Banks. Operating Environment. Company Profile. Management. Improving Economic Environment; Focus on Navarra. Strong Presence in Home Region

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1 Full Rating Report Spain Ratings Foreign Currency Long-Term IDR Short-Term IDR BBB+ F2 Viability Rating bbb+ Support Rating 3 Support Rating Floor BB Sovereign Risk Foreign-Currency Long-Term IDR Local-Currency Long-Term IDR Outlooks Foreign-Currency Long-Term IDR Foreign-Currency Long-Term IDR Local-Currency Long-Term IDR Financial Data Caja Rural de Navarra, Sociedad Cooperativa de Crédito 31 Dec 13 BBB+ BBB+ Stable Stable Stable 31 Dec 12 Total assets (USDm) 13, ,659.1 Total assets (EURm) 9, ,594.3 Total equity (EURm) Pre-impairment op. profit (EURm) Operating profit (EURm) Net income (EURm) Pre-impairment op. ROAA (%) Operating ROAA (%) Operating ROAE (%) Fitch core capital/ weighted risks (%) Fitch eligible capital/ weighted risks (%) Key Rating Drivers Prudent Risk Management: s (CRN) IDRs are driven by its standalone creditworthiness, as reflected in its Viability Rating (VR). CRN has conservative underwriting standards, which have resulted in asset quality s resilience to the economic recession, robust capitalisation, retail-based funding structure and a comfortable liquidity position. The VR also factors in CRN s modest profitability and geographic concentration in its home region of Navarra. Resilient Asset Quality Indicators: CRN has a low risk appetite and has kept its conservative underwriting standards unchanged throughout the economic cycle. This prevented CRN from excessively financing real estate development projects during the boom years of the Spanish property market. The entity increased its exposure to this sector after 2009 but after carefully assessing projects viability and requiring borrowers to pledge substantial collateral. This conservative underwriting strategy together with Navarra s economic resilience supporting the good performance of the entity s retail mortgage portfolio has resulted in markedly better than sector average asset quality indicators. CRN s NPL ratio stood at a healthy 5.4% at end with its reserve coverage ratio at a high 80%. Ample Loss Absorption Buffers: In Fitch s view CRN s capitalisation is sound and it is supported by its high earnings retention rate and regular contributions from its cooperative members. The Fitch core capital (FCC) ratio stood at 13.8% at end-2013, while the leverage ratio was high at 8.3%. Strong capitalisation combined with robust loan loss reserve coverage provide ample buffers against losses under stressed scenarios. Retail Funding, Comfortable Liquidity: CRN is primarily funded by a stable and growing customer deposit base. The entity does not rely on market funding to fund its loan book, as reflected by its healthy 100% loan-to-deposits ratio (adjusted for reserves, securitisation and mediation loans). Wholesale debt maturities are manageable and refer mostly to secured debt issues. In Fitch s opinion CRN s liquidity position is comfortable with unencumbered ECBeligible assets representing 11% of total end-2013 assets. Modest Core Profitability: Low interest rates and demand for credit pressure CRN s operating revenues. While revenues are partly supported by carry trade profits these are set to end in Good cost efficiency and lower loan impairment charges resulting from an improved operating environment in Spain could provide some relief to CRN s operating profitability. Related Research Caja Rural de Navarra, SCC () Analysts Josu Fabo Arnau Autonell Weakening Support: In light of the legislative developments at EU level, Fitch expects that the propensity to support CRN will weaken and thus its Support Rating and Support Rating Floor could be downgraded to 5 and NF within the next 12 months. Rating Sensitivities Asset Quality and Earnings: Fitch believes there is limited upside rating potential. An upgrade of CRN's ratings would be contingent on Spain s sovereign upgrade accompanied by an improvement in core banking profitability. Any upside rating potential would only be possible if its capitalisation and loss absorption buffers remain strong. Conversely, while currently not expected by Fitch, potential drivers for a downgrade would include a downgrade of Spain's sovereign rating and marked asset quality deterioration, which could put significant pressure on CRN s earnings and capital. 28

2 Operating Environment Improving Economic Environment; Focus on Navarra Spain s economy is beginning to recover after a prolonged recession, as reflected in Fitch s upgrade of the Spanish sovereign rating on 25 April Better economic prospects should help temper Spanish banks asset quality deterioration which Fitch expects to peak for many banks in late Market sentiment on Spain has improved, thus reducing cost of funding; while GDP is expected to take a modest growth path with Fitch forecasting growth of 0.8% in 2014 and 1.5% in However, downside risks remain for the Spanish economy if unemployment stays stubbornly high and lending does not flow to the economy, thus mitigating any meaningful economic recovery. CRN operates mainly in Navarra and its neighbouring Autonomous Communities of the Basque Country (BBB+/Stable) and La Rioja (BBB/Stable). These northern regions have weathered the country s deep economic, real estate and financial crisis better than other Spanish regions. Lower unemployment rates, GDP per capita ratios above the national average, an exportoriented industrial sector and a smoother property price correction have indirectly supported CRN better than sector average asset quality. Figure 1 CRN s Geographical Presence - Strong presence Mild presence Light presence Non-significant presence Source: CRN, Fitch Company Profile Strong Presence in Home Region CRN was Spain s third largest credit cooperative group with over 400,000 clients, 244 branches and 891 employees at end The entity offers retail banking services to households and SMEs primarily in the region of Navarra where it has a strong presence, with a market share of around 19% for loans and 23% for deposits at end The latter has grown progressively in the past four years as the consolidation of the Spanish banking sector has reduced the number of competitors and CRN has become the only Navarra-based retail bank. The entity also expanded to neighbouring regions where it has built a respectable franchise with market shares between 3% and 6%. Spanish Grupo Caja Rural CRN is a member of the Grupo Caja Rural (GCR; the Spanish credit cooperative group). This is not a consolidated banking group but an association of rural credit cooperatives sharing common cooperative values and a limited-size solidarity fund. GCR also has affiliated subsidiaries through which it provides its members with central services, comprising IT support and advisory (Rural Servicios Informaticos), bancassurance (Seguros RGA), as well as treasury and liability management (Banco Cooperativo Español S.A.; BCE, BBB/Stable). As befits a credit cooperative, CRN is owned by its cooperative members and therefore has a well-diversified ownership base. Its shared equity of EUR143m is held by over 140 thousand customers that are individuals or legal entities. Following its statutes, 85% of CRN s yearly distributable surplus (extendable to 90% under certain circumstances) is credited to the mandatory reserve fund, while a minimum of 10% is devoted to a social fund to promote the cooperative movement. Related Criteria Global Financial Institutions Rating Criteria Management Good Management but Operating Environment Constrains Execution CRN s senior management team comprises executives with ample experience in the cooperative sector and with deep knowledge of the regional economy. The team has a long track record in charge of CRN s strategy and participated actively in the setup of GCR and its shared-service providers. Fitch believes that CRN s corporate governance structure is effective. The board of directors comprises 15 non-executive members linked to local agricultural cooperatives. While there are no independent members, the fact that remuneration to the board is low helps to keep board members independence. 2

3 During the past decade CRN s strategy has been consistent with a balanced business growth model sustained by internal capital generation and retail deposit growth. Management s strategic goals for include loan growth. However, the muted prospects for the Spanish property market may constrain management s scope to achieve this goal given that the entity will not relax its underwriting standards. Risk Appetite Conservative Underwriting Standards, Unchanged over the Economic Cycle CRN is predominantly exposed to credit risk from lending (66.6% of total assets at end-2013), largely to households and SMEs. CRN has tight credit risk policies and centralised monitoring systems. The loan approval process follows a limit-based system with different layers of control bodies. The entity also uses scoring and rating models to assess borrowers repayment capacity, as well as internal and external alarm systems to evaluate client s inherent risk. In the case of real estate development and corporate loans CRN also analyses individual business plans and it also requires guarantees on the economic viability of the financed projects. Fitch believes that CRN s underwriting standards are conservative. The fact that these remained unchanged during the property sector s boom years helps to explain entity s relatively sound asset quality. Figure 2 Net Loan Book Breakdown End-2013 Corporate 3.3% Other purposes 4.9% Figure 3 Public sector 1.8% Construction & real estate 5.3% Source: Fitch Consumption Non-RED 0.6% construction 0.1% SME 31.4% Other FIs 0.1% Residential mortgage 52.4% Gross RED Loan Split by Origination Date % of total outstanding RED loans per origination year (%) Source: CRN In Fitch s view CRN s appetite for market risk is limited. Exposure to interest rate and liquidity risk is monitored by the asset and liability management committee using gap analysis and simulation techniques under different interest-rate scenarios. Market risk also stems from the price risk on the securities portfolio, which totalled EUR2.3bn at end This portfolio consisted primarily of fixed-income debt securities, mostly Spanish sovereign issues held directly or indirectly through BCE and other secured debt issued by financial institutions. CRN s equity portfolio was relatively small at end-2013 totalling around EUR113m, while its trading book was small (less than 1% of total assets). CRN s growth was lower than that of the sector during the upward economic cycle that Spain enjoyed as the property bubble was growing in However, the entity managed to grow its loan book at rates above sector average in (CAGR 3.9% versus negative 5.8% for the sector) as some competitors began to deleverage and the sector focused on the consolidation process of the regional savings banks. Financial Profile Asset Quality Resilient Loan Book CRN s asset quality is amongst the best in Spain. The NPL ratio stood at 5.2% at end-2013 (6.5% including foreclosed assets) and the entity had a sound reserve coverage ratio of 80% for NPLs, which provides ample buffers against further asset quality deterioration. At this date the ratio of unreserved NPLs and foreclosed assets to FCC stood at a low 19.2%. The performance of the residential mortgage loan book (46% of gross loans; NPL ratio of 1%) supports overall good asset quality. These loans have an average loan to value (LTV) of 63.5%, which indicates conservative collateral valuation upon origination. The SME lending book is also performing relatively well (NPL ratio 7.3%) thanks to Navarra s export-oriented industry. The non-red (real estate development) loan exposure is well diversified by economic sector. Relatively Healthy RED Exposure At end-2013 the entity s gross exposure to assets related to RED, including RED loans and foreclosed assets, totalled EUR590m (6.1% of total assets), while the net accounting value was EUR403m (4.2%). This exposure comprises a small legacy RED exposure and healthy performing book with conservative underwriting standards. The latter is related to funding granted for specific projects with low LTVs located in entity s home region and after carefully assessing the projects viability and sales potential, thus securing the loan quality and 3

4 Figure 4 Operating Income Breakdown Income from financial operations 8% Net fees and comissions 25% Source: CRN; Fitch Other income 1% Net interest income 66% repayment capacity of the borrower. In addition CRN required developers to pledge significant collateral not linked to the project s performance, which enhances recoveries if the project is unsuccessful. These factors support the performance of CRN s RED loans which showed a NPL ratio of 24.5%, well below the sector average at end-2013, although Fitch views it as high. Low Single-Name Loan Risk Concentration Risk concentration in single names is relatively low thanks to CRN s focus on households and SMEs. The 20 largest non-financial risk exposures (including committed credit lines) accounted for 3.6% of total risks and a relatively low 47% of FCC at end Most of these exposures related to the construction and real-estate sector but all of them except for one were performing at end Earnings and Profitability Low Interest Rates and Demand for Credit Pressure Earnings CRN s pre-impairment operating profitability remained stable in 2013 as fee-based income offset the 1.4% decline in net interest income (NII). The latter remains under pressure from the low interest rate environment and muted loan growth prospects. The carry trade portfolio funded with ECB s LTRO (long-term refinancing operation) will continue to support the margin in 2014 but not from 2015, when this portfolio matures. The existence of interest rate floor clauses on part of CRN s loan book and the potential to reprice customer deposits downward in 2014 thanks to reduced competition could help to protect NII. Fitch believes CRN has the potential to increase commission income further as it represented a still relatively low 0.55% of end-2013 earning assets. Cost Contention and Lower LICs to Support Bottom-Line Earnings CRN s cost base is adequate for its business profile and lead to a healthy cost-to-income ratio of 46.5% in Operating costs increased 2.3% due to higher personnel expenses in expansion areas, but remained under control as the entity fosters tight expense control in all operating areas and seeks to achieve economies of scale through the services provided by the shared subsidiaries of GCR. Loan impairment charges (LICs) decreased by 72% in 2013 after the entity booked large provisions in 2012 following new regulatory requirements. However, impairments on loans, securities and foreclosed assets still accounted for a high 56% of pre-impairment operating profit in Fitch expects LICs to continue falling in given that the entity s reserve coverage for NPLs was a high 80% at end-2013 and the agency expects a mild economic recovery for Spain. Figure 5 RWA Distribution by Type of Risk at End-2013 NPL credit risk 7% Operational risk 6% Securitisations credit risk 14% Other credit exposures 6% Source: CRN; Fitch Other risks 4% Companies credit risk 24% Retail credit risk 39% Capitalisation and Leverage High Earnings Retention Rate Supports Robust Capitalisation In Fitch s view, CRN s capitalisation is robust for its risk profile. At end-2013 the entity s FCC and leverage ratios stood at 13.81% and 8.3% respectively. Fitch believes that CRN s high earnings retention rate will continue to support its capitalisation. At end-2013 the risk weighted assets (RWA) calculated under the standardised approach accounted for 58% of total assets, which Fitch views as high considering the relatively large proportion of residential mortgages on its loan book. The cooperative members regular capital contributions (EUR13m in 2013) also support CRN s capitalisation, although the entity s aim is to engage clients through cooperative membership rather than to reinforce capital. Indeed, CRN is not listed on the stock exchange and it has limited access to equity markets, which can provide larger amounts of capital faster than a capital contribution process through cooperative members. 4

5 Figure 6 CRN s Funding Structure 2013 (EURm) (%) Customer deposits 5, Total short-term 1, funding O/w bank borrowings O/w repos O/w commercial paper O/w short-term ECB funding Total long-term 1, funding O/w securitisations O/w ECB s LTRO O/w covered bonds O/w funds for mediation loans Total funding 8, Source: CRN, Fitch Funding and Liquidity Retail-Based Funding Structure Support Comfortable Liquidity Position CRN s main source of funding is its large and stable retail funding base, which accounted for 67% of total funding at end The loan-to-deposit ratio (adjusted for impairment reserves, securitisations and mediation loans) stood at 100%. Customer deposits grew almost 10% in 2013, thanks to the entity s efforts to increase market share in its expansion areas and lower competition in its home region. Market funding reliance is limited because of the entity s policy to balance loan growth with that of deposits. ECB funding was obtained purely for carry trade purposes and will mature in The state-guaranteed debt issued through BCE (included under bank borrowings in Figure 6) has largely been retained as ECB-eligible collateral. At end-2013 CRN held an unencumbered ECB-eligible asset pool of EUR1.1bn, representing 11% of total assets. The entity also had the capacity to issue further EUR734m covered bonds, which could ultimately be retained and discounted at the ECB. Wholesale debt maturities are manageable and refer largely to secured debt issues which free up collateral upon maturity. In Fitch s view CRN s liquidity is sizeable in light of the low forthcoming maturities and funding needs. Support Weakening of Sovereign Support In line with Fitch s Rating Action Commentary Fitch Affirms SRFs of 64 EMEA Banks; Downward Revisions Likely For Most Due to Weakening Support, published March 2014, the Support Rating and Support Rating Floor of CRN are sensitive to a weakening in Fitch s assumptions around either the ability or propensity of the Spanish state to provide timely support. Of these, the greatest sensitivity is to a weakening of support propensity in respect of further progress being made in addressing both the legislative and the practical impediments to effective bank resolution. In the EU, where the extent of legislative powers and the practical complexity of applying resolution tools vary by country, this will mainly occur through national implementation of the provisions of the Bank Recovery and Resolution Directive (BRRD) and the Single Resolution Mechanism (SRM). Fitch s base case is that CRN s Support Rating would be downgraded to 5 and its Support Rating Floor to be revised downwards to No Floor in the remainder of 2014 or in 1H15. However, this will not affect its VR-driven IDRs. 5

6 Figure 7 Peer Comparison Caja Rural de Navarra Caja Laboral Popular Kutxabank Grupo Cooperativo Cajas Rurales Unidas Ibercaja Dec 13 Dec 12 Dec 13 Dec 12 Dec 13 Dec 13 Dec 13 Dec 12 Dec 13 Dec 12 Current long-term IDR BBB+/Stable BBB+/Stable BBB/Positive BB/Negative BB+/Stable Current viability rating bbb+ bbb+ bbb bb- bb+ Size (EURm) Total assets 9,657 9,594 24,613 24,973 60,762 66,707 42,104 43,097 63,118 44,664 Risk weighted assets 5,571 5,981 10,425 12,157 36,625 42,431 21,456 24,620 24,037 19,393 Total equity ,569 1,351 4,913 4,829 2,777 2,492 2,610 2,156 Fitch core capital (FCC) ,273 1,050 4,195 3,255 1,645 1,832 1,500 1,490 Asset quality data (%) Growth of gross loans Impaired loans/gross loans Reserves for impaired loans/impaired loans Impaired loans less reserves for impaired loans/fcc Loan impairment charges/average gross loans Impaired loans + FAs/gross loans + FAs Profitability ratios (%) Net interest income/average earning assets Non-interest expenses/gross revenues Loans and securities impairment charges/pre-impairment op. profit Operating profit/average total assets Operating profit/average equity Net income/average total equity Capitalization (%) Fitch core capital/risk weighted assets Fitch eligible capital/risk weighted assets Tangible common equity/ tangible assets Core tier 1 regulatory capital ratio n.a. n.a Equity/total assets Internal capital generation Funding (%) Loans/customer deposits Interbank assets/interbank liabilities Customer deposits/total funding (excluding derivatives) Source: Banks, Fitch 6

7 Caja Rural de Navarra, Sociedad Cooperativa de Credito Income Statement 31 Dec Dec Dec Dec 2010 Year End Year End As % of Year End As % of Year End As % of Year End As % of USDm EURm Earning EURm Earning EURm Earning EURm Earning Unqualified Unqualified Assets Audited Assets Unqualified Assets Unqualified Assets 1. Interest Income on Loans n.a Other Interest Income Dividend Income Gross Interest and Dividend Income Interest Expense on Customer Deposits n.a Other Interest Expense Total Interest Expense Net Interest Income Net Gains (Losses) on Trading and Derivatives Net Gains (Losses) on Other Securities Net Gains (Losses) on Assets at FV through Income Statement Net Insurance Income n.a. n.a. - n.a Net Fees and Commissions Other Operating Income Total Non-Interest Operating Income Personnel Expenses Other Operating Expenses Total Non-Interest Expenses Equity-accounted Profit/ Loss - Operating Pre-Impairment Operating Profit Loan Impairment Charge Securities and Other Credit Impairment Charges Operating Profit (57.9) (0.63) Equity-accounted Profit/ Loss - Non-operating n.a. n.a. - n.a Non-recurring Income Non-recurring Expense n.a Change in Fair Value of Own Debt n.a. n.a. - n.a Other Non-operating Income and Expenses (24.7) (17.9) (0.19) (14.2) (0.15) Pre-tax Profit (65.7) (0.71) Tax expense (29.2) (0.32) (6.3) (0.08) Profit/Loss from Discontinued Operations n.a. n.a. - n.a Net Income (36.5) (0.40) Change in Value of AFS Investments n.a. n.a. - n.a (1.6) (0.02) 34. Revaluation of Fixed Assets n.a. n.a. - n.a. - n.a. - n.a Currency Translation Differences n.a. n.a. - n.a. - n.a. - n.a Remaining OCI Gains/(losses) n.a. n.a. - n.a. - n.a. - n.a Fitch Comprehensive Income (36.5) (0.40) Memo: Profit Allocation to Non-controlling Interests n.a. n.a. - n.a. - n.a. - n.a Memo: Net Income after Allocation to Non-controlling Interests (36.5) (0.40) Memo: Common Dividends Relating to the Period n.a. n.a. - n.a Memo: Preferred Dividends Related to the Period n.a. n.a. - n.a Exchange rate USD1 = EUR USD1 = EUR USD1 = EUR USD1 = EUR

8 Caja Rural de Navarra, Sociedad Cooperativa de Credito Balance Sheet 31 Dec Dec Dec Dec 2010 Year End Year End As % of Year End As % of Year End As % of Year End As % of USDm EURm Assets EURm Assets EURm Assets EURm Assets Assets A. Loans 1. Residential Mortgage Loans n.a. n.a. - n.a. - n.a. - n.a Other Mortgage Loans n.a. n.a. - n.a. - n.a. - n.a Other Consumer/ Retail Loans n.a. n.a. - n.a. - n.a. - n.a Corporate & Commercial Loans n.a. n.a. - n.a. - n.a. - n.a Other Loans 8, , , , , Less: Reserves for Impaired Loans Net Loans 8, , , , , Gross Loans 8, , , , , Memo: Impaired Loans included above Memo: Loans at Fair Value included above n.a. n.a. - n.a B. Other Earning Assets 1. Loans and Advances to Banks 1, Reverse Repos and Cash Collateral n.a. n.a Trading Securities and at FV through Income Derivatives Available for Sale Securities 2, , , Held to Maturity Securities Equity Investments in Associates Other Securities Total Securities 3, , , Memo: Government Securities included Above 1, , Memo: Total Securities Pledged Investments in Property Insurance Assets n.a. n.a. - n.a Other Earning Assets n.a. n.a. - n.a Total Earning Assets 12, , , , , C. Non-Earning Assets 1. Cash and Due From Banks Memo: Mandatory Reserves included above n.a. n.a. - n.a. - n.a. - n.a Foreclosed Real Estate Fixed Assets Goodwill Other Intangibles Current Tax Assets Deferred Tax Assets Discontinued Operations n.a. n.a Other Assets Total Assets 13, , , , , Liabilities and Equity D. Interest-Bearing Liabilities 1. Customer Deposits - Current 2, , , , , Customer Deposits - Savings n.a. n.a n.a. - n.a Customer Deposits - Term 5, , , , , Total Customer Deposits 7, , , , , Deposits from Banks 2, , Repos and Cash Collateral Other Deposits and Short-term Borrowings Total Deposits, Money Market and Short-term Funding 10, , , , , Senior Debt Maturing after 1 Year , Subordinated Borrowing n.a. n.a. - n.a Other Funding , Total Long Term Funding 1, , , , Derivatives Trading Liabilities n.a. n.a. - n.a Total Funding 12, , , , , E. Non-Interest Bearing Liabilities 1. Fair Value Portion of Debt n.a. n.a. - n.a Credit impairment reserves Reserves for Pensions and Other n.a. n.a Current Tax Liabilities Deferred Tax Liabilities Other Deferred Liabilities n.a. n.a. - n.a Discontinued Operations n.a. n.a. - n.a Insurance Liabilities n.a. n.a. - n.a Other Liabilities Total Liabilities 12, , , , , F. Hybrid Capital 1. Pref. Shares and Hybrid Capital accounted for as Debt Pref. Shares and Hybrid Capital accounted for as Equity G. Equity 1. Common Equity 1, Non-controlling Interest Securities Revaluation Reserves (2.5) (0.03) 4. Foreign Exchange Revaluation Reserves n.a. n.a Fixed Asset Revaluations and Other Accumulated OCI n.a. n.a Total Equity 1, Total Liabilities and Equity 13, , , , , Memo: Fitch Core Capital 1, Memo: Fitch Eligible Capital n.a. n.a. - n.a. - n.a. - n.a. - Exchange rate USD1 = EUR USD1 = EUR USD1 = EUR USD1 = EUR

9 Caja Rural de Navarra, Sociedad Cooperativa de Credito Summary Analytics 31 Dec Dec Dec Dec 2010 Year End Year End Year End Year End A. Interest Ratios 1. Interest Income on Loans/ Average Gross Loans 2.87 n.a Interest Expense on Customer Deposits/ Average Customer Deposits 1.87 n.a Interest Income/ Average Earning Assets Interest Expense/ Average Interest-bearing Liabilities Net Interest Income/ Average Earning Assets Net Int. Inc Less Loan Impairment Charges/ Av. Earning Assets 0.93 (0.35) Net Interest Inc Less Preferred Stock Dividend/ Average Earning Assets B. Other Operating Profitability Ratios 1. Non-Interest Income/ Gross Revenues Non-Interest Expense/ Gross Revenues Non-Interest Expense/ Average Assets Pre-impairment Op. Profit/ Average Equity Pre-impairment Op. Profit/ Average Total Assets Loans and securities impairment charges/ Pre-impairment Op. Profit Operating Profit/ Average Equity 8.71 (7.84) Operating Profit/ Average Total Assets 0.69 (0.66) Taxes/ Pre-tax Profit (28.13) Pre-Impairment Operating Profit / Risk Weighted Assets Operating Profit / Risk Weighted Assets 1.19 (0.97) C. Other Profitability Ratios 1. Net Income/ Average Total Equity 4.96 (4.94) Net Income/ Average Total Assets 0.39 (0.42) Fitch Comprehensive Income/ Average Total Equity 4.96 (4.94) Fitch Comprehensive Income/ Average Total Assets 0.39 (0.42) Net Income/ Av. Total Assets plus Av. Managed Securitized Assets n.a. n.a Net Income/ Risk Weighted Assets 0.68 (0.61) Fitch Comprehensive Income/ Risk Weighted Assets 0.68 (0.61) D. Capitalization 1. Fitch Core Capital/ Risk Weighted Assets Fitch Eligible Capital/ Risk Weighted Assets Tangible Common Equity/ Tangible Assets Tier 1 Regulatory Capital Ratio Total Regulatory Capital Ratio Core Tier 1 Regulatory Capital Ratio Equity/ Total Assets Cash Dividends Paid & Declared/ Net Income n.a. n.a Cash Dividend Paid & Declared/ Fitch Comprehensive Income n.a. n.a Cash Dividends & Share Repurchase/Net Income n.a. n.a Internal Capital Generation 4.72 (5.04) E. Loan Quality 1. Growth of Total Assets Growth of Gross Loans (3.06) Impaired Loans/ Gross Loans Reserves for Impaired Loans/ Gross Loans Reserves for Impaired Loans/ Impaired Loans Impaired loans less Reserves for Impaired Loans/ Fitch Core Capital 8.54 (3.08) Impaired Loans less Reserves for Impaired Loans/ Equity 8.20 (2.94) Loan Impairment Charges/ Average Gross Loans Net Charge-offs/ Average Gross Loans n.a. n.a Impaired Loans + Foreclosed Assets/ Gross Loans + Foreclosed Assets F. Funding 1. Loans/ Customer Deposits Interbank Assets/ Interbank Liabilities Customer Deposits/ Total Funding (excluding derivatives)

10 Caja Rural de Navarra, Sociedad Cooperativa de Credito Reference Data 31 Dec Dec Dec Dec 2010 Year End Year End As % of Year End As % of Year End As % of Year End As % of USDm EURm Assets EURm Assets EURm Assets EURm Assets A. Off-Balance Sheet Items 1. Managed Securitized Assets Reported Off-Balance Sheet n.a. n.a. - n.a Other off-balance sheet exposure to securitizations n.a. n.a. - n.a. - n.a Guarantees , Acceptances and documentary credits reported off-balance sheet n.a Committed Credit Lines 1, n.a , Other Contingent Liabilities , Total Business Volume 15, , , , , Memo: Risk Weighted Assets 7, , , , , Fitch Adjustments to Risk Weighted Assets n.a. n.a. - n.a Fitch Adjusted Risk Weighted Assets 7, , , , , B. Average Balance Sheet Average Loans 9, , , , , Average Earning Assets 12, , , , , Average Assets 13, , , , , Average Managed Securitized Assets (OBS) n.a. n.a. - n.a Average Interest-Bearing Liabilities 12, , , , , Average Common equity 1, Average Equity 1, Average Customer Deposits 7, , , , , C. Maturities Asset Maturities: Loans & Advances < 3 months n.a. n.a. - n.a. - n.a. - n.a. - Loans & Advances 3-12 Months n.a. n.a. - n.a. - n.a. - n.a. - Loans and Advances 1-5 Years n.a. n.a. - n.a. - n.a. - n.a. - Loans & Advances > 5 years n.a. n.a. - n.a. - n.a. - n.a. - Debt Securities < 3 Months n.a. n.a. - n.a. - n.a. - n.a. - Debt Securities 3-12 Months n.a. n.a. - n.a. - n.a. - n.a. - Debt Securities 1-5 Years n.a. n.a. - n.a. - n.a. - n.a. - Debt Securities > 5 Years n.a. n.a. - n.a. - n.a. - n.a. - Loans & Advances to Banks < 3 Months n.a. n.a. - n.a. - n.a. - n.a. - Loans & Advances to Banks 3-12 Months n.a. n.a. - n.a. - n.a. - n.a. - Loans & Advances to Banks 1-5 Years n.a. n.a. - n.a. - n.a. - n.a. - Loans & Advances to Banks > 5 Years n.a. n.a. - n.a. - n.a. - n.a. - Liability Maturities: Retail Deposits < 3 months n.a. n.a. - n.a. - n.a. - n.a. - Retail Deposits 3-12 Months n.a. n.a. - n.a. - n.a. - n.a. - Retail Deposits 1-5 Years n.a. n.a. - n.a. - n.a. - n.a. - Retail Deposits > 5 Years n.a. n.a. - n.a. - n.a. - n.a. - Other Deposits < 3 Months n.a. n.a. - n.a. - n.a. - n.a. - Other Deposits 3-12 Months n.a. n.a. - n.a. - n.a. - n.a. - Other Deposits 1-5 Years n.a. n.a. - n.a. - n.a. - n.a. - Other Deposits > 5 Years n.a. n.a. - n.a. - n.a. - n.a. - Deposits from Banks < 3 Months n.a. n.a. - n.a. - n.a. - n.a. - Deposits from Banks 3-12 Months n.a. n.a. - n.a. - n.a. - n.a. - Deposits from Banks 1-5 Years n.a. n.a. - n.a. - n.a. - n.a. - Deposits from Banks > 5 Years n.a. n.a. - n.a. - n.a. - n.a. - Senior Debt Maturing < 3 months n.a. n.a. - n.a. - n.a. - n.a. - Senior Debt Maturing 3-12 Months n.a. n.a. - n.a. - n.a. - n.a. - Senior Debt Maturing 1-5 Years n.a. n.a. - n.a. - n.a. - n.a. - Senior Debt Maturing > 5 Years n.a. n.a. - n.a. - n.a. - n.a. - Total Senior Debt on Balance Sheet n.a. n.a. - n.a. - n.a. - n.a. - Fair Value Portion of Senior Debt n.a. n.a. - n.a. - n.a. - n.a. - Covered Bonds n.a. n.a. - n.a. - n.a. - n.a. - Subordinated Debt Maturing < 3 months n.a. n.a. - n.a. - n.a. - n.a. - Subordinated Debt Maturing 3-12 Months n.a. n.a. - n.a. - n.a. - n.a. - Subordinated Debt Maturing 1-5 Year n.a. n.a. - n.a. - n.a. - n.a. - Subordinated Debt Maturing > 5 Years n.a. n.a. - n.a. - n.a. - n.a. - Total Subordinated Debt on Balance Sheet n.a. n.a. - n.a Fair Value Portion of Subordinated Debt n.a. n.a. - n.a. - n.a. - n.a. - D. Equity Reconciliation 1. Equity 1, Add: Pref. Shares and Hybrid Capital accounted for as Equity Add: Other Adjustments n.a. n.a. - n.a. - n.a. - n.a Published Equity 1, n.a E. Fitch Eligible Capital Reconciliation 1. Total Equity as reported (including non-controlling interests) 1, Fair value effect incl in own debt/borrowings at fv on the B/S- CC only Non-loss-absorbing non-controlling interests Goodwill Other intangibles Deferred tax assets deduction Net asset value of insurance subsidiaries First loss tranches of off-balance sheet securitizations Fitch Core Capital 1, Eligible weighted Hybrid capital n.a. n.a. - n.a. - n.a. - n.a Government held Hybrid Capital Fitch Eligible Capital n.a. n.a. - n.a. - n.a. - n.a. - Exchange Rate USD1 = EUR USD1 = EUR USD1 = EUR USD1 = EUR

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