Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 562

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 562
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910.0 |         |     |  687.5 |        |     |      |  705.0 |         |     |  749.5 |        |     | 0 |      |  664.0 |         |     |  538.5 |        |
| Diversification effect                           |     |      | -237.2 |         |     | -386.4 |         |     | -575.5 |         |     | -268.6 |        |     |      | -416.6 |         |     | -444.7 |        |     |   |      | -417.1 |         |     | -422.4 |        |
| VaR Interest RateA                               |     |      |  210.7 |         |     |  412.0 |         |     |  685.6 |         |     |  235.2 |        |     |      |  348.4 |         |     |  380.2 |        |     |   |      |  350.8 |         |     |  304.5 |        |
| VaR Exchange Rate                                |     |      |  526.9 |         |     |  571.7 |         |     |  629.8 |         |     |  594.4 |        |     |      |  580.4 |         |     |  642.9 |        |     |   |      |  493.4 |         |     |  461.0 |        |
| VaR Equities                                     |     |      |  120.3 |         |     |  150.4 |         |     |  170.1 |         |     |  126.5 |        |     |      |  192.8 |         |     |  171.1 |        |     |   |      |  236.9 |         |     |  195.4 |        |

A. Includes credit spread VaR on ALCO portfolios.

3.6 Liquidity risk management

Liquidity risk occurs if the bank is unable to meet payment obligations promptly or would do so at a high price. Losses may result from a forced asset disposal and a cash flow imbalance.

The second line of defence oversees that this risk is understood, controlled and reported to senior