covered bonds covered bonds

CAJA RURAL DE NAVARRA, CREDIT COOP – COVERED BONDS
1
Contents
Caja Rural de Navarra, Credit Cooperative
3
Operative Environment
16
Liquidity Management
20
Cover Pool
23
The Caja
j Rural Group
p
33
Contacts
37
1 -CAJA RURAL DE NAVARRA
1.1.
Lapazarra –
Pyrenean mountains
Caja Rural de Navarra – Company profile
•
•
•
•
Established in 1910 as the central institution of the local co-operatives of
the region and evolving from 1946 as a regional co-op bank.
Its origins were rooted in the rural and agribusiness environment of that
time, but the bank’s activities have developed in line with the strong
industrialisation of its home region.
Founding member of AECR (Asociación Española de Cajas Rurales),
Rurales) and its
central institutions (BCE, RSI and RGA). It is the 1st Caja Rural of the AECR
by assets and by equity.
Caja Rural Group (through BCE) is a member of Unico Banking Group and
belongs to the European Association of Cooperative Banks (EACB).
See Caja Rural Group Section
4
Caja Rural de Navarra – Company profile
• Banking culture firmly based on austerity, local focus, risk control,
accountability and transparence, in line with the cooperative tradition.
• Strategy of stable growth in its region. No country-wide expansion
plans, no aggressive development in any other business apart from
retail banking.
banking This strategy remains within the overall strategy of
the Caja Rural Group and most co-operative banking groups
in Europe.
• Retail business is focused on serving the needs of individuals and
SMEs in our regions.
• More than 120,000 co-op members (shareholders), with a wide
representation of different sectors of our economy and society.
• 244 branches, distributed all over the regions of Navarre, Basque
Countryy and Rioja.
j Navarre and Basque
q Countryy account for 90.6% of
the loan book.
See Caja Rural Group Section
5
Caja Rural de Navarra – Financial highlights
Total Assets
€9.6bn
Loans
€6.3bn
Mortgage Portfolio
€3.6bn (WA LTV 61.74%)
Deposits
€5.3bn
Other off-balance client’s assets
€1.3bn
Solvency ratio / Tier 1
12.27% / 11.76%
Problem Loans ratio / Coverage
4.41% / 107%
90+ days arrears (Cover Pool)
2.53%
90+ days
y arrears ((Residential Cover Pool))
0.94%
Total Overcollateralization
622%
Eligible Overcollateralization
325%
I
Issuer
R ti
Rating
BBB (Fitch
(Fit h – reaffirmed
ffi
d on 6th May
M 2013)
Baa3 (Moody’s)
6
Caja Rural de Navarra - Key figures
Thousands of euro
Total assets
Loans and advances to customers (L&R)
Amounts owed to customer ((LAC)*
)
Off-balance client assets
Capital resources pursuant to the Spanih Banking Act
Thereof core capital Tier 1
2012
2011
9,594,282
6,325,323
5,481,660
1,507,100
709,183
703,459
2010
7,991,099
6,321,950
5,293,112
1,268,219
738,807
737,537
7,381,716
6,136,998
5,439,257
1,101,754
694,379
696,846
*Including Commercial Paper and excluding CB
Thousands of euro
Net interest income (NII)
Net fee and commission income
NII + Net fee and commissions
Administrative expenses
Earning before taxes and provisions
Earning after taxes
Cost-Income Ratio (CIR)
Solvency ratio
Thereof core capital Tier 1
Problem loans ratio (PL)
PL coverage ratio
Employees
Branches
2012
2011
2010
130,065 46,186 176,251 100,300 112,235 ‐36,548 84,702 44,445 129,147 94,945 69,108 28,700 82,545 38,945 121,490 94,917 62,671 34,770 2012
2011
2010
38.77%
12.27%
11.76%
4.41%
106.51%
106 51%
47.98%
13.83%
12.59%
3.92%
72.46%
72 46%
49.65%
13.15%
12.00%
3.54%
69.36%
69 36%
2012
2011
2010
898
244
906
244
924
244
7
Caja Rural de Navarra – Financial highlights
•
Low exposure to Real Estate (9.48% of Total Loans), in regions with a much
more stable housing market due to regional economic conditions and the
absence of a tourism-related
tourism related building boom.
boom
•
Strong local franchise. Half the population over 18 years-old in Navarre is
a customer of CRN. 22.9% deposits and 19% credit*.
•
High and stable solvency and sound asset quality. Co-operative by-laws
require the yearly surplus to become part of undistributable reserves,
resulting in a high capitalization over the years.
years Total solvency: 12.27%.
12 27%
Tier 1: 11.76%.
•
Solvency is not only high, but its quality is also very sound: 96% of the
solvency
l
ratio
i is
i Tier
Ti 1.
1
•
Asset quality is not only sound, but it is also backed by a prudent provision
policy: more than 100% of Problem Loans at year
year-end
end 2012 are covered
by existing provisions.
* Navarre
8
Caja Rural de Navarra – Financial highlights
•
Historical balanced growth, both in terms of liquidity and solvency:
•
growth financed byy deposit
p
taking
g ((and SMEs mediation
Loan book g
finance by ICO).
•
Solvency remains a priority and has always kept pace with
business strategy.
strategy
•
2012 Net Income is the result of government decree-laws that do not
reflect neither CRN’s underlying asset quality nor its low exposure to Real
Estate and stable ordinary profitability. However, the unprecedented
provision effort has allowed CRN to fully cover Problem Loans.
•
Pre provision income (NIM + fees) grew 34.82%
Pre-provision
34 82% in 2012 and remains growing
at March 2013 (+5.87% q-o-q).
* Navarre
9
Caja Rural de Navarra – Main financial data
Deposit taking and loan book (€ thousands)
7,000,000
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1 000 000
1,000,000
0
1998
1999
2000
2001
2002
2003
2004
2005
Loan book
2006
2007
2008
2009
2010
2011
2012
2008
2009
2010
2011
2012
Deposit taking
NIMS + fees (€ thousands)
200,000
150 000
150,000
100,000
50 000
50,000
0
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
10
Caja Rural de Navarra – Main financial data
Solvency Ratio (%)
16%
14%
12%
10%
8%
6%
4%
2%
0%
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Market share (deposits in Navarre)
24%
23%
22%
21%
20%
19%
18%
17%
16%
2007
2008
2009
2010
2011
2012
11
Caja Rural de Navarra – Main financial data
Fitch
Spanish banks rated by Moody’s
CRN
España
AAA
AA
Name
Banco Santander. S.A.
AA-
ABBB
dic-01
dic-03
dic-05
dic-07
dic-09
dic-11
Total
Consolidated
Assets December
2012 (€m)
Long-term Bank
deposit Rating (local
currency) and
Outlook
Notches of
uplift for
Standalone Credit
external
Strength and Outlook support
1,269,628
Baa2 / Negative
C- / Negative / baa2
-
Banco Bilbao Vizcaya Argentaria, S.A. (BBVA)
637,785
Baa3 / Negative
D+ / Negative / baa3
1
CaixaBank, S.A.
348,294
Baa3 / Negative
D+ / Negative / ba1
Banco Financiero y de Ahorros (BFA) *
309,187
B2 / RuR uncert.
-
-
Bankia, S.A.
282,310
Ba2 / RuR uncert.
E+ / RuR uncert. / b2
3
Banco Sabadell, S.A.
161,547
Ba1 / Negative
D / Negative / ba2
1
Banco Popular Espanol, S.A.
157,618
Ba1 / RuR down
D / RuR down / ba2
1
Banco Español de Credito, S.A. (Banesto)
102,420
,
Baa3 / Negative
-
-
Instituto de Crédito Oficial (ICO) ****
94,595
Baa3 / RuR up
D / RuR up / ba2
2
1
Catalunya Banc, S.A. **
77,863
B1 / RuR down
E+ / RuR down / b2
Santander Consumer Finance, S.A.
71,129
Baa2 / Negative
C- / Negative / baa2
-
Kutxabank, S.A.
66,707
Ba1 / Negative
D / Negative / baa2
1
1
NCG Banco, S.A. **
66,460
B1 / RuR down
E+ / RuR down / b2
Bankinter, S.A.
58,166
Ba1 / Negative
D+ / Negative / ba1
-
Liberbank, S.A. **
59,922
Ba3 / RuR down
E / RuR down / caa1
4
Ibercaja Banco, S.A.
44,664
Ba2 / RuR down
D- / RuR down / ba3
1
Banco CEISS, S.A. **
40,306
B3 / RuR uncert.
E / RuR uncert. / caa3
3
Unicaja Banco, S.A. **
40,114
Ba1 / RuR down
D / RuR down / ba2
1
Caja Laboral Popular, Coop. de Credito ***
23,442
Ba1 / Negative
D+ / Negative / ba1
-
Banco De Valencia, S.A.
21,501
Ba3 / RuR up
E / RuR up / ca
7
Banco Cooperativo Espanol, S.A.
21,467
Ba1 / RuR down
D / RuR down / ba2
1
Cecabank, S.A.
Ba1 / RuR down
D+ / RuR down / ba1
-
Aaa
15,022
Banca March, S.A.
14,323
Baa3 / RuR down
D+ / RuR down / baa3
-
Aa1
j Rural de Navarra,, S.C.C ***
Caja
9 606
9,606
Baa3 / Negative
g
D+ / Negative
g
/ baa3
-
Caja Rural de Granada, S.C.C ***
6,305
Ba2 / Negative
D / Negative / ba2
-
Bankia, S.A.
1,893
Ba1 / Negative
D- / Negative / ba3
2
Ahorro Corporación Financiera, S.V., S.A. ****
1,612
Ba3 / RuR down
-
-
Lico Leasing, S.A., E.F.C. ****
1,318
Ca / No outlook
-
-
Baa3
D+ / ba1
Moodys
CRN
España
A1
A2
A3
Average (asset-weighted)
Baa3
nov-07
nov-08
nov-09
nov-10
nov-11
nov-12
Source: Moody’s
Notes: The table show banks’ standalone credit strength as indicated by our Bank Financial Strength Ratings (BFSR) (on a scale
), the corresponding
p
g trend,, and the BFSR mapped
pp to a baseline credit assessment ((BCA).
) A bank’s BCA reflects its
from A to E),
creditworthiness without considering support assumptions, Long-term bank deposit ratings reflect a bank’s standalone credit
strength and support considerations.
*
BFA A is the holding company of Bankia, and in consequence the total assets of these banks are duplicated
**
Total assets at end-September 2012 (last available public data)
*** Total assets at end-June 2012 (last available public data)
***** Total assets at end-December 2011 (last available public data)
Rating agencies acknowledge the special features of CRN’s nature and business, resulting in a very stable rating track
record.
d CRN is
i rated
d by
b Fitch
Fi h since
i
2001 and
d by
b Moody’s
M d ’ since
i
2007 Both
2007.
B h ratings
i
are at the
h same level
l
l as the
h
sovereign. Those ratings are also at the same level as banks such as BBVA, Caixabank, Banesto, … (see Moody’s exhibit
above). CRN is rated BBB by Fitch and Baa3 by Moody’s.
12
Caja Rural de Navarra – Solvency and problem loans*
16%
14%
1
Solvency
y ratio
12%
1 Caja Rural de Navarra
2 7
4
9
10%
5
3
2 Santander
8
6
3 Banesto
4 Caixabank
8%
5 Popular
6%
6 Sabadell
4%
7 BBVA
8 Kutxabank
2%
9 Caja Laboral
0%
2 50%
2.50%
3 50%
3.50%
4 50%
4.50%
5 50%
5.50%
6 50%
6.50%
7 50%
7.50%
8 50%
8.50%
9 50%
9.50%
Problem Loans**
Source: Market data and CRN
•
C
Coverage
ratio
ti off Problem
P bl
L
Loans
att Dec-12
D 12 is
i 107%
•
Solvency ratio is of the highest quality, with Tier 1 accounting for 96%
•
Total repossessed
p
assets amount onlyy to Eur38.6 million at Dec12
*Spanish activities
** Problem loans include all doubtful loan exposures
Source: Internal, with published information
13
Caja Rural de Navarra – Main financial data
Eurozone non-performing bank loans
12%
10%
8%
6%
4%
2%
Spain
Italy
Eurozone
Source: Ernst&Young Eurozone Forecast Winter edition 2012/13 and CRN
France
Germany
2
Ju
n1
2
-1
Ma
r
De
c11
Se
p11
1
Ju
n1
1
-1
Ma
r
De
c10
Se
p10
0
Ju
n1
0
-1
Ma
r
De
c09
Se
p09
9
Ju
n0
9
-0
Ma
r
De
c08
Se
p08
8
Ju
n0
8
-0
Ma
r
De
c07
0%
Caja Rural de Navarra
14
Caja Rural de Navarra - Strategy
•
•
Caja Rural de Navarra -as it is the case
of many co-operative banks- has
recently become the only local financial
institution in its home market.
This brings – despite a subdued
economic environment - a huge
historical opportunity in light of the
dismantling of many savings banks.
Concentration towards ‘national
national
champions’ is an opportunity for cooperative banks.
Navarra’ss business model
Caja Rural de Navarra
is underpinned by the Caja Rural Group
model, which allows economies of scale
and the provision of quality products
and services to the clients of all the
regional co-op banks members (see Caja
p section).
)
Rural Group
Deposit market share (Navarre)
24%
22%
20%
18%
16%
2007
2008
2009
2010
2011
2012
15
2 -OPERATIVE ENVIRONMENT
2.2.
16
Operative environment
GDP per capita comparable to other
developed European regions and
underpinning
p
g a much more stable
economic environment
Source: Eurostat
Region
GDP 2010
Prov. Antwerpen
Åland
Dü ld f
Düsseldorf
Vorarlberg
Valle d'Aosta/Vallée d'Aoste
Karlsruhe
Lombardia
Tirol
País Vasco
Prov. Brabant Wallon
Zuid-Holland
Noord-Brabant
Noord Brabant
Comunidad de Madrid
Mittelfranken
Prov. Vlaams-Brabant
Comunidad Foral de Navarra
Oberösterreich
Övre Norrland
Tübingen
Köln
Trøndelag
33,500.00
33,500.00
33 000 00
33,000.00
33,000.00
32,400.00
32,300.00
32,300.00
,
32,300.00
32,200.00
32,000.00
32,000.00
32,000.00
32 000 00
31,600.00
31,400.00
30,800.00
30,800.00
30,800.00
30,800.00
30,500.00
30,300.00
30 200 00
30,200.00
17
Operative environment
(EUR Thousands)
50%
10000
Import
6000
2011
2010
2009
2008
2007
2006
2005
0
2004
0%
2001
2000
2003
4000
10%
AND
EXT
CAN
CLM
MUR
VAL
ESP
BAL
CAT
AST
GAL
CYL
MAD
CNT
RIO
ARA
NAV
PAV
2.0
Export
8000
2002
40%
30%
1.8
Export and Import
(% of workforce)
35.9%
%
34.1%
33.0%
30.0%
29.6%
28.1%
26.0%
24.3%
23.9%
23.8%
21.3%
20.8%
19.9%
19.2%
18.7%
18.6%
17.2%
15.9%
MAD
Spain: Unemployment by regions (4Q12)
20%
1.6
1.2
1.0
0.8
0.6
0.4
0.2
RIO ARA
BAL
CYL
CANT
AST
VAL
CANA
MUR
CLM
AND
EXT
PVAS
NAV
CAT
1.4
150
140
130
120
110
100
90
80
70
60
0.0
GDP per capital 2009
G
Research and Development / GDP per capita
R&D / GDP per capita average 2000-2009
Source: BBVA Research from INE
Source: BBVA Research from INE
Source: Custom and Special duties Department
•
Navarre and the Basque Country are the most industrialised and exportoriented regions in Spain.
•
They also are among those with a highest rate of investment in R&D.
•
Unemployment is much lower and this pattern is historically stable.
Regional
and
Country
R i
l unemployment
l
t for
f Navarre
N
d Basque
B
C
t stands
t d att around
d
60% or the Spanish average.
•
positivelyy impacts
p
banking
gp
performance.
Such an economic environment p
18
Operative environment
•
Moody’s
M
d ’ Investors
I
t
S
Service
i rates
t th
the B
Basque country
t one notch
t h above
b
SSpain
i and
d
states about the Basque Country (Baa2 vs. Baa3):
–“ Strong, wealthy and diversified economic base ”
–“ Sound debt affordability metrics ”
–“ High levels of fiscal autonomy for de Basque entities ”
“ Good path to ret
rn to a balanced b
dget position ”
–“
return
budget
•
Standard and Poor’s rates Navarre and Basque Country two notches higher than
Spain (BBB+ vs. BBB-):
“ if we believe that it can maintain credit characteristics that are more resilient
than the sovereign's in a stress scenario, has a predictable institutional framework,
and displays high financial flexibility ”. “ An LRG in the eurozone can be rated up to
investment grade sovereign under our criteria if the LRG also
two notches above its investment-grade
has economic concentration ratios not higher than the range of 40% to 69% ”.
“ We continue to take the view that the Basque Country, Navarre, and Bizkaia meet
the above mentioned conditions and therefore we rate them two notches higher
than the long-term rating on the sovereign. Specifically, we consider that their
credit profiles are supported by, among other factors, their unique institutional
fframework,, high
g ffiscal autonomy,
y, and highly
g y export-oriented
p
economies that we
consider structurally stronger and more resilient than Spain's.”
19
3 - LIQUIDITY MANAGEMENT
3.3.
20
Liquidity Management
•
Retail focus: Loan book growth financed by deposit taking (and SMEs
d
f
b ICO).
mediation
finance
by
•
CRN maintains a high volume of liquid assets, most of them eligible for
monetary operations with ECB.
•
Despite this strategy, CRN has had some presence in wholesale markets
since 2001:
•
Domestic Commercial Paper Program – yearly renewed
•
Schuldscheindarlehen issues (private placements, all matured)
•
Senior FRN Caja Rural de Navarra 2006 (matured 2011)
•
SME ABS and RMBs (developed through the Caja Rural Group since 2000)
21
Liquidity Management
•
The aim has always been to diversify liquidity sources and getting to know
d test different
d ff
h h
l d to a change
h
h very
and
options, b
but this
has never led
in the
conservative liquidity profile, which remains firmly based on a very stable
deposit base, with no wholesale market dependence.
•
“CRN's deposit franchise is strong and its liquidity management is
conservative ” (Moody’s Credit Opinion 2012)
•
CRN aims
i
att issuing
i i
CB in
i order
d to
t follow
f ll
it strategy
its
t t
off diversifying
di
if i
it
its
funding base and tapping growth opportunities in its retail
banking business.
•
CRN’s Cédulas Hipotecarias (Mortgage Covered Bonds) are rated A3 by
Moody’s (with a minimum Total OC to maintain current rating of only 2.5%).
•
Additionally, and since Rural Cédula I issuing date (2012),
Additionally
(2012) CRN has a
commitment to maintain an OC level of at least 55% until 13 March 2017, as
Rural Cédula I was initially rated Aa2.
22
4 - COVER POOL
4.4.
23
Cover Pool - Mortgage portfolio overview
Total mortgage cover pool
€3.6bn
Number of loans
28,498
Number of debtors
39 770
39,770
Eligible cover pool
€2.2bn
Average loan size
€126,958
LTV limit
80%
Maximum CB issuance (80% of eligible portfolio) €1.7bn
Outstanding covered bonds
€500m (maturing 2017 – retained)
Total overcollateralization
622%
Eligible overcollateralization
325%
Average LTV
61.7%
Average seasoning (months)
48.5
Average
g remaining
g maturityy (y
(years))
22.3
Average rate
2.68%
90+ days arrears (cover pool)
2.53%
90 days
90+
d
arrears ((residential
id i l cover pool)
l)
0 94%
0.94%
24
Cover Pool - Total mortgage portfolio
Total Portfolio
Total amount (Million of euro)
Number of loans
Number of borrowers
Average loan balance
Interest only loans
WA LTV* (%)
WA Seasoning (months)
WA Remaining Maturity (years)
WA Rate (%)
Floating Rate loans (%)
Arrears >90 days (%)
Residential
Total amount (Million of euro)
Number of loans
Number of borrowers
Average loan balance
Interest only loans
WA LTV* (%)
WA Seasoning
S
i (months)
(
th )
WA Remaining Maturity (years)
WA Rate (%)
Floating Rate loans (%)
Arrears >90 days (%)
*WA LTV is calculated on a current basis
Cut-off date: 31st March 2013
€3,618
28,498
39,203
€126,958
1.99%
61.7%
48.5
22.3
2.68%
98.48%
2.53%
Commercial
€2,535
24,049
35,321
€105,419
0.20%
63.23%
48 23
48.23
26.04
2.48%
98.40%
0.94%
0 94%
Total amount (Million of euro)
Number of loans
Number of borrowers
Average loan balance
Interest only loans
WA LTV* (%)
WA Seasoning
S
i (months)
(
th )
WA Remaining Maturity (years)
WA Rate (%)
Floating Rate loans (%)
Arrears >90 days (%)
€1,083
4,449
3,882
€243,388
6.20%
58.12%
49 31
49.31
13.66
3.16%
98.94%
6.23%
6 23%
25
Cover Pool - Eligible portfolio
Eligible Portfolio
Total amount (Million of euro)
Number of loans
Number of borrowers
Average loan balance
Interest only loans
WA LTV* (%)
WA Seasoning (months)
WA Remaining Maturity (years)
WA Rate (%)
Floating Rate loans (%)
Arrears >90 days (%)
Residential
Total amount (Million of euro)
Number of loans
Number of borrowers
Average loan balance
Interest only loans
WA LTV* (%)
WA Seasoning
S
i (months)
(
th )
WA Remaining Maturity (years)
WA Rate (%)
Floating Rate loans (%)
Arrears >90 days (%)
*WA LTV is calculated on a current basis
Cut-off date: 31st March 2013
2,196
22,507
31,909
€103,285
0.70%
47.98%
46.27
20.51
2.38%
98.21%
1.58%
Commercial
1,793
20,420
29,948
€95,354
0.22%
54.94%
50 34
50.34
24.39
2.49%
98.16%
1.07%
1 07%
Total amount (Million of euro)
Number of loans
Number of borrowers
Average loan balance
Interest only loans
WA LTV* (%)
WA Seasoning
S
i (months)
(
th )
WA Remaining Maturity (years)
WA Rate (%)
Floating Rate loans (%)
Arrears >90 days (%)
403
2,087
1,961
€180,878
3.16%
37.79%
49 01
49.01
11.47
3.09%
98.70%
3.87%
3 87%
26
Cover Pool - Breakdown by LTV*
Total Portfolio
Eligible Portfolio
Total Amount (Million of euro)
Residential
3,618.05
WA LTV: 63.23%
63 23%
23.17%
25%
20%
17.05%
12.82%
15%
19.54%
WA LTV: 54.94%
54 94%
30%
25.45%
22.21%
20%
13.03%
10.30%
10%
4.08%
16.95%
16.69%
13 40%
13.40%
15%
5.31%
5%
0%
0%
0%-20% 20%-40% 40%-50% 50%-60% 60%-70% 70%-80%
Commercial
25%
>80%
WA LTV: 58.12%
23.05%
21.03%
20%
15%
Residential
2,196.00
25%
10%
5%
Total Amount (Million of euro)
14.23%
9.26%
20%-40%
40%
35%
5%
50%-60%
0%-20% 20%-40% 40%-50% 50%-60% 60%-70% 70%-80%
*LTV calculated on a WA basis
Cut-off date: 31st March 2013
>80%
70%-80%
33.67%
21.88%
18.32%
19.39%
5%
0%
0%
60%-70%
WA LTV: 37.79%
20%
15%
10%
8.41%
40%-50%
Commercial
30%
25%
12.00% 12.01%
10%
0%-20%
0%-20%
20%-40%
40%-50%
50%-60%
3.24%
3.49%
60%-70%
70%-80%
27
Cover Pool - Breakdown by seasoning* (months)
Total Portfolio
Eligible Portfolio
Total Amount (Million of euro)
Residential
3,618.05
WA Seasoning: 48.23
48 23
35%
30.53%
30%
29.69%
25%
Residential
WA Seasoning : 50.34
50 34
35%
31.11%
31.67%
36-60
>60
30%
11.78%
13.83%
20%
14.17%
15%
10%
10%
5%
5%
0%
0%
0-12
12-24
Commercial
24-36
36-60
>60
WA Seasoning : 49.31
40%
35%
33.91%
30%
25%
20%
15%
10%
2,196.00
25%
20%
15%
Total Amount (Million of euro)
25.53%
16.18%
11.53%
12.66%
13.04%
0-12
12-24
24-36
Commercial
WA Seasoning : 49.01
35%
32.48%
32.42%
36-60
>60
30%
25%
20%
16.26%
15%
8 11%
8.11%
10.41%
11.00%
0-12
12-24
13.69%
10%
5%
5%
0%
0%
0-12
12-24
24-36
*Seasoning calculated on a WA basis
Cut-off date: 31st March 2013
36-60
>60
24-36
28
Cover Pool - Breakdown by maturity* (years)
Total Portfolio
Total Amount (Million of euro)
Residential
Eligible Portfolio
3,618.05
WA Maturity: 26.04
26 04
50%
37.46%
30%
18.80%
2,196.00
WA Maturity: 24.39
24 39
40.16%
40%
29.39%
30%
20%
23 40%
23.40%
20%
5.48%
10%
0%
7.05%
0%
<10
10-20
Commercial
50%
Residential
50%
38.26%
40%
10%
Total Amount (Million of euro)
40 75%
40.75%
40%
20-30
>30
WA Maturity: 13.66
<10
Commercial
12%
36.64%
10%
20-30
>30
WA Maturity: 11.47
9 73%
9.73%
7.65%
8%
30%
10-20
6%
20%
13.99%
8.62%
10%
4%
1.31%
2%
0%
0.69%
0%
<10
10-20
*Maturity calculated on a WA basis
Cut-off date: 31st March 2013
20-30
>30
<10
10-20
20-30
>30
29
Cover Pool - Breakdown by current loan balance (€
(€)*
Total Portfolio
Eligible Portfolio
Total Amount (Million of euro)
Residential
3,618.05
Total Amount (Million of euro)
Average: €105,419
€105 419
>200,000€
25.03%
150,000€-200,000€
17.98%
< 50,000€
5%
10%
22.22%
18.86%
100 000€ 150 000€
100,000€-150,000€
29 28%
29.28%
50,000€-100,000€
6.03%
0%
Average: €95,354
€95 354
150,000€-200,000€
29 92%
29.92%
50,000€-100,000€
Residential
>200,000€
21.03%
100 000€ 150 000€
100,000€-150,000€
21.85%
< 50,000€
15%
Commercial
20%
2,196.00
25%
30%
35%
Average: €243,388
>200,000€
,
7.79%
0%
5%
10%
15%
Commercial
20%
25%
75.77%
6.73%
100,000€-150,000€
7.98%
50,000€-100,000€
< 50,000€
10%
150,000€-200,000€
8.07%
11.20%
50,000€-100,000€
2.83%
0%
66.97%
100,000€-150,000€
6.69%
9.64%
< 50,000€
20%
30%
40%
50%
*Current Loan Balance calculated on a WA basis
Cut-off date: 31st March 2013
60%
70%
80%
35%
Average: €180,878
>200,000€
,
150,000€-200,000€
30%
4.12%
0%
10%
20%
30%
40%
50%
60%
70%
80%
30
Cover Pool - Breakdown by features*
Type of Property
Residential
Commercial
Administrative Grant
Estate
0.02% House
3.41%
11.20%
2nd residence
5.50%
Garage
Site
Land
1st residence
25.26% Box room
12.83%
5.57%
0 93%
0.93%
94.50%
0.21%
Industrial unit
1.78%
Building
Office
Location
15.29%
23.50%
Reference Rate
Residential
Navarre
Others
Fixed
Government
0.33%
0.75%
Commercial
IRMH**
Rate
Others
Fixed
0.33%
0.79%
4.21%
3.34%
ICO*
IRMH**
4.40% ICO*
EUR12M
0.17%
91.01%
8.89%
EUR12M
EUR03M
84.70%
1.08%
*ICO: Interest rate published by ICO (Instituto de Crédito Oficial) applied to Mediation Loans (finance given to enterprises by this organism through Financial Institutions).
**IRMH: Interest rate published monthly by Banco de España calculated as the average interest rate of the mortgages signed by the Spanish financial sector.
* On total Portfolio
Cut-off date: 31st March 2013
31
Cover Pool - Breakdown by region*
Concentration
Residential Portfolio
Residential Portfolio - LTV
53.39%
Navarre
Basque Country
24.19%
j
La Rioja
6.88%
Others
15.53%
0%
10%
20%
30%
40%
50%
Navarre
61.74%
Basque Country
65.37%
La Rioja
62 83%
62.83%
Others
63.40%
60%
Commercial Portfolio
Commercial Portfolio - LTV
60.37%
Navarre
Basque Country
22.87%
La Rioja
12.09%
Others
4.67%
0%
10%
20%
* On total Portfolio
Cut-off date: 31st March 2013
30%
40%
50%
60%
Navarre
56.90%
Basque Country
53.07%
La Rioja
60.02%
Others
61.87%
70%
32
5 -CAJA RURAL GROUP
5.5.
33
Caja Rural Group – main features
•
The Group is the result of the will of 41 regional co-operative banks to join
f
d obtain
b
d economies off scales.
l
forces
and
synergies and
•
Different business strategy to that developed in the past by other Spanish
financial institutions: local focused, no capital markets dependence, no
aggressive expansion.
•
All members enjoy a relevant market share in their home regions and
d
develop
l
a similar
i il business
b i
model
d l adapted
d t d to
t the
th diverse
di
f t
features
off each
h
area.
•
q y Solvencyy ratio: 12.56%.
Total assets of €59 billion and €4.4 billion of equity.
Tier 1: 11.70%*.
•
Liquidity of €19 billion. Loan book €36 billion and Deposits €38 billion.
•
9,162 employees, 2,703 branches and a wide presence in the different
Spanish regions. More than €6 million clients and €1.3 million co-operative
members.
* End-2012
34
Caja Rural Group – Group Institutions
•
•
•
•
•
Banco Cooperativo Español
3 Central treasurer for Group
p members. Access p
point to markets:
Interbank, Fixed Income, Derivatives, RMBS issues,...
3 Custody and payment services
3 Asset manager
g and Private Banking
g
3 Syndicated loans
3 Leasing / Renting
3 International relations (UNICO banking group)
3 Asset and Liabilities analysis and management tools
3 ECB Collateral management
provider
Rural Servicios Informáticos (RSI) – IT service provider.
Rural Grupo Asegurador (RGA) – Insurance, Pension funds, ...
Espiga Capital – Private equity.
Asociación Española de Cajas Rurales (AECR) – Strategic Decision and
management of the Caja Rural Group.
35
Caja Rural Group – Group Institutions
GRUPO
100%
70%
41 co-op banks
88%
30%
12%
36
Contacts
Headquarters
Caja Rural de Navarra
Plaza de los Fueros,1
Fueros 1
31003 Pamplona
Navarre
Spain
Tel:
T
l +34
34 948 168100
www.cajaruraldenavarra.com
E-mail:invrel.crnavarra@cajarural.com
Miguel García de Eulate Martín-Moro
Leire Trojaola Crucelaegui
Head of Treasury and Capital Markets department
Investor Relations
Tel: +34 948 168198
Fax: +34 948 240867
E-mail: mgarcia.crnavarra@cajarural.com
Tel: +34 948 168281
Fax: +34 948 240867
E-mail:ltrojaol.crnavarra@cajarural.com
37
Disclaimer
All rights
i ht reserved
d for
f Caja
C j Rural
R l de
d Navarra
N
Sd d Coop.
Sdad.
C
d Crédito.
de
C édit
This document was created by Caja Rural de Navarra Sdad. Coop. de Crédito exclusively for the purpose of giving corporate
presentation by Caja Rural de Navarra Sdad. Coop. de Crédito. This presentation may only be shown to business customers and
institutional clients.
This document may not be changed or shared with third parties without the express consent of Caja Rural de Navarra Sdad.
Coop. de Crédito. Anyone in possession of this information or document is obliged to learn about the legal regulations governing
possession and sharing of such information and comply with those regulations. This presentation may not be shared withtransmitted
to any country with laws restricting the sharing or transmission of such information.
Caja Rural de Navarra Sdad.
Sdad Coop.
Coop de Crédito is not nor can it be held responsible for the usage,
usage valuations,
valuations opinions,
opinions expectations
or decisions which might be adopted by third parties following the publication of this information.
This presentation is exlusively for general information purposes. It does not represent an offer to conclude an agreement on the
provision of investment advisory services or the purchase of securities. Where this presentation cites information not originating
from Caja Rural de Navarra Sdad. Coop. de Crédito or not produced a its request, such information has been compiled from
sources deem
d
trustworthy
h without
h
b
being
verified.
f d For this
h reason, Caja Rurall de
d Navarra Sdad.
d d Coop. de
d Crédito
éd
assumes no
guaranteee that such information is complete or correct. Caja Rural de Navarra Sdad. Coop. de Crédito assumes no
responsibility or liability whatsoever for expenses, losses or damage from or in connection with the use of all or part of the
information contained in this presentation.
Caja
Coop.
cautions that this p
presentation mayy contain forward looking
to
C
j Rural de Navarra Sdad.
S
C p de Crédito
C
g statements with respect
p
the business financial condition results of operations, strategy, plans and objectives of the Caja Rural de Navarra Sdad. Coop. de
Crédito. While these forward looking statements represent our judgement and future expectations concerning the development of
our business, a certain number of risks, uncertainties and other important factors could cause actual developments and results to
differ materially from our expectations. These factors include, but are not limited to: (1) general market, Macroeconomic,
governmental, political and regulatory trends; (2) movements in local and international securities markets, currency exchange rate,
and interest rates; (3) competitive pressures; (4) technical developments; (5) changes in the financial position or credit worthiness
of our customers. obligors and counterparts. These risk factors could adversely affect our business and financial
performance published in our past and future filings and reports. including those with the Spanish Securities and Exchange
Commission (Comisión Nacional del Mercado de Valores).
38