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Year Highlights

Annual Report 2014 BME

12

Moment

in the cycle

Fiscal reform Macro

Scenario

Structural

changes in

financing

Regulatory

changes

• Narrower

credit spreads

• Expanding

economy

• Price recovery

• Lower effective

corporate income

tax rates

• Lower personal

Income/savings

tax rates

• Channeling

savings towards

alternative

market

instruments and

deposits and

fixed income

• Diversification

of financing

towards market

instruments

• Markets moving

towards greater

transparency

and risk control

Deleverage

Accelerating growth:

employment, domestic

consumption, Exports

Reforms

Low interest rates

Low CPI

Expansionary monetary policy

High liquidity

Less bank financing

Financial

system +

diversify

+ Spanish

Exchange

+ non banking

banking

saving

products

+ Equity

− debt

+BME

BME: Positive drivers for a favourable business environment

BME: Positive drivers – Macro Scenario

The macro scenario and ECB measures create a positive circuit channeling savings.