Liquidity Risk

The main objective of the company's Risk Management department is to preserve adequate liquidity, to prevent the creation of possible unpleasant situations. For this purpose, liquidity risk is managed from three different aspects, structure, strategy and dependence.

The main goal is to main a liquidity profile through:

• Maintaining a diversified composition of funding sources depending on the situation (e.g. non-insured deposits, bonds, repurchase agreements).
• Maintaining a large portfolio, consisting of highly marketable assets, able to secure funding sources.
• The design and use of extensive stress tests.
• The assumption of costs, with all the attendant advantages and risks.