Company: BCDRF
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260533
Chunk: 120

Company: Banco Santander, S.A.
Filing Date: 2025-10-31
Form: 424B5
Chunk 120
---
 any time at their early redemption amount, together with accrued but unpaid interest up to (but excluding) the date of redemption, upon or following the occurrence of a TLAC/MREL Disqualification Event. The early redemption of the senior non preferred debt securities may be subject to the prior consent of the Relevant Resolution Authority if and as required under Applicable Banking Regulations and may only take place in accordance with Applicable Banking Regulations in force at the relevant time. Article 78a of CRR provides that the redemption of MREL eligible liabilities (such as the senior non-preferreddebt securities) prior to the date of their contractual maturity is subject to the prior permission of the resolution authority. Such consent will be given only if one of the following conditions is met:

| i. | earlier than or at the same time of such redemption, the institution replaces the eligible liabilities                                                                 
 instruments with own funds or eligible liabilities instruments of equal or higher quality at terms that are sustainable for the income capacity of the institution; or |

| ii. | the institution has demonstrated to the satisfaction of the resolution authority that the own funds and                                                                                                                                            
 eligible liabilities of the institution would, following such redemption, exceed the requirements laid down in the CRD IV and the BRRD by a margin that the resolution authority in agreement with the competent authority considers necessary; or |

| iii. | the institution has demonstrated to the satisfaction of the resolution authority that the partial or full                                                                              
 replacement of eligible liabilities with own funds instruments is necessary to ensure compliance with the own funds requirements laid down in the CRD IV for continuing authorization. |

It is not possible to predict whether any further change in the laws or regulations of Spain, Applicable Banking Regulations or in the application or official interpretation thereof will occur and so lead to the circumstances in which Banco Santander is able to elect to redeem the senior non preferred debt securities, and if so whether or not Banco Santander will elect to exercise such option to redeem the senior non preferred debt securities or any prior consent of the Relevant Resolution Authority, if required, will be given. Risks Related to the Subordinated Debt Securities Banco Santander’s obligations under the subordinated debt securities of any series are subordinated to existing and future senior indebtedness. Banco Santander’s obligations under the subordinated debt securities of any series will be unsecured and subordinated and will rank junior in priority of payment to all unsubordinated obligations of Banco Santander and to all subordinated obligations of Banco Santander not qualifying as Tier 1 or Tier 2 Capital. Although