Banco Santander, S.A. Management Discusses Q2 2012 Results - Earnings Call Transcript

With regards to liquidity, the group remains a solid liquidity position, basically for 2 drivers. On the one hand, deleveraging in some markets, mainly Spain and Portugal, where we have reduced the commercial gap by EUR 12 billion in this first half of the year, partly from the fall in lending and partly from growth in deposits, mainly in the retail networks. On the other hand, we maintained a very conservative policy in issuance backed by our wide and diversified access to wholesale markets through 10 units with issuing capacity, which include the parent bank and the group's main subsidiaries. This enabled us to issue more than EUR 16 billion medium and long term via the U.K., Latin America and Spain, placing in the market EUR 9.4 billion in securitizations. And the situation is reflected in the loan-to-deposit ratio, which remains at below 120%, which, remember, was around 150% at the start of the crisis. And we have a medium and long-term financing ratio of 115%.

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