16. 07. 2020 50th anniversary of the unaac margarita delgado deputy governor good afternoon. thank you very much, manuel. and my thanks also to cristina for this invitation for me to speak to you today, on the 50th anniversary of the unacc. it is a shame that we have not been able to celebrate this anniversary as was originally planned. we are living through strange and difficult times, but we must adapt to them. yet despite this unique scenario, a 50th anniversary is an event well worth celebrating. anniversaries, especially those which mark the passage of a decade, not least a halfcentury, are an ideal time to take stock of our achievements. undoubtedly during this period a great deal has been achieved, but if you will allow me, in my supervisory capacity, i would like to make some mention of those areas where we must continue to improve. over these 50 years we have been through several banking crises. the picture of our financial system as it stands today is naturally the result of these crises. and one point to note in this “ family ” photo is the large number of cooperatives which are present. the truth of the matter is that a highly significant number of credit cooperatives, or rather, a highly significant number of yourselves, have overcome these crises. to do so, you have undoubtedly used your strengths, which i believe most notably include your close relationship with your customers, your extensive knowledge of the local economic situation and your down - to - earth management ( far removed from speculative business models and focused on harnessing your knowledge of those customers and their needs ). furthermore, on a day like today, i feel that it is fair to highlight as one of your strengths your ability to support one another when necessary. you know better than i do that mutual support is one of the basic principles of the cooperative movement, and over these 50 years you have demonstrated that solidarity is an essential means for overcoming problems and difficult situations. indeed, if we look back in time we see that today ’ s society – and economy – are very different from those of 50 years ago. so another key to your success lies in your ability to adapt to that changing reality. the crisis triggered by covid - 19 is clearly a dramatic test of how changeable things can be. it is obvious that, for once, the origin of the crisis is not financial and is not linked to macroeconomic imbalances. nevertheless, although this crisis is unrelated to previous ones, there is something that

average 3. 2 % this year and increase to 3. 6 % in 2024, mainly as a result of the expected withdrawal of the measures deployed to combat the effects of inflation. it will then decline in 2025, falling to 1. 8 %. compared with the march projections, the average inflation rate for 2023 is revised downwards by 0. 5 pp. this is the result of a sharper - than - expected slowdown in energy prices and, to a lesser extent, in food prices. as with the euro area as a whole, there is still a great deal of uncertainty and the risks to the growth projections remain predominantly tilted to the downside. with regard to inflation, the employment and collective bargaining agreement recently reached by spain ’ s main social partners includes recommendations for wage rises for the period 2023 - 2025 that somewhat mitigate the probability of second - round effects emerging via wages in spain. indeed, according to the data on the collective bargaining agreements registered up to may, the wage moderation continues. 1 in terms of profit margins, the results of the banco de espana ’ s central balance sheet data office quarterly survey ( cbq ) show an uptick in 2023 q1, although the margin on sales remains below its 2019 level. in any case, there is a high degree of heterogeneity across sectors. 2 recent developments in the banking sector with the context given so far, the most recent developments in the banking sector can be characterised by the following stylised facts. financing first, financing in the sector is being influenced by the tightening of monetary policy. this has led to a reduction in eurosystem financing, 3 which has been offset above all by the average wage rise agreed for 2023 stands at 3. 3 %, slightly above the 2. 9 % agreed for last year. agreements signed in 2023 – affecting around 1. 5 million workers – provide for an average wage rise of 4. 3 %. see the results of the banco de espana business activity survey. indeed, while eurosystem financing amounted to 10 % of spanish banks ’ consolidated liabilities in 2020 - 2021 ( 3 % in 2007 ), that figure fell by nearly 5 pp in 2022. an increase in deposits. 4 however, these fell in 2023 q1 by nearly 2. 5 %, especially among firms. 5 in 2022, the average interest expense on bank liabilities increased by nearly 60 bp compared with the 2020 - 2021 average, to