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Letter from the Chairman

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We are currently faced with one of the most important challenges that, as a country and as a society, we have had to face in recent years. The crisis generated by COVID-19 is causing enormous pain for many inhabitants of our planet and is proving especially virulent in its attack on our country.

From a health point of view, we must continue to trust the professionals who are proving their commitment, which is close to heroic, and to whom I would like to express my sincere gratitude.

It is also evident that this crisis is already having a significant impact on our economy. At present it is complicated to predict the extent of its effect and duration, but with the obvious priority of safeguarding the population’s health, we must also safeguard the population’s livelihood.

Thus, while we all strive to flatten the curve of the number of COVID-19 cases, we must also strive to flatten the economic impact. The standstill in the country’s activity will have a huge cost for our GDP.

To do this, it is important that, in-so-far as possible, we support the needs of millions of people whose income has been significantly depleted. But, the only way to maintain income and ensure a faster exit from the crisis is to preserve the functioning of key sectors, as well as the largest possible number of SMEs and self-employed workers.

José Ignacio Goirigolzarri
"We have a huge responsibility to be there of our customers and help our country towards a speedy recovery. That's why we are working to help families and businesses to get through this"

José Ignacio Goirigolzarri
Bankia's Chairman.

It is here where we have a huge responsibility to be close to our customers and help our country towards a speedy recovery. In contrast to the previous crisis, in which banks had neither liquidity nor capital to support families and companies, today, thanks to the hard work of these past years, and the ECB measures, banks are in a very different situation. Today, the financial sector is not the problem, but will be part of the solution.

Therefore, in the sector we are working hand in hand with the Administration to help families and companies. The role of banks in this crisis will, in my opinion, be key for ensuring our business fabric can regain its strength with the lowest possible loss of jobs.

At Bankia we are very aware of this and, therefore, we are working to help families and businesses get through this.

In this way, we are offering capital moratoriums to customers in need for both mortgages and consumer loans, which go beyond what has been established by the Government.

Likewise, we have increased the flexibility of fees charged to customers who have their salaries paid directly into their Bankia accounts and are being affected by the coronavirus crisis, in addition to advancing pension and unemployment benefit payments.

This is coupled with the free personalised 'We are by your side’ service, launched together with Alares to help our customers over the age of 65 to not have to leave their home for the next two months to buy basic products or go to the pharmacy.

As regards companies, in collaboration with the Administration, we are being very proactive in adapting payment terms and new lines of financing.

We also provide our customers with new financing within the framework of the 40 billion euros in guarantee lines that the Government has made available and that are being channelled through the ICO.

Our excellent levels of liquidity and solvency allow us to support our customers through these tough times.

We are very aware of the enormous challenges that lie ahead, but we must face these challenges with serenity and hope, both in society and within our bank. Hope based on our commitment to service and the conviction that together we will be able to overcome all these difficulties.

 

Firma José Ignacio Goirigolzarri

José Ignacio Goirigolzarri

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