Company: BCDRF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003514
Chunk: 86

Company: Banco Santander, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 86
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5, an institution will be considered as failing or likely to fail in any of the following
circumstances: (i) it is, or is likely in the near future to be, in significant breach of its solvency or any other requirements necessary for maintaining its authorization; (ii) its assets are, or are likely in the near future to be, less
than its liabilities; (iii) it is, or is likely in the near future to be, unable to pay its debts as they fall due; or (iv) it requires extraordinary public financial support (except in limited circumstances). The determination that an
institution is no longer viable may depend on a number of factors which may be outside of that institution’s control.

In addition to
the Spanish Bail-in Power, the Relevant Resolution Authority may exercise Non-Viability Loss Absorption measures. Any shares issued to holders of debt securities or
contingent convertible capital securities of such series upon any such conversion into equity may also be subject to any application of the Spanish Bail-in Power.

Any application of the Spanish Bail-in Power and Non-Viability
Loss Absorption powers shall be in accordance with the hierarchy of claims in normal insolvency proceedings (unless otherwise provided by the Applicable Banking Regulations (as defined below)). Accordingly, the impact of such application on holders
will depend on the ranking of the relevant instrument.

12

In addition, in accordance with Article 64.1(i) of Law 11/2015, the Relevant Resolution
Authority has the power to alter the amount of interest payable under debt instruments, contingent convertible capital securities and other eligible liabilities subject to resolution proceedings and the date on which the interest becomes payable
under the debt instrument or contingent convertible capital securities (including the power to suspend payment for a temporary period).

The powers set out in the BRRD as implemented through Law 11/2015, RD 1012/2015 and the SRM Regulation will impact how credit institutions and
investment firms are managed as well as, in certain circumstances, the rights of creditors. Holders of the debt securities or contingent convertible capital securities of any series may be subject, among others, to write-down and/or conversion into
equity or other securities or obligations on any application of the Spanish Bail-in Power and, in the case of the subordinated debt securities and contingent convertible capital securities of any series, to Non-Viability Loss Absorption, which may result in such holders losing some or all of their investment.

The uncertainty may adversely affect the value