The third point in my introductory slide was the strength of our balance sheet. Beginning with capital ratios, the quarter was a business as usual quarter. We closed it with the BIS II core capital ratio of 10.10%, was up eight basis points from the previous quarter, and that was attained by 18 basis points of organic capital generation, minus the negative impact of 10 basis points from exchange rate differences. As a result, we have stabilized our core ratio at over 10%, which we reached at the end of 2011. In EBA terms, we have gone up to 9.11%, which is well above the minimum requirement for June.As for liquidity, the group has improved the excellent position with which it closed 2011. There were two drivers behind this. On one hand, deleveraging has continued in some markets, as mentioned, especially the Eurozone, mainly Spain, while our commercial gap shrunk by €11 billion in the quarter, which has put us within the target we announced in the last presentation, covering (audio gap) policy, supported by our wide and diversified access to wholesale markets.
Banco Santander's CEO Discusses Q1 2012 Results - Earnings Call Transcript
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