Company: BCDRF
Filing Date: 2025-03-03
Form Type: 6-K
Source: 0000891478-25-000057
Chunk: 91

Company: Banco Santander, S.A.
Filing Date: 2025-03-03
Form: 6-K
Chunk 91
---
         |     |    — |     |            |     |  1,459 |          |     |      — |         |     | — |            |     |   217 |          |     |     — |         |     |    — |
| Others                                                                                                           |     |            |     |  5,065 |          |     |      — |         |     |   — |            |     |    635 |          |     |     — |         |     |    — |     |            |     |  4,278 |          |     |      — |         |     | — |            |     |   687 |          |     |     — |         |     |    — |
| Total                                                                                                            |     |            |     | 73,536 |          |     | 26,384 |         |     | 403 |            |     | 11,417 |          |     | 4,227 |         |     |   60 |     |            |     | 47,490 |          |     | 21,194 |         |     | — |            |     | 7,621 |          |     | 3,799 |         |     |    — |

2024 Pillar 3 Disclosures Report 161

| Index |     | Introduction |     | Capital |     | Risks |     | Risk taker's remunerations |     | Appendices |

6.2.3. Risk inherent to the securitisation activity

Securitization offers advantages in terms of diversified funding sources and better risk management. However, it exposes investors to certain inherent risks, which are defined below. Santander is not exposed to any additional risk by acting as the originator or sole investor in a securitization. In fact, doing so it reduces liquidity risk by transforming illiquid assets (the loans originated) into liquid assets (securitization bonds).

•

#### Credit

#### risk
: the risk that borrowers will fail to meet their contractual obligations in due time and proper form, with the consequent impairment of the underlying assets backing the securitisation positions. Credit risk is assessed by external credit rating agencies, which assign ratings to the securitisation positions. For third-party positions Grupo Santander invests in, this credit risk is firstly assessed by external credit rating agencies, who assign ratings to the securitisation positions. At the Group, the maximum