DEPOSIT GUARANTEE FUND FOR CREDIT COOPERATIVE BANKS
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1 DEPOSIT GUARANTEE FUND FOR CREDIT COOPERATIVE BANKS FONDO DE GARANTÍA DE DEPÓSITOS EN COOPERATIVAS DE CRÉDITO REPORT FOR THE YEAR COMPRISING THE PERIOD 1 JANUARY 2011 TO 15 OCTOBER 2011 Approved by the Management Committee as of December 7, 2011 and presented to their members and to Banco de España 1
2 This document is a partial translation of the Spanish original and it has been prepared for the convenience of readers and in the event of ambiguity, the Spanish text will prevail. The Spanish Version can be downloaded from the web site ( or can be requested to: Fondo de Garantía de Depósitos en Cooperativas de Crédito José Ortega y Gasset, Madrid España 2
3 TABLE OF CONTENTS Pages DIRECTORS REPORT 5 ANNUAL ACCOUNTS 11 Balance sheet 11 Profit and Loss account 13 Statement of changes in equity 14 Cash flow statement 15 INDEPENDENT AUDITORS REPORT 16 3
4 ANNUAL ACCOUNTS MANAGEMENT RESPONSIBILITY FOR FINANCIAL REPORTING Under the article 2.º - 4 b) of Royal Decree 2606/1996, of December 20, the Management Committee is competent to approve the accounts that the Deposit Guarantee Fund for Credit Cooperative Banks must submit each year to their members and to Banco de España. In fulfillment of those rules, on 28 November 2011 are formulated the balance sheet, the income statement,, the statement of changes in equity, the statement of cash flows and the related notes, that together with the Directors Report, offer information about the activities performed during the period 1 January, 2011 to 15 October, 2011, present fairly the financial position the equity and the financial situation of the Deposit Guarantee Fund for Credit Cooperative Banks, the results of its management and the source and allocation of funds, information that is enlarged with data regarding previous exercises. 4
5 DEPOSIT GUARANTEE FUND FOR CREDIT COOPERATIVE BANKS DIRECTORS REPORT FOR THE YEAR COMPRISING THE PERIOD 1 JANUARY 2011 TO 15 OCTOBER 2011 Period 1. On 15 October 2011, Royal Decree Law 16/2011, of 14 October, whereby the Deposit Guarantee Fund for Credit Institutions was created, came into effect and declared the dissolution of the three Deposit Guarantee Funds that existed up until now (the Deposit Guarantee Fund for Savings Banks, the Deposit Guarantee Fund for Banking Establishments and the Deposit Guarantee Fund for Credit Coperative Banks), whose assets will be covered by the new Deposit Guarantee Fund for Credit Institutions which subrogates to all the rights and obligations of the former. As a result of the dissolution of the Deposit Guarantee Fund for Credit Cooperative Banks, the year 2011 shall be understood to comprise the period 1 January to 15 October Activity carried out during the year 2. The management and administration of the Deposit Guarantee Fund for Credit Cooperative Banks (FGDCC) during 2011 has been carried out in accordance with the contract for the supply of management and administration services signed on 29 June 2000 with the Managing Company of Deposit Guarantee Funds in Credit Institutions, A.I.E., and has centred on the action and guidelines followed in recent years in relation to: Management of equity not committed to any operations comprising its objects, through the investment in public debt. Total investments have amounted to 539,591.5 thousand euros, and total disinvestments 468,130.5 thousand euros. Financial income shows a return of 13,436.4 thousand euros, which, on an average investment of 601,100 thousand euros, shows a yield of 2.23%. Financial management, together with other financial income and expenses, has reflected a profit of 13,452.9 thousand euros, 1,375.7 thousand euros higher than the previous year due to the average increase in investments. Other action worthy of mention is the action necessary for the preparation of management commissions and the material execution of decisions adopted and analysis at coverage level of the FGDCC according to its equity. 3. Article 2.4 of Royal Decree-law 9/2009, of June 26, on banking restructuring and credit institution equity reinforcement which, among other things, creates the Fund for Orderly Bank Restructuring, establishes the obligation for the three Deposit Guarantee Funds (for Banking Establishments, Savings Banks and Credit Cooperatives Banks) to endow the FROB with 2,250 million, which will be allocated among them according to the percentage that the deposits in their respective adhered entities amount over the total deposits in all credit institutions at the end of The percentage corresponding to the FGDCC amounts to 8.12%, which represented in 2009 a disbursement of 182,734 thousand euros. 5
6 Given that the results obtained at 15 October 2011 as per the financial statements have been positive but do not coincide with those relating to the year ended 31 December, the value of the participation in FROB has not been altered. 4. The Resolution of the Ministry of Economy of August 1, 2002, issued in accordance with paragraph 3, article 74 of Law 24/2001, of December 27, on Tax, Administrative and Labour Matters, fixed the contributions payable by the Investment Guarantee Fund and the Deposit Guarantee Funds as a percentage of the total compensation to be paid by them due to the non-fulfilment by investment firms of their reimbursement and restitution obligations of the cash and securities deposited by investors, respectively, before the entry into force of the above mentioned Law 24/2001. By virtue of the above mentioned Resolution of the Ministry of the Economy, the percentage distribution of compensation payable to affected investors between the Investment Guarantee General Fund and the Deposit Guarantee Funds has been established as follows: Deposit Guarantee Fund for Banking Establishments % Deposit Guarantee Fund for Savings Banks % Deposit Guarantee Fund for Credit Cooperative Banks % Investment Guarantee General Fund % The total amount of compensation estimated by the Managing Company of the Investment Guarantee Fund, Gestora del Fondo General de Garantía de Inversiones, S.A., amounts to 79.7 million euros, 3.9 million of which relates to the Deposit Guarantee Fund for Credit Cooperative Banks. In the current year, 2.8 thousand euros have been paid. At the closing date of these annual accounts, the amount of outstanding compensation assumed by the FGDCC amounts to 0.3 million euros. As a result of the global agreement with those affected by the entity AVA, Asesores de Valores, A.V., SA, within the legal proceedings instigated with the National High Court (Audiencia Nacional), which resulted in plea bargaining, thousand euros have been recovered. The analysis carried out on the basis of the information provided by the Investment Guarantee General Fund with respect to the maximum foreseeable amounts to cater for with respect to the proceedings relating to the above entity and Gescartera Dinero A.V., SA has permitted the payment provision to be reduced by thousand euros. Integrated entities and contributions 5. At the beginning of the year 2010 there were 82 Spanish and non-eu banks adhered to the FGDCC. A list of the adhered entities was published in the Spanish State Official Gazette (issue 92) on April 18, 2011, as required by Royal Decree 2606/
7 At 15 October 2011, there were 80 integrated entities, one entity having adhered to the FGDCC and three entities having withdrawn as a result of being absorbed. The listed of entities adhered to the FGDCC is set out in Appendix I to this report. 6. The Order of the Ministry of Economy 2801/2003, of October 3, published on October 15, 2003, established the contributions to be made to the Deposit Guarantee Fund for Credit Cooperative Banks by the adhered entities. These contributions were fixed at 0.8 of the calculation basis established in articles 3 and 4 of Royal Decree 2606/1996, as amended by Royal Decree 948/2001, on investor compensation schemes. Banco de España, according to the legal framework in force, does not have to make contributions. The contributions of the entities were disbursed on February 28, 2011 and have amounted to 61,305.1 thousand euros, with an increase of thousand euros and a 1.5% on the preceding year. Of the total amount recovered, 99.8% corresponds to guaranteed deposits and 0.2% to guaranteed transferable securities and financial instruments. 7. On 4 June 2011, Royal Decree 771/2011, of 3 June, amending Royal Decree 2606/1996 and establishing additional contributions according to the deposits that the adhered entities obtain at interest rates higher than those published to this effect on a quarterly basis by the Bank of Spain, was published. At 15 October 2011, the first declarations relating to the additional contributions had still not been presented by the entities. Guaranteed deposits and equity coverage 8. Royal Decree 628/2010, of may 14th, was published on June 2nd, 2010, modifying both Royal Decree 2606/1996, of December 20th, with respect to deposit guarantee funds in credit entities, and Royal Decree 948/2001, of August 3rd, regarding investor compensation systems, establishing a maximum guaranteed deposit amount of 100,000 euros apart from any securities and other financial instruments that investors may have entrusted the credit entity, which will also be guaranteed up to a limit of 100,000 euros. 7
8 9. The evolution of aggregate guaranteed deposits in the last years has been as follows, euros in millions: Year Deposits and securities insured Contributions calculation bases Deposits and securities covered % coverage , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , Since 31 December 2001, amounts in respect of guaranteed deposits and securities include the amount of guaranteed securities and financial instruments and the calculation basis for the contributions includes cash deposits and 5% of securities and financial instruments. In 2011, the non-committed equity fund represents a coverage of 0.82% of the calculation basis for the contributions. Pursuant to the provisions of Article 3.4 of Royal Decree 2606/1996, when the equity of FGDCC reaches 1% of the calculation basis for the contributions, the contributions will cease. Assistance granted 10. During the year no new assistance has been granted to credit cooperative banks. 8
9 Financial situation 11. Available financial resources have increased by 73,441 thousand euros (62,345.5 thousand euros increase in 2010), mainly due to contributions totalling 61,305.1 thousand euros received from the adhered entities. In compliance with Article 3.7 of Royal Decree 2606/1996, which establishes that the non-committed equity of the FGDCC shall be invested in public debt or other assets with high liquidity and low risk, the resources have been invested in public debt. At the year-end, financial investments in public debt were distributed as follows: 70% to Treasury Bills and 30% to Government bonds and debentures. The weighted average maturity is 0.6 years. 12. Financial resources at year end were 628,394.6 thousand euros and represented 70% of total assets and 78% of capital equity. Profit/(loss) for the year and equity 13. The profit (loss) for the year shows the next figures, Euros in thousands: Items Operating Financial Total Income... 62, , ,789.8 Expense... (209.8) -- (209.8) TOTAL... 62, , , has closed with a surplus of thousand euros (65,928.8 thousand euros in 2010) representing an increase of 14.6%. Worthy of mention is income totalling 61,305.1 thousand euros from the contributions by adhered entities, which represent 81.1% of the surplus for the year. 14. Considering the profit for the year comprising the period 1 January to 15 October 2011, the capital equity amounts to 804,850.5 thousand euros at October 15, 2011 (730,969.7 thousand euros at 2010), up 10.1% over the opening balance. 9
10 Financial economic control Court of Auditors 15. The statements relating to the accounts and contracts relating to 2010, which will be included in the relevant annual report, have been submitted to the Court of Auditors. External audit 16. The report for the year comprising the period 1 January 2011 to 15 October 2011 prepared by PricewaterhouseCoopers Auditores, S.L., is attached. Management Committee 17. During 2011 Mr Dimas Rodriguez Rute was appointed as a full member, while Mr Jose María Quirós Rodríguez was relieved of his duties. He has been appointed as substitute member for Mr F. Francisco Monzón Munguía while Mr Luis Lorenzo Olmeda was relieved of his duties. Mr Javier Ramírez Arceo has been reappointed as substitute member. 10
11 DEPOSIT GUARANTEE FUND FOR CREDIT COOPERATIVE BANKS BALANCE SHEET AT 15 OCTOBER 2011 AND 31 DECEMBER 2010 Thousand euros ASSET NON CURRENT ASSET Long term investments (related companies) , , Equity Instruments , ,899.4 Long term financial investments... 48, , Debt securities (Goverment bonds)... 48, ,616.5 Total activo no corriente , ,515.9 CURRENT ASSET Short term financial investments , , Debt securities (Treasury bills) , , Debt securities (Government bonds) , , Interest receivable on financial investments... 9, ,980.4 Cash and others liquid assets... 1, ,224.1 Total current assets , ,415.6 TOTAL ASSET , ,
12 DEPOSIT GUARANTEE FUND FOR CREDIT COOPERATIVE BANKS BALANCE SHEET AT 15 OCTOBER 2011 AND 31 DECEMBER 2010 Thousand euros FUND BALANCE AND LIABILITIES FUND BALANCE Equity - Retained earnings , , Surplus of the year... 75, , Valuation adjustments ,236.8 Total fund balance , ,969.7 NON CURRENT LIABILITIES Long term provisions - Indemnities for legal prescription (Article 74, 24/2001 Law) Pension and other post-employment benefit obligations Total non current liabilities CURRENT LIABILITIES Accounts payable - Liabilities with related companies Other debts Total current liabilities TOTAL LIABILITIES TOTAL FUND BALANCE AND LIABILITIES , ,
13 DEPOSIT GUARANTEE FUND FOR CREDIT COOPERATIVE BANKS PROFIT AND LOSS ACCOUNT FOR THE YEAR COMPRISING THE PERIOD 1 JANUARY 2011 TO 15 OCTOBER 2011 AND THE YEAR ENDED 31 DECEMBER 2010 Thousand euros CONTINUING OPERATIONS Income... 62, , Annual contributions from adhered entities... 61, , Provisioning expenses (net)... 1, Operating expenses... (209.7) (357.6) Operating results... 62, ,019.2 Financial income... 13, , Treasury bills... 7, , Government bonds... 6, , Other financial income Financial result... 13, ,077.2 Surplus from continued operations... 75, ,096.4 Impairment of FROB investment (6,167.6) PROFIT (LOSS) FOR THE YEAR... 75, ,
14 DEPOSIT GUARANTEE FUND FOR CREDIT COOPERATIVE BANKS STATEMENTS OF RECOGNISED INCOME AND EXPENSE FOR THE YEAR 1 JANUARY 2011 TO 15 OCTOBER 2011 AND THE YEAR ENDED 31 DECEMBER 2010 During the year comprising the period 1 January 2011 to 15 October 2011 and the year ended 31 December 2010, no income or expense items have been recognised directly in equity other than those stated on the profit and loss account and the adjustment relating to the valuation of the financial investments. TOTAL STATEMENTS OF CHANGES IN EQUITY FOR THE YEAR COMPRISING THE PERIOD 1 JANUARY 2011 TO 15 OCTOBER 2011 AND THE YEAR ENDED 31 DECEMBER 2010 Thousand euros Items BALANCE AT BEGINNING , ,789.4 Annual contributions... 61, ,376.8 Operating expenses... (209.7) (357.6) Financial results... 13, ,077.2 Impairment FROB Investment (6,167.6) Provisioning expenses (net)... 1, Surplus of the year... 75, ,928.8 Unrealized gains on available-for-sale investment... (1,699.2) (9,748.5) INCREASE (DECREASE) IN EQUITY... 73, ,180.3 BALANCE AT 2011 YEAR END , ,
15 DEPOSIT GUARANTEE FUND FOR CREDIT COOPERATIVE BANKS CASH FLOW STATEMENTS FOR THE YEAR COMPRISING THE PERIOD 1 JANUARY 2011 TO 15 OCTOBER 2011 AND THE YEAR ENDED 31 DECEMBER 2010 INDIRECT METHOD Thousand euros Profit or loss for the year 75, , Adjustment to achieve cash flow from operating activities (4,245.1) 7,950.5 Provisioning expense (net) 439.7) - Losses (net) by assets impairment - 6,167.6 Financial Income (3,763.9) 1,782.9 Other ( 41.6) - Net increase (decrease) on operating activities ( 78.5) 12.6 Other operating liabilities ( 78.5) 12.6 CASH PROVIDED BY OPERATING ACTIVITIES 71, ,891.9 Financial investments variation (71,461.0) (73,190.0) CASH USED BY INVESTING ACTIVITIES (71,461.0) (73,190.0) NET INCREASE (DECREASE) IN CASH OR EQUIVALENT (204.6) CASH OR CASH EQUIVALENTS AT THE BEGINNIG OF THE YEAR 1, CASH OR CASH EQUIVALENTS AT THE END OF THE YEAR 1, ,224.1 DIRECT METHOD OPERATING ACTIVITIES Thousand euros Annual contributions... 61, ,376.8 Financial income... 10, ,853.4 Operating expense... (290.9) (335.6) Other items (Net) (2.7) Cash provided by operating activities... 71, ,891.9 INVESTING ACTIVITIES Financial disinvestments ,580,2 322,333.2 Financial investments... (539,591.5) (395,523.2) Cash used by investing activities... (72,011.3) (73,190.0) Net increase (decrease) in cash or equivalents... (204.6) CASH OR CASH EQUIVALENTS AT THE BEGINNIG OF THE YEAR 1, CASH OR CASH EQUIVALENTS AT THE END OF THE YEAR... 1, ,
16 INDEPENDENT AUDITORS REPORT 16
17 This version of our report is a free translation of the original, which was prepared in Spanish. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence over this translation AUDITORS REPORTS ON THE ANNUAL ACCOUNTS To the Comisión Gestora de Fondo de Garantía de Depósitos en Cooperativas de Crédito at the request of the Management of Sociedad Gestora de los Fondos de Garantía de Depósitos en Entidades de Crédito, A.I.E., 1. We have audited the annual accounts of Fondo de Garantía de Depósitos en Cooperativas de Crédito, consisting of the balance sheet at October 15, 2011, the profit and loss account, the statement of changes in equity, the cash flow statement and the notes to the accounts for the year comprising the period January 1, 2011 to October 15, The Management of Sociedad Gestora de los Fondos de Garantía de Depósitos en Entidades de Crédito, A.I.E., is responsible for the preparation of the annual accounts of Fondo de Garantía de Depósitos en Cooperativas de Crédito, in accordance with the financial reporting framework applicable to the Fund (as identified in Note 2 to the accompanying accounts) and, in particular, with the accounting principles and criteria contained therein. Our responsibility is to express an opinion on the annual accounts, taken as a whole, on the basis of the work performed. Except for the effects of the matters described in paragraph 2, below, the work has been carried out in accordance with the legislation governing the audit of accounts in Spain which requires the examination, on a test basis, of evidence supporting the accounts and an evaluation of whether their presentation, the accounting principles applied and estimates made, are in accordance with the applicable reporting framework. 2. As indicated in Note 6, the Fondo de Garantía de Depósitos en Cooperativas de Crédito maintains a participation recorded under long-term Investments in Group companies, in the attached balance sheet at October 15, 2011, for a gross amount of 182,734.0 thousand euros with an impairment totalling 6,167.6 thousand euros. At the date of issuing this Report, we have not been provided with updated audited financial information and we have not been able to perform alternative procedures which permit us to conclude on the fair value of the above participation at October 15, As a result, we have not have sufficient information which has enabled us to verify the reasonableness of the impairment on the participation recorded on the attached balance sheet at October 15, 2011 of Fondo de Garantía de Depósitos en Cooperativas de Crédito. 3. In our opinion, except for the effects of any adjustment that might have been needed had we been able to verify the information indicated in paragraph 2, above, the accompanying accounts for the year comprising the period January 1, 2011 to October 15, 2011 give, in all material respects, a true and fair view of the state of affairs and financial position of Fondo de Garantía de Depósitos en Cooperativas de Crédito at October 15, 2011, and the results of its operations and cash flows for the year comprising the period January 1, 2011 to October 15, 2011, in accordance with the applicable financial reporting framework and, in particular, with the accounting principles and criteria included therein. 4. Without qualifying our audit opinion, we draw attention to the contents of Note 1 which indicates that on October 15, 2011, Royal Decree-Law 16/2011, of 14 October, whereby the Fondo de Garantía de Depósitos en Entidades de Crédito was created, came into effect. Article 2 of the above Royal Decree-Law declares the dissolution of the Fondo de Garantía de Depósitos en Cajas de Ahorros, Fondo de Garantía de Depósitos en Establecimientos Bancarios and Fondo de Garantía de Depósitos en Cooperativas de Crédito whose assets are covered by the Fondo de Garantía de Depósitos en Entidades de Crédito, which subrogates to all the rights and obligations of the former. Within this context, the Management of Sociedad Gestora de los Fondos de Garantía de Depósitos en Entidades de Crédito, A.I.E., has prepared the attached annual accounts for the Fondo de Garantía de Depósitos en Cooperativas de Crédito for the year comprising the period January 1, 2011 to October 15, 2011, date of its dissolution. As a result, this fact should be taken into account when comparing the figures stated on the accounts for the year January 1, 2011 to October 15, 2011 to the figures states on the accounts for 2010 which are presented for comparative purposes. 5. The accompanying Directors Report for the year comprising the period January 1, 2011 to October 15, 2011 contains such explanations which the Management of Sociedad Gestora de los Fondos de Garantía de Depósitos en Entidades de Crédito, A.I.E., considers appropriate on the situation of Fondo de Garantía de Depósitos en Cooperativas de Crédito, the development of business and other matters and does not form an integral part of the accounts for the year comprising the period January 1, 2011 to October 15, We have checked that the accounting information contained in the above Directors Report agrees with the accounts for the year comprising the period January 1, 2011 to October 15, The scope of our work as auditors is limited to checking the Directors Report to the extent set out in this paragraph and does not include the review of information not derived from the accounting records of Fondo de Garantía de Depósitos en Cooperativas de Crédito. PricewaterhouseCoopers Auditores, S.L. Original in Spanish signed by Jose Ángel Díez Ruiz de Azúa Audit Partner November 29, 2011 PricewaterhouseCoopers Auditores, S.L., Paseo de la Castellana, 259 B, Madrid, España T: F: , R. M. Madrid, hoja , folio 75, tomo 9.267, libro 8.054, sección 3ª. Inscrita en el R.O.A.C. con el número S CIF: B
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