Annual Report. Bombay, India. Photographer: Tom Parker.

Size: px
Start display at page:

Download "Annual Report. Bombay, India. Photographer: Tom Parker."

Transcription

1 2011 Annual Report Bombay, India. Photographer: Tom Parker.

2 Index Management Report Joint Message from the Chairman of the Board of Directors and the Chief Executive Officer Governing Bodies and Executive Committee Senior Managing Directors Product Divisions, Departments and Units Branches, Subsidiaries and Representative Office Principles and Values Consolidated Financial Highlights Organisational Chart Rating Earnings Distribution Proposal Declaration of Conformity Economic Environment International Economic Environment Economic Environment in the Eurozone Economic Environment in Portugal Economic Environment in Spain Economic Environment in the United Kingdom Economic Environment in Poland Economic Environment in the United States of America Economic Environment in Brazil Economic Environment in Angola Economic Environment in India Activity Review Investment Banking Business Client Origination Private Banking Capital Markets Corporate Finance Mid-cap Financial Advisory Project Finance and Securitisation Acquisition Finance and Other Lending Private Equity Wealth Management This report is a free translation into English of the original Portuguese version. In case of doubt or misinterpretation on the Portuguese version will prevail. 2 Annual Report 2011

3 94 03 Human Resources Integrated Risk Management Consolidated Financial Statements and Notes Consolidated Financial Statements Notes to Consolidated Financial Statements Individual Financial Statements and Notes Individual Financial Statements Notes to Individual Financial Statements Annexes I Shares and Bonds Held by Members of the Board of Directors and Supervisory Bodies II Shareholder III Adoption of the Financial Stability Forum (FSF) and Committee of European Banking Supervisors (CEBS) Recommendations on Transparency of Information and Assets Valuation IV Corporate Governance Structures and Practices V Remuneration of the Board of Directors and Supervisory Board Members and Relevant Staff (Senior Managing Directors and Control Functions Staff, as per the Definition of Notice 5/2008 of Bank of Portugal) VI Affidavit on the Remuneration Policy of the Board of Directors and Supervisory Board Members VII Remuneration Policy for the Senior Staff of Banco Espírito Santo de Investimento, S.A. (Senior Managing Directors (SMDS), Managing Directors, Executive Directors, Directors, Vice-presidents, Assistant Vice-presidents and Managers) VIII Excerpts from Minutes of the Annual General Shareholders Meeting Held on March 21 st 2012 Espírito Santo Investment Bank 3

4 IJoint Message from the Chairman of the Board of Directors and the Chief Executive Officer Banco Espírito Santo de Investimento (BESI) developed its activity in 2011 in a climate of strong instability, as the Eurozone sovereign debt crisis, the slowdown of the global economy and the successive sovereign rating downgrades spawned uncertainty within the financial markets. Concerns about the capacity of the peripheral countries (Greece, Ireland and Portugal) to meet their sovereign debt obligations spread to core Eurozone economies such as Spain, Italy and France, eroding confidence, which fell to its lowest level since the Lehman Brothers collapse. Fears about the contagion of the sovereign debt crisis made financial institutions more reluctant to expose themselves to each other, causing a liquidity dry-up and a drastic reduction in the financing of investment. On the other hand, the restrictive policies adopted in the economies subject to contagion as a response to the crisis fuelled the contraction of economic activity and consumption, with a direct impact on the main European economies but also indirectly penalising the whole global economy, including the emerging economies. In May 2011 the Portuguese Government, the European Union, the European Central Bank and the International Monetary Fund agreed on the terms of a EUR 78 billion financial assistance package to Portugal. This agreement established a number of targets to be reached by the national financial institutions in the medium term, including balance sheet deleveraging, reinforcement of capital ratios and improvement of liquidity position, naturally conditioning banking activity during the year. Supported by the reinforcement of its international expansion, the increased weight of its advisory and intermediation businesses, less capital and liquidity intensive, and a higher loan portfolio rotation, BESI s activity proved quite resilient. Banking income totalled EUR 238 million, down by 8.1% on The Bank posted a net profit for the year of EUR 9.1 million, a year-on-year reduction of 85% that was mainly caused by the deterioration of operating performance, losses on the sale of assets and loans and an increase in credit impairments. Bearing out the Bank s international development strategy, the contribution of the international area to total banking income increased from 65% in 2010 to 72% in During the year we reinforced our expansion into markets with high growth potential, entering a 75/25 joint venture with a local partner in India, the Burman family. The aim is to develop brokerage activities in a first phase, subsequently consolidating our presence through an investment bank. We are also looking into alternatives to reinforce our presence in Hong Kong, where we already develop a brokerage business through Execution Noble, and to expand our activity in some of the main markets in Sub-Saharan Africa, particularly in Angola, Mozambique and South Africa. In those geographies where the Bank already has a well-rooted presence, we pursued the consolidation of the existing business areas, focusing on intermediation and financial advisory activities: In Portugal, we maintained our leading position, actively participating in the ongoing privatisations programme, namely providing advisory services to China Three Gorges Corporation on its acquisition of 21.35% of EDP Electricidade de Portugal, S.A. and to State Grid Corporation of China on its acquisition of 25% of REN Redes Energéticas Nacionais, SGPS, S.A.; In Spain, our growing penetration in the corporate segment allowed us to participate in several transactions with high market visibility; In Brazil, our activity remained vigorous during the year, especially in the Mergers and Acquisitions (M&A) and capital market business areas, which achieved relevant positions in the local rankings; In the United Kingdom, our efforts focused on reinforcing the activities of Execution Noble with the objective of setting a difference vis-à-vis the competition, namely by promoting the distribution of Iberian, Polish and Brazilian products in the UK market; In Poland, where the Bank achieved remarkable progress, we concentrated on the M&A and capital market activities, leading and participating in various transactions; In the United States, we developed the advisory and intermediation activities with the objective of creating a platform for the distribution of products originated in other geographies; In Mexico we continued to analyse opportunities to develop the project finance and M&A business areas, through our joint representative office with BES. 4 Annual Report 2011

5 Once again the Bank s strategy translated into leading or very prominent positions in its main business areas: We were considered Best Investment Bank in Portugal in 2011, by the World Finance magazine, and Best Equities House in Portugal and Best M&A House in Portugal in 2011 by the Euromoney magazine; In Mergers & Acquisitions, we remained market leaders in Portugal and Iberia, by number of announced transactions (Bloomberg rankings), and maintained the 5 th position in the Brazilian M&A market, by value of completed transactions (according to ANBIMA); In Capital Markets - Origination, we participated in the most important transactions taking place in all the geographies where we operate. In Brazil, we rubbed shoulders with the largest local and international banks in the structuring of financing and equity sale operations, reaching 11 th place in the respective ANBIMA rankings; In Brokerage, we remained market leader in Portugal, with a market share of 11.7%, and stood in 4 th place in the Madrid Stock Exchange s brokers ranking, with a market share of 7.3%. In Brazil, we advanced five positions in the Bovespa ranking, rising to 25 th place in a universe of roughly 100 brokers, underpinned by our recent creation of a derivatives desk. In Poland, we consolidated our 13 th position in the Polish brokers ranking, with a market share of 2%. In the United Kingdom, we focused our activity on the integration with Execution Noble. In Project Finance and Securitisation, we completed 23 transactions, playing a prominent role in the provision of advisory services. Leveraging on the bank s expertise in the infrastructures and renewable energy sectors, we took several initiatives to exploit alternative financing solutions, namely signing a Memorandum of Understanding with DEG - Deutsche Investitions - und Entwicklungsgesellschaft mbh, a leading development finance institution in Europe, with the aim of originating, structuring and executing financing solutions in Latin America and other developing markets. The outlook for 2012 is marred by persisting uncertainties concerning the resolution of the public finance crisis in the Eurozone, to which add concerns about global and regional economic growth. In this context, we will certainly be facing another year of great challenges, which we are set on tackling with our usual resolve and determination. We will continue to develop our activity with an increased focus on optimising the available resources, with the firm conviction that the strategy we have outlined, and which has steered our activity, will breed opportunities that we will fully exploit, and that will help us surpass the current difficulties. We would like in first place to thank our Clients, whose preference for the Bank in 2011 we wish to reciprocate by increasingly improving the quality and innovation of our services. Our recognition also goes to our Employees, whose effort and dedication are all the more important in periods of greater difficulties. We also express our appreciation to the Supervisory Board and our Auditors for their contribution to the increasingly high standards in accounting and management information reporting, and also to the Bank of Portugal, the Portuguese Securities Market Commission and the supervision authorities in the countries where we are present, for their constant cooperation and the trust placed in Banco Espírito Santo de Investimento. Finally, in our name and on behalf of all the members of the Board, we wish to express our sorrow for the death of Mr. António Espírito Santo Silva Salgado, who will be missed by all of us. Mr. António Espírito Santo Silva Salgado was a member of the Board of Directors since 1990, and his personal and professional qualities were greatly valued. In Acquisition Finance and Other Lending, we concluded several transactions in Portugal, despite the current funding restrictions. Activity in Brazil was quite strong, particularly in structured loans. Ricardo Espírito Santo Silva Salgado Chairman of the Board of Directors In Private Equity, the year was marked by: i) the continuation of works to launch the 2bCapital fund in the Brazilian market, which should be incorporated early in 2012, and ii) the investments totalling EUR 16 million, mainly concentrated in two companies, namely Globalwatt in Portugal and GLT in Spain. José Maria Espírito Santo Silva Ricciardi Vice-Chairman of the Board of Directors and Chief Executive Officer Espírito Santo Investment Bank 5

6 Governing Bodies and Executive Committee GOVERNING BODIES General Meeting Board Chairman 1 Daniel Proença de Carvalho Secretary José Miguel Alecrim Duarte Board of Directors 2 Chairman Ricardo Espírito Santo Silva Salgado Vice-Chairmen José Maria Espírito Santo Silva Ricciardi Francisco Ravara Cary Rafael Caldeira de Castel-Branco Valverde Miguel António Igrejas Horta e Costa Ricardo Abecassis Espírito Santo Silva Other Members Amílcar Carlos Ferreira de Morais Pires Bernard Marcel Fernand Basecqz Bernardo Ernesto Simões Moniz da Maia Christian Georges Jacques Minzolini Diogo Luís Ramos de Abreu Duarte José Borges Coutinho Espírito Santo Silva Félix Aguirre Cabanyes Frederico dos Reis de Arrochela Alegria João Filipe Espírito Santo de Brito e Cunha José Manuel Pinheiro Espírito Santo Silva Luís Miguel Pina Alves Luna Vaz Moses Dodo Nicholas Mark Finegold Paulo José Lameiras Martins Phillipe Gilles Fernand Guiral Tiago Vaz Pinto Cyrne de Castro EXECUTIVE COMMITTEE Chief Executive Officer (CEO) José Maria Espírito Santo Silva Ricciardi Other Members Francisco Ravara Cary Rafael Caldeira de Castel-Branco Valverde Miguel António Igrejas Horta e Costa Ricardo Abecassis Espírito Santo Silva Christian Georges Jacques Minzolini Diogo Luís Ramos de Abreu Félix Aguirre Cabanyes Frederico dos Reis de Arrochela Alegria Luís Miguel Pina Alves Luna Vaz Moses Dodo Paulo José Lameiras Martins Tiago Vaz Pinto Cyrne de Castro Senior Managing Directors with a seat on the Executive Committee Alan do Amaral Fernandes José Luís de Saldanha Ferreira Pinto Basto Pedro Miguel Cordovil Toscano Rico Executive Committee Secretary Patrícia Salgado Goldschmidt Catanho Meneses Supervisory Board Permanent Members José Manuel Macedo Pereira (Chairman) Tito Manuel das Neves Magalhães Basto Mário Paulo Bettencourt de Oliveira Deputy Member Nuno Espírito Santo Leite de Faria STATUTORY AUDITORS Amável Calhau, Ribeiro da Cunha e Associados - Sociedade de Revisores Oficiais de Contas, represented by José Maria Rego Ribeiro da Cunha Senior Managing Directors Angus Macpherson Aníbal Paço Carl Adams Carlos Ferreira Pinto Carlos Nogueira Carolina Ibañez Charles Ashton Damien Devine Dipesh Patel Fernando Castro Solla Filipa Schubeius Garreth Hodgson João Arantes e Oliveira João Baptista Pereira José Gabriel José Miguel Rego Leonor Dantas Lucas Martínez Luís Sousa Santos Luís Vasconcelos Maria Luísa Baroni Mércia Bruno Miguel Guiomar Nuno Cardoso Patrícia Goldschmidt Paulo Araújo Pedro Ventaneira Ricardo Domenech Rodrigo Carvalho Rui Baptista Sílvia Costa Product Divisions, Departments and Units PRODUCT DIVISIONS Client Origination Pedro Toscano Rico (Portugal) Carolina Ibañez (Spain) Miguel Lins (BES Investimento do Brasil, S.A.) 3 Miguel Borges (United Kingdom) Bartlomiej Dmitruk (Poland) Nuno Cardoso (United States) Paulo Araújo (Execution Noble Limited) Jorge Ramos (Angola) Private Banking Lourenço Vieira de Campos Corporate Finance Leonor Dantas/ Luís Vasconcelos (Portugal) José Miguel Rego (Spain) Maria Luísa Baroni (BES Investimento do Brasil, S.A.) Lukasz Pawłowski (Poland) Daniel Pyne (United States) Angus Macpherson/ Richard Crawley/ John Llewellyn-Loyd (Execution Noble Limited) Tiago Félix (Cross-Border) Mid-cap Financial Advisory Leonor Dantas Acquisition Finance and Other Lending Rui Baptista/ Pedro Ruas (Portugal) Rui Baptista/ Gonzalo de Liñan Amusátegui (Spain) Rui Baptista/ Alan Fernandes (BES Investimento do Brasil, S.A.) Rui Baptista (Poland) Project Finance and Securitisation Luís Sousa Santos (Portugal and Poland) Carlos Álvarez Fernández (Spain) Alan Fernandes (BES Investimento do Brasil, S.A.) Robin Earle (United Kingdom) Carl Adams (United States) Capital Markets - Origination Sílvia Costa (Portugal and Spain) Miguel Guiomar (BES Investimento do Brasil, S.A.) Maciej Ptak/ Krzysztof Rosa (Poland) Angus Macpherson/ Peter Tracey (Execution Noble Limited) Tara Cemlyn-Jones (International) 1 Appointed by the General Meeting of March 31 st, Pedro Manuel Castro Simões Ferreira Neto renounced his position as Member of the Board of Directors and Member of the Executive Committee on June 15 th, Nicholas Mark Finegold was appointed Member of the Board of Directors on July 14 th, Board Member António Espírito Santo Silva Salgado passed away on November 21 st, Nigel Keith Purse left his position as Member of the Board of Directors and Member of the Executive Committee on November 30 th, Since February 1 st, Annual Report 2011

7 Fixed Income Carlos Ferreira Pinto (Portugal and Spain) Roberto Simões (BES Investimento do Brasil, S.A.) Krzysztof Rosa (Poland) Marcus Ashworth (Execution Noble Limited) Treasury Carlos Nogueira (Portugal) Roberto Simões (BES Investimento do Brasil, S.A.) Krzysztof Rosa (Poland) Capital Structure Advisory Cristina Frazão (Portugal and Spain) Global Loan Syndication Lucas Martínez Vuillier (United Kingdom) Thomas Friebel (United States) Global Markets Rui Borges de Sousa (Portugal) Martim Amaral Neto (Spain) Roberto Simões (BES Investimento do Brasil, S.A.) Krzysztof Rosa (Poland) Secondary Market - Equities João Baptista Pereira (Portugal and Spain) Rui Marques (BES Securities do Brasil, S.A.) Rodrigo Carvalho (Poland) Garreth Hodgson (United States) Dipesh Patel (Execution Noble Limited) Nick Paulson-Ellis (Espírito Santo Securities - India) José Martins Soares (Global Equity Research) Martin Dolan (Global Equity Research) Scott Evans (Global Equity Research) Asset Management Fernando Castro Solla (Portugal and Spain) Paulo César Werneck (BESAF BES Activos Financeiros, Lda.) Private Equity João Arantes e Oliveira (Espírito Santo Capital - Sociedade de Capital de Risco, S.A.) Reinsurance Neil Strong (Execution Noble Limited) Wealth Management Francisco Brant de Carvalho / José Carlos Mendes (Espírito Santo Serviços Financeiros DTVM) DEPARTMENTS Compliance Patrícia Salgado Goldschmidt Corporate Communication and Image Pedro Pereira Santos Accounting Pedro Ventaneira Delfina Mendes Information & Documentation Paula Ramalhete Information and Management Reporting Systems Pedro Ventaneira António Pacheco Information Technology Rui Trindade de Sousa Legal Patrícia Salgado Goldschmidt Operations Pedro Ventaneira João Pereira da Silva Organisational Resources José Gabriel Corporate Development José Pinto Basto Human Resources José Gabriel Aníbal Paçó Risk Credit Risk Analysis Filipa Schubeius Rui Brigantim Pereira Risk Risk Control Pedro Ventaneira Luís Pereira UNITS Project Management Office & Change Management Rui Trindade de Sousa Branches, Subsidiaries and Representative Office BRANCHES Spain Félix Aguirre Cabanyes Ricardo Domenech Zamora London Rafael Caldeira de Castel-Branco Valverde Aníbal Jorge Campos Paçó New York Moses Dodo Nuno David Fernandes Cardoso Poland Christian Georges Jacques Minzolini Rodrigo Ferreira Cunha Metelo Carvalho SUBSIDIARIES BES Investimento do Brasil, S.A. - Banco de Investimento (Brazil) Ricardo Abecassis Espírito Santo Silva BES Securities do Brasil, S.A. - Corretora de Câmbios e Valores Mobiliários (Brazil) Ricardo Abecassis Espírito Santo Silva BESAF - BES Activos Financeiros, Ltda. (Brazil) Ricardo Abecassis Espírito Santo Silva Espírito Santo Serviços Financeiros DTVM (Brazil) Ricardo Abecassis Espírito Santo Silva Espírito Santo Capital - Sociedade de Capital de Risco, S.A. (Portugal) Francisco Ravara Cary João Carlos Mendes Reis Arantes e Oliveira Espírito Santo Investment p.l.c. (Ireland) Tiago Vaz Pinto Cyrne de Castro John Patrick Andrew Madigan Execution Noble Limited (United Kingdom) Luís Miguel Pina Alves Luna Vaz Execution Noble (Hong Kong) Limited Luís Miguel Pina Alves Luna Vaz Espírito Santo Securities (India) Luís Miguel Pina Alves Luna Vaz Nick Paulson-Ellis REPRESENTATIVE OFFICE Mexico City Moses Dodo Hugo António Villalobos Velasco Espírito Santo Investment Bank 7

8 Executive Committee José Maria Espírito Santo Silva Ricciardi Chief Executive Officer (CEO), Vice-Chairman of the Board of Directors, Chairman of the Global Management Committee (Compliance, Legal, Human Resources, Organisational Resources and Information and Management Reporting Systems). Francisco Ravara Cary Deputy Chief Executive Officer, Vice-Chairman of the Board of Directors, Chief Financial Officer, Assets and Liabilities Committee (ALCO), Risk Policies Committee, Global Credit and Risk Management Committee, Europe Credit and Risk Management Committee, Operational Committee, (Treasury, Espírito Santo Capital Sociedade de Capital de Risco, S.A.). Rafael Caldeira de Castel-Branco Valverde Executive Vice-Chairman of the Board of Directors, Senior Country Officer for Portugal, Senior Country Officer for the United Kingdom, Chairman of the Portugal Geography Committee, (Portugal Client Origination, Acquisition Finance and Other Lending, Family Offices, London Branch, London Client Origination and Information & Documentation). Miguel António Igrejas Horta e Costa Executive Vice-Chairman of the Board of Directors (Corporate Communication and Image, Institutional Relations and Premium Clients). Ricardo Abecassis Espírito Santo Silva Executive Vice-Chairman of the Board of Directors, Senior Country Officer for Brazil, Chairman of Brazil Geography Committee, Joint Chairman of the Americas Credit and Risk Management Committee, (Wealth Management, BES Investimento do Brasil, S.A. Banco de Investimento and its subsidiaries, Brazil Client Origination). Christian Georges Jacques Minzolini Executive Board Member, Senior Country Officer for Poland, Chairman of the Poland Geography Committee, (Poland Branch, Espírito Santo Investment Sp. Z.o.o., Secretary General, Corporate Development and Poland Clients Origination). Diogo Luís Ramos de Abreu Executive Board Member (Capital Structure Advisory). 8 Annual Report 2011

9 Executive Board Member, Senior Country Officer for Spain, Chairman of the Spain Geography Committee (Spain Branch and Spain Client Origination). Executive Board Member, (Global Markets). Félix Aguirre Cabanyes Frederico dos Reis de Arrochela Alegria Executive Board Member, (Capital Markets Origination, Secondary Markets Equity, Fixed Income and Asset Management, Execution Noble Limited and its subsidiaries). Executive Board Member, Senior Country Officer for the United States, Chairman of the United States Geography Committee, Joint Chairman of the Americas Credit and Risk Management Committee (New York Branch, Representative Office Mexico City and Global Loan Syndication). Luís Miguel Pina Alves Luna Vaz Moses Dodo Paulo José Lameiras Martins Executive Board Member, (Corporate Finance and Mid-cap Financial Advisory). Tiago Vaz Pinto Cyrne de Castro Executive Board Member, Senior Country Officer for Ireland, Chief Risk Officer, Chief Operations Officer, (Risk - Risk Control and Credit Risk Analysis, Accounting, Operations, Information Technology, Project Management Office & Change Management, Operational Risk (included in the Compliance Department), Information and Management Reporting Systems and Espírito Santo Investment, p.l.c.). Espírito Santo Investment Bank 9

10 Senior Managing Directors with a seat on the Executive Committee Alan do Amaral Fernandes Project Finance and Securitisation (Global), Project Finance and Securitisation (Brazil), Acquisition Finance and Other Lending (Brazil). José Luís de Saldanha Ferreira Pinto Basto Corporate Development, Global Loan Syndication. Pedro Miguel Cordovil Toscano Rico Portugal Client Origination. 10 Annual Report 2011

11 Principles and Values Banco Espírito Santo de Investimento business is built upon the following set of Principles and Values: Ownership A strong identification with the Bank s mission and corporate values and a strong sense of belonging to a team, involving a firm commitment to being an active and participant member. Feel the Bank as his/her own, living intensely its successes and failures. Behave with a strong sense of responsibility in terms of performance and risks in relation to both the Bank and its Clients. Client Orientation Conquer, maintain and develop the Client s trust by means of a professional attitude, focusing on its needs and trying to exceed its expectations, by defining strategies to maximise value and establish a true partnership. Excellence Provide quality services and the potential that results from innovative and creative solutions. Constantly seek perfection by paying attention to the details and obtaining results that exceed expectations. People Orientation Behave towards employees with respect and dignity, giving them room for personal and professional realisation. Respect the knowledge, skills and individuality of every employee. Learning Organization An attitude of continuous learning and innovation, promoting the diversity of ideas and the sharing of information. A permanent search for greater knowledge, making the Bank a source of distinctive knowhow in the market. Passion to Win Show involvement and determination to keep growing, using exceptional levels of energy and motivation. Communication Demonstrate the ability to express opinions and points of view objectively and clearly at the same time as providing others with the space to express and affirm themselves. Enhance the value of information through assertiveness and active listening. Value a consistent, non-hierarchical open-door policy towards people at every level of the organisation, creating the appropriate level of transparency. Think and Act Internationally Be aware of global trends affecting business and informed of relevant business developments in a global context. Be able to assess and estimate how global events may impact local business and vice-versa, developing tasks in a global environment. Respect the differences between the regions where the Bank operates, guaranteeing the integrity of businesses. Ethics and Transparency Align corporate thought and behaviour to respond appropriately to the need for human solidarity and respect for human dignity. Respect regulations and implement corporate rules when developing businesses, always behaving in the best interests of the Bank. A high level of transparency in terms of annual reports, financial accounts and other corporate documents, ensuring that employees, shareholders, regulators, Clients and the market in general are provided with adequate information. Espírito Santo Investment Bank 11

12 Consolidated Financial Highlights Consolidated Income Statement (EUR thousand) % Restated Change Consolidated Banking Income 237, ,912 (8.1%) Fees and Commissions Income 131, ,743 (5.9%) Net Interest Income and Market Results 106, ,169 (10.7%) Total Operating Expenses (178,603) (137,836) 29.6% Staff Costs (109,218) (87,652) 24.6% General and Administrative Expenses (63,866) (46,741) 36.6% Depreciation and Amortisation (5,519) (3,443) 60.3% Operating Income 59, ,076 (51.0%) Impairment and Provisions (44,169) (38,602) 14.4% Non-controlling interests (212) (4,400) (95.2%) Profit before Income Tax 14,950 78,074 (80.9%) Income Tax (5,889) (17,699) (66.7%) Consolidated Net Profit 9,061 60,375 (85.0%) Consolidated Balance Sheet (EUR thousand) Restated % Change Assets Financial assets held for trading 1,977,051 2,012,802 (1.8%) - Securities 1,133,978 1,276,023 (11.1%) Available-for-sale financial assets 303, ,005 (56.4%) Loans and advances to banks 246, ,610 (33.8%) Loans and advances to costumers 2,257,945 2,244, % Held-to-maturity investments 727, , % Other assets 1,046, , % Total Assets 6,559,785 7,012,269 (6.5%) Equity and Liabilities Share Capital 226, , % Non-controlling interests 79,322 80,727 (1.7%) Total Equity 606, ,316 (3.5%) Financial liabilities held for trading 791, % Deposits from banks 2,452,209 2,313, % Due to costumers 859,247 1,338,765 (35.8%) Debt securities issued 1,299,619 1,172, % Other liabilities 550, ,874 (41.0%) Total Equity and Liabilities 6,559,785 7,012,269 (6.5%) 12 Annual Report 2011

13 Organisational Chart Board of Directors Executive Committee Project Management Office & Change Management Assets and Liabilities Committee Risk Policies Committee Credit and Risk Management Comittees Global Management Committee Operational Commitee Product Committees Geography Committees Client Origination Private Banking Product Divions Corporate Finance Mid-cap Financial Advisory Acquisition Finance and Other Lending Project Finance and Securitisation Capital Markets - Origination Fixed Income Treasury Capital Structure Advisory Global Loan Syndication Global Markets Equities Secondary Market Asset Management Departments Audit and Inspection (BES GROUP) Compliance Corporate Communication and Image Accounting Information and Documentation Information and Management Reporting Systems Information Technology Legal Operations Organisational Resources Corporate Development Human Resources Risk Espírito Santo Investment Bank 13

14 Rating In March 2011, Standard & Poor s (S&P) made two successive downgrades of the Republic of Portugal s long and short-term ratings, to BBB-/A3, with negative outlook (from A-/A-2). On December 5 th, 2011, S&P placed Republic of Portugal s ratings on CreditWatch negative, which were downgraded on January 13 th, 2012 to BB/B. In a press release issued in October 2011, Moody s announced the downgrade of BES Investimento do Brasil, S.A. s credit ratings to Ba2/Not Prime, from Ba1/Not Prime (long-term global local-currency deposit rating), and to Aa3.br/BR-1, from Aa2.br/BR-1 (long-term Brazilian national scale deposit rating). As a consequence, the ratings of the Portuguese banks were also revised downward, namely the long-term rating assigned to Banco Espírito Santo de Investimento, S.A., which on March 31 st, 2011 was lowered to BBB-, with negative outlook (from A-). On December 16 th, 2011, after revising its rating methodology for evaluating financial institutions, S&P downgraded the rating of Banco Espírito Santo de Investimento, S.A. to BB, placing it on CreditWatch negative in January 2012 to reflect the rating and outlook of the Republic of Portugal. On February 14 th, 2012, after the Banking Industry Country Risk Assessment revision, S&P downgraded the long-term rating of Banco Espírito Santo de Investimento S.A. to BB-, from BB, removing it from CreditWatch negative. The outlook remained negative. The agency reaffirmed the B short-term rating. With regard to the Bank s subsidiaries, in December 2011, S&P announced a downgrade of BES Investimento do Brasil, S.A. s credit ratings to BB/B, from BB+/B (global scale) and to braa/bra-1, from braa+/bra-1 (Brazilian local scale), both with negative outlook. The rating on the external debt issue in foreign currency was also lowered, to BB, from BB+, with negative outlook. Moody s also lowered the long-term foreign currency deposit rating to Ba2/Not Prime (from Ba1/Not Prime), the long-term foreign currency senior unsecured debt rating to Ba2/Not Prime (from Ba1/Not Prime), both with negative outlook, and the bank financial strength rating to D (from D+). These ratings downgrades reflected the downward revision of the parent company s risk profile following the downgrade of the Republic of Portugal s sovereign credit risk rating. Moody s report highlighted the recent expansion of the loan operations associated with investment banking activities, the good asset quality of the loan portfolio, and the satisfactory profitability ratios of BES Investimento do Brasil, S.A. as a result of the bank s fee-based operations, such as project finance and corporate finance. In a press release issued on February 16 th 2012, S&P announced the downgrade of BES Investimento do Brasil, S.A, s global scale credit ratings to BB-/B (from BB/B) and Brazilian national scale credit ratings to bra/bra-2 (from braa+/bra-1). This revision reflected the downgrades of BES Investimento do Brasil, S.A. s main shareholder ratings, which in turn resulted from the downgrade of the Republic of Portugal s sovereign credit risk rating. The stand-alone credit profile (SACP) of BES Investimento do Brasil, S.A. was left unchanged at BB, the same as that of its main shareholder. S&P based its rating on the company s adequate capitalisation, expertise, brand recognition in its key business segments, and adequate liquidity. 14 Annual Report 2011

Investment. 09 ESPÍRITO SANTO INVESTMENT Institutional Report

Investment. 09 ESPÍRITO SANTO INVESTMENT Institutional Report Investment 09 ESPÍRITO SANTO INVESTMENT Institutional Report Table of Contents VASCO ARAÚJO b. 1975, Portugal, Trabalhos para nada e as árvores morrem de pé, 2008, Wood, painted glass, tissue, b/w photo,

More information

X. INTERNATIONAL ECONOMIC DEVELOPMENT 1/

X. INTERNATIONAL ECONOMIC DEVELOPMENT 1/ 1/ X. INTERNATIONAL ECONOMIC DEVELOPMENT 1/ 10.1 Overview of World Economy Latest indicators are increasingly suggesting that the significant contraction in economic activity has come to an end, notably

More information

Consolidated Nine-month Report of Baader Bank AG as of 30 September 2012

Consolidated Nine-month Report of Baader Bank AG as of 30 September 2012 Consolidated Nine-month Report of Baader Bank AG as of 30 September 2012 Overview of key figures EARNINGS 1 Jan. - 30 Sept. 2012 1 Jan. - 30 Sept. 2011 Change % Net interest income thou. 4.06 4.66-13.0

More information

PRESS RELEASE 1H 2015

PRESS RELEASE 1H 2015 PRESS RELEASE 1H 2015 (Non-audited accounts) 31 August 2015 1. EVOLUTION OF BUSINESS AREAS 1.1. FINANCIAL AREA The Financial Area comprises all financial activities of the Group including Orey Financial

More information

The global economy Banco de Portugal Lisbon, 24 September 2013 Mr. Pier Carlo Padoan OECD Deputy Secretary-General and Chief Economist

The global economy Banco de Portugal Lisbon, 24 September 2013 Mr. Pier Carlo Padoan OECD Deputy Secretary-General and Chief Economist The global economy Banco de Portugal Lisbon, 24 September 213 Mr. Pier Carlo Padoan OECD Deputy Secretary-General and Chief Economist Summary of presentation Global economy slowly exiting recession but

More information

BANCO POPULAR PORTUGAL, S.A. 1,500,000,000 COVERED BONDS PROGRAMME

BANCO POPULAR PORTUGAL, S.A. 1,500,000,000 COVERED BONDS PROGRAMME FIRST SUPPLEMENT (dated 19 August 2015) to the BASE PROSPECTUS (dated 19 December 2014) BANCO POPULAR PORTUGAL, S.A. (incorporated with limited liability in Portugal) 1,500,000,000 COVERED BONDS PROGRAMME

More information

No. 1 BANK OF RUSSIA FOREIGN EXCHANGE ASSET MANAGEMENT REPORT. Moscow

No. 1 BANK OF RUSSIA FOREIGN EXCHANGE ASSET MANAGEMENT REPORT. Moscow No. 1 2015 FOREIGN EXCHANGE ASSET MANAGEMENT REPORT Moscow Bank of Russia Foreign Exchange Asset Management Report No. 1 (33) 2015 Reference to the Central Bank of the Russian Federation is mandatory in

More information

UPDATE ON CURRENT MACRO ENVIRONMENT

UPDATE ON CURRENT MACRO ENVIRONMENT 1 Oct 213 Macro & Strategy Equity Credit Commodities 13 13 #1 Global Strategy #1 Multi Asset Research #3 Global Economics #2 Equity Quant #2 Index Analysis #3 SRI Research 12 sector teams in the Top 1

More information

Oil, Russia and Greece, the leading market players

Oil, Russia and Greece, the leading market players Oil, Russia and Greece, the leading market players Banca March Market Strategy Team: Miguel Ángel García, Unit Director, Market Strategy Rose Marie Boudeguer, Service Director, Study Service Pedro Sastre,

More information

An outlook on the Spanish economy Official Monetary and Financial Institutions Forum (OMFIF), London

An outlook on the Spanish economy Official Monetary and Financial Institutions Forum (OMFIF), London 09.02.2016 An outlook on the Spanish economy Official Monetary and Financial Institutions Forum (OMFIF), London Luis M. Linde Governor I would like to thank OMFIF and Mr. David Marsh for the invitation

More information

Q3/2010 Interim report as of September 30, 2010

Q3/2010 Interim report as of September 30, 2010 Q3/2010 Interim report as of September 30, 2010 Overview of key figures 01.01.-30.09.2010 01.01.-30.09.2009 Change in % Net fee and commission income EUR million 25,89 27,03-4,2 Net trading income EUR

More information

Consolidated Quarterly Report of Baader Bank AG as at 31.03.2015

Consolidated Quarterly Report of Baader Bank AG as at 31.03.2015 Consolidated Quarterly Report of Baader Bank AG as at 31.03.2015 OVERVIEW OF KEY FIGURES RESULTS OF OPERATIONS Q1 2015 Q1 2014 Change in % Net interest income EUR thousand -95 869 >-100.0 Current income

More information

Haitong Investment Ireland p.l.c. Haitong Bank, S.A. Haitong Bank, S.A.

Haitong Investment Ireland p.l.c. Haitong Bank, S.A. Haitong Bank, S.A. SUPPLEMENTARY OFFERING CIRCULAR DATED 7 OCTOBER 2015 Haitong Investment Ireland p.l.c. (incorporated with limited liability in Ireland and formerly Espírito Santo Investment p.l.c.) Haitong Bank, S.A.

More information

Balance sheet structure absorbed adverse PSI+ effect

Balance sheet structure absorbed adverse PSI+ effect Full Year 2011 Results Participation in PSI+ 1 leads to additional impairment of Euro 3.2 billion Core Tier I at Euro 1.3 billion 2 post PSI+ related impairment Balance sheet structure absorbed adverse

More information

mr. M.G.F.M.V. Janssen Secretary to the Managing Board T: +31 20 557 52 30 I: www.kasbank.com

mr. M.G.F.M.V. Janssen Secretary to the Managing Board T: +31 20 557 52 30 I: www.kasbank.com Date: 27 August 2015 For information: mr. M.G.F.M.V. Janssen Secretary to the Managing Board T: +31 20 557 52 30 I: www.kasbank.com Growth of 20% in net result, excluding non-recurring items, to EUR 8.3

More information

PERSONAL RETIREMENT SAVINGS ACCOUNT INVESTMENT REPORT

PERSONAL RETIREMENT SAVINGS ACCOUNT INVESTMENT REPORT PENSIONS INVESTMENTS LIFE INSURANCE PERSONAL RETIREMENT SAVINGS ACCOUNT INVESTMENT REPORT FOR PERSONAL RETIREMENT SAVINGS ACCOUNT () PRODUCTS WITH AN ANNUAL FUND MANAGEMENT CHARGE OF 1% - JULY 201 Thank

More information

SECOND SUPPLEMENT. (dated 4 August 2014) to the BASE PROSPECTUS. (dated 16 January 2014) BANIF BANCO INTERNACIONAL DO FUNCHAL, S.A.

SECOND SUPPLEMENT. (dated 4 August 2014) to the BASE PROSPECTUS. (dated 16 January 2014) BANIF BANCO INTERNACIONAL DO FUNCHAL, S.A. SECOND SUPPLEMENT (dated 4 August 2014) to the BASE PROSPECTUS (dated 16 January 2014) BANIF BANCO INTERNACIONAL DO FUNCHAL, S.A. (incorporated with limited liability in Portugal) EUR 3,000,000,000 Covered

More information

PRESS RELEASE. Loyal customers grew by 1.2 million, to 13.8 million, and digitally active customers by 2.5 million, to 16.6 million.

PRESS RELEASE. Loyal customers grew by 1.2 million, to 13.8 million, and digitally active customers by 2.5 million, to 16.6 million. 2015 RESULTS Banco Santander delivers on its targets and earns EUR 5.966 million (+3%), with strong underlying performance of 13% based on increasing customer satisfaction and loyalty PRESS RELEASE In

More information

Financial Information

Financial Information Financial Information Solid results with in all key financial metrics of 23.6 bn, up 0.4% like-for like Adjusted EBITA margin up 0.3 pt on organic basis Net profit up +4% to 1.9 bn Record Free Cash Flow

More information

Why Treasury Yields Are Projected to Remain Low in 2015 March 2015

Why Treasury Yields Are Projected to Remain Low in 2015 March 2015 Why Treasury Yields Are Projected to Remain Low in 5 March 5 PERSPECTIVES Key Insights Monica Defend Head of Global Asset Allocation Research Gabriele Oriolo Analyst Global Asset Allocation Research While

More information

CONSOLIDATED RESULTS AS AT 30 JUNE 2012

CONSOLIDATED RESULTS AS AT 30 JUNE 2012 CONSOLIDATED RESULTS AS AT 30 JUNE 2012 THE IMPLEMENTATION OF THE PROJECT TO SIMPLIFY THE GROUP CORPORATE STRUCTURE CONTINUES, WITH POSITIVE EFFECTS ON CAPITAL AND SYNERGIES FURTHER IMPROVEMENT IN THE

More information

MAPFRE in 2014. Antonio Huertas. Presentation of Annual Results February 11, 2015. MAPFRE Chairman & CEO

MAPFRE in 2014. Antonio Huertas. Presentation of Annual Results February 11, 2015. MAPFRE Chairman & CEO MAPFRE in 2014 Presentation of Annual Results February 11, 2015 Antonio Huertas MAPFRE Chairman & CEO 2014 Results MAPFRE's results are excellent: 845 million euros in profits 2013 2014 % Consolidated

More information

Recent Developments and Outlook for the Mexican Economy Credit Suisse, 2016 Macro Conference April 19, 2016

Recent Developments and Outlook for the Mexican Economy Credit Suisse, 2016 Macro Conference April 19, 2016 Credit Suisse, Macro Conference April 19, Outline 1 Inflation and Monetary Policy 2 Recent Developments and Outlook for the Mexican Economy 3 Final Remarks 2 In line with its constitutional mandate, the

More information

Markit Global Business Outlook Survey

Markit Global Business Outlook Survey News Release EMBARGOED UNTIL: 00:01 (UK), 14 July 2014 Markit Global Business Outlook Survey Worldwide business confidence wanes Global optimism slips from two-year high Waning confidence centred on eurozone

More information

percentage points to the overall CPI outcome. Goods price inflation increased to 4,6

percentage points to the overall CPI outcome. Goods price inflation increased to 4,6 South African Reserve Bank Press Statement Embargo on Delivery 28 January 2016 Statement of the Monetary Policy Committee Issued by Lesetja Kganyago, Governor of the South African Reserve Bank Since the

More information

PRESS RELEASE. RESULTS 2014 Santander grows business in all markets and makes a profit of EUR 5.816 billion in 2014

PRESS RELEASE. RESULTS 2014 Santander grows business in all markets and makes a profit of EUR 5.816 billion in 2014 RESULTS 2014 Santander grows business in all markets and makes a profit of EUR 5.816 billion in 2014 In 2014, Santander continued to support its clients, growing loans by 5%. We did it with a sustained

More information

MACROECONOMIC OVERVIEW

MACROECONOMIC OVERVIEW MACROECONOMIC OVERVIEW MAY 20 Koç Holding CONTENTS Global Economy... 3 Global Financial Markets... 3 Global Economic Growth Forecasts... 3 Turkey Macroeconomic Indicators... Economic Growth... Industrial

More information

THE RETURN OF CAPITAL EXPENDITURE OR CAPEX CYCLE IN MALAYSIA

THE RETURN OF CAPITAL EXPENDITURE OR CAPEX CYCLE IN MALAYSIA PUBLIC BANK BERHAD ECONOMICS DIVISION MENARA PUBLIC BANK 146 JALAN AMPANG 50450 KUALA LUMPUR TEL : 03 2176 6000/666 FAX : 03 2163 9929 Public Bank Economic Review is published bi monthly by Economics Division,

More information

SUB: STANDARD CHARTERED PLC (THE "COMPANY") STOCK EXCHANGE ANNOUNCEMENT

SUB: STANDARD CHARTERED PLC (THE COMPANY) STOCK EXCHANGE ANNOUNCEMENT April 26, 2016 To, Ms. D'souza AVP, Listing Department National Stock Exchange of India Exchange Plaza Bandra Complex Bandra (East) 400 001 Limited SUB: STANDARD CHARTERED PLC (THE "COMPANY") STOCK EXCHANGE

More information

FIRST HALF 2015 RESULTS Santander made ordinary profit of EUR 3.426 billion, a 24% increase

FIRST HALF 2015 RESULTS Santander made ordinary profit of EUR 3.426 billion, a 24% increase FIRST HALF 2015 RESULTS Santander made ordinary profit of EUR 3.426 billion, a 24% increase PRESS RELEASE The first half results show the soundness and consistency of Banco Santander s business model.

More information

M&G Corporate Bond Fund

M&G Corporate Bond Fund Quarterly Review M&G Corporate Bond Fund Third quarter 2015 Fund manager Richard Woolnough Overview A general risk-off tone prevailed in the third quarter amid significant volatility in risk markets, driving

More information

The European and Spanish Economic Outlook: A Less Cloudy Global Scenario? Rafael Doménech BBVA Financial Institutions Conference

The European and Spanish Economic Outlook: A Less Cloudy Global Scenario? Rafael Doménech BBVA Financial Institutions Conference Economic Outlook Spain June 9 2016 The European and Spanish Economic Outlook: A Less Cloudy Global Scenario? Rafael Doménech BBVA Financial Institutions Conference The global economic scenario has improved

More information

Money market portfolio

Money market portfolio 1 Money market portfolio April 11 Management of Norges Bank s money market portfolio Report for the fourth quarter 1 Contents 1 Key figures Market value and return 3 3 Market risk and management guidelines

More information

2013 global economic outlook: Are promising growth trends sustainable? Timothy Hopper, Ph.D., Chief Economist, TIAA-CREF January 24, 2013

2013 global economic outlook: Are promising growth trends sustainable? Timothy Hopper, Ph.D., Chief Economist, TIAA-CREF January 24, 2013 2013 global economic outlook: Are promising growth trends sustainable? Timothy Hopper, Ph.D., Chief Economist, TIAA-CREF January 24, 2013 U.S. stock market performance in 2012 * +12.59% total return +6.35%

More information

Corticeira Amorim, S.G.P.S., S.A.

Corticeira Amorim, S.G.P.S., S.A. Corticeira Amorim, S.G.P.S., S.A. Annual General Meeting - 24 March 2014-12:00 a.m. Participation (statistics) Shareholders Member present in/or by Proxy Representing in the Share Capital Qt. % Companies

More information

EFN REPORT. ECONOMIC OUTLOOK FOR THE EURO AREA IN 2013 and 2014

EFN REPORT. ECONOMIC OUTLOOK FOR THE EURO AREA IN 2013 and 2014 EFN REPORT ECONOMIC OUTLOOK FOR THE EURO AREA IN 2013 and 2014 Autumn 2013 1 About the European ing Network The European ing Network (EFN) is a research group of European institutions, founded in 2001

More information

PRESS RELEASE. Ana Botín: Santander is well positioned to face the challenges. We will lead change GENERAL SHAREHOLDERS MEETING

PRESS RELEASE. Ana Botín: Santander is well positioned to face the challenges. We will lead change GENERAL SHAREHOLDERS MEETING PRESS RELEASE GENERAL SHAREHOLDERS MEETING Ana Botín: Santander is well positioned to face the challenges. We will lead change Banco Santander has room for growth within our customer base and in our ten

More information

Message from José Antonio Álvarez

Message from José Antonio Álvarez Message from José Antonio Álvarez 2014 was a year when the global economic situation improved, particularly in the developed economies, the hardest hit by the financial crisis. The financial situation

More information

Logwin AG. Interim Financial Report as of 31 March 2015

Logwin AG. Interim Financial Report as of 31 March 2015 Logwin AG Interim Financial Report as of 31 March 2015 Key Figures 1 January 31 March 2015 Earnings position In thousand EUR 2015 2014 Revenues Group 274,433 278,533 Change on 2014-1.5% Solutions 101,821

More information

EFN REPORT. ECONOMIC OUTLOOK FOR THE EURO AREA IN 2013 and 2014

EFN REPORT. ECONOMIC OUTLOOK FOR THE EURO AREA IN 2013 and 2014 EFN REPORT ECONOMIC OUTLOOK FOR THE EURO AREA IN 2013 and 2014 Summer 2013 1 About the European Forecasting Network The European Forecasting Network (EFN) is a research group of European institutions,

More information

Global Investment Trends Survey May 2015. A study into global investment trends and saver intentions in 2015

Global Investment Trends Survey May 2015. A study into global investment trends and saver intentions in 2015 May 2015 A study into global investment trends and saver intentions in 2015 Global highlights Schroders at a glance Schroders at a glance At Schroders, asset management is our only business and our goals

More information

The following is the text of an announcement made today by HSBC Bank Malta p.l.c., a 70.03 per cent indirectly held subsidiary of HSBC Holdings plc.

The following is the text of an announcement made today by HSBC Bank Malta p.l.c., a 70.03 per cent indirectly held subsidiary of HSBC Holdings plc. We only advise on our own life assurance, pensions and unit trusts The following is the text of an announcement made today by HSBC Bank Malta p.l.c., a 70.03 per cent indirectly held subsidiary of HSBC

More information

Monetary Policy Matters

Monetary Policy Matters Monetary Policy Matters February 26, 2015 by Mark Mobius of Franklin Templeton Investments This year we expect the divergence in monetary policy among the world s central banks to be a key theme and a

More information

Contents. Key points from the 2014 Q4 Survey 4. General economic environment 5. Market conditions and the economy 6. Cash flow and risk 9 M&A 11

Contents. Key points from the 2014 Q4 Survey 4. General economic environment 5. Market conditions and the economy 6. Cash flow and risk 9 M&A 11 The Deloitte CFO Survey 2014 Q4 Results 2 Contents Key points from the 2014 Q4 Survey 4 General economic environment 5 Market conditions and the economy 6 Cash flow and risk 9 M&A 11 A note on methodology

More information

PROJECTIONS FOR THE PORTUGUESE ECONOMY: 2015-2017. Box 1 Projection assumptions

PROJECTIONS FOR THE PORTUGUESE ECONOMY: 2015-2017. Box 1 Projection assumptions PROJECTIONS FOR THE PORTUGUESE ECONOMY: 2015-2017 Box 1 Projection assumptions Projections for the Portuguese economy: 2015-2017 7 Projections for the Portuguese economy: 2015-2017 1. Introduction Projections

More information

Consolidated Financial Results for the First Two Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP)

Consolidated Financial Results for the First Two Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Consolidated Financial Results for the First Two Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Name of Listed Company: Yokogawa Electric Corporation (the Company herein) Stock Exchanges

More information

5. Foreign Exchange Market

5. Foreign Exchange Market CBC Annual Report 5. Foreign Exchange Market Slight Appreciation of the NT Dollar On a daily average basis, the trade-weighted nominal effective exchange rate index of the NT dollar slightly increased

More information

28.10.2013. The recovery of the Spanish economy XVI Congreso Nacional de la Empresa Familiar/Instituto de la Empresa Familiar Luis M.

28.10.2013. The recovery of the Spanish economy XVI Congreso Nacional de la Empresa Familiar/Instituto de la Empresa Familiar Luis M. 28.10.2013 The recovery of the Spanish economy XVI Congreso Nacional de la Empresa Familiar/Instituto de la Empresa Familiar Luis M. Linde Governor Let me begin by thanking you for inviting me to take

More information

FINANCIAL REPORT - MARCH 2015

FINANCIAL REPORT - MARCH 2015 FINANCIAL REPORT - MARCH 2015 SUMMARY OF THE MACROECONOMIC INFORMATION The macroeconomic scenario Deflation in Europe, the USA well. The passage of years is very positive for the United States: the positive

More information

Banco Santander s profit rose 90% to EUR 4.370 billion in 2013

Banco Santander s profit rose 90% to EUR 4.370 billion in 2013 Press Release Banco Santander s profit rose 90% to EUR 4.370 billion in 2013 BUSINESS. Deposits were stable at EUR 607,836 million, while mutual funds grew by 14% to EUR 93,304 million. Loans decreased

More information

2012: Deeper into crisis or the long road to recovery?

2012: Deeper into crisis or the long road to recovery? 2012: Deeper into crisis or the long road to recovery? Bart Van Craeynest Hoofdeconoom Petercam Bart.vancraeynest@petercam.be 1 2012: crises looking for answers Global slowdown No 2008-0909 rerun Crises

More information

NN Group N.V. 30 June 2015 Condensed consolidated interim financial information

NN Group N.V. 30 June 2015 Condensed consolidated interim financial information Interim financial information 5 August NN Group N.V. Condensed consolidated interim financial information Condensed consolidated interim financial information contents Condensed consolidated interim

More information

Turkish Arab Economic Forum June 29, 2012. Mehmet Şimşek. Minister of Finance

Turkish Arab Economic Forum June 29, 2012. Mehmet Şimşek. Minister of Finance Turkish Arab Economic Forum June 29, 2012 Mehmet Şimşek Minister of Finance 1 Outline Turkey: Short Term Outlook Managing a Soft Landing Fallout from the Euro Crisis Turkey & MENA REBALANCING Growing ON

More information

Eurozone. EY Eurozone Forecast September 2013

Eurozone. EY Eurozone Forecast September 2013 Eurozone EY Eurozone Forecast September 213 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain Outlook for Finland

More information

Full year and fourth quarter 2014 results 1

Full year and fourth quarter 2014 results 1 Full year and fourth quarter results 1 Luxembourg, February 12, 2015 Highlights Health and Safety frequency rate 2 of 1.1x in compared to 1.3x in 2013. Shipments of 1,813 thousand tonnes in full year,

More information

Statistics Netherlands. Macroeconomic Imbalances Factsheet

Statistics Netherlands. Macroeconomic Imbalances Factsheet Macroeconomic Imbalances Factsheet Introduction Since the outbreak of the credit crunch crisis in 2008, and the subsequent European debt crisis, it has become clear that there are large macroeconomic imbalances

More information

Joint Economic Forecast Spring 2013. German Economy Recovering Long-Term Approach Needed to Economic Policy

Joint Economic Forecast Spring 2013. German Economy Recovering Long-Term Approach Needed to Economic Policy Joint Economic Forecast Spring 2013 German Economy Recovering Long-Term Approach Needed to Economic Policy Press version Embargo until: Thursday, 18 April 2013, 11.00 a.m. CEST Joint Economic Forecast

More information

Financial Highlights IFRS

Financial Highlights IFRS 1 1 st Quarter 2011 Highlights (vs 1st Quarter 2010): Group turnover grows by 25.5% EBITDA of 103.8 million, up by 43.3% Net profits of 51.4 million, up by 59.6% Net debts down by 75 million Net Debt /

More information

European Debt Crisis and Impacts on Developing Countries

European Debt Crisis and Impacts on Developing Countries July December 2011 SR/GFC/11 9 SESRIC REPORTS ON GLOBAL FINANCIAL CRISIS 9 SESRIC REPORTS ON THE GLOBAL FINANCIAL CRISIS European Debt Crisis and Impacts on Developing Countries STATISTICAL ECONOMIC AND

More information

Current account deficit -10. Private sector Other public* Official reserve assets

Current account deficit -10. Private sector Other public* Official reserve assets Australian Capital Flows and the financial Crisis Introduction For many years, Australia s high level of investment relative to savings has been supported by net foreign capital inflow. This net capital

More information

BANK OF ISRAEL Office of the Spokesperson and Economic Information. Report to the public on the Bank of Israel s discussions prior to deciding on the

BANK OF ISRAEL Office of the Spokesperson and Economic Information. Report to the public on the Bank of Israel s discussions prior to deciding on the BANK OF ISRAEL Office of the Spokesperson and Economic Information September 7, 2015 Report to the public on the Bank of Israel s discussions prior to deciding on the General interest rate for September

More information

Consolidated Half-year Report of Baader Bank AG as at 30 June 2015

Consolidated Half-year Report of Baader Bank AG as at 30 June 2015 Consolidated Half-year Report of Baader Bank AG as at 30 June 2015 OVERVIEW OF KEY FIGURES RESULTS OF OPERATIONS 01.01.-30.06.2015 01.01.-30.06.2014 Change in % Net interest income EUR thousand -100 1,017

More information

EAST AYRSHIRE COUNCIL CABINET 21 OCTOBER 2009 TREASURY MANAGEMENT ANNUAL REPORT FOR 2008/2009 AND UPDATE ON 2009/10 STRATEGY

EAST AYRSHIRE COUNCIL CABINET 21 OCTOBER 2009 TREASURY MANAGEMENT ANNUAL REPORT FOR 2008/2009 AND UPDATE ON 2009/10 STRATEGY EAST AYRSHIRE COUNCIL CABINET 21 OCTOBER 2009 TREASURY MANAGEMENT ANNUAL REPORT FOR 2008/2009 AND UPDATE ON 2009/10 STRATEGY Report by Executive Head of Finance and Asset Management 1 PURPOSE OF REPORT

More information

Postbank Group Interim Management Statement as of September 30, 2013

Postbank Group Interim Management Statement as of September 30, 2013 Postbank Group Interim Management Statement as of September 30, 2013 Preliminary Remarks Macroeconomic Development Business Performance Preliminary Remarks This document is an interim management statement

More information

No January 2013

No January 2013 GLOBAL FDI RECOVERY DERAILS No. 11 23 January 2013 HIGHLIGHTS Global foreign direct investment (FDI) inflows declined by 18% in 2012, to an estimated US$1.3 trillion (figure 1) a level close to the trough

More information

The Mexican Economy in the Global Economic Juncture

The Mexican Economy in the Global Economic Juncture Mr. Javier Guzmán Calafell, Deputy Governor, Banco de México Santander EM Day, Macro & Corporates Conference London, 7 June 2016 Outline 1 2 3 4 5 External Conditions Evolution of the Mexican Economy Inflation

More information

Global Financials Update April 13, 2012

Global Financials Update April 13, 2012 Global Financials Update April 13, 2012 Global Market Update After posting a fairly strong and consistent rally over much of the last six months, the global equity markets have changed course over the

More information

Check against delivery. Hans Dieter Pötsch Speech at the Annual Media Conference and Investor Conference on March 13, 2014.

Check against delivery. Hans Dieter Pötsch Speech at the Annual Media Conference and Investor Conference on March 13, 2014. Check against delivery Hans Dieter Pötsch Speech at the Annual Media Conference and Investor Conference on March 13, 2014 Part II Good morning, Ladies and Gentlemen, I, too, would like to wish you a very

More information

European perspective

European perspective Fiscal policy challenges from a European perspective Ludger Schuknecht Director General Economic and Fiscal Policy Strategy; International Economy and Finance Federal Ministry of Finance, Germany Banco

More information

Recent U.S. Economic Growth In Charts MAY 2012

Recent U.S. Economic Growth In Charts MAY 2012 Recent U.S. Economic Growth In Charts MAY 212 GROWTH SINCE 29 The Growth Story Since 29 Despite the worst financial crisis since the Great Depression and a series of shocks in its aftermath, the economy

More information

5 Comparison with the Previous Convergence Programme and Sensitivity Analysis

5 Comparison with the Previous Convergence Programme and Sensitivity Analysis 5 Comparison with the Previous Convergence Programme and Sensitivity Analysis 5.1 Comparison with the Previous Macroeconomic Scenario The differences between the macroeconomic scenarios of the current

More information

Project LINK Meeting New York, 20-22 October 2010. Country Report: Australia

Project LINK Meeting New York, 20-22 October 2010. Country Report: Australia Project LINK Meeting New York, - October 1 Country Report: Australia Prepared by Peter Brain: National Institute of Economic and Industry Research, and Duncan Ironmonger: Department of Economics, University

More information

State budget borrowing requirements financing plan and its background May 2013

State budget borrowing requirements financing plan and its background May 2013 Public Debt Department State budget borrowing requirements financing plan and its background May 2013 THE MOST IMPORTANT INFORMATION Monthly issuance calendar... 2 Record high level of foreign investors'

More information

No.21 17 NOVEMBER 2015

No.21 17 NOVEMBER 2015 No.21 17 NOVEMBER 2015 RECOVERY IN CROSS-BORDER MERGERS AND ACQUISITIONS HIGHLIGHTS Cross-border merger and acquisition (M&A) activity increased significantly in the first half of 2015, but may be slowing

More information

The spillover effects of unconventional monetary policy measures in major developed countries on developing countries

The spillover effects of unconventional monetary policy measures in major developed countries on developing countries The spillover effects of unconventional monetary policy measures in major developed countries on developing countries Tatiana Fic National Institute of Economic and Social Research Objective The objective

More information

THE POTENTIAL MACROECONOMIC EFFECT OF DEBT CEILING BRINKMANSHIP

THE POTENTIAL MACROECONOMIC EFFECT OF DEBT CEILING BRINKMANSHIP OCTOBER 2013 THE POTENTIAL MACROECONOMIC EFFECT OF DEBT CEILING BRINKMANSHIP Introduction The United States has never defaulted on its obligations, and the U. S. dollar and Treasury securities are at the

More information

Insurance corporations and pension funds in OECD countries

Insurance corporations and pension funds in OECD countries Insurance corporations and pension funds in OECD countries Massimo COLETTA (Bank of Italy) Belén ZINNI (OECD) UNECE, Expert Group on National Accounts, Geneva - 3 May 2012 Outline Motivations Insurance

More information

Box 1.1. Evolution of the sovereign bond yield spreads in the euro area in the context of the financial crisis

Box 1.1. Evolution of the sovereign bond yield spreads in the euro area in the context of the financial crisis International Environment Chapter 1 Box 1.1. Evolution of the sovereign bond yield spreads in the euro area in the context of the financial crisis The financial crisis, initiated in the summer of 2 on

More information

We also assign a D- bank financial strength rating (BFSR) to the bank. The rationale for this rating mirrors that for the BCA.

We also assign a D- bank financial strength rating (BFSR) to the bank. The rationale for this rating mirrors that for the BCA. Moody s Investors Service Ltd CREDIT OPINION MORTGAGE AND LAND BANK OF LATVIA Summary Rating Rationale In accordance with Moody s rating methodology for government-related issuers (GRIs), we assign A2/Prime-1

More information

DTZ Foresight Europe Fair Value Q1 2012 Germany and UK holding firm

DTZ Foresight Europe Fair Value Q1 2012 Germany and UK holding firm Germany and UK holding firm 29 May 2012 Contents Fair value highlights 2 Economic context 3 Market classifications 4 Office market forecasts 5 Retail market forecasts 6 Industrial market forecasts 7 Authors

More information

Consolidated Financial Results for the First Three Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP)

Consolidated Financial Results for the First Three Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Consolidated Financial Results for the First Three Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Name of Listed Company: Yokogawa Electric Corporation (the Company herein) Stock Exchanges

More information

Bank of America Merrill Lynch Banking & Insurance CEO Conference Bob Diamond

Bank of America Merrill Lynch Banking & Insurance CEO Conference Bob Diamond 4 October 2011 Bank of America Merrill Lynch Banking & Insurance CEO Conference Bob Diamond Thank you and good morning. It s a pleasure to be here and I d like to thank our hosts for the opportunity to

More information

TREASURY AND FEDERAL RESERVE FOREIGN EXCHANGE OPERATIONS

TREASURY AND FEDERAL RESERVE FOREIGN EXCHANGE OPERATIONS EMBARGOED: FOR RELEASE AT 4:00 P.M. EST, THURSDAY, FEBRUARY 10, 2011 TREASURY AND FEDERAL RESERVE FOREIGN EXCHANGE OPERATIONS October December 2010 During the fourth quarter of 2010, the U.S. dollar s

More information

2. The European insurance sector 1

2. The European insurance sector 1 2. The European insurance sector 1 As discussed in Chapter 1, the economic conditions in European countries are still fragile, despite some improvements in the first half of 2013. 2.1. Market growth The

More information

CIO Flash Revisions to our 2016 global outlook Jan 25, 2016

CIO Flash Revisions to our 2016 global outlook Jan 25, 2016 CIO Flash Revisions to our global outlook Jan 25, +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH The global macro picture:

More information

ECONOMIC BULLETIN. June 2015

ECONOMIC BULLETIN. June 2015 ECONOMIC BULLETIN June 2015 ECONOMIC BULLETIN June 2015 Lisbon, 2015 www.bportugal.pt ECONOMIC BULLETIN June 2015 Banco de Portugal Av. Almirante Reis, 71 1150-012 Lisboa www.bportugal.pt Edition Economics

More information

Explanation beyond exchange rates: trends in UK trade since 2007

Explanation beyond exchange rates: trends in UK trade since 2007 Explanation beyond exchange rates: trends in UK trade since 2007 Author Name(s): Michael Hardie, Andrew Jowett, Tim Marshall & Philip Wales, Office for National Statistics Abstract The UK s trade performance

More information

Consolidated Financial Report of Baader Bank AG for the Nine-Month Period ended 09/30/2015

Consolidated Financial Report of Baader Bank AG for the Nine-Month Period ended 09/30/2015 Consolidated Financial Report of Baader Bank AG for the Nine-Month Period ended 09/30/2015 KEY FIGURES FINANCIAL PERFORMANCE 01/01-09/30/2015 01/01-09/30/2014 Change in % Net interest income EUR 000 24

More information

The EMU and the debt crisis

The EMU and the debt crisis The EMU and the debt crisis MONETARY POLICY REPORT FEBRUARY 212 43 The debt crisis in Europe is not only of concern to the individual debt-ridden countries; it has also developed into a crisis for the

More information

Are we living in a Bond Bubble? Oliver Sinnott Fixed Income Strategist April 2014

Are we living in a Bond Bubble? Oliver Sinnott Fixed Income Strategist April 2014 Are we living in a Bond Bubble? Oliver Sinnott Fixed Income Strategist April 2014 Global Financial Crisis saw debt levels soar to highest since WWII Governments were too highly indebted to significantly

More information

JPMorgan Global Bond Fund. Global investing - A less volatile choice NEW. SFC-authorised global bond fund with RMB-hedged share classes*!

JPMorgan Global Bond Fund. Global investing - A less volatile choice NEW. SFC-authorised global bond fund with RMB-hedged share classes*! AVAILABLE FOR PUBLIC CIRCULATION NEW JPMorgan Global Bond Fund December 2015 Asset Management Company of the Year 2014 Fundamental Strategies, Asia + Important information 1. The Fund invests primarily

More information

Summary. Economic Update 1 / 7 May 2016

Summary. Economic Update 1 / 7 May 2016 Economic Update Economic Update 1 / 7 Summary 2 Global World GDP is forecast to grow only 2.4% in 2016, weighed down by emerging market weakness and increasing uncertainty. 3 Eurozone The modest eurozone

More information

Swiss Balance of Payments and International Investment Position 2014

Swiss Balance of Payments and International Investment Position 2014 Swiss Balance of Payments and International Investment Position 214 Swiss Balance of Payments and International Investment Position 214 Volume 1 Contents Page 1 Overview 4 Innovations 4 Changes in the

More information

IW Monetary Outlook December 2015

IW Monetary Outlook December 2015 IW policy paper 37/2015 Contributions to the political debate by the Cologne Institute for Economic Research IW Monetary Outlook December 2015 Weak Credit Growth Hinders Eurozone Inflation to Increase

More information

Greece Current trajectory & macroeconomic outlook

Greece Current trajectory & macroeconomic outlook Greece Current trajectory & macroeconomic outlook 2 η Διημερίδα Επίκαιρα Ζητήματα Φορολογικού Δικαίου 12-13 Δεκεμβρίου 2015 e-θέμις Dr. Platon Monokroussos Group Chief Economist Eurobank Ergasias S.A.

More information

Economic Outlook of Finland

Economic Outlook of Finland Economic Outlook of Finland Pentti Hakkarainen Deputy Governor 9 June 2011 1 2 Heading for stable monetary conditions 1865 1999 MARKKA joins silver standard EURO taken into use 3 Two roles of the Bank

More information

Be prepared Four in-depth scenarios for the eurozone and for Switzerland

Be prepared Four in-depth scenarios for the eurozone and for Switzerland www.pwc.ch/swissfranc Be prepared Four in-depth scenarios for the eurozone and for Introduction The Swiss economy is cooling down and we are currently experiencing unprecedented levels of uncertainty in

More information

Unaudited Financial Report

Unaudited Financial Report RECRUITING SERVICES Amadeus FiRe AG Unaudited Financial Report Quarter I - 2015 Temporary Staffing. Permanent Placement Interim Management. Training www.amadeus-fire.de Unaudited Amadeus FiRe Group Financial

More information

ECB Financial Stability Review

ECB Financial Stability Review Vítor Constâncio ECB Financial Stability Review May 214 28 May 214 Press conference presentation Rubric Recent developments Measures of banking system stress have eased further as banking union preparations

More information