Spanish-language version prevails.


                                                                                                                     SANTANDER GROUP
                                                                          CONSOLIDATED STATEMENTS OF CHANGES IN TOTAL EQUITY
                                                                           FOR THE YEARS ENDED 31 DECEMBER 2011, 2010 AND 2009
                                                                                            (Millions of Euros)

                                                                                                                   Equity Attributable to the Parent (*)
                                                                                                            Shareholders’ Equity
                                                                                    Reserves
                                                                                               Reserves
                                                                                                (losses)
                                                                                               of entities                                                    Profit                                                                                                  Non-
                                                                     Accumulated              accounted               Other                Less:           for the year            Less:                  Total                                                    controlling          Total
                                 Share              Share              reserves              for using the            equity             Treasury          attributable        Dividends and          shareholders'        Valuation                                interests           equity
                                 capital           premium              (losses)            equity method          instruments            shares          to the Parent        remuneration              equity           adjustments             Total                (*)                (*)

Ending balance at 31/12/09              4,114            29,305                  24,540                    68                 7,189                (30)               8,942                 (2,296)              71,832           (3,165)                 68,667                5,203         73,870
Adjustments due to changes in
  accounting policies               -                   -                    -                      -                     -                   -                   -                     -                    -                   -                    -                     -                 -
Adjustments due to errors           -                   -                    -                      -                     -                   -                   -                     -                    -                   -                    -                     -                 -
Adjusted beginning balance              4,114            29,305                  24,540                    68                 7,189                (30)               8,942                 (2,296)              71,832           (3,165)                 68,667                5,203         73,870
Total recognised income and
  expense                           -                   -                    -                      -                     -                   -                      8,181              -                       8,181                 850                9,031             1,714            10,745
Other changes in equity                    50               152                   3,715                   (16)                1,497               (162)            (8,942)                   1,026            (2,680)            -                     (2,680)           (1,020)           (3,700)
Capital increases                          50               162                    (44)             -                         (168)           -                   -                     -                    -                   -                    -                 -                 -
Capital reductions                  -                   -                    -                      -                     -                   -                   -                     -                    -                   -                    -                 -                 -
Conversion of financial
  liabilities into equity           -                   -                    -                      -                     -                   -                   -                     -                    -                   -                    -                 -                 -
Increases in other equity
  instruments                       -                   -                    -                      -                         1,821           -                   -                     -                         1,821          -                         1,821            -                  1,821
Reclassification of financial
  liabilities to other equity
  instruments                       -                   -                    -                      -                     -                   -                   -                     -                    -                   -                    -                 -                 -
Reclassification of other
  equity instruments to
  financial liabilities             -                   -                    -                      -                     -                   -                   -                     -                    -                   -                    -                 -                 -
Distribution of dividends           -                   -                        (1,825)            -                     -                   -                   -                         (1,270)           (3,095)            -                     (3,095)                  (400)      (3,495)
Transactions involving own
  equity instruments (net)          -                   -                          (18)             -                     -                       (162)           -                     -                        (180)           -                         (180)        -                      (180)
Transfers between equity
  items                             -                       (10)                  6,712                   (16)                 (40)           -                    (8,942)                   2,296           -                   -                    -                 -                 -
Increases (decreases) due to
  business combinations             -                   -                    -                      -                     -                   -                   -                     -                    -                   -                    -                          101             101
Equity-instrument-based
  payments                          -                   -                    -                      -                         (116)           -                   -                     -                        (116)           -                         (116)            -                  (116)
Other increases/(decreases) in
  equity                            -                   -                        (1,110)            -                     -                   -                   -                     -                     (1,110)            -                    (1,110)                   (721)       (1,831)
Ending balance at 31/12/10              4,164            29,457                  28,255                    52                 8,686               (192)               8,181                 (1,270)              77,333           (2,315)                 75,018                5,897         80,915

                                                                                                             (*) Presented for comparison purposes only.
                      The accompanying Notes 1 to 55 and Appendices are an integral part of the consolidated statement of changes in total equity for the year ended 31 December 2011.




                                                                                                                                                                                                                                                                                        2
Translation of consolidated financial statements originally issued in Spanish and prepared in accordance with the regulatory financial reporting framework applicable to the Group (see Notes 1 and 55).
                                                                                                               In the event of a discrepancy, the Spanish-language version prevails.


                                                                                                                     SANTANDER GROUP
                                                                          CONSOLIDATED STATEMENTS OF CHANGES IN TOTAL EQUITY
                                                                           FOR THE YEARS ENDED 31 DECEMBER 2011, 2010 AND 2009
                                                                                            (Millions of Euros)

                                                                                                                     Equity Attributable to the Parent (*)
                                                                                                               Shareholders’ Equity
                                                                                Reserves
                                                                                        Reserves
                                                                                         (losses)
                                                                                        of entities                                                               Profit                                                                                               Non-
                                                                    Accumulated        accounted                       Other                  Less:            for the year            Less:                 Total                                                  controlling          Total
                                 Share             Share              reserves        for using the                    equity               treasury           attributable        Dividends and         shareholders'          Valuation                            interests           equity
                                 capital          premium              (losses)      equity method                  instruments              shares           to the Parent        remuneration             equity             adjustments            Total             (*)                (*)

Ending balance at 31/12/08              3,997           28,104                  21,158                 (290)                   7,155                 (421)                8,876                (2,693)               65,886           (8,300)          57,586                    2,415         60,001
Adjustments due to changes in
  accounting policies               -                  -                    -                      -                       -                     -                    -                    -                     -                   -                 -                     -                 -
Adjustments due to errors           -                  -                    -                      -                       -                     -                    -                    -                     -                   -                 -                     -                 -
Adjusted beginning balance              3,997           28,104                  21,158                 (290)                   7,155                 (421)                8,876                (2,693)               65,886           (8,300)          57,586                    2,415         60,001
Total recognised income and
  expense                           -                  -                    -                      -                       -                     -                       8,942             -                           8,942             5,135         14,077                      886       14,963
Other changes in equity                  117               1,201                 3,382                   358                      34                  391              (8,876)                  397                  (2,996)         -                 (2,996)                   1,902      (1,094)
Capital increases                        117               1,224                  (88)             -                              (2)            -                    -                    -                           1,251         -                   1,251                   2,187        3,438
Capital reductions                  -                  -                    -                      -                       -                     -                    -                    -                     -                   -                  -                -                 -
Conversion of financial
  liabilities into equity           -                  -                    -                      -                       -                     -                    -                    -                     -                   -                  -                -                 -
Increases in other equity
  instruments                       -                  -                    -                      -                            148              -                    -                    -                         148             -                       148             -                    148
Reclassification of financial
  liabilities to other equity
  instruments                       -                  -                    -                      -                       -                     -                    -                    -                     -                   -                  -                -                 -
Reclassification of other
  equity instruments to
  financial liabilities             -                  -                    -                      -                       -                     -                    -                    -                     -                   -                  -                -                 -
Distribution of dividends           -                  -                        (2,119)            -                       -                     -                    -                        (2,296)               (4,415)         -                 (4,415)                   (233)      (4,648)
Transactions involving own
  equity instruments (net)          -                  -                          321              -                       -                          391             -                    -                         712             -                       712         -                        712
Transfers between equity
  items                             -                       (23)                 5,891                   358                     (43)            -                     (8,876)                  2,693            -                   -                  -                -                 -
Increases (decreases) due to
  business combinations             -                  -                    -                      -                       -                     -                    -                    -                     -                   -                  -                         (10)            (10)
Equity-instrument-based
  payments                          -                  -                    -                      -                             (76)            -                    -                    -                         (76)            -                       (76)            -                    (76)
Other increases/(decreases) in
  equity                            -                  -                         (623)             -                               7             -                    -                    -                      (616)              -                      (616)                 (42)          (658)
Ending balance at 31/12/09              4,114           29,305                  24,540                    68                   7,189                  (30)                8,942                (2,296)               71,832           (3,165)          68,667                    5,203         73,870

                                                                                                             (*) Presented for comparison purposes only.

                      The accompanying Notes 1 to 55 and Appendices are an integral part of the consolidated statement of changes in total equity for the year ended 31 December 2011.




                                                                                                                                                                                                                                                                                         3
Translation of consolidated financial statements originally issued in Spanish and prepared in accordance with the regulatory financial reporting framework applicable to
                                   the Group (see Notes 1 and 55). In the event of a discrepancy, the Spanish-language version prevails.
                                                                 SANTANDER GROUP
                                       CONSOLIDATED STATEMENTS OF CASH FLOWS
                                  FOR THE YEARS ENDED 31 DECEMBER 2011, 2010 AND 2009
                                                   (Millions of Euros)
                                                                                                                  2011                2010 (*)             2009 (*)

A. CASH FLOWS FROM OPERATING ACTIVITIES:                                                                              35,995               51,874             (18,036)
Consolidated profit for the year                                                                                       6,139                9,102                9,412
Adjustments made to obtain the cash flows from operating activities-                                                  21,877               17,849               15,558
 Depreciation and amortisation charge                                                                                  2,109                1,940                1,596
 Other adjustments                                                                                                    19,768               15,909               13,962
Net increase/decrease in operating assets-                                                                             (337)               28,487               23,749
 Financial assets held for trading                                                                                   (7,561)                6,310             (10,146)
 Other financial assets at fair value through profit or loss                                                       (12,221)                   413               11,553
 Available-for-sale financial assets                                                                                     383              (3,145)               30,417
 Loans and receivables                                                                                                20,569               18,481             (11,196)
 Other operating assets                                                                                              (1,507)                6,428                3,121
Net increase/decrease in operating liabilities-                                                                        9,566               55,488             (17,730)
 Financial liabilities held for trading                                                                            (15,348)                 7,583             (14,437)
 Other financial liabilities at fair value through profit or loss                                                    (6,351)                  285                6,730
 Financial liabilities at amortised cost                                                                              32,901               47,274             (10,206)
 Other operating liabilities                                                                                         (1,636)                  346                  183
Income tax recovered/paid                                                                                            (1,924)              (2,078)              (1,527)
B. CASH FLOWS FROM INVESTING ACTIVITIES:                                                                             (7,099)              (2,635)                2,884
Payments-                                                                                                             10,575                5,310                5,341
 Tangible assets                                                                                                       1,858                3,635                1,880
 Intangible assets                                                                                                     1,540                1,505                3,223
 Investments                                                                                                               1                   10                   13
 Subsidiaries and other business units                                                                                 7,176                  160                  225
 Non-current assets held for sale and associated liabilities                                                         -                    -                    -
 Held-to-maturity investments                                                                                        -                    -                    -
 Other payments related to investing activities                                                                      -                    -                    -
Proceeds-                                                                                                              3,476                2,675                8,225
 Tangible assets                                                                                                         520                  696                1,176
 Intangible assets                                                                                                 -                            9                1,321
 Investments                                                                                                              10                  104                   14
 Subsidiaries and other business units                                                                                 1,044                   33                  756
 Non-current assets held for sale and associated liabilities                                                           1,902                1,833                4,958
 Held-to-maturity investments                                                                                        -                    -                    -
 Other proceeds related to investing activities                                                                      -                    -                    -
C. CASH FLOWS FROM FINANCING ACTIVITIES:                                                                             (8,111)             (11,301)                  433
Payments-                                                                                                             16,259               21,470               18,281
 Dividends                                                                                                             3,489                4,107                4,387
 Subordinated liabilities                                                                                              5,329                7,727                4,245
 Redemption of own equity instruments                                                                                -                    -                    -
 Acquisition of own equity instruments                                                                                 6,937                7,372                9,263
 Other payments related to financing activities                                                                          504                2,264                  386
Proceeds-                                                                                                              8,148               10,169               18,714
 Subordinated liabilities                                                                                                171                  287                3,654
 Issuance of own equity instruments                                                                                  -                    -                    -
 Disposal of own equity instruments                                                                                    6,848                7,191                9,975
 Other proceeds related to financing activities                                                                        1,129                2,691                5,085
D. EFFECT OF FOREIGN EXCHANGE RATE CHANGES                                                                           (2,046)                4,957                3,826
E. NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS                                                               18,738               42,897             (10,892)
F. CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR                                                                     77,786               34,889               45,781
G. CASH AND CASH EQUIVALENTS AT END OF YEAR                                                                           96,524               77,786               34,889
COMPONENTS OF CASH AND CASH EQUIVALENTS AT END OF YEAR:
 Cash                                                                                                                  5,483                5,515                 5,172
 Cash equivalents at central banks                                                                                    91,041               72,271                29,717
 Other financial assets                                                                                              -                    -                     -
 Less: Bank overdrafts refundable on demand                                                                          -                    -                     -
TOTAL CASH AND CASH EQUIVALENTS AT END OF YEAR                                                                         96,524                77,786               34,889
                                                 (*) Presented for comparison purposes only. See Note 37.
                  The accompanying Notes 1 to 55 and Appendices are an integral part of the consolidated statement of cash flows
                                                    for the year ended 31 December 2011.
Translation of consolidated financial statements originally issued in Spanish and prepared in accordance with the regulatory
     financial reporting framework applicable to the Group (see Notes 1 and 55). In the event of a discrepancy, the Spanish-
     language version prevails.


     Banco Santander, S.A. and Companies composing the Santander Group

     Notes to the consolidated financial statements
     for the year ended 31 December 2011

1.   Introduction, basis of presentation of the consolidated financial statements
     and other information

     a) Introduction

        Banco Santander, S.A. (“the Bank” or Banco Santander) is a private-law entity subject to the rules and
        regulations applicable to banks operating in Spain. The Bylaws and other public information on the Bank can
        be consulted on the website of the Bank (www.santander.com) and at its registered office at Paseo de
        Pereda 9-12, Santander.

        In addition to the operations carried on directly by it, the Bank is the head of a group of subsidiaries that
        engage in various business activities and which compose, together with it, Santander Group (“the Group” or
        Santander Group). Therefore, the Bank is obliged to prepare, in addition to its own separate financial
        statements, the Group's consolidated financial statements, which also include the interests in joint ventures
        and investments in associates.

        The Group's consolidated financial statements for 2009 were approved by the shareholders at the Bank's
        annual general meeting on 11 June 2010. The Group's consolidated financial statements for 2010 were
        approved by the shareholders at the Bank's annual general meeting on 17 June 2011. The 2011 consolidated
        financial statements of the Group and the 2011 financial statements of the Bank and of substantially all the
        Group companies have not yet been approved by their shareholders at the respective annual general
        meetings. However, the Bank's board of directors considers that the aforementioned financial statements will
        be approved without any changes.


     b) Basis of presentation of the consolidated financial statements

        Under Regulation (EC) no. 1606/2002 of the European Parliament and of the Council of 19 July 2002, all
        companies governed by the Law of an EU Member State and whose securities are admitted to trading on a
        regulated market of any Member State must prepare their consolidated financial statements for the years
        beginning on or after 1 January 2005 in conformity with the International Financial Reporting Standards
        (IFRSs) previously adopted by the European Union (“EU-IFRSs”).

        In order to adapt the accounting system of Spanish credit institutions to the new standards, the Bank of Spain
        issued Circular 4/2004, of 22 December, on Public and Confidential Financial Reporting Rules and Formats.

        The Group's consolidated financial statements for 2011 were formally prepared by the Bank's directors (at the
        board meeting on 23 January 2012) in accordance with International Financial Reporting Standards as
        adopted by the European Union and with Bank of Spain Circular 4/2004 and Spanish corporate and
        commercial law applicable to the Group, using the basis of consolidation, accounting policies and
        measurement bases set forth in Note 2 to these consolidated financial statements and, accordingly, they
present fairly the Group's equity and financial position at 31 December 2011 and the consolidated results of
its operations, the changes in the consolidated equity and the consolidated cash flows in 2011. These
consolidated financial statements were prepared from the separate accounting records of the Bank and of
each of the companies composing the Group, and include the adjustments and reclassifications required to
unify the accounting policies and measurement bases applied by the Group.

The notes to the consolidated financial statements contain supplementary information to that presented in the
consolidated balance sheet, consolidated income statement, consolidated statement of recognised income
and expense, consolidated statement of changes in total equity and consolidated statement of cash flows.
The notes provide, in a clear, relevant, reliable and comparable manner, narrative descriptions and
breakdowns of these financial statements.


Adoption of new standards and interpretations issued

The following standards and interpretations came into force and were adopted by the European Union in
2011:

   -   Amendment to IAS 32, Classification of Rights Issues - this amendment relates to the classification of
       foreign currency denominated rights issues (rights, options or warrants). Pursuant to this amendment,
       when these rights are to acquire a fixed number of shares in exchange for a fixed amount, they are
       classified as equity instruments, irrespective of the currency in which that fixed amount is denominated
       and provided that the other requirements of the standard are fulfilled.

   -   Revision of IAS 24, Related Party Disclosures - the revised IAS 24 addresses related party disclosures
       in financial statements. There are two new basic features. Firstly, it provides a partial exemption from
       certain disclosure requirements when the transactions are between state-controlled entities or
       government-related entities (or equivalent government institution) and, secondly, it simplifies the
       definition of a related party, clarifying its intended meaning and eliminating inconsistencies from the
       definition.

   -   Amendments to IFRIC 14, Prepayments of a Minimum Funding Requirement - these amendments
       remedy the fact that in some circumstances entities could not recognise certain voluntary prepayments
       as assets.

   -   IFRIC 19, Extinguishing Financial Liabilities with Equity Instruments - this interpretation addresses the
       accounting by a debtor when all or part of a financial liability is extinguished through the issue of equity
       instruments. The interpretation does not apply to transactions in situations where the counterparties in
       question are shareholders or related parties, acting in their capacity as such, or where extinguishing
       the financial liability by issuing equity instruments is in accordance with the original terms of the
       financial liability. In this case, the equity instruments issued are measured at fair value at the date the
       liability is extinguished and any difference between this value and the carrying amount of the liability is
       recognised in profit or loss.

The application of the aforementioned accounting standards and interpretations did not have any material
effects on the Group's consolidated financial statements.




                                                                                                                 2
At the date of preparation of these consolidated financial statements, the European Union had approved and
adopted the amendments to IFRS 7, Financial Instruments, which are mandatorily applicable for reporting
periods beginning on or after 1 July 2011. These amendments reinforce the disclosure requirements
applicable to transfers of financial assets, including both those in which the assets are not derecognised and,
principally, those in which the assets qualify for derecognition but the entity has a continuing involvement in
them.

Lastly, at the date of preparation of these consolidated financial statements, the following Standards and
Interpretations which effectively come into force after 31 December 2011 had not yet been adopted by the
European Union:

-   IFRS 9, Financial Instruments: Classification and Measurement (obligatory as from 1 January 2015),
    which will in the future replace the part of the current IAS 39 relating to the classification and
    measurement of financial assets. IFRS 9 presents significant differences regarding financial assets with
    respect to the current standard, including the approval of a new classification model based on only two
    categories, namely instruments measured at amortised cost and those measured at fair value, the
    disappearance of the current Held-to-maturity investments and Available-for-sale financial assets
    categories, impairment analyses only for assets measured at amortised cost and the non-separation of
    embedded derivatives in financial contracts. The main change introduced with regard to financial liabilities
    applies only to liabilities that an entity elects to measure at fair value. The portion of the change in the fair
    value of these liabilities attributable to changes in the entity’s own credit risk must be presented in
    Valuation adjustments instead of in profit or loss.

-   Amendments to IAS 12, Income Taxes (obligatory for annual reporting periods beginning on or after 1
    January 2012) - these amendments incorporate the requirement to measure deferred tax assets and
    liabilities relating to investment property depending on whether the entity expects to recover the carrying
    amount of the asset through use or sale.

-   IFRS 10, Consolidated Financial Statements (obligatory for reporting periods beginning on or after 1
    January 2013) - this standard will replace the current IAS 27 and SIC 12, introducing a single basis for
    consolidation (control), irrespective of the nature of the investee. IFRS 10 modifies the current definition of
    control. The new definition of control sets out the following three elements of control: power over the
    investee; exposure, or rights, to variable returns from involvement with the investee; and the ability to use
    power over the investee to affect the amount of the investor’s returns.

-   IFRS 11, Joint Arrangements (obligatory for reporting periods beginning on or after 1 January 2013) - this
    standard will replace the IAS 31 currently in force. The fundamental change introduced by IFRS 11 with
    respect to the current standard is the elimination of the option of proportionate consolidation for jointly
    controlled entities, which will begin to be accounted for using the equity method.

-   IFRS 12, Disclosure of Interests in Other Entities (obligatory for reporting periods beginning on or after 1
    January 2013) - this standard represents a single standard presenting the disclosure requirements for
    interests in other entities (whether these be subsidiaries, associates, joint arrangements or other interests)
    and includes new disclosure requirements. The objective of this standard is to require an entity to disclose
    information that enables users of its financial statements to evaluate the nature of its interests in other
    entities (control), the possible restrictions on its ability to access or use assets and settle liabilities, the
    risks associated with its interests in unconsolidated structured entities, etc.




                                                                                                                   3
-   IFRS 13, Fair Value Measurement (obligatory for reporting periods beginning on or after 1 January 2013) -
       this standard replaces the current rules concerning fair value contained in various standards and sets out
       in a single IFRS a framework for measuring fair value. It does not modify the criteria set out in other
       standards for measuring assets and liabilities at fair value. IFRS 13 is applicable to the measurement of
       both financial and non-financial items and it introduces new disclosure requirements.

   -   Amendments to IAS 27 and IAS 28 (revised) (obligatory for reporting periods beginning on or after 1
       January 2013) - these amendments reflect the changes arising from the new IFRS 10 and IFRS 11
       described above.

   -   Amendments to IAS 1, Presentation of Items of Other Comprehensive Income (obligatory for reporting
       periods beginning on or after 1 July 2012) - these amendments consist basically of the requirement to
       present items that will be reclassified (recycled) to profit or loss in subsequent periods separately from
       those that will not be reclassified.

   -   Amendments to IAS 19, Employee Benefits (obligatory for reporting periods beginning on or after 1
       January 2013) - these amendments eliminate the "corridor" under which entities are currently able to opt
       for deferred recognition of a given portion of actuarial gains and losses, establishing that when the
       amendments come into effect, all actuarial gains and losses must be recognised immediately (see Note
       25). The amendments include significant changes in the presentation of cost components, as a result of
       which service cost (past service cost and plan curtailments and settlements) and net interest will be
       recognised in profit or loss and the remeasurement component (comprising basically gains and losses)
       will be recognised in Equity - Valuation adjustments and may not be reclassified to profit or loss.

   -   Amendments to IAS 32, Financial Instruments: Presentation - Offsetting Financial Assets and Financial
       Liabilities (obligatory for reporting periods beginning on or after 1 January 2014) - these amendments
       introduce a series of additional clarifications on the requirements established by the standard for an entity
       to be able to offset a financial asset and a financial liability, indicating that they can only be offset when an
       entity currently has a legally enforceable right to set off the recognised amounts and this does not depend
       on the occurrence of future events.

   -   Amendments to IFRS 7, Offsetting Financial Assets and Financial Liabilities (obligatory for reporting
       periods beginning on or after 1 January 2013) - these amendments introduce new disclosures for financial
       assets and financial liabilities that are presented net in the balance sheet and for other instruments subject
       to an enforceable netting arrangement.

   -   IFRIC 20, Stripping Costs in the Production Phase of a Surface Mine - in view of its nature, this
       interpretation does not affect the Group's operations.

   The Group is currently analysing the possible effects of these new standards and interpretations.

   All accounting policies and measurement bases with a material effect on the 2011 consolidated financial
   statements were applied in their preparation.

c) Use of estimates

   The consolidated results and the determination of consolidated equity are sensitive to the accounting policies,
   measurement bases and estimates used by the directors of the Bank in preparing the consolidated financial
   statements. The main accounting policies and measurement bases are set forth in Note 2.




                                                                                                                      4
In the consolidated financial statements estimates were occasionally made by the senior management of the
   Bank and of the consolidated entities in order to quantify certain of the assets, liabilities, income, expenses
   and commitments reported herein. These estimates, which were made on the basis of the best information
   available, relate basically to the following:

   -   The impairment losses on certain assets (see Notes 6, 7, 8, 10, 12, 13, 16, 17 and 18);

   -   The assumptions used in the actuarial calculation of the post-employment benefit liabilities and
       commitments and other obligations (see Note 25);

   -   The useful life of the tangible and intangible assets (see Notes 16 and 18);

   -   The measurement of goodwill arising on consolidation (see Note 17); and

   -   The fair value of certain unquoted assets and liabilities (see Notes 6, 7, 8, 9, 10, 11, 20, 21 and 22).

d) Other matters

   i. Disputed corporate resolutions

   The directors of the Bank and its legal advisers consider that the objection to certain resolutions adopted by
   the Bank's shareholders at the general meetings on 18 January 2000, 4 March 2000, 10 March 2001, 9
   February 2002, 24 June 2002, 21 June 2003, 19 June 2004, 18 June 2005 and 11 June 2010 will have no
   effect on the financial statements of the Bank and the Group.

   The status of these matters at the date of preparation of the consolidated financial statements is detailed
   below:

       On 25 April 2002, the Santander Court of First Instance number 1 dismissed in full the claim contesting
       the resolutions adopted by the shareholders at the general meeting on 18 January 2000. The plaintiff filed
       an appeal against the judgment. On 2 December 2002, the Cantabria Provincial Appellate Court
       dismissed the appeal. The Bank appeared as a party to the cassation appeal and filed pleadings with
       respect to the inadmissibility of the appeal. In the Order dated 4 November 2008 the Supreme Court
       considered the appeal to have been withdrawn in view of the decease of the appellant and the failure to
       appear of his heirs.

       On 29 November 2002, the Santander Court of First Instance number 2 dismissed in full the claims
       contesting the resolutions adopted by the shareholders at the general meeting on 4 March 2000. The
       plaintiffs filed an appeal against the judgment. On 5 July 2004, the Cantabria Provincial Appellate Court
       dismissed the appeal. One of the appellants prepared and filed an extraordinary appeal on grounds of
       procedural infringements and a cassation appeal against the judgment, which were not given leave to
       proceed by order of the Supreme Court of 31 July 2007.

       On 12 March 2002, the Santander Court of First Instance number 4 dismissed in full the claims contesting
       the resolutions adopted by the shareholders at the general meeting on 10 March 2001. The plaintiffs filed
       an appeal against the judgment. On 13 April 2004, the Cantabria Provincial Appellate Court dismissed the
       appeals. One of the appellants prepared and filed an extraordinary appeal on grounds of procedural
       infringements and a cassation appeal against the judgment, which were not given leave to proceed by
       order of the Supreme Court of 6 November 2007.




                                                                                                                  5
On 9 September 2002, the Santander Court of First Instance number 5 dismissed in full the claim
   contesting the resolutions adopted by the shareholders at the general meeting on 9 February 2002. The
   plaintiff filed an appeal against the judgment. On 14 January 2004, the Cantabria Provincial Appellate
   Court dismissed the appeal. The appellant prepared and filed an extraordinary appeal on grounds of
   procedural infringements and a cassation appeal against the judgment, which were not given leave to
   proceed by order of the Supreme Court of 8 May 2007.

   On 29 May 2003, the Santander Court of First Instance number 6 dismissed in full the claim contesting the
   resolutions adopted by the shareholders at the general meeting on 24 June 2002. The plaintiffs filed an
   appeal against the judgment. On 15 November 2005, the Cantabria Provincial Appellate Court dismissed
   the appeal in full. The appellants filed an extraordinary appeal on grounds of procedural infringements and
   a cassation appeal against the judgment. The Bank appeared as a party to the two appeals and filed
   pleadings with respect to the inadmissibility thereof. In the order dated 23 September 2008 the Supreme
   Court refused leave to proceed with the aforementioned appeals.

   On 23 November 2007, the Santander Court of First Instance number 7 dismissed in full the claims
   contesting the resolutions adopted by the shareholders at the annual general meeting on 21 June 2003.
   The plaintiffs filed an appeal against the judgment. The court was notified of the decease of one of the
   appellants and the court considered his appeal to have been withdrawn on the grounds of his decease
   and the failure to appear of his heirs. The other three appeals filed were dismissed in full by the Cantabria
   Provincial Appellate Court on 30 June 2009. The appellants filed an extraordinary appeal on grounds of
   procedural infringements and a cassation appeal against this judgment, and the appeal filed by one of the
   three appellants was refused leave to proceed by the Provincial Appellate Court. The cassation appeals
   filed against the judgments that dismissed the claims contesting the resolutions adopted at the annual
   general meeting on 21 June 2003 were not given leave to proceed by order of the Supreme Court of 25
   January 2011.

   On 28 October 2005, the Santander Court of First Instance number 8 dismissed in full the claims
   contesting the resolutions adopted by the shareholders at the general meeting on 19 June 2004. The
   plaintiffs filed an appeal against the judgment. In a Judgment dated 28 June 2007 the Cantabria Provincial
   Appellate Court dismissed the appeals in full. Against this judgment the plaintiffs prepared and filed
   cassation appeals and extraordinary appeals on the grounds of procedural infringements. The cassation
   appeal and extraordinary appeal for procedural infringement filed by one of the appellants were refused
   leave to proceed due to the decease of the appellant and the failure to appear of his heirs. The other two
   appeals were refused leave to proceed by order of the Supreme Court of 27 October 2009.

   On 13 July 2007, the Santander Court of First Instance number 10 dismissed in full the claims contesting
   the resolutions adopted by the shareholders at the general meeting on 18 June 2005. The plaintiffs filed
   an appeal against the judgment. In a judgment dated 14 May 2009 the Cantabria Provincial Appellate
   Court dismissed the appeals in full. Against this judgment the plaintiffs prepared and filed a cassation
   appeal and an extraordinary appeal on the grounds of procedural infringements, and these appeals are
   still being processed at the Supreme Court.

   A claim contesting certain of the resolutions adopted by the shareholders at the general meeting held on
   11 June 2010 is currently in process at the Santander Commercial Court number 1.


ii. Credit assignment transactions

Following the prolonged investigations carried out since 1992 by the Madrid Central Examining Court number
3, and the repeated applications by the Public Prosecutor's Office and the Government Lawyer, as the
representative of the Public Treasury, to have the case against the Bank and its executives dismissed and
struck off, the trial commenced at Panel One of the Criminal Chamber of the National Appellate Court and




                                                                                                              6
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Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
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Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
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Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
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Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011
Santander Bank, AnnualReport2011 Audit report and annual accounts 2011

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Santander Bank, AnnualReport2011 Audit report and annual accounts 2011

  • 1. Banco Santander, S.A. and Companies composing Santander Group Consolidated Financial Statements and Directors' Report for the year ended 31 December 2011, together with Auditors' Report Translation of a report originally issued in Spanish based on our work performed in accordance with the audit regulations in force in Spain and of consolidated financial statements originally issued in Spanish and prepared in accordance with the regulatory financial reporting framework applicable to the Group (see Notes 1 and 55). In the event of a discrepancy, the Spanish-language version prevails.
  • 3. Banco Santander, S.A. and Companies composing Santander Group Consolidated Financial Statements and Directors' Report for the year ended 31 December 2011
  • 4. Translation of consolidated financial statements originally issued in Spanish and prepared in accordance with the regulatory financial reporting framework applicable to the Group (see Notes 1 and 55). In the event of a discrepancy, the Spanish-language version prevails. SANTANDER GROUP CONSOLIDATED BALANCE SHEETS AT 31 DECEMBER 2011, 2010 AND 2009 (Millions of Euros) ASSETS Note 2011 2010 (*) 2009 (*) LIABILITIES AND EQUITY Note 2011 2010 (*) 2009 (*) CASH AND BALANCES WITH CENTRAL BANKS 96,524 77,786 34,889 FINANCIAL LIABILITIES HELD FOR TRADING: 146,948 136,772 115,516 Deposits from central banks 20 7,740 12,605 2,985 Deposits from credit institutions 20 9,287 28,371 43,131 FINANCIAL ASSETS HELD FOR TRADING: 172,638 156,762 135,054 Customer deposits 21 16,574 7,849 4,658 Loans and advances to credit institutions 6 4,636 16,216 5,953 Marketable debt securities 22 77 366 586 Loans and advances to customers 10 8,056 755 10,076 Trading derivatives 9 103,083 75,279 58,713 Debt instruments 7 52,704 57,872 49,921 Short positions 9 10,187 12,302 5,140 Equity instruments 8 4,744 8,850 9,248 Other financial liabilities 24 - - 303 Trading derivatives 9 102,498 73,069 59,856 OTHER FINANCIAL LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS: 44,909 51,020 42,371 OTHER FINANCIAL ASSETS AT FAIR VALUE Deposits from central banks 20 1,510 337 10,103 THROUGH PROFIT OR LOSS: 19,563 39,480 37,814 Deposits from credit institutions 20 8,232 19,263 12,745 Loans and advances to credit institutions 6 4,701 18,831 16,243 Customer deposits 21 26,982 27,142 14,636 Loans and advances to customers 10 11,748 7,777 8,329 Marketable debt securities 22 8,185 4,278 4,887 Debt instruments 7 2,649 4,605 7,365 Subordinated liabilities - - - Equity instruments 8 465 8,267 5,877 Other financial liabilities - - - FINANCIAL LIABILITIES AT AMORTISED COST: 935,669 898,969 823,403 Deposits from central banks 20 34,996 8,644 22,345 AVAILABLE-FOR-SALE FINANCIAL ASSETS: 86,613 86,235 86,620 Deposits from credit institutions 20 81,373 70,892 50,782 Debt instruments 7 81,589 79,689 79,289 Customer deposits 21 588,977 581,385 487,681 Equity instruments 8 5,024 6,546 7,331 Marketable debt securities 22 189,110 188,229 206,490 Subordinated liabilities 23 22,992 30,475 36,805 Other financial liabilities 24 18,221 19,344 19,300 LOANS AND RECEIVABLES: 779,525 768,858 736,746 Loans and advances to credit institutions 6 42,389 44,808 57,641 CHANGES IN THE FAIR VALUE OF HEDGED ITEMS Loans and advances to customers 10 730,296 715,621 664,146 IN PORTFOLIO HEDGES OF INTEREST RATE RISK 36 876 810 806 Debt instruments 7 6,840 8,429 14,959 HEDGING DERIVATIVES 11 6,444 6,634 5,191 HELD-TO-MATURITY INVESTMENTS - - - LIABILITIES ASSOCIATED WITH NON-CURRENT ASSETS HELD FOR SALE 42 54 293 CHANGES IN THE FAIR VALUE OF HEDGED ITEMS IN PORTFOLIO HEDGES OF LIABILITIES UNDER INSURANCE CONTRACTS 15 517 10,449 16,916 INTEREST RATE RISK 36 2,024 1,464 1,420 PROVISIONS: 15,572 15,660 17,533 HEDGING DERIVATIVES 11 9,898 8,227 7,834 Provision for pensions and similar obligations 25 9,045 9,519 10,629 Provisions for taxes and other legal contingencies 25 3,663 3,670 3,283 NON-CURRENT ASSETS HELD FOR SALE 12 5,338 6,285 5,789 Provisions for contingent liabilities and commitments 25 659 1,030 642 Other provisions 25 2,205 1,441 2,979 INVESTMENTS: 13 4,155 273 164 Associates 2,082 273 164 TAX LIABILITIES: 8,174 8,618 7,005 Jointly controlled entities 2,073 - - Current 5,101 4,306 3,338 Deferred 27 3,073 4,312 3,667 INSURANCE CONTRACTS LINKED TO OTHER LIABILITIES 26 9,516 7,600 7,625 PENSIONS 14 2,146 2,220 2,356 TOTAL LIABILITIES 1,168,667 1,136,586 1,036,659 REINSURANCE ASSETS 15 254 546 417 EQUITY SHAREHOLDERS' EQUITY: 30 80,896 77,333 71,832 TANGIBLE ASSETS: 13,846 11,142 8,996 Share capital 31 4,455 4,164 4,114 Property, plant and equipment- 9,995 9,832 7,905 Registered 4,455 4,164 4,114 For own use 16 7,797 7,508 6,202 Less: Uncalled capital - - - Leased out under an operating lease 16 2,198 2,324 1,703 Share premium 32 31,223 29,457 29,305 Investment property 16 3,851 1,310 1,091 Reserves 33 32,980 28,307 24,608 Accumulated reserves (losses) 33 32,921 28,255 24,540 Reserves (losses) of entities accounted for using the INTANGIBLE ASSETS: 28,083 28,064 25,643 equity method 33 59 52 68 Goodwill 17 25,089 24,622 22,865 Other equity instruments 34 8,708 8,686 7,189 Other intangible assets 18 2,994 3,442 2,778 Equity component of compound financial instruments 34 1,668 1,668 - Other 34 7,040 7,018 7,189 Less: Treasury shares 34 (251) (192) (30) TAX ASSETS: 22,901 22,572 20,655 Profit for the year attributable to the Parent 5,351 8,181 8,942 Current 5,140 5,483 4,828 Less: Dividends and remuneration 4 (1,570) (1,270) (2,296) Deferred 27 17,761 17,089 15,827 VALUATION ADJUSTMENTS (4,482) (2,315) (3,165) OTHER ASSETS 19 8,018 7,587 6,132 Available-for-sale financial assets 29 (977) (1,249) 645 Inventories 319 455 519 Cash flow hedges 11 (202) (172) (255) Other 7,699 7,132 5,613 Hedges of net investments in foreign operations 29 (1,850) (1,955) 297 Exchange differences 29 (1,358) 1,061 (3,852) Non-current assets held for sale - - - Entities accounted for using the equity method 29 (95) - - Other valuation adjustments - - - NON-CONTROLLING INTERESTS 28 6,445 5,897 5,203 Valuation adjustments 435 838 45 Other 6,010 5,059 5,158 TOTAL EQUITY 82,859 80,915 73,870 TOTAL ASSETS 1,251,526 1,217,501 1,110,529 TOTAL LIABILITIES AND EQUITY 1,251,526 1,217,501 1,110,529 MEMORANDUM ITEMS: CONTINGENT LIABILITIES 35 48,042 59,795 59,256 CONTINGENT COMMITMENTS 35 195,382 203,709 163,531 (*) Presented for comparison purposes only. The accompanying Notes 1 to 55 and Appendices are an integral part of the consolidated balance sheet at 31 December 2011.
  • 5. Translation of consolidated financial statements originally issued in Spanish and prepared in accordance with the regulatory financial reporting framework applicable to the Group (see Notes 1 and 55). In the event of a discrepancy, the Spanish-language version prevails. SANTANDER GROUP CONSOLIDATED INCOME STATEMENTS FOR THE YEARS ENDED 31 DECEMBER 2011, 2010 AND 2009 (Millions of Euros) (Debit) Credit Notes 2011 2010 (*) 2009 (*) Interest and similar income 38 60,856 52,907 53,173 Interest expense and similar charges 39 (30,035) (23,683) (26,874) NET INTEREST INCOME 30,821 29,224 26,299 Income from equity instruments 40 394 362 436 Share of results of entities accounted for using the equity method 41 57 17 (1) Fee and commission income 42 12,749 11,681 10,726 Fee and commission expense 43 (2,277) (1,946) (1,646) Gains/losses on financial assets and liabilities (net) 44 2,838 2,164 3,802 Held for trading 2,113 1,312 2,098 Other financial instruments at fair value through profit or loss 21 70 198 Financial instruments not measured at fair value through profit or loss 803 791 1,631 Other (99) (9) (125) Exchange differences (net) 45 (522) 441 444 Other operating income 8,050 8,195 7,929 Income from insurance and reinsurance contracts issued 46 6,748 7,162 7,113 Sales and income from the provision of non-financial services 46 400 340 378 Other operating income 46 902 693 438 Other operating expenses (8,032) (8,089) (7,785) Expenses of insurance and reinsurance contracts 46 (6,356) (6,784) (6,774) Changes in inventories 46 (249) (205) (238) Other operating expenses 46 (1,427) (1,100) (773) GROSS INCOME 44,078 42,049 40,204 Administrative expenses (17,781) (16,255) (14,825) Staff costs 47 (10,326) (9,329) (8,451) Other general administrative expenses 48 (7,455) (6,926) (6,374) Depreciation and amortisation charge 16 & 18 (2,109) (1,940) (1,596) Provisions (net) 25 (2,601) (1,133) (1,792) Impairment losses on financial assets (net) (11,868) (10,443) (11,578) Loans and receivables 10 (11,040) (10,267) (11,088) Other financial instruments not measured at fair value through profit or loss 7 & 29 (828) (176) (490) PROFIT FROM OPERATIONS 9,719 12,278 10,413 Impairment losses on other assets (net) (1,517) (286) (165) Goodwill and other intangible assets 17 & 18 (1,161) (69) (31) Other assets (356) (217) (134) Gains/(losses) on disposal of assets not classified as non-current assets held for sale 49 1,846 350 1,565 Gains on bargain purchases arising on business combinations - - - Gains/(losses) on non-current assets held for sale not classified as discontinued operations 50 (2,109) (290) (1,225) PROFIT BEFORE TAX 7,939 12,052 10,588 Income tax 27 (1,776) (2,923) (1,207) PROFIT FOR THE YEAR FROM CONTINUING OPERATIONS 6,163 9,129 9,381 PROFIT (LOSS) FROM DISCONTINUED OPERATIONS (Net) 37 (24) (27) 31 CONSOLIDATED PROFIT FOR THE YEAR 6,139 9,102 9,412 Profit attributable to the Parent 5,351 8,181 8,942 Profit attributable to non-controlling interests 28 788 921 470 EARNINGS PER SHARE From continuing and discontinued operations Basic earnings per share (euros) 4 0.60 0.94 1.04 Diluted earnings per share (euros) 4 0.60 0.94 1.04 From continuing operations Basic earnings per share (euros) 4 0.60 0.94 1.04 Diluted earnings per share (euros) 4 0.60 0.94 1.04 (*) Presented for comparison purposes only. The accompanying Notes 1 to 55 and Appendices are an integral part of the consolidated income statement for the year ended 31 December 2011.
  • 6. Translation of consolidated financial statements originally issued in Spanish and prepared in accordance with the regulatory financial reporting framework applicable to the Group (see Notes 1 and 55). In the event of a discrepancy, the Spanish-language version prevails. SANTANDER GROUP CONSOLIDATED STATEMENTS OF RECOGNISED INCOME AND EXPENSE FOR THE YEARS ENDED 31 DECEMBER 2011, 2010 AND 2009 (Millions of Euros) 2011 2010 (*) 2009 (*) CONSOLIDATED PROFIT FOR THE YEAR 6,139 9,102 9,412 OTHER RECOGNISED INCOME AND EXPENSE (2,570) 1,643 5,551 Available-for-sale financial assets: 344 (2,719) 1,254 Revaluation gains/(losses) 231 (1,863) 2,133 Amounts transferred to income statement 156 (856) (777) Other reclassifications (43) - (102) Cash flow hedges: (17) 117 73 Revaluation gains/(losses) (109) (89) 160 Amounts transferred to income statement 92 206 (41) Amounts transferred to initial carrying amount of hedged items - - - Other reclassifications - - (46) Hedges of net investments in foreign operations: 106 (2,253) (1,171) Revaluation gains/(losses) 13 (2,444) (1,222) Amounts transferred to income statement 9 191 51 Other reclassifications 84 - - Exchange differences: (2,824) 5,704 5,915 Revaluation gains/(losses) (2,906) 5,986 5,944 Amounts transferred to income statement 85 (282) (29) Other reclassifications (3) - - Non-current assets held for sale: - - (37) Revaluation gains/(losses) - - (37) Amounts transferred to income statement - - - Other reclassifications - - - Actuarial gains/(losses) on pension plans - - - Entities accounted for using the equity method: (95) - 148 Revaluation gains/(losses) (37) - - Amounts transferred to income statement - - - Other reclassifications (58) - 148 Other recognised income and expense - - - Income tax (84) 794 (631) TOTAL RECOGNISED INCOME AND EXPENSE 3,569 10,745 14,963 Attributable to the Parent 3,184 9,031 14,077 Attributable to non-controlling interests 385 1,714 886 (*) Presented for comparison purposes only. The accompanying Notes 1 to 55 and Appendices are an integral part of the consolidated statement of recognised income and expense for the year ended 31 December 2011.
  • 7. Translation of consolidated financial statements originally issued in Spanish and prepared in accordance with the regulatory financial reporting framework applicable to the Group (see Notes 1 and 55). In the event of a discrepancy, the Spanish-language version prevails. SANTANDER GROUP CONSOLIDATED STATEMENTS OF CHANGES IN TOTAL EQUITY FOR THE YEARS ENDED 31 DECEMBER 2011, 2010 AND 2009 (Millions of Euros) Equity Attributable to the Parent Shareholders’ Equity Reserves Reserves (losses) of entities Profit for Accumulated accounted Other Less: the year Less: Total Non- Share Share reserves for using the equity Treasury attributable Dividends and shareholders' Valuation controlling Total capital premium (losses) equity method instruments shares to the Parent remuneration equity adjustments Total interests equity Ending balance at 31/12/10 (*) 4,164 29,457 28,255 52 8,686 (192) 8,181 (1,270) 77,333 (2,315) 75,018 5,897 80,915 Adjustments due to changes in accounting policies - - - - - - - - - - - - - Adjustments due to errors - - - - - - - - - - - - - Adjusted beginning balance 4,164 29,457 28,255 52 8,686 (192) 8,181 (1,270) 77,333 (2,315) 75,018 5,897 80,915 Total recognised income and expense - - - - - - 5,351 - 5,351 (2,167) 3,184 385 3,569 Other changes in equity 291 1,766 4,666 7 22 (59) (8,181) (300) (1,789) - (1,789) 164 (1,625) Capital increases 120 17 (123) - (17) - - - (3) - (3) - (3) Capital reductions - - - - - - - - - - - (51) (51) Conversion of financial liabilities into equity 171 1,773 - - - - - - 1,944 - 1,944 - 1,944 Increases in other equity instruments - - - - 185 - - - 185 - 185 - 185 Reclassification of financial liabilities to other equity instruments - - - - - - - - - - - - - Reclassification of other equity instruments to financial liabilities - - - - - - - - - - - - - Distribution of dividends - - (2,060) - - - - (1,570) (3,630) - (3,630) (431) (4,061) Transactions involving own equity instruments (net) - - (31) - - (59) - - (90) - (90) - (90) Transfers between equity items - (24) 6,970 7 (41) - (8,181) 1,270 - - - - - Increases (decreases) due to business combinations - - - - - - - - - - - 162 162 Equity-instrument-based payments - - - - (105) - - - (105) - (105) - (105) Other increases/(decreases) in equity - - (90) - - - - - (90) - (90) 484 394 Ending balance at 31/12/11 4,455 31,223 32,921 59 8,708 (251) 5,351 (1,570) 80,896 (4,482) 76,414 6,445 82,859 (*) Presented for comparison purposes only. The accompanying Notes 1 to 55 and Appendices are an integral part of the consolidated statement of changes in total equity for the year ended 31 December 2011.
  • 8. Translation of consolidated financial statements originally issued in Spanish and prepared in accordance with the regulatory financial reporting framework applicable to the Group (see Notes 1 and 55). In the event of a discrepancy, the Spanish-language version prevails. SANTANDER GROUP CONSOLIDATED STATEMENTS OF CHANGES IN TOTAL EQUITY FOR THE YEARS ENDED 31 DECEMBER 2011, 2010 AND 2009 (Millions of Euros) Equity Attributable to the Parent (*) Shareholders’ Equity Reserves Reserves (losses) of entities Profit Non- Accumulated accounted Other Less: for the year Less: Total controlling Total Share Share reserves for using the equity Treasury attributable Dividends and shareholders' Valuation interests equity capital premium (losses) equity method instruments shares to the Parent remuneration equity adjustments Total (*) (*) Ending balance at 31/12/09 4,114 29,305 24,540 68 7,189 (30) 8,942 (2,296) 71,832 (3,165) 68,667 5,203 73,870 Adjustments due to changes in accounting policies - - - - - - - - - - - - - Adjustments due to errors - - - - - - - - - - - - - Adjusted beginning balance 4,114 29,305 24,540 68 7,189 (30) 8,942 (2,296) 71,832 (3,165) 68,667 5,203 73,870 Total recognised income and expense - - - - - - 8,181 - 8,181 850 9,031 1,714 10,745 Other changes in equity 50 152 3,715 (16) 1,497 (162) (8,942) 1,026 (2,680) - (2,680) (1,020) (3,700) Capital increases 50 162 (44) - (168) - - - - - - - - Capital reductions - - - - - - - - - - - - - Conversion of financial liabilities into equity - - - - - - - - - - - - - Increases in other equity instruments - - - - 1,821 - - - 1,821 - 1,821 - 1,821 Reclassification of financial liabilities to other equity instruments - - - - - - - - - - - - - Reclassification of other equity instruments to financial liabilities - - - - - - - - - - - - - Distribution of dividends - - (1,825) - - - - (1,270) (3,095) - (3,095) (400) (3,495) Transactions involving own equity instruments (net) - - (18) - - (162) - - (180) - (180) - (180) Transfers between equity items - (10) 6,712 (16) (40) - (8,942) 2,296 - - - - - Increases (decreases) due to business combinations - - - - - - - - - - - 101 101 Equity-instrument-based payments - - - - (116) - - - (116) - (116) - (116) Other increases/(decreases) in equity - - (1,110) - - - - - (1,110) - (1,110) (721) (1,831) Ending balance at 31/12/10 4,164 29,457 28,255 52 8,686 (192) 8,181 (1,270) 77,333 (2,315) 75,018 5,897 80,915 (*) Presented for comparison purposes only. The accompanying Notes 1 to 55 and Appendices are an integral part of the consolidated statement of changes in total equity for the year ended 31 December 2011. 2
  • 9. Translation of consolidated financial statements originally issued in Spanish and prepared in accordance with the regulatory financial reporting framework applicable to the Group (see Notes 1 and 55). In the event of a discrepancy, the Spanish-language version prevails. SANTANDER GROUP CONSOLIDATED STATEMENTS OF CHANGES IN TOTAL EQUITY FOR THE YEARS ENDED 31 DECEMBER 2011, 2010 AND 2009 (Millions of Euros) Equity Attributable to the Parent (*) Shareholders’ Equity Reserves Reserves (losses) of entities Profit Non- Accumulated accounted Other Less: for the year Less: Total controlling Total Share Share reserves for using the equity treasury attributable Dividends and shareholders' Valuation interests equity capital premium (losses) equity method instruments shares to the Parent remuneration equity adjustments Total (*) (*) Ending balance at 31/12/08 3,997 28,104 21,158 (290) 7,155 (421) 8,876 (2,693) 65,886 (8,300) 57,586 2,415 60,001 Adjustments due to changes in accounting policies - - - - - - - - - - - - - Adjustments due to errors - - - - - - - - - - - - - Adjusted beginning balance 3,997 28,104 21,158 (290) 7,155 (421) 8,876 (2,693) 65,886 (8,300) 57,586 2,415 60,001 Total recognised income and expense - - - - - - 8,942 - 8,942 5,135 14,077 886 14,963 Other changes in equity 117 1,201 3,382 358 34 391 (8,876) 397 (2,996) - (2,996) 1,902 (1,094) Capital increases 117 1,224 (88) - (2) - - - 1,251 - 1,251 2,187 3,438 Capital reductions - - - - - - - - - - - - - Conversion of financial liabilities into equity - - - - - - - - - - - - - Increases in other equity instruments - - - - 148 - - - 148 - 148 - 148 Reclassification of financial liabilities to other equity instruments - - - - - - - - - - - - - Reclassification of other equity instruments to financial liabilities - - - - - - - - - - - - - Distribution of dividends - - (2,119) - - - - (2,296) (4,415) - (4,415) (233) (4,648) Transactions involving own equity instruments (net) - - 321 - - 391 - - 712 - 712 - 712 Transfers between equity items - (23) 5,891 358 (43) - (8,876) 2,693 - - - - - Increases (decreases) due to business combinations - - - - - - - - - - - (10) (10) Equity-instrument-based payments - - - - (76) - - - (76) - (76) - (76) Other increases/(decreases) in equity - - (623) - 7 - - - (616) - (616) (42) (658) Ending balance at 31/12/09 4,114 29,305 24,540 68 7,189 (30) 8,942 (2,296) 71,832 (3,165) 68,667 5,203 73,870 (*) Presented for comparison purposes only. The accompanying Notes 1 to 55 and Appendices are an integral part of the consolidated statement of changes in total equity for the year ended 31 December 2011. 3
  • 10. Translation of consolidated financial statements originally issued in Spanish and prepared in accordance with the regulatory financial reporting framework applicable to the Group (see Notes 1 and 55). In the event of a discrepancy, the Spanish-language version prevails. SANTANDER GROUP CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED 31 DECEMBER 2011, 2010 AND 2009 (Millions of Euros) 2011 2010 (*) 2009 (*) A. CASH FLOWS FROM OPERATING ACTIVITIES: 35,995 51,874 (18,036) Consolidated profit for the year 6,139 9,102 9,412 Adjustments made to obtain the cash flows from operating activities- 21,877 17,849 15,558 Depreciation and amortisation charge 2,109 1,940 1,596 Other adjustments 19,768 15,909 13,962 Net increase/decrease in operating assets- (337) 28,487 23,749 Financial assets held for trading (7,561) 6,310 (10,146) Other financial assets at fair value through profit or loss (12,221) 413 11,553 Available-for-sale financial assets 383 (3,145) 30,417 Loans and receivables 20,569 18,481 (11,196) Other operating assets (1,507) 6,428 3,121 Net increase/decrease in operating liabilities- 9,566 55,488 (17,730) Financial liabilities held for trading (15,348) 7,583 (14,437) Other financial liabilities at fair value through profit or loss (6,351) 285 6,730 Financial liabilities at amortised cost 32,901 47,274 (10,206) Other operating liabilities (1,636) 346 183 Income tax recovered/paid (1,924) (2,078) (1,527) B. CASH FLOWS FROM INVESTING ACTIVITIES: (7,099) (2,635) 2,884 Payments- 10,575 5,310 5,341 Tangible assets 1,858 3,635 1,880 Intangible assets 1,540 1,505 3,223 Investments 1 10 13 Subsidiaries and other business units 7,176 160 225 Non-current assets held for sale and associated liabilities - - - Held-to-maturity investments - - - Other payments related to investing activities - - - Proceeds- 3,476 2,675 8,225 Tangible assets 520 696 1,176 Intangible assets - 9 1,321 Investments 10 104 14 Subsidiaries and other business units 1,044 33 756 Non-current assets held for sale and associated liabilities 1,902 1,833 4,958 Held-to-maturity investments - - - Other proceeds related to investing activities - - - C. CASH FLOWS FROM FINANCING ACTIVITIES: (8,111) (11,301) 433 Payments- 16,259 21,470 18,281 Dividends 3,489 4,107 4,387 Subordinated liabilities 5,329 7,727 4,245 Redemption of own equity instruments - - - Acquisition of own equity instruments 6,937 7,372 9,263 Other payments related to financing activities 504 2,264 386 Proceeds- 8,148 10,169 18,714 Subordinated liabilities 171 287 3,654 Issuance of own equity instruments - - - Disposal of own equity instruments 6,848 7,191 9,975 Other proceeds related to financing activities 1,129 2,691 5,085 D. EFFECT OF FOREIGN EXCHANGE RATE CHANGES (2,046) 4,957 3,826 E. NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 18,738 42,897 (10,892) F. CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 77,786 34,889 45,781 G. CASH AND CASH EQUIVALENTS AT END OF YEAR 96,524 77,786 34,889 COMPONENTS OF CASH AND CASH EQUIVALENTS AT END OF YEAR: Cash 5,483 5,515 5,172 Cash equivalents at central banks 91,041 72,271 29,717 Other financial assets - - - Less: Bank overdrafts refundable on demand - - - TOTAL CASH AND CASH EQUIVALENTS AT END OF YEAR 96,524 77,786 34,889 (*) Presented for comparison purposes only. See Note 37. The accompanying Notes 1 to 55 and Appendices are an integral part of the consolidated statement of cash flows for the year ended 31 December 2011.
  • 11. Translation of consolidated financial statements originally issued in Spanish and prepared in accordance with the regulatory financial reporting framework applicable to the Group (see Notes 1 and 55). In the event of a discrepancy, the Spanish- language version prevails. Banco Santander, S.A. and Companies composing the Santander Group Notes to the consolidated financial statements for the year ended 31 December 2011 1. Introduction, basis of presentation of the consolidated financial statements and other information a) Introduction Banco Santander, S.A. (“the Bank” or Banco Santander) is a private-law entity subject to the rules and regulations applicable to banks operating in Spain. The Bylaws and other public information on the Bank can be consulted on the website of the Bank (www.santander.com) and at its registered office at Paseo de Pereda 9-12, Santander. In addition to the operations carried on directly by it, the Bank is the head of a group of subsidiaries that engage in various business activities and which compose, together with it, Santander Group (“the Group” or Santander Group). Therefore, the Bank is obliged to prepare, in addition to its own separate financial statements, the Group's consolidated financial statements, which also include the interests in joint ventures and investments in associates. The Group's consolidated financial statements for 2009 were approved by the shareholders at the Bank's annual general meeting on 11 June 2010. The Group's consolidated financial statements for 2010 were approved by the shareholders at the Bank's annual general meeting on 17 June 2011. The 2011 consolidated financial statements of the Group and the 2011 financial statements of the Bank and of substantially all the Group companies have not yet been approved by their shareholders at the respective annual general meetings. However, the Bank's board of directors considers that the aforementioned financial statements will be approved without any changes. b) Basis of presentation of the consolidated financial statements Under Regulation (EC) no. 1606/2002 of the European Parliament and of the Council of 19 July 2002, all companies governed by the Law of an EU Member State and whose securities are admitted to trading on a regulated market of any Member State must prepare their consolidated financial statements for the years beginning on or after 1 January 2005 in conformity with the International Financial Reporting Standards (IFRSs) previously adopted by the European Union (“EU-IFRSs”). In order to adapt the accounting system of Spanish credit institutions to the new standards, the Bank of Spain issued Circular 4/2004, of 22 December, on Public and Confidential Financial Reporting Rules and Formats. The Group's consolidated financial statements for 2011 were formally prepared by the Bank's directors (at the board meeting on 23 January 2012) in accordance with International Financial Reporting Standards as adopted by the European Union and with Bank of Spain Circular 4/2004 and Spanish corporate and commercial law applicable to the Group, using the basis of consolidation, accounting policies and measurement bases set forth in Note 2 to these consolidated financial statements and, accordingly, they
  • 12. present fairly the Group's equity and financial position at 31 December 2011 and the consolidated results of its operations, the changes in the consolidated equity and the consolidated cash flows in 2011. These consolidated financial statements were prepared from the separate accounting records of the Bank and of each of the companies composing the Group, and include the adjustments and reclassifications required to unify the accounting policies and measurement bases applied by the Group. The notes to the consolidated financial statements contain supplementary information to that presented in the consolidated balance sheet, consolidated income statement, consolidated statement of recognised income and expense, consolidated statement of changes in total equity and consolidated statement of cash flows. The notes provide, in a clear, relevant, reliable and comparable manner, narrative descriptions and breakdowns of these financial statements. Adoption of new standards and interpretations issued The following standards and interpretations came into force and were adopted by the European Union in 2011: - Amendment to IAS 32, Classification of Rights Issues - this amendment relates to the classification of foreign currency denominated rights issues (rights, options or warrants). Pursuant to this amendment, when these rights are to acquire a fixed number of shares in exchange for a fixed amount, they are classified as equity instruments, irrespective of the currency in which that fixed amount is denominated and provided that the other requirements of the standard are fulfilled. - Revision of IAS 24, Related Party Disclosures - the revised IAS 24 addresses related party disclosures in financial statements. There are two new basic features. Firstly, it provides a partial exemption from certain disclosure requirements when the transactions are between state-controlled entities or government-related entities (or equivalent government institution) and, secondly, it simplifies the definition of a related party, clarifying its intended meaning and eliminating inconsistencies from the definition. - Amendments to IFRIC 14, Prepayments of a Minimum Funding Requirement - these amendments remedy the fact that in some circumstances entities could not recognise certain voluntary prepayments as assets. - IFRIC 19, Extinguishing Financial Liabilities with Equity Instruments - this interpretation addresses the accounting by a debtor when all or part of a financial liability is extinguished through the issue of equity instruments. The interpretation does not apply to transactions in situations where the counterparties in question are shareholders or related parties, acting in their capacity as such, or where extinguishing the financial liability by issuing equity instruments is in accordance with the original terms of the financial liability. In this case, the equity instruments issued are measured at fair value at the date the liability is extinguished and any difference between this value and the carrying amount of the liability is recognised in profit or loss. The application of the aforementioned accounting standards and interpretations did not have any material effects on the Group's consolidated financial statements. 2
  • 13. At the date of preparation of these consolidated financial statements, the European Union had approved and adopted the amendments to IFRS 7, Financial Instruments, which are mandatorily applicable for reporting periods beginning on or after 1 July 2011. These amendments reinforce the disclosure requirements applicable to transfers of financial assets, including both those in which the assets are not derecognised and, principally, those in which the assets qualify for derecognition but the entity has a continuing involvement in them. Lastly, at the date of preparation of these consolidated financial statements, the following Standards and Interpretations which effectively come into force after 31 December 2011 had not yet been adopted by the European Union: - IFRS 9, Financial Instruments: Classification and Measurement (obligatory as from 1 January 2015), which will in the future replace the part of the current IAS 39 relating to the classification and measurement of financial assets. IFRS 9 presents significant differences regarding financial assets with respect to the current standard, including the approval of a new classification model based on only two categories, namely instruments measured at amortised cost and those measured at fair value, the disappearance of the current Held-to-maturity investments and Available-for-sale financial assets categories, impairment analyses only for assets measured at amortised cost and the non-separation of embedded derivatives in financial contracts. The main change introduced with regard to financial liabilities applies only to liabilities that an entity elects to measure at fair value. The portion of the change in the fair value of these liabilities attributable to changes in the entity’s own credit risk must be presented in Valuation adjustments instead of in profit or loss. - Amendments to IAS 12, Income Taxes (obligatory for annual reporting periods beginning on or after 1 January 2012) - these amendments incorporate the requirement to measure deferred tax assets and liabilities relating to investment property depending on whether the entity expects to recover the carrying amount of the asset through use or sale. - IFRS 10, Consolidated Financial Statements (obligatory for reporting periods beginning on or after 1 January 2013) - this standard will replace the current IAS 27 and SIC 12, introducing a single basis for consolidation (control), irrespective of the nature of the investee. IFRS 10 modifies the current definition of control. The new definition of control sets out the following three elements of control: power over the investee; exposure, or rights, to variable returns from involvement with the investee; and the ability to use power over the investee to affect the amount of the investor’s returns. - IFRS 11, Joint Arrangements (obligatory for reporting periods beginning on or after 1 January 2013) - this standard will replace the IAS 31 currently in force. The fundamental change introduced by IFRS 11 with respect to the current standard is the elimination of the option of proportionate consolidation for jointly controlled entities, which will begin to be accounted for using the equity method. - IFRS 12, Disclosure of Interests in Other Entities (obligatory for reporting periods beginning on or after 1 January 2013) - this standard represents a single standard presenting the disclosure requirements for interests in other entities (whether these be subsidiaries, associates, joint arrangements or other interests) and includes new disclosure requirements. The objective of this standard is to require an entity to disclose information that enables users of its financial statements to evaluate the nature of its interests in other entities (control), the possible restrictions on its ability to access or use assets and settle liabilities, the risks associated with its interests in unconsolidated structured entities, etc. 3
  • 14. - IFRS 13, Fair Value Measurement (obligatory for reporting periods beginning on or after 1 January 2013) - this standard replaces the current rules concerning fair value contained in various standards and sets out in a single IFRS a framework for measuring fair value. It does not modify the criteria set out in other standards for measuring assets and liabilities at fair value. IFRS 13 is applicable to the measurement of both financial and non-financial items and it introduces new disclosure requirements. - Amendments to IAS 27 and IAS 28 (revised) (obligatory for reporting periods beginning on or after 1 January 2013) - these amendments reflect the changes arising from the new IFRS 10 and IFRS 11 described above. - Amendments to IAS 1, Presentation of Items of Other Comprehensive Income (obligatory for reporting periods beginning on or after 1 July 2012) - these amendments consist basically of the requirement to present items that will be reclassified (recycled) to profit or loss in subsequent periods separately from those that will not be reclassified. - Amendments to IAS 19, Employee Benefits (obligatory for reporting periods beginning on or after 1 January 2013) - these amendments eliminate the "corridor" under which entities are currently able to opt for deferred recognition of a given portion of actuarial gains and losses, establishing that when the amendments come into effect, all actuarial gains and losses must be recognised immediately (see Note 25). The amendments include significant changes in the presentation of cost components, as a result of which service cost (past service cost and plan curtailments and settlements) and net interest will be recognised in profit or loss and the remeasurement component (comprising basically gains and losses) will be recognised in Equity - Valuation adjustments and may not be reclassified to profit or loss. - Amendments to IAS 32, Financial Instruments: Presentation - Offsetting Financial Assets and Financial Liabilities (obligatory for reporting periods beginning on or after 1 January 2014) - these amendments introduce a series of additional clarifications on the requirements established by the standard for an entity to be able to offset a financial asset and a financial liability, indicating that they can only be offset when an entity currently has a legally enforceable right to set off the recognised amounts and this does not depend on the occurrence of future events. - Amendments to IFRS 7, Offsetting Financial Assets and Financial Liabilities (obligatory for reporting periods beginning on or after 1 January 2013) - these amendments introduce new disclosures for financial assets and financial liabilities that are presented net in the balance sheet and for other instruments subject to an enforceable netting arrangement. - IFRIC 20, Stripping Costs in the Production Phase of a Surface Mine - in view of its nature, this interpretation does not affect the Group's operations. The Group is currently analysing the possible effects of these new standards and interpretations. All accounting policies and measurement bases with a material effect on the 2011 consolidated financial statements were applied in their preparation. c) Use of estimates The consolidated results and the determination of consolidated equity are sensitive to the accounting policies, measurement bases and estimates used by the directors of the Bank in preparing the consolidated financial statements. The main accounting policies and measurement bases are set forth in Note 2. 4
  • 15. In the consolidated financial statements estimates were occasionally made by the senior management of the Bank and of the consolidated entities in order to quantify certain of the assets, liabilities, income, expenses and commitments reported herein. These estimates, which were made on the basis of the best information available, relate basically to the following: - The impairment losses on certain assets (see Notes 6, 7, 8, 10, 12, 13, 16, 17 and 18); - The assumptions used in the actuarial calculation of the post-employment benefit liabilities and commitments and other obligations (see Note 25); - The useful life of the tangible and intangible assets (see Notes 16 and 18); - The measurement of goodwill arising on consolidation (see Note 17); and - The fair value of certain unquoted assets and liabilities (see Notes 6, 7, 8, 9, 10, 11, 20, 21 and 22). d) Other matters i. Disputed corporate resolutions The directors of the Bank and its legal advisers consider that the objection to certain resolutions adopted by the Bank's shareholders at the general meetings on 18 January 2000, 4 March 2000, 10 March 2001, 9 February 2002, 24 June 2002, 21 June 2003, 19 June 2004, 18 June 2005 and 11 June 2010 will have no effect on the financial statements of the Bank and the Group. The status of these matters at the date of preparation of the consolidated financial statements is detailed below: On 25 April 2002, the Santander Court of First Instance number 1 dismissed in full the claim contesting the resolutions adopted by the shareholders at the general meeting on 18 January 2000. The plaintiff filed an appeal against the judgment. On 2 December 2002, the Cantabria Provincial Appellate Court dismissed the appeal. The Bank appeared as a party to the cassation appeal and filed pleadings with respect to the inadmissibility of the appeal. In the Order dated 4 November 2008 the Supreme Court considered the appeal to have been withdrawn in view of the decease of the appellant and the failure to appear of his heirs. On 29 November 2002, the Santander Court of First Instance number 2 dismissed in full the claims contesting the resolutions adopted by the shareholders at the general meeting on 4 March 2000. The plaintiffs filed an appeal against the judgment. On 5 July 2004, the Cantabria Provincial Appellate Court dismissed the appeal. One of the appellants prepared and filed an extraordinary appeal on grounds of procedural infringements and a cassation appeal against the judgment, which were not given leave to proceed by order of the Supreme Court of 31 July 2007. On 12 March 2002, the Santander Court of First Instance number 4 dismissed in full the claims contesting the resolutions adopted by the shareholders at the general meeting on 10 March 2001. The plaintiffs filed an appeal against the judgment. On 13 April 2004, the Cantabria Provincial Appellate Court dismissed the appeals. One of the appellants prepared and filed an extraordinary appeal on grounds of procedural infringements and a cassation appeal against the judgment, which were not given leave to proceed by order of the Supreme Court of 6 November 2007. 5
  • 16. On 9 September 2002, the Santander Court of First Instance number 5 dismissed in full the claim contesting the resolutions adopted by the shareholders at the general meeting on 9 February 2002. The plaintiff filed an appeal against the judgment. On 14 January 2004, the Cantabria Provincial Appellate Court dismissed the appeal. The appellant prepared and filed an extraordinary appeal on grounds of procedural infringements and a cassation appeal against the judgment, which were not given leave to proceed by order of the Supreme Court of 8 May 2007. On 29 May 2003, the Santander Court of First Instance number 6 dismissed in full the claim contesting the resolutions adopted by the shareholders at the general meeting on 24 June 2002. The plaintiffs filed an appeal against the judgment. On 15 November 2005, the Cantabria Provincial Appellate Court dismissed the appeal in full. The appellants filed an extraordinary appeal on grounds of procedural infringements and a cassation appeal against the judgment. The Bank appeared as a party to the two appeals and filed pleadings with respect to the inadmissibility thereof. In the order dated 23 September 2008 the Supreme Court refused leave to proceed with the aforementioned appeals. On 23 November 2007, the Santander Court of First Instance number 7 dismissed in full the claims contesting the resolutions adopted by the shareholders at the annual general meeting on 21 June 2003. The plaintiffs filed an appeal against the judgment. The court was notified of the decease of one of the appellants and the court considered his appeal to have been withdrawn on the grounds of his decease and the failure to appear of his heirs. The other three appeals filed were dismissed in full by the Cantabria Provincial Appellate Court on 30 June 2009. The appellants filed an extraordinary appeal on grounds of procedural infringements and a cassation appeal against this judgment, and the appeal filed by one of the three appellants was refused leave to proceed by the Provincial Appellate Court. The cassation appeals filed against the judgments that dismissed the claims contesting the resolutions adopted at the annual general meeting on 21 June 2003 were not given leave to proceed by order of the Supreme Court of 25 January 2011. On 28 October 2005, the Santander Court of First Instance number 8 dismissed in full the claims contesting the resolutions adopted by the shareholders at the general meeting on 19 June 2004. The plaintiffs filed an appeal against the judgment. In a Judgment dated 28 June 2007 the Cantabria Provincial Appellate Court dismissed the appeals in full. Against this judgment the plaintiffs prepared and filed cassation appeals and extraordinary appeals on the grounds of procedural infringements. The cassation appeal and extraordinary appeal for procedural infringement filed by one of the appellants were refused leave to proceed due to the decease of the appellant and the failure to appear of his heirs. The other two appeals were refused leave to proceed by order of the Supreme Court of 27 October 2009. On 13 July 2007, the Santander Court of First Instance number 10 dismissed in full the claims contesting the resolutions adopted by the shareholders at the general meeting on 18 June 2005. The plaintiffs filed an appeal against the judgment. In a judgment dated 14 May 2009 the Cantabria Provincial Appellate Court dismissed the appeals in full. Against this judgment the plaintiffs prepared and filed a cassation appeal and an extraordinary appeal on the grounds of procedural infringements, and these appeals are still being processed at the Supreme Court. A claim contesting certain of the resolutions adopted by the shareholders at the general meeting held on 11 June 2010 is currently in process at the Santander Commercial Court number 1. ii. Credit assignment transactions Following the prolonged investigations carried out since 1992 by the Madrid Central Examining Court number 3, and the repeated applications by the Public Prosecutor's Office and the Government Lawyer, as the representative of the Public Treasury, to have the case against the Bank and its executives dismissed and struck off, the trial commenced at Panel One of the Criminal Chamber of the National Appellate Court and 6