1st Quarter Results

Banco Santander Central Hispano SA
26 April 2001


The first quarter performance was on line for meeting the year's targets
in income, efficiency and asset quality

The high capacity to generate revenue, as a result of the Group's
diversification and increased size, is reflected in the 31.0% rise in net
operating income

Summary of the first quarter

When analyzing the Group's consolidated results and its business areas, two key
aspects should be taken into account. Firstly, between the first quarter of 2000
and the same period of 2001 the Totta and Credito Predial Portugues banks in
Europe and Serfin, Meridional, Banespa and Caracas in Latin America, together
with other entities such as Patagon.com, and the pension fund management entity
Previnter, were incorporated. This has resulted in a significant change in the
consolidation perimeter.

Secondly, the Group developed its activity in the first quarter in an
environment that was different to that at the beginning of the previous year.
The Asian and US economies have slowed down significantly, triggering tensions
in world financial markets, particularly in private fixed-income and in
equities. These developments intensified the uncertainty about the economic
forecasts for 2001 in the main regions of the world.

However, the economic policy response has been quick and adequate, laying the
foundations for a general economic recovery in the second half of the year. The
US Federal Reserve cut its funds rate from 6.5% to 4.5%. This movement was
followed by all central banks in the US dollar area and by the UK. The ECB could
also soon move and reduce its repo rate. In Japan monetary policy was more
expansive, with the Bank of Japan returning to a zero interest rate policy and
the yen quickly depreciating.

Fiscal policy is also playing a major role, with tax cuts in effect in the main
European economies and the possible approval of a significant cut in taxes in
the US. Also of note is Argentina's approval of a fiscal adjustment accompanied
by measures to make the economy more competitive, and the steps taken in Turkey
to speed up privatisations and clean up the banking system.

In this new international economic and financial environment, still dominated by
uncertainty, factors considered as critical for the Santander Central Hispano
Group since its creation, and on which its strategy is focused, have gained
importance. They include:

- The Group's equity and financial strength, with the objective to return in the
  short term to a BIS ratio of 12%. This is being achieved through selective 
  growth in risk assets; subordinated debt issues of which two were launched in 
  the first quarter totaling EUR 1,000 million, and the allocation of net 
  extraordinary income arising from the sale of stakes during 2001 (as happened 
  in 1999 and 2000) to early amortization of goodwill. This will increase the   
  capital adequacy ratios, as well as enhance their structure, by directly 
  benefiting Tier I capital. No capital increases are planned this year.

  According to BIS criteria, at the end of March the surplus above the minimum  
  capital adequacy requirement was close to EUR 7,000 million (over Pta. 1.1 
  trillion) with a ratio of 11.4% (Tier I of 8.0%). There were also significant 
  unrealized capital gains that bolstered the soundness of the balance sheet.

- The Group has been particularly careful in maintaining high standards of      
  liquidity, backed by both the balanced development of customer business as 
  well as an active presence in international markets for capturing medium-and 
  long-term funds. The Group has stepped up its liquidity policy at a global 
  level and in each country where it operates, especially in Latin America.

- A reduction in the Group's risk profile through different actions. Since the  
  merger, the Group has lowered its level of provisionable country-risk 
  continuously from US$1,666 million net of provisions at the end of 1998 to    
  US$1,079 million at the end of March 2001 (-35.2%). This is a very low figure 
  compared to the exposure of other European financial institutions of a similar
  size. The reduction during the first quarter was 5.6%.

The high volatility in money and currency markets has led Santander Central
Hispano to adjust its activity in them, limiting its risk exposure. The VaR
during the first quarter was lower than in the same period of 2000, with an
average value of US$24.1 million, down from an annual average of US$32.4 million
in 2000 (US$30.0 million at 31/12/00). The average VaR of the first quarter was
around one-third of the limit set by the Group.

The Santander Central Hispano Group also maintained its traditional prudence in
credit risk management policy, as underscored by its high standards of quality
and coverage. The NPL ratio for the whole Group of 2.27% remained virtually
unchanged from the end of 2000, while NPL coverage rose by 487 basis points
during the first quarter and 654 basis points over the last 12 months, despite
the incorporation of new entities.

Particularly significant was the performance in Latin America, where the NPL
ratio dropped 42 basis points and coverage increased by more than 8 points (15.3
points since March 2000).

In this context, the consolidated income statement was characterized by a sharp
rise in revenue and a significant provisioning effort. Net attributable income
was EUR 668.3 million (Pta. 111,193 million), 38.3% more than in the first
quarter of 2000 and 8.4% higher than in the fourth quarter. This was in line
with the figure budgeted for the quarter in order to achieve the target for the
year and represented an increase of 14% in earnings per share.

In the balance sheet, the strong year-on-year growth was due both to new
incorporations as well as greater business volumes. Total assets rose 33.2% to
EUR 359,131 million (Pta. 59.7 trillion), EUR 89,535 million more than in the
first quarter of 2000. The impact of exchange rates was not relevant.

Business volume (loans + customer funds) increased 32.5%, with more moderate
growth in lending (+26.6%) than in on-balance sheet customer funds (+37.4%). In
the case of the latter, the increase was observed in all areas.

Off-balance sheet funds also increased at a fast pace, largely because of the
strong rise in those managed abroad, with growth of around 70% in mutual funds
and 40% in pensions (natural growth and through acquisitions).

Lastly, equity doubled during the period, because of capital increases to
finance the Group's expansion in 2000.



Income statement                     January-March 2001          Jan-Mar.2000   
                            
                                  Pta.MM   Euro MM    %ATA      Euro MM    %ATA 


Interest revenues              1,392,257   8,367.6    9.54      4,853.7    7.40 

Dividends                         10,649      64.0    0.07         87.6    0.13 
Interest expenses             (1,001,411) (6,018.6)  (6.86)    (3,229.9)  (4.93)

Net interest revenue             401,495   2,413.0    2.75      1,711.4    2.61 
Net fees and commissions         193,573   1,163.4    1.33        914.0    1.39 
Basic revenue                    595,068   3,576.4    4.08      2,625.3    4.00 
Trading gains                     39,887     239.7    0.27        133.7    0.20 
Net operating revenue            634,955   3,816.2    4.35      2,759.1    4.21 
Personnel and general expenses  (353,867) (2,126.8)  (2.42)    (1,482.8)  (2.26)

 a) Personnel expenses          (220,423) (1,324.8)  (1.51)      (952.5)  (1.45)

 b) General expenses            (133,444)   (802.0)  (0.91)      (530.4)  (0.81)

Depreciation                     (39,097)   (235.0)  (0.27)      (190.4)  (0.29)

Other operating costs            (10,164)    (61.1)  (0.07)       (22.5)  (0.03)

Operating costs                 (403,128) (2,422.8)  (2.76)    (1,695.8)  (2.59)

Net operating income             231,827   1,393.3    1.59      1,063.3    1.62 
Income from equity - accounted    37,434     225.0    0.26        193.9    0.30 
Less:
 Dividens from equity -            3,844      23.1    0.03         42.7    0.07
  accounted holdings
Earnings from Group transactions  32,510     195.4    0.22         49.5    0.08 
Net provisions for loan - losses (59,797)   (359.4) (0.41)       (159.1)  (0.24)

Writedown of investment              212       1.3   0.00          (0.2)  (0.00)

 securities 
Goodwill amortization            (58,397)   (351.0) (0.40)        (39.9)  (0.06)
Other income                      11,146      67.0   0.08        (264.8)  (0.40)

Income before taxes              194,935   1,171.6   1.34         842.6    1.28 
Corporate tax                    (41,849)   (251.5) (0.29)       (171.5)  (0.26)

Net consolidated income          153,086     920.1   1.05         671.1    1.02 
Minority interests                20,543     123.5   0.14          91.3    0.14 
Dividend - preferred shareholders 21,350     128.3   0.15          96.5    0.15 
Net attributable income          111,193     668.3   0.76         483.2    0.74 

Note:
Average Total Assets          58,398,268 350,980.7            262,315.0
Average Shareholders' Equity   2,386,923  14,345.7              8,497.1 



Income statement                                             Var. 2001/2000
                                                           Amount         (%)

Interest revenues                                         3,514.0        72.40
Dividends                                                   (23.6)      (26.94)
Interest expenses                                        (2,788.7)       86.34
Net interest revenue                                        701.7        41.00
Net fees and commissions                                    249.4        27.29
Basic revenue                                               951.1        36.23
Trading gains                                               106.0        79.28
Net operating revenue                                     1,057.1        38.31
Personnel and general expenses                             (643.9)       43.43
 a) Personnel expenses                                     (372.3)       39.09
 b) General expenses                                       (271.6)       51.22
Depreciation                                                (44.6)       23.40
Other operating costs                                       (38.5)      171.04
Operating costs                                            (727.0)       42.87
Net operating income                                        330.1        31.04
Income from equity - accounted holdings                      31.1        16.05
Less:
 Dividens from equity - accounted holdings                  (19.6)      (45.87)
Earnings from Group transactions                            145.9       294.54
Net provisions for loan - losses                           (200.3)      125.86
Writedown of investment securities                            1.5            -
Goodwill amortization                                      (311.1)      780.00
Other income                                                331.8      (125.29)
Income before taxes                                         329.0        39.04
Corporate tax                                               (80.0)       46.63
Net consolidated income                                     249.0        37.10
Minority interests                                           32.2        35.23
Dividend - preferred shareholders                            31.8        32.91
Net attributable income                                     185.0        38.29

Note:
 Average Total Assets                                    88,665.6        33.80
 Average Shareholders' Equity                             5,848.6        68.83



Average yield of assets

                                        January-March 2001    January-March 2000
(%)                                     Weight    Av. rate    Weight    Av. rate

Central banks and Government debt         9.18        5.11     13.14        5.34
 securities 
Due from banks                           11.74        8.49     12.17        6.25
Loans                                    47.89       10.16     49.85        8.65
 EMU currency                            28.66        6.66     31.19        5.42
 Other currencies                        19.23       15.38     18.66       14.06
Investment securities                    17.09        7.64     14.34        5.72
Other assets                             14.10           -     10.50           -
Other revenue                                -        1.97         -        0.94
Total                                   100.00        9.61    100.00        7.53


Average cost of funds
                                        January-March 2001    January-March 2000
(%)                                     Weight    Av. rate    Weight    Av. rate

Due to banks                             18.70        7.05     24.93        4.87
Customer deposits                        48.17        5.38     47.58        4.20
 EMU currency                            25.36        2.82     27.53        1.85
 Other currencies                        22.81        8.24     20.05        7.41
Debt securities and subordinated debt    13.67        7.04     12.17        7.40
 EMU currency                             5.11        5.77      2.86        4.46
 Other currencies                         8.56        7.79      9.31        8.30
Net shareholders' equity                  5.61           -      3.64           -
Other liabilities                        13.85        2.23     11.68        1.08
Other costs                                  -        1.68         -        0.69
Total                                   100.00        6.86    100.00        4.93



Net fees and commissions

                       January-March 2001   Jan.-Mar. 2000   Variation 2001/2000
                       Pta.MM.    Euro MM.        Euro MM.   Amount          (%)
Mutual & pension funds  65,919      396.2           346.0      50.2       14.50
Credit and debit cards  22,869      137.4           102.7      34.8       33.89
Securities services     26,825      161.2           201.6     (40.3)     (20.02)
Contingent liabilities   8,795       52.9            43.2       9.7       22.46
Commercial paper        18,272      109.8            58.4      51.4       87.93
Account management      18,436      110.8            80.0      30.8       38.56
Transfers and checks    15,221       91.5            67.2      24.3       36.11
Other operations        17,236      103.6            15.0      88.6      591.10
Total                  193,573    1,163.4           914.0     249.4       27.29




Balance sheet                                    31.03.2001         31.03.2000  
                                          Pta. MM.    Euro MM.        Euro MM.  

Assets
Cash and central banks                  1,570,557     9,439.2         4,943.6 
Government debt securities              3,513,894    21,118.9        26,242.0 
Due from banks                          8,122,725    48,818.6        36,502.6 
Loans                                  28,235,727   169,700.1       134,037.1 
Investment securities                  10,294,523    61,871.3        39,317.9 
 Fixed income                           7,635,618    45,891.0        27,840.5 
 Equity                                 2,658,905    15,980.3        11,477.4 
   Shares and other securities          1,160,709     6,976.0         5,345.0 
   Equity stakes                        1,282,181     7,706.1         5,313.5 
   Equity stakes in Group companies       216,015     1,298.3           818.9 
Tangible and intangible assets          1,227,868     7,379.6         6,340.3 
Treasury stock                              7,274        43.7            20.8 
Goodwill                                1,893,646    11,381.0         2,562.5 
Other assets                            4,725,817    28,402.7        18,600.9 
Prior years' results from
 consolidated companies                   162,359       975.8         1,027.9 
Total assets                           59,754,390   359,131.1       269,595.7 



Balance sheet                                Variation 2001/2000     31.12.2000
                                             Amount          (%)     Euro MM.

Assets
Cash and central banks                      4,495.6       90.94         8,371.7
Government debt securities                 (5,123.1)     (19.52)       22,754.9
Due from banks                             12,315.9       33.74        36,764.1
Loans                                      35,663.0       26.61       169,384.2
Investment securities                      22,553.4       57.36        61,886.3
 Fixed income                              18,050.5       64.84        46,561.7
 Equity                                     4,502.9       39.23        15,324.6
   Shares and other securities              1,631.0       30.51         6,448.9
   Equity stakes                            2,392.5       45.03         7,719.7
   Equity stakes in Group companies           479.4       58.55         1,156.0
Tangible and intangible assets              1,039.3       16.39         7,386.2
Treasury stock                                 22.9      109.99            56.1
Goodwill                                    8,818.5      344.14        11,632.8
Other assets                                9,801.8       52.70        29,704.4
Prior years' results from
consolidated companies                        (52.1)      (5.07)          987.4
Total assets                               89,535.4       33.21       348,928.0



                                                 31.03.2001         31.03.2000  
                                          Pta. MM.    Euro MM.        Euro MM.  


Liabilities
Due to banks                           11,024,952    66,261.3        65,508.3 
Customer deposits                      28,683,401   172,390.7       130,344.6 
 Deposits                              24,027,955   144,410.9       110,525.6 
 REPOS                                  4,655,446    27,979.8        19,819.1 
Debt securities                         6,484,877    38,974.9        23,329.6 
Subordinated debt                       2,014,475    12,107.2         8,922.0 
Pension and other allowances            2,636,035    15,842.9         4,630.5 
Minority interests                      1,527,894     9,182.8         7,047.2 
Net consolidated income                   153,086       920.1           671.1 
Capital                                   379,488     2,280.8         1,999.6 
Reserves                                2,778,072    16,696.5         7,928.0 
Other liabilities                       4,072,110    24,473.9        19,214.7 
Total liabilities                      59,754,390   359,131.1       269,595.7 
Other managed funds
  (off - balance sheet)                15,555,172    93,488.5        85,044.2 
Total managed funds                    75,309,562   452,619.6       354,639.8 
Contingent liabilities                  4,468,265    26,854.8        22,930.6 
Guarantees                              3,766,080    22,634.6        20,066.8 
Documentary credits                       702,185     4,220.2         2,863.7 




                                             Variation 2001/2000     31.12.2000
                                             Amount          (%)     Euro MM.

Liabilities
Due to banks                                  753.0        1.15        68,011.0
Customer deposits                          42,046.1       32.26       169,554.5
 Deposits                                  33,885.4       30.66       145,551.4
 REPOS                                      8,160.7       41.18        24,003.1
Debt securities                            15,645.3       67.06        34,165.9
Subordinated debt                           3,185.3       35.70        10,729.9
Pension and other allowances               11,212.3       242.14       15,579.5
Minority interests                          2,135.6        30.30        8,331.7
Net consolidated income                       249.0        37.10        3,059.1
Capital                                       281.1        14.06        2,280.1
Reserves                                    8,768.6       110.60       15,544.3
Other liabilities                           5,259.2        27.37       21,671.9
Total liabilities                          89,535.4        33.21      348,928.0
Other managed funds
  (off - balance sheet)                     8,444.3         9.93       88,648.2
Total managed funds                        97,979.7        27.63      437,576.1
Contingent liabilities                      3,924.2        17.11       26,192.0
Guarantees                                  2,567.8        12.80       22,155.7
Documentary credits                         1,356.5        47.37        4,036.3


                                                 31.03.2001         31.03.2000  
                                          Pta. MM.    Euro MM.        Euro MM.  

Loans

Public sector                             660,248     3,968.2         3,910.1 
Private sector                         13,025,297    78,283.6        74,602.0 
 Secured loans                          4,799,206    28,843.8        25,327.6 
 Other loans                            8,226,091    49,439.8        49,274.3 
Non - resident sector                  15,438,388    92,786.6        58,968.9 
 Secured loans                          3,829,825    23,017.7        15,605.9 
 Other loans                           11,608,563    69,768.9        43,363.1 
Gross loans                            29,123,933   175,038.4       137,481.0 
Less: allowance for loan losses           888,206     5,338.2         3,443.8 
Net loans                              28,235,727   169,700.1       134,037.1 
Note: Doubtful loans                      761,851     4,578.8         3,035.3 
  Public sector                               535         3.2             8.4 
  Private sector                          137,540       826.6           857.5 
  Non-resident sector                     623,776     3,749.0         2,169.5



                                             Variation 2001/2000     31.12.2000
                                             Amount          (%)     Euro MM.

Loans

Public sector                                  58.1        1.48        4,148.9
Private sector                              3,681.6        4.94       81,677.6
 Secured loans                              3,516.2       13.88       27,652.7
 Other loans                                  165.5        0.34       54,024.9
Non - resident sector                      33,817.7       57.35       88,730.0
 Secured loans                              7,411.9       47.49       22,898.5
 Other loans                               26,405.8       60.89       65,831.5
Gross loans                                37,557.4       27.32      174,556.4
Less: allowance for loan losses             1,894.4       55.01        5,172.2
Net loans                                  35,663.0       26.61      169,384.2
Note: Doubtful loans                        1,543.5       50.85        4,517.9
  Public sector                                (5.2)     (61.57)           3.7
  Private sector                              (30.8)      (3.60)         855.5
  Non-resident sector                       1,579.5       72.81        3,658.7



                                                 31.03.2001         31.03.2000  
                                          Pta. MM.    Euro MM.        Euro MM.  


Customer funds

Public sector                             900,084     5,409.6         2,102.6 
Private sector                         11,240,661    67,557.7        65,509.8 
 Demand deposits                        3,166,721    19,032.4        19,352.7 
 Saving accounts                        2,295,603    13,796.9        13,241.8 
 Time deposits                          3,700,042    22,237.7        20,603.3 
 REPOS                                  2,061,365    12,389.1        12,139.2 
 Other accounts                            16,930       101.8           172.8 
Non - resident sector                  16,542,656    99,423.4        62,732.2 
 Deposits                              14,502,750    87,163.3        55,214.6 
 REPOS                                  2,039,906    12,260.1         7,517.6 
Total customer deposits                28,683,401   172,390.7       130,344.6 
Debt securities                         6,484,877    38,974.9        23,329.6 
Subordinated debt                       2,014,475    12,107.2         8,922.0 
Total customer funds on balance sheet  37,182,753   223,472.8       162,596.2 
Total managed funds 
 (off - balance sheet)                 15,555,172    93,488.5        85,044.2 
Mutual funds                           10,984,599    66,018.8        62,161.9 
 Spain                                  8,210,993    49,349.1        52,384.5 
 Abroad                                 2,773,606    16,669.7         9,777.4 
Pension funds                           3,261,738    19,603.4        14,968.6 
 Spain                                    819,807     4,927.1         4,606.2 
  Individuals                             699,208     4,202.3         3,911.4 
 Abroad                                 2,441,931    14,676.3        10,362.5 
Managed portfolios                      1,308,835     7,866.3         7,913.6 
 Spain                                    415,058     2,494.5         2,932.4 
 Abroad                                   893,777     5,371.7         4,981.2 
Total customer funds                   52,737,925   316,961.3       247,640.3 



                                             Variation 2001/2000     31.12.2000
                                             Amount          (%)     Euro MM.

Customer funds

Public sector                               3,307.0      157.28         2,358.6
Private sector                              2,047.9        3.13        68,458.5
 Demand deposits                             (320.3)      (1.66)       20,236.2
 Saving accounts                              555.0        4.19        13,734.3
 Time deposits                              1,634.4        7.93        20,933.3
 REPOS                                        249.8        2.06        13,407.8
 Other accounts                               (71.1)     (41.12)          146.9
Non - resident sector                      36,691.2       58.49        98,737.3
 Deposits                                  31,948.7       57.86        88,305.3
 REPOS                                      4,742.5       63.09        10,432.0
Total customer deposits                    42,046.1       32.26       169,554.5
Debt securities                            15,645.3       67.06        34,165.9
Subordinated debt                           3,185.3       35.70        10,729.9
Total customer funds on balance sheet      60,876.7       37.44       214,450.3
Total managed funds 
 (off - balance sheet)                      8,444.3        9.93        88,648.2
Mutual funds                                3,856.9        6.20        65,011.9
 Spain                                     (3,035.4)      (5.79)       49,241.6
 Abroad                                     6,892.3       70.49        15,770.4
Pension funds                               4,634.8       30.96        16,397.3
 Spain                                        321.0        6.97         4,940.3
  Individuals                                 291.0        7.44         4,222.7
Abroad                                      4,313.8       41.63        11,457.0
Managed portfolios                            (47.3)      (0.60)        7,238.9
 Spain                                       (437.9)     (14.93)        2,242.7
 Abroad                                       390.5        7.84         4,996.2
Total customer funds                       69,321.0       27.99       303,098.5



                                                 31.03.2001         31.03.2000  
                                          Pta. MM.    Euro MM.        Euro MM.  


Shareholders' equity and capital ratios

Subscribed capital stock                  379,488     2,280.8         1,999.6 
Paid - in surplus                       1,344,471     8,080.4         3,906.1 
Reserves                                  914,262     5,494.8         1,525.9 
Reserves at consolidated companies (net)  356,980     2,145.5         1,468.1 
Total primary capital                   2,995,201    18,001.5         8,899.7 
Net attributable income                   111,193       668.3           483.2 
Treasury stock                             (7,274)      (43.7)          (20.8) 
Distributed interim dividend                    -           -               -
Shareholders' equity at period end      3,099,120    18,626.1         9,362.2 
Interim dividend pending distribution           -           -               - 
Final dividend                                  -           -               -
Shareholders' equity after
 allocation of period end results       3,099,120    18,626.1         9,362.2 
Preferred shares                        1,164,330     6,997.8         5,514.3 
Minority interests                        405,457     2,436.8         1,720.8 
Shareholders' equity &
 minority interests                     4,668,907    28,060.7        16,597.2 
Basic capital (Tier I)                  2,684,844    16,136.2        13,801.8 
Supplementary Capital                   1,159,833     6,970.7         5,101.5 
Eligible capital                        3,844,677    23,107.0        18,903.3 
Risk weighted assets (BIS criteria)    33,808,359   203,192.3       160,346.9 
BIS ratio                                               11.37           11.79 
Tier I                                                   7.94            8.61 
Excess (amount)                         1,140,008     6,851.6         6,075.6 



                                             Variation 2001/2000     31.12.2000
                                             Amount          (%)     Euro MM.

Shareholders' equity and capital ratios

Subscribed capital stock                      281.1       14.06         2,280.1
Paid - in surplus                           4,174.3      106.87         8,078.2
Reserves                                    3,968.9      260.11         5,437.1
Reserves at consolidated companies (net)      677.4       46.14         1,041.6
Total primary capital                       9,101.8      102.27        16,837.0
Net attributable income                       185.0       38.29         2,258.1
Treasury stock                                (22.9)     109.99           (56.1)
Distributed interim dividend                      -           -          (597.0)
Shareholders' equity at period end          9,263.9       98.95        18,442.1
Interim dividend pending distribution             -           -          (301.5)
Final dividend                                    -           -          (342.7)
Shareholders' equity after
allocation of period end results            9,263.9       98.95        17,797.9
Preferred shares                            1,483.5       26.90         6,644.2
Minority interests                            716.0       41.61         2,488.6
Shareholders' equity &
 minority interests                        11,463.5       69.07        26,930.6
Basic capital (Tier I)                      2,334.4       16.91        15,207.1
Supplementary Capital                       1,869.2       36.64         6,413.8
Eligible capital                            4,203.7       22.24        21,620.9
Risk weighted assets (BIS criteria)        42,845.4       26.72       199,062.7
BIS ratio                                     (0.42)                      10.86
Tier I                                        (0.67)                       7.64
Excess (amount)                               776.0       12.77        21,620.9



                                                 31.03.2001         31.03.2000  
                                          Pta. MM.    Euro MM.        Euro MM.  


Risk management*

Non - performing loans                    761,930     4,579.3         3,031.7 
NPL ratio (%)                                            2.27            1.89 
Allowances for loan losses                974,602     5,857.5         3,679.5 
NPL coverage (%)                                       127.91          121.37 

Non - performing loans **                 677,733     4,073.3         2,646.6 
NPL ratio (%) **                                         2.02            1.65 
NPL coverage (%) **                                    143.80          139.03 



                                             Variation 2001/2000     31.12.2000
                                             Amount          (%)     Euro MM.

Risk management*

Non - performing loans                      1,547.6       51.05         4,527.5
NPL ratio (%)                                  0.38                        2.26
Allowances for loan losses                  2,178.0       59.19         5,570.4
NPL coverage (%)                               6.54                      123.04
Non - performing loans **                   1,426.7       53.91         4,135.0
NPL ratio (%) **                               0.37                        2.06
NPL coverage (%) **                            4.77                      134.71

(*) Excluding country - risk, (**) Excluding NPLs backed by residential         
    mortgages

Note: NPL ratio: Non - performing loans / computable risk

Ratings

Rating agency                       Long term   Short term   Financial strength
Moody's                                Aa3          P1                B
Standard & Poor's                      A+           A1
Fitch                                  AA-          F1+              B/C