Exhibit 7.1

 

Ratio of earnings to fixed charges

|                                                                      |                     |                                 |                     |             |                     |             |                     |             |                     |             |                     |             |                     |             |                     |             |                     |             |                     |             |
|---------------------------------------------------------------------------|--------------------------|--------------------------------------|--------------------------|------------------|--------------------------|------------------|--------------------------|------------------|--------------------------|------------------|--------------------------|------------------|--------------------------|------------------|--------------------------|------------------|--------------------------|------------------|--------------------------|------------------|
| (Millions of Euros)                                             |                     | Year end December 31, |
|                                                                      |                     | 2016                                 |                     | 2015             |                     | 2014             |                     | 2013             |                     | 2012             |
|                                                                      |                     | Including                            |                     | Excluding        |      | Including        |                     | Excluding        |      | Including        |                     | Excluding        |      | Including        |                     | Excluding        |      | Including        |                     | Excluding        |
|                                                                      |                     | interest on                     |                     | interest on |                     | interest on |                     | interest on |                     | interest on |                     | interest on |                     | interest on |                     | interest on |                     | interest on |                     | interest on |
|                                                                      |      | deposits                             |      | deposits         |      | deposits         |      | deposits         |      | deposits         |      | deposits         |      | deposits         |      | deposits         |      | deposits         |      | deposits         |
| IFRS:                                                                     |                     |                                 |                     |             |                     |             |                     |             |                     |             |                     |             |                     |             |                     |             |                     |             |                     |             |
|                                                                      |                     |                                 |                     |             |                     |             |                     |             |                     |             |                     |             |                     |             |                     |             |                     |             |                     |             |
| FIXED CHARGES:                                                       |                     |                                 |                     |             |                     |             |                     |             |                     |             |                     |             |                     |             |                     |             |                     |             |                     |             |
| Fixed charges and preferred stock dividends                               |                     | 23,832                               |                     | 12,106           |                     | 24,123           |                     | 12,360           |                     | 24,799           |                     | 11,953           |                     | 25,162           |                     | 10,499           |                     | 28,466           |                     | 11,903           |
| Preferred dividends                                                       |                     | 52                                   |                     | 52               |                     | 103              |                     | 103              |                     | 126              |                     | 126              |                     | 112              |                     | 112              |                     | 132              |                     | 132              |
| Fixed charges                                                             |                     | 23,780                               |                     | 12,054           |                     | 24,020           |                     | 12,257           |                     | 24,673           |                     | 11,827           |                     | 25,050           |                     | 10,387           |                     | 28,334           |                     | 11,771           |
|                                                                      |                     |                                 |                     |             |                     |             |                     |             |                     |             |                     |             |                     |             |                     |             |                     |             |                     |             |
| EARNINGS:                                                                 |                     |                                 |                     |             |                     |             |                     |             |                     |             |                     |             |                     |             |                     |             |                     |             |                     |             |
| Income from continuing operations before taxes and extraordinary items    |                     | 10,768                               |                     | 10,768           |                     | 9,547            |                     | 9,547            |                     | 10,679           |                     | 10,679           |                     | 7,378            |                     | 7,378            |                     | 3,565            |                     | 3,565            |
| Less:  Earnings from associated companies                       |                     | 139                                  |                     | 139              |                     | 148              |                     | 148              |                     | 65               |                     | 65               |                     | 197              |                     | 197              |                     | 427              |                     | 427              |
| Fixed charges                                                             |                     | 23,780                               |                     | 12,054           |                     | 24,020           |                     | 12,257           |                     | 24,673           |                     | 11,827           |                     | 25,050           |                     | 10,387           |                     | 28,334           |                     | 11,771           |
| Total earnings                                                            |                     | 34,409                               |                     | 22,682           |                     | 33,419           |                     | 21,656           |                     | 35,287           |                     | 22,441           |                     | 32,231           |                     | 17,568           |                     | 31,472           |                     | 14,909           |
|                                                                      |                     |                                 |                     |             |                     |             |                     |             |                     |             |                     |             |                     |             |                     |             |                     |             |                     |             |
| Ratio of earnings to fixed charges                                        |                     | 1.45                                 |                     | 1.88             |                     | 1.39             |                     | 1.77             |                     | 1.43             |                     | 1.90             |                     | 1.29             |                     | 1.69             |                     | 1.11             |                     | 1.27             |
| Ratio of earnings to combined fixed charges and preferred stock dividends |                     | 1.44                                 |                     | 1.87             |                     | 1.39             |                     | 1.75             |                     | 1.42             |                     | 1.88             |                     | 1.28             |                     | 1.67             |                     | 1.11             |                     | 1.25             |

 

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