Securities deposits

SECURITIES DEPOSITS NOT GUARANTEED

The securities deposits made by depositors previously mentioned for the money deposits not guaranteed, paragraphs a), d), e) and f), are excluded of guarantee.

Also are excluded of guarantee the following:

1. In breach of current legislation; in particular those funds arising from operations in relation to which there has been a criminal sentence for offences involving money-laundering transactions.
2. For customers who have brought about, through their own actions, financial conditions that have contributed to worsening the situation of the institution, provided such circumstances have been confirmed by a court conviction.
3. Persons acting on behalf of any depositors excluded under the foregoing or under this subsection, or those acting accordance with those persons previously mentioned in paragraphs a) and b) precedents.
4. The securities entrusted to institutions for the purpose of investment services in tax havens or other countries or territories listed by the Ministry of Economy, or those held in the branches of Spanish credit institutions in non-european community countries with investment protection systems equivalent to those operating in Spain.
5. Securities owned by financial institutions, public administrations and certain natural or legal persons linked to the credit institutions in any of the ways envisaged in the regulations shall not be covered by the investment protection system.