Company: BCDRF
Filing Date: 2025-03-03
Form Type: 6-K
Source: 0000891478-25-000057
Chunk: 94

Company: Banco Santander, S.A.
Filing Date: 2025-03-03
Form: 6-K
Chunk 94
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) and loans to businesses. A general target is to achieve and maintain the STS (Simple, Transparent and Standardised Securitisations) certification for all newly originated securitisations (both synthetic and traditional) whenever possible. Currently 62 securitisations have this certification.

| The key components of an STS (Simple, Transparent and Standardised Securitisations) |     |                                                                            |     |                                                                                             |
| STS                                                                                 |     |                                                                            |     |                                                                                             |
| Simplicity                                                                          
 •Homogeneous underlying assets                                                      
 •Clear and well documented structure                                                
 •Exclusion of derivatives or complex features                                       |     | Transparent                                                                
 •Full disclosure of all necessary transaction information to all investors 
 •Asset-level data availability in standardized formats                     
 •Clear reporting mechanisms to monitor the transaction                     |     | Standardization                                                                             
 •Adherence to establish market standards for legal, documentation, and procedural practices 
 •Consistent and predictable cashflows characteristics                                       
 •Proper risk retention by the originator                                                    |

Monitoring process for changes in associated risk: • Securitisation positions originated : periodic monitoring is the responsibility of the different securitisation fund managers (trustees/management companies) or of the originators directly no fund is created. In any of the cases that prepare regular reports containing an update of the rating performance of the bonds' underlying portfolios of the securitisation positions generated.

Of the 80 synthetic securitisation funds , 30 were originated in 2024. Santander also originates and holds positions in traditional securitisation funds whose underlying portfolios mainly comprise consumer and corporate loans. An external rating has been given to Santander by one or more of the following external rating agencies for each of these traditional structures and for some synthetic securitisations, regardless of the underlying product: Standard & Poors, Moody's, Fitch, DBRS, Arc, Scope and KROLL. The group obtains ratings from at least two of these agencies when a traditional securitisation is placed on the market in Europe. Grupo Santander does not provide implicit support in synthetic securitizations, where there is significant risk transfer at the regulatory level. 6.3.3. As investor With regard to investment activity, Santander holds positions in securitisation funds originated by entities outside the Group whose underlying assets mainly comprise receivables, credit cards, corporate, SME and mortgage loans. As Santander limits its maximum exposure by rating (AAA, AA, A