Banco Popular

• Single resolution mechanism - Regulation (EU) No 806/2014
• Bank recovery and resolution - Directive 2014/59/EU

BPE latest updates

• 18 March 2020: SRB decides no compensation due to Banco Popular shareholders and creditors, finding that insolvency would have been more costly (EN / ES)
  • SRB Final Decision and Annexes in English – Authentic Version:
    • Final Decision
    • Annex I – Valuation 3 Report
    • Annex II – Clarification Document
  • Decisión final de la JUR y anexos en español – traducción de cortesía:
    • Final Decision
    • Annex I – Valuation 3 Report
    • Annex II – Clarification Document
• 20 December 2019: Banco Popular ‘right to be heard' process: update (EN /  ES)
• 2 July 2019: Update on the Banco Popular Español Right To Be Heard Process/ Actualización sobre el Proceso de Derecho de Audiencia relativo a Banco Popular Español (EN/ES)
• 6 November 2018: Registered shareholders and creditors deemed eligible can submit their written comments until 26 November 2018 (EN, ES)
• 16 October 2018: SRB announces the next steps in the right to be heard process: Registered shareholders and creditors deemed eligible will be invited to submit their comments from 6 November 2018
• 7 August 2018: Summary of the SRB Notice published in the Official Journal of the European Union 2018/C 277 I/01
• 6 August 2018: SRB publishes a non-confidential version of the ‘Valuation 3’ report, as well as its own preparatory act  (‘SRB Notice’) in which it takes a preliminary decision that it does not intend to compensate former shareholders and creditors of BPE based on the conclusions of the report. The SRB now opens the registration for the previously announced ‘Right to be heard’ procedure. The registration phase for the procedure will remain open until 14 September 2018 (12:00 noon, Brussels time).
  • Press release of 6 August 2018 (EN, ES)
  • SRB Notice (EN, ES)
  • Annex 1 to the SRB Notice: Non-confidential version of Valuation 3 Report (EN, ES)
  • Explanatory note on the Valuation 3 Report (EN, ES)
  • Registration page for ‘Right to be heard’ procedure (EN, ES)
• 11 July 2018: the SRB will launch a registration process for the ‘right to be heard’ in early August. 
• 13 June 2018: Banco Popular Español Resolution: the SRB, having received the final ‘Valuation 3’ report, is preparing the next steps including a dedicated consultation process

On 7 June 2017, the Single Resolution Board (SRB) transferred all shares of Banco Popular Español S.A. (Banco Popular) to Banco Santander S.A (Santander). This means that Banco Popular continued to operate under normal business conditions as a solvent and liquid member of the Santander Group with immediate effect.

Due to its stressed liquidity situation, the European Central Bank (ECB) had decided on 6 June 2017 that Banco Popular was “failing or likely to fail” and notified the SRB accordingly. The SRB and the Spanish National Resolution Authority – FROB – decided that the sale was in the public interest as it protects all depositors of Banco Popular and ensures financial stability. The resolution scheme entered into force on the same day, following the endorsement by the European Commission. 

• Read full press release of 7 June 2017
• Official Journal of the European Union: SRB Decision to take resolution action in respect of Banco Popular Español S.A.
• Official Journal of the European Union: Commission Decision (EU) 2017/1246 of 7 June 2017 endorsing the resolution scheme for Banco Popular Español S.A.
• Non-confidential version of the following documents:
  • Resolution Decision (Updated 31 10 2018) 
  • Valuation 1 Report (Updated 27 06 2019)
  • Valuation 2 Report, Appendices and Addendum (all updated 31 10 2018)
  • 2016 Resolution Plan (Updated 29 08 2019)
  • Sale Process Letter
  • Marketing Decision
  • Explanatory note
  • Marketing decision cover letter
  • Revised Non-Confidential Version of Valuation 2 Report (Updated 08 11 2023)
  • Revised Non-Confidential Version of Valuation 2 Report Appendices (Updated 08 11 2023)