New financial reporting
Banco Santander, S.A. (the "Bank" or "Banco Santander" ) , in compliance with the Securities Market legislation, hereby communicates the following:
OTHER RELEVANT INFORMATION
From and including the first quarter of 2022, a change in Grupo Santander's (the "Group") financial reporting of segments will be carried out to reflect two main modifications, as described below. The attached presentation includes the Group's quarterly pro forma financial figures for 2021 reported on this new basis to allow a comparison between 2021 and 2022 results.
http://www.rns-pdf.londonstockexchange.com/rns/2192H_1-2022-4-4.pdf
Aiming at providing more transparency and a better capital allocation to continue enhancing our profitability, the main modifications are as follows:
• Reallocation of certain financial costs of the Corporate Centre segment in the Group's results to the business units:
• F urther clarity in the MREL/TLAC regulation[1] makes it possible to better allocate the cost of the eligible debt issuances to the business units;
• In addition, other financial costs, primarily the cost of funding the excess capital held by the business unit above of Group's CET1 ratio have been reassigned accordingly.
• Downsizing of Other Europe:
• The Corporate and Investment Banking (CIB) branches of Banco Santander in Europe and other business lines previously reported under "Other Europe" have been now integrated into the Spain unit to reflect how the business will be managed and supervised, in line with other regions.
The abovementioned changes have no impact on the Group's reported consolidated financial figures n or on the Group's consolidated financial targets that have been set for the future .
A presentation will take place tomorrow, Tuesday 5 April 2022, at 13:00 hrs (Madrid time). For further information, please contact Investor Relations ( investor@gruposantander.com ) .
Boadilla del Monte (Madrid), 4 April 2022
[1]- MREL: Minimum Requirement for Own Funds and Eligible Liabilities, binding minimum requirement for own funds and eligible liabilities, both total and subordinated, with loss absorption capacity, which is required to be met under the Bank Recovery and Resolution Directive (BRRD).
- TLAC: Total loss absorbing capacity, requirement which is required to be met under the Capital Requirements Directive V (CRD V) package.
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