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Business areas

41

Annual Report 2014 BME

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

BME: Positive drivers for a favourable business environment

Spain France Italy United Kingdom Germany

USA

100

80

40

20

0

60

1990 1992 1993 1995 1997 1999 2000 2002 2004 2006 2007 2009 2011 2013

BME: Positive drivers – Structural change in financing

Market (M) financing vs. bank (B) financing from non-financial institutions (1990 – 2013).