Banco Santander Files Routine 6-K Report

TL;DR

Santander filed a 6-K, just a routine update, nothing major to see here.

AI Summary

On June 24, 2024, Banco Santander, S.A. filed a Form 6-K to report other relevant information. The filing does not contain specific financial figures or operational updates beyond its nature as a routine disclosure.

Why It Matters

This filing indicates that Banco Santander is adhering to its disclosure obligations with the SEC, providing transparency to investors about its ongoing reporting requirements.

Risk Assessment

Risk Level: low — The filing is a standard procedural report and does not contain any new material information that would impact the company's risk profile.

Key Players & Entities

• Banco Santander, S.A. (company) — Registrant
• 001-12518 (other) — SEC File Number
• 20240624 (date) — Filing Date

FAQ

Filing Documents

• dp213206_6k.htm (6-K) — 30KB
• image_001.gif (GRAPHIC) — 2KB
• image_003.jpg (GRAPHIC) — 16KB
• image_004.jpg (GRAPHIC) — 15KB
• 0000950103-24-008696.txt ( ) — 77KB

From the Filing

FORM 6-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of June, 2024 Commission File Number: 001-12518 Banco Santander, S.A. (Exact name of registrant as specified in its charter) Ciudad Grupo Santander 28660 Boadilla del Monte (Madrid) Spain (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: Form 20-F X Form 40-F Banco Santander, S.A. TABLE OF CONTENTS Item 1 Report of Other Relevant Information dated June 24, 2024 Item 1 Banco Santander, S.A. (“ Banco Santander ”), in compliance with the Securities Market legislation, hereby announces: OTHER RELEVANT INFORMATION The Bank of Spain has formally notified the new binding minimum requirement for own funds and eligible liabilities (“ MREL ”), both total and subordinated, for the resolution group headed by Banco Santander 1 (the “ Resolution Group ”), as determined by the Single Resolution Board (“ SRB ”). This notification (the “ current notification ”) replaces and supersedes the previously applicable notification which was announced as other relevant information on 18 May 2023 (CNMV registration number 22603) (the “ former notification ”). In accordance with the current notification, the Resolution Group must comply with the following MREL requirements 2 3 4 : 1 In accordance with the Multiple Point of Entry (“MPE”) resolution strategy of Grupo Santander as determined by the SRB: - the Resolution Group is composed of Banco Santander and its relevant subsidiaries belonging to the same resolution group, mainly the entities of the sub-groups headed by Santander Consumer Finance, S.A., Open Bank, S.A. and Santander Totta SGPS, S.A. (the “ Resolution Group ”); - a portion of the MREL requirement is calculated based on the intragroup exposures between the Resolution Group and the other resolution groups of Santander Group. 2 The current notification adjusts the current MREL requirement in terms of TREA set out in the former notification, with the aim of reflecting the Pillar 2 requirement of 1.50% of Banco Santander’s risk-weighted assets at an individual level, so such requirement becomes 29.69%, instead of the former 29.81%, and is applicable until 31 December 2024. The total MREL requirement in terms of LRE, the current Subordinated MREL requirement in terms of TREA, and the current Subordinated MREL requirement in terms of LRE remain unchanged and applicable until 31 December 2024. 3 The MREL requirement (“Total MREL”) is expressed as percentages of the Resolution Group’s total risk-weighted assets (Total Risk Exposure Amount, “TREA”) and of leverage exposure (Leverage Ratio Exposure, “LRE”) as of 31 December 2022. Within this Total MREL, a requirement which must be met through own funds and subordinated eligible liabilities (“Subordinated MREL”) has been determined. The MREL requirement in terms of TREA and the subordination requirement in terms of TREA do not include the applicable Combined Capital Buffer. The Combined Capital Buffer applicable on the TREA, in accordance with the applicable regulation and the supervisory criteria, is currently 4.09%. Total MREL requirement plus the Combined Capital Buffer applicable on the TREA is: (i) currently 33.78%; (ii) 36.48% as of 1 January 2025; and (iii) 37.68% as of 24 June 2025. 4 The new Total MREL requirements and the dates on which such requirements come into effect have been determined by the resolution authorities of Santander Group in application of an adjusted regime related to holdings of eligible liabilities instruments held in certain subsidiaries not belonging to the Resolution Group, in accordance with articles 72e(4) and 477a of Regulation (EU) 575/2013. For the sake of clarity, the date of 24 June 2025 results from the passing of twelve months from the date of receipt of the current notification, as determined by the SRB. As of 31 March 2024, the structure of own funds and eligible liabilities of the Resolution Group meets the requirements of Total MREL and Subordinated MREL 5 . Boadilla del Monte (Madrid), 24 June 2024 5 As of 31 March 2024, with 11 resolution groups: - The TREA total amount of the Resolution Group is EUR 417,458 million. - The LRE total amount of the Resolution Group is EUR 989,913 million. IMPORTANT INFORMATION Non-IFRS and alternative performance measures This document contains financial information prepared according to International Financial Reporting Standards (IFRS) and taken from our consolidated financial statements, as well as alternative performance measures (APMs) as defined in the Guidelines on Alternative Performan

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View this 6-K filing on SEC EDGAR