(BNC.L) Banco Santander SA Buy/Sell

By Huw Jones

LONDON, Nov 19 (Reuters) - Britain's financial watchdog will have powers to claw back bank bonuses that breach globally agreed rules on remuneration and force hedge funds to provide data, a draft law published on Thursday showed.
The draft law's main provisions were announced by the government on Wednesday and enforce pledges Britain and other members of the G20 group of leading countries made this year to apply lessons from the credit crunch.
"The bill we are introducing today is central to the government's reform agenda that seeks to empower consumers and make sure that, in the future, taxpayers will not be called on to protect banks from the consequences of their actions," Britain's Finance Minister Alistair Darling said in a statement.

The Financial Services Authority (FSA) will have "information gathering powers extended to non-regulated firms, including hedge funds, where information is relevant to financial stability", the draft law says.
Hedge fund managers are already required to register and provide data. The European Union is adopting a law with similar provisions.
The FSA will have a new, explicit objective of helping to ensure financial stability, giving it a bigger role in monitoring and assessing risk that could destabilise the broader financial system -- a supervisory gap the credit crunch highlighted in many countries.
"The measures in the bill, particularly under the proposed financial stability objective, will give the FSA more powers to carry out its remit from parliament in a more effective manner," an FSA spokesman said.

BOE BACK ON TOP?
The opposition Conservative Party, tipped by pollsters to win the election due by June, has said it wants to abolish the FSA, saying its joint "tripartite" supervision of banks with the Bank of England and Treasury had failed.
"Instead we need to put the Bank of England back in charge because only central banks have the authority and the judgment that is needed," the party's treasury spokesman, George Osborne, said in the London Evening Standard newspaper.
Britain's financial services minister Paul Myners said there were no plans for tearing up existing pay contracts.
"That's an abrogation of legal contracts which governments should not contemplate," Myners told Sky News television.
"What we are saying is that going forward all contracts have to comply with the framework specified by the FSA, and if a bank were to offer a contract which the FSA regarded as reckless... then that contract could be voided and penalties could arise," Myners said.
He does not expect this to happen in practice and banks are keen on the provision as it will help them "manage better the greed they have been confronted" with.

FIRMS' FSA FEARS
Lawyers said firms will be able to get out of bonus payments by referring to regulatory obligations.
Paul Edmondson of law firm CMS Cameron McKenna said FSA powers on pay, living wills and enforcement won't be restricted to banks but apply to all authorised firms and insurers.
"Firms will be concerned about inappropriate read across from the banking crisis," Edmondson said.
The bill will also give the FSA powers to curb short-selling and require disclosure on short selling, a practice favoured by some hedge funds and blamed by policymakers for amplifying selloffs in bank shares at the height of the credit crunch.
Such measures have already been used by the FSA.
The watchdog will also have a duty to require firms to plan for their possible demise by drawing up "living wills" or recovery and resolution plans for a speedy wind down that avoids the need for taxpayer bailouts.
The G20 wants all major financial firms to draw up living wills by the end of 2010 and the FSA has already announced that several banks are taking part in a pilot scheme to complete first drafts of living wills in coming weeks.
The bill also contains provisions on pay in light of a UK government commissioned review by former top banker David Walker on how to strengthen corporate governance and make boards more accountable for a bank's activities.
The final version of the Walker Review is published on Nov. 26 but the government has already said it backs the findings of a preliminary version released this year.
There will also be a new Financial Services Compensation Scheme to compensate British customers of overseas financial firms. Britain had to step in to safeguard deposits held by UK customers of failing Icelandic banks.
For a Take A Look on financial regulation, click on

(Additional reporting by Avril Ormsby; Editing by Andy Bruce/Victoria Main) Keywords: BRITAIN FINANCIAL/ (Reuters messaging: huw.jones.reuters.com@reuters.net; + 44 207 542 3326; huw.jones@thomsonreuters.com)

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LONDON, Nov 19 (Reuters) - Eurohypo has arranged a 340 million pounds ($567 million) club financing deal for UK property outsourcing company Telereal Trillium in a sign specialist lenders are returning to the credit-starved sector.
The facility has been provided by three other banks besides Eurohypo -- Lloyds, Barclays and Santander -- and refinances an existing loan Telereal Trillium drew down to help fund the purchase of Trillium from Land Securities in January.
Deal terms are being kept confidential, a Eurohypo spokesman told Reuters.
Telereal Trillium manages real estate occupied by local and central government departments, including Royal Mail, the Department of Work and Pensions, and private sector occupiers such as BT, Aviva and Royal Bank of Scotland .

"This financing has been tailored to meet the specific requirements of Telereal Trillium and reflects the strength of the management and underlying income stream from these core assets," said Eurohypo's director of origination. "It also clearly demonstrates Eurohypo's ongoing commitment to new lending in the UK, meeting the requirements of professional investors," he said.

(Reporting by Sinead Cruise; Editing by Andrew Macdonald)

($1=.6002 Pound)

(See www.reutersrealestate.com for the global service for real estate professionals from Reuters) Keywords: EUROHYPO TELEREAL/ (sinead.cruise@thomsonreuters.com; +44 (0)207 542 5154; Reuters Messaging: sinead.cruise.reuters.com@reuters.net)

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By Huw Jones

LONDON, Nov 19 (Reuters) - Britain's financial watchdog will have powers to claw back bank bonuses that breach globally agreed rules on remuneration and force hedge funds to provide data, a draft law published on Thursday showed.
The draft law's main provisions were announced by the government on Wednesday and enforce pledges Britain and other members of the G20 group of leading countries made this year to apply lessons from the credit crunch.
"The bill we are introducing today is central to the government's reform agenda that seeks to empower consumers and make sure that, in the future, taxpayers will not be called on to protect banks from the consequences of their actions," Britain's Finance Minister Alistair Darling said in a statement.

The Financial Services Authority (FSA) will have "information gathering powers extended to non-regulated firms, including hedge funds, where information is relevant to financial stability", the draft law says.
Hedge fund managers are already required to register and provide data. The European Union is also adopting a law with similar provisions.
The FSA will have a new, explicit objective of helping to ensure financial stability, giving it a bigger role in monitoring and assessing risk that could destabilise the broader financial system -- a supervisory gap the credit crunch highlighted in many countries.
"The measures in the bill, particularly under the proposed financial stability objective, will give the FSA more powers to carry out its remit from parliament in a more effective manner," an FSA spokesman said.
The opposition Conservative Party, tipped by pollsters to win the election due by June, wants to abolish the FSA and hand all individual bank and system-wide supervision to the Bank of England.
Britain's financial services minister Paul Myners said there were no plans for tearing up existing pay contracts.
"That's an abrogation of legal contracts which governments should not contemplate," Myners told Sky News television.
"What we are saying is that going forward all contracts have to comply with the framework specified by the FSA, and if a bank were to offer a contract which the FSA regarded as reckless... then that contract could be voided and penalties could arise," Myners said.
He does not expect this to happen in practice and banks are keen on the provision as it will help them "manage better the greed they have been confronted" with.
The bill will also give the FSA powers to curb short-selling and require disclosure on short selling, a practice favoured by some hedge funds and blamed by policymakers for amplifying selloffs in bank shares at the height of the credit crunch.
Such measures have already been used by the FSA.
The watchdog will also have a duty to require firms to plan for their possible demise by drawing up "living wills" or recovery and resolution plans for a speedy wind down that avoids the need for taxpayer bailouts.
The G20 wants all major financial firms to draw up living wills by the end of 2010 and the FSA has already announced that several banks are taking part in a pilot scheme to complete first drafts of living wills in coming weeks.
The bill also contains provisions on pay in light of a UK government commissioned review by former top banker David Walker on how to strengthen corporate governance and make boards more accountable for a bank's activities.
The final version of the Walker Review is published on Nov. 26 but the government has already said it backs the findings of a preliminary version released this year.
There will also be a new Financial Services Compensation Scheme to compensate British customers of overseas financial firms. Britain had to step in to safeguard deposits held by UK customers of failing Icelandic banks.

(Additional reporting by Avril Ormsby, editing by Andy Bruce) Keywords: BRITAIN FINANCIAL/ (Reuters messaging: huw.jones.reuters.com@reuters.net; + 44 207 542 3326; huw.jones@thomsonreuters.com)

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Nov 19 (Reuters) - The Dutch government is injecting another 3 billion euros ($4.5 billion) cash into nationalised bank ABN AMRO, the latest chapter in the complicated takeover, collapse and nationalisation of the Dutch institution.
Here is a summary of events leading up to the injection:

April 3 - Fortis, Royal Bank of Scotland and Spain's Santander say they have approached ABN AMRO, inviting the Dutch bank to takeover talks.
Oct 10 - The consortium wins a bidding war against Barclays for ABN AMRO with a 70 billion euro offer, making it the biggest banking takeover in history. The amount to be paid by Fortis is 24.2 billion euros.

A crisis of confidence begins to develop at Fortis during the summer over concerns about its cash position following the ABN takeover.
Sept 29 - After weekend crisis talks, the Belgian, Dutch and Luxembourg governments agree to inject 11.2 billion euros into Fortis, taking 49 percent stakes in the group's banks in their territories. Fortis agrees to sell its parts of ABN AMRO.
Oct 1 - Fortis is blocked by regulators from selling ABN AMRO assets to Deutsche Bank.
Oct 3 - The Dutch government agrees to take over the banking and insurance activities of Fortis in the Netherlands for 16.8 billion euros, including Fortis's interest in ABN AMRO.
Nov 21 - The Dutch government maps out the future of state-owned retail banks Fortis Bank NL and ABN AMRO, keeping intact plans to merge them while spinning off Fortis's insurers, and selling or listing the combined bank as early as 2011.
Dec 17 - ABN AMRO says it no longer considers valid the sale of part of its Dutch assets to Deutsche Bank.

April 8 - European Commission announces in-depth investigation into the nationalisation.
May 19 - ABN AMRO says it will cut 4,000 to 5,000 jobs and 1.3 billion euros in costs while integrating FBN.
June 26 - Dutch state says it will inject 2.5 billion euros into ABN AMRO to help split the group up, but the part of the bank owned by RBS is expected to have a shortage of capital.
Aug 26 - ABN AMRO reports a first-half loss of 2.65 billion euros and says the legal separation of certain assets owned by Royal Bank of Scotland Group is on schedule.
Sept 17 - Dutch Finance Ministry says Deutsche Bank has withdrawn from asset sale talks.
Sept 28 - The Dutch Finance Ministry says it is still committed to merging ABN AMRO and Fortis Bank Nederland.
Oct 2 - The EU gives the Dutch state until Oct. 19 to close what it calls an "imminent" deal to sell some ABN AMRO assets.
Oct 7 - ABN AMRO postpones the separation of some RBS-owned assets into the first or second quarter of 2010.
Oct 12 - ABN AMRO warns it could face substantial losses from the failure of Dutch bank DSB.
Oct 20 - The government and Deutsche Bank announce a deal in principle for the sale of some ABN AMRO assets.
Nov 19 - The Dutch Finance Ministry says the Deutsche Bank deal is valued at 700 million euros and that ABN AMRO will need another 3 billion euros cash infusion.

(Compiled by Ben Berkowitz, edited by Will Waterman)

($1=.6722 Euro) Keywords: ABNAMRO/ =2 Nov 19 (ben.berkowitz@thomsonreuters.com; +31 20 504 5011; Reuters Messaging: ben.berkowitz.reuters.com@reuters.net)

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Nov 19 (Reuters) - The Dutch government is injecting another 3 billion euros ($4.5 billion) cash into nationalised bank ABN AMRO, the latest chapter in the complicated takeover, collapse and nationalisation of the Dutch institution.
Here is a summary of events leading up to the injection:

April 3 - Fortis, Royal Bank of Scotland and Spain's Santander say they have approached ABN AMRO, inviting the Dutch bank to takeover talks.
Oct 10 - The consortium wins a bidding war against Barclays for ABN AMRO with a 70 billion euro offer, making it the biggest banking takeover in history. The amount to be paid by Fortis is 24.2 billion euros.

A crisis of confidence begins to develop at Fortis during the summer over concerns about its cash position following the ABN takeover.
Sept 29 - After weekend crisis talks, the Belgian, Dutch and Luxembourg governments agree to inject 11.2 billion euros into Fortis, taking 49 percent stakes in the group's banks in their territories. Fortis agrees to sell its parts of ABN AMRO.
Oct 1 - Fortis is blocked by regulators from selling ABN AMRO assets to Deutsche Bank.
Oct 3 - The Dutch government agrees to take over the banking and insurance activities of Fortis in the Netherlands for 16.8 billion euros, including Fortis's interest in ABN AMRO.
Nov 21 - The Dutch government maps out the future of state-owned retail banks Fortis Bank NL and ABN AMRO, keeping intact plans to merge them while spinning off Fortis's insurers, and selling or listing the combined bank as early as 2011.
Dec 17 - ABN AMRO says it no longer considers valid the sale of part of its Dutch assets to Deutsche Bank.

April 8 - European Commission announces in-depth investigation into the nationalisation.
May 19 - ABN AMRO says it will cut 4,000 to 5,000 jobs and 1.3 billion euros in costs while integrating FBN.
June 26 - Dutch state says it will inject 2.5 billion euros into ABN AMRO to help split the group up, but the part of the bank owned by RBS is expected to have a shortage of capital.
Aug 26 - ABN AMRO reports a first-half loss of 2.65 billion euros and says the legal separation of certain assets owned by Royal Bank of Scotland Group is on schedule.
Sept 17 - Dutch Finance Ministry says Deutsche Bank has withdrawn from asset sale talks.
Sept 28 - The Dutch Finance Ministry says it is still committed to merging ABN AMRO and Fortis Bank Nederland.
Oct 2 - The EU gives the Dutch state until Oct. 19 to close what it calls an "imminent" deal to sell some ABN AMRO assets.
Oct 7 - ABN AMRO postpones the separation of some RBS-owned assets into the first or second quarter of 2010.
Oct 12 - ABN AMRO warns it could face substantial losses from the failure of Dutch bank DSB.
Oct 20 - The government and Deutsche Bank announce a deal in principle for the sale of some ABN AMRO assets.
Nov 19 - The Dutch Finance Ministry says the Deutsche Bank deal is valued at 700 million euros and that ABN AMRO will need another 3 billion euros cash infusion.

(Compiled by Ben Berkowitz, edited by Will Waterman)

($1=.6722 Euro) (ben.berkowitz@thomsonreuters.com; +31 20 504 5011; Reuters Messaging: ben.berkowitz.reuters.com@reuters.net)

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LONDON, Nov 19 (Reuters) - Britain's financial watchdog will have powers to claw back bank bonuses that breach globally agreed rules on remuneration and force hedge funds to provide data, a draft law published on Thursday showed.
The draft law's main provisions were announced by the government on Wednesday and enforce pledges Britain and other members of the G20 group of leading countries made this year to apply lessons from the credit crunch.
"The bill we are introducing today is central to the government's reform agenda that seeks to empower consumers and make sure that, in the future, taxpayers will not be called on to protect banks from the consequences of their actions," Britain's Finance Minister Alistair Darling said in a statement.

The Financial Services Authority (FSA) will have "information gathering powers extended to non-regulated firms, including hedge funds, where information is relevant to financial stability", the draft law says.
Hedge fund managers are already required to register and provide data. The European Union is also adopting a law with similar provisions.
The opposition Conservative Party, tipped by pollsters to win the election due by June, wants to abolish the FSA and hand all bank supervisory powers to the Bank of England.
The bill will also give the FSA powers to curb short-selling and require disclosure on short selling, a practice favoured by some hedge funds and blamed by policymakers for amplifying selloffs in bank shares at the height of the credit crunch.
Such measures have already been used by the FSA.
The watchdog will also have a duty to require firms to plan for their possible demise by drawing up "living wills" or recovery and resolution plans for a speedy wind down that avoids the need for taxpayer bailouts.
The G20 wants all major financial firms to draw up living wills by the end of 2010 and the FSA has already announced that several banks are taking part in a pilot scheme to complete first drafts of living wills in coming weeks.
The bill also contains provisions on pay in light of a UK government commissioned review by former top banker David Walker on how to strengthen corporate governance and make boards more accountable for a bank's activities.
The final version of the Walker Review is published on Nov. 26 but the government has already said it backs the findings of a preliminary version released this year.
There will also be a new Financial Services Compensation Scheme to compensate British customers of overseas financial firms. Britain had to step in to safeguard deposits held by UK customers of failing Icelandic banks.

(Reporting by Huw Jones, editing by Andy Bruce) Keywords: BRITAIN FINANCIAL/ (Reuters messaging: huw.jones.reuters.com@reuters.net; + 44 207 542 3326; huw.jones@thomsonreuters.com)

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LONDON, Nov 19 (Reuters) - Spain's Santander, the banking group which owns Britain's Abbey, Alliance & Leicester and Bradford & Bingley, will next year launch a no-fees current account, with no charges for overdraft use or access to foreign ATMs.
The account, called the Santander Zero Current Account, will only be available to customers who take out a mortgage with Santander and will be launched to coincide with the rebranding of over 1,000 Abbey and Bradford & Bingley branches in January 2010, the banking group said on Thursday.
"Our new approach is one based on simplicity: the more business you do with us, the more we will offer you in return," Santander's Chief Executive Antonio Horta-Osorio said in a statement.
Santander shares, which have risen a fifth in the last three months, were 0.6 percent down at 11.68 euros by 1014 GMT.
(Reporting by Rhys Jones; editing by Victoria Bryan) Keywords: SANTANDER BRITAIN/

(rhysl.jones@thomsonreuters.com; +44 207 542 4166; Reuters Messaging: rhysl.jones.reuters.com@reuters.net;)

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BRUSSELS, Nov 18 (Reuters) - Plans by British lender Lloyds Banking Group Plc to sell parts of its operations in return for billions of pounds in state aid were approved by European Union competition authorities on Wednesday.
Lloyds, 43 percent owned by the British government, will sell 600 branches as part the restructuring and exit all non-core businesses and risky portfolios inherited from HBOS, which it acquired in January, the European Commission said.
Lloyds earlier this month unveiled a series of regulatory-enforced asset sales.

"This plan effectively addresses the Commission's competition concerns and at the same time ensures the return of Lloyds Banking Group to long term viability," European Competition Commissioner Neelie Kroes said in a statement.
The EU executive said Lloyds would pay a significant proportion of the restructuring costs to ensure a level playing field.
(Reporting by Foo Yun Chee) Keywords: LLOYDS/EU

(foo.yunchee@thomsonreuters.com; tel +32 2 287 6844; Reuters Messaging: foo.yunchee.reuters.com@reuters.net)

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MADRID, Nov 18 (Reuters) - The following Spanish stocks may be affected by newspaper reports and other factors on Wednesday. Reuters has not verified the newspaper reports, and cannot vouch for their accuracy:

The Spanish oil company's chairman has received majority board support for his plans to cut the company's dividend payment by 19 percent to avoid asset sales, El Economista reported, without naming sources.

Banco Santander said on Tuesday that it would merge its wealth management and private banking businesses in a reorganisation of the parts of units hardest hit by the financial crisis. See

The cost of solar thermal technology could see a "double digit decrease" in the next three or four years as the industry heats up in the United States, renewable energy firm Abengoa Solar's chief executive told Reuters. See

TELEFONICA, REPSOL, GAS NATURAL
The chairman of the three companies are scheduled to speak at the Latibex conference that opens in Madrid on Wednesday.

For today's European market outlook double click on.
For real-time moves on the Spanish blue-chip index IBEX please double click on
For IBEX constituent stocks highlight .IBEX in the command box and press the F3 button on your keyboard
For latest news on Spanish stock moves double click
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For latest Eurostocks report please double click on Keywords: MARKETS SPAIN FACTORS/

(madrid.newsroom@reuters.com; +34 91 585 2160)

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MADRID, Nov 18 (Reuters) - The following Spanish stocks may be affected by newspaper reports and other factors on Wednesday. Reuters has not verified the newspaper reports, and cannot vouch for their accuracy:

Banco Santander said on Tuesday that it would merge its wealth management and private banking businesses in a reorganisation of the parts of units hardest hit by the financial crisis. See

The cost of solar thermal technology could see a "double digit decrease" in the next three or four years as the industry heats up in the United States, renewable energy firm Abengoa Solar's chief executive told Reuters. See

TELEFONICA, REPSOL, GAS NATURAL
The chairman of the three companies are scheduled to speak at the Latibex conference that opens in Madrid on Wednesday.

For today's European market outlook double click on.
For real-time moves on the Spanish blue-chip index IBEX please double click on
For IBEX constituent stocks highlight .IBEX in the command box and press the F3 button on your keyboard
For latest news on Spanish stock moves double click
For Spanish language market report double click on
For latest Eurostocks report please double click on Keywords: MARKETS SPAIN FACTORS/

(madrid.newsroom@reuters.com; +34 91 585 2160)

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MADRID, Nov 17 (Reuters) - Banco Santander said on Tuesday that it would merge its wealth management and private banking businesses in a reorganisation of the parts of units hardest hit by the financial crisis.
Global private banking chief Javier Marin will take over the new division, the bank said in a brief news release.
Joan David Grima, until now head of wealth management, will take early retirement, it said.
Early in 2009, Santander had to make a 1.38 billion euros ($2.06 billion) preferential share issue to compensate clients who invested via its private banking Optimal Strategic U.S. Equity Fund, which was hit by the Bernie Madoff fraud.
Other clients of its Spanish private banking arm Banif were hit by the collapse of Lehman Brothers.
The bank also had to temporarily suspend payments from a property fund run by its wealth management division after it was hit by an avalanche of redemptions.
Santander's private banking business includes Banif in Spain as well as Cater Allen, James Hay, Abbey Sharedealing and Abbey International.

(Reporting by Jesus Aguado; editing by John Wallace) ($1=.6712 Euro) Keywords: SANTANDER/WEALTH (jason.webb@thomsonreuters.com; +34 91 585 83 28; Reuters Messaging: jason.webb.reuters.com@reuters.net)

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MADRID, Nov 17 (Reuters) - Banco Santander said on Tuesday that it would merge its wealth management and private banking businesses.
Global private banking manager chief Javier Marin will take over the new division, the bank said in a news release.
(Reporting by Jesus Aguado; editing by John Stonestreet) Keywords: SANTANDER/WEALTH Keywords: SANTANDER/WEALTH =2

(jason.webb@thomsonreuters.com; +34 91 585 83 28; Reuters Messaging: jason.webb.reuters.com@reuters.net)

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By Huw Jones and Eva Kuehnen

LONDON/FRANKFURT, Nov 17 (Reuters) - Big banks stepped up warnings on Tuesday that tightening capital rules too soon could stall economic recovery, but policymakers said the bailed out sector cannot rely on taxpayers again in future.
Regulators are drafting tough rules that will force banks to hold far more capital and lessen the need for the kind of public rescues seen during the credit crunch.
Bankers said the new rules spearheaded by the G20 group of leading countries also need better coordination and timing to avoid a patchwork of implementation emerging.
"There is once again a real danger that the cumulative impact of doctrinaire policy could have some perverse and unintended effects on the economy and for wider society," said Stephen Green, chairman of HSBC, Europe's biggest bank.
"Cumulative enhancement of capital ratios at the wrong stage of the economic cycle could easily withdraw credit from the economy and cause a new credit crunch. This in turn would interrupt and delay a fragile economic recovery," Green said.
Banks, despite public outrage at bonuses and huge bailouts that have wrecked government finances, appear more willing to question new rules that are expected to dampen profitablity.
This is in spite of the G20 reassuring them that the bulk of new requirements will not take effect until the end of 2012 so that economic recovery has enough time to find its feet.
The Basel Committee on Banking Supervision, a global body that is mapping out new bank capital rules, will also test their combined impact next year before fixing tougher levels.
Major banks like HSBC face a plethora of changes, ranging from higher and better quality basic capital to new caps on leverage and possible liquidity and capital surcharges because of their sheer size and cross-border reach.
Britain's government is due on Wednesday to unveil plans for a sweeping new law to crack down on bank bonuses, beef up enforcement of financial rules and make it easier for investors to group together to seek compensation.
Andrew Bailey, Chief Cashier at the Bank of England, told a banking conference in Spain the sector cannot justify relying on public money to douse the fire during a crisis.
"And we also cannot allow conditions to exist where risks are taken on the basis that this backstop exists," Bailey said.

"Regulation seeks to re-build fire prevention systems with action on capital and liquidity requirements. Prevention might also involve re-drawing the financial landscape, its structure," Bailey added.
Some policymakers fear that topping up capital and liquidity levels won't be enough to avoid a public bailout in future and that big banks should be split up to ringfence deposits.
The Financial Services Forum of top banks urged the U.S. Congress on Monday not to pursue big bank break-up legislation, saying it could lead to long term damage to the economy.
Spain's Banco Santander echoed this on Tuesday.

"Limiting or penalising the size of banks through greater regulatory capital requirements will not solve the problem," Santander chairman, Emilio Botin, said.
Bankers said not all countries are singing from the same regulatory hymn sheet despite the G20's coordinating efforts.
"We're at risk of pursuing so many different complicated subjects that we make slow progress on all of them. I would be prioritising capital and liquidity," Peter Sands, chief executive of Standard Chartered told the Financial Times.
HSBC's Green said more capital for bank trading books would certainly happen in Europe as Brussels and Basel are pressing so hard, but he said it was uncertain if it will be implemented more broadly across G20.
Credit Agricole, France's biggest retail bank, said that changes in rules for banker pay had been felt in London more than anywhere else.
"There is an impact, but a small one," Credit Agricole Chief Executive George Pauget said at the Reuters Finance Summit on Monday. "It's mainly in London, where it can be difficult to hire specialists in specific businesses. We'll see rules converging, but before that it can cause some difficulties," he said.
A top EU insurance watchdog urged regulators to stand firm.
"This is the moment of truth. There are clear measures in there, in the list of G20 recommendation, and surely they need to come to life on both sides of the Atlantic," Gabriel Bernardino, chairman of pan-EU insurance regulatory body, CEIOPS, told a financial conference in Frankfurt.

(Writing by Huw Jones; Additional reporting by Steve Slater; Editing by David Cowell) Keywords: REGULATION (Reuters messaging: huw.jones.reuters.com@reuters.net; + 44 207 542 3326; huw.jones@thomsonreuters.com)

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RNS Number : 6000C Banco Santander S.A. 16 November 2009

MATERIAL FACT

As envisaged in the prospectus concerning the issue of the Valores Santander, registered in the official registry of the Spanish National Securities Exchange Commission (CNMV) on 19 September 2007, and in view of the free-of-charge capital increase of Banco Santander, S.A. ("Banco Santander") by means of which the Santander Dividendo Elecciprogram has been implemented, the result of which was notified as a relevant fact on 2 November 2009, Banco Santander has agreed to amend the conversion ratio corresponding to the Valores Santander (i.e., the number of Banco Santander shares to which each Valor Santander gives right) pursuant to the anti-dilution mechanism set forth in the said prospectus.

The new price of each Banco Santander share for conversion purposes has been set at 14.48 euros. Therefore, the new conversion ratio applicable to the Valores Santander is 345.303867403315 Banco Santander shares for each Valor Santander, which is the result of dividing the face value of each Valor Santander (5,000 euros) by the aforementioned price (14.48).

Boadilla del Monte (Madrid), 16 November 2009

This information is provided by RNS The company news service from the London Stock Exchange

MSCFFIFAMSUSEEF

By Huw Jones

LONDON, Nov 16 (Reuters) - A sweeping European Union reform of financial supervision could turn into a muddle which Britain should veto unless there are tougher national safeguards, a UK parliamentary report said on Monday.
A draft EU law proposes to set up a new European Systemic Risk Board (ESRB) next year to warn about hotspots like asset bubbles and recommend action before they destabilise markets.
Three new pan-EU supervisory authorities for banks, insurers and securities markets would police a single EU rulebook and have powers to make binding decisions on member states.
EU states and the European Parliament have the final say and the bloc's leaders want a political deal among member states on Dec. 2, less than three months after the draft was published.
"We consider that is too fast: the proposals will set in place a framework which should last for many decades, and there should be proper time for consideration, otherwise, this could end up as a recipe for a muddle," Treasury Committee Chairman John McFall said.
The committee's report backs the reform in principle to promote financial stability and plug regulatory gaps highlighted by the credit crunch. It also does not want undue delay to avoid banks thinking they can return to "business and usual".
But the committee of lawmakers from Europe's biggest financial and banking centre say in their report the speed of reform is overambitious and some details pose serious problems.
The main recommendations include:
-- The legal basis of the new supervisory authorities should be clarified before they are set up as they may be open to challenge in the European Court of Justice;
-- There should be permanent non-euro zone representation on the new risk board's steering committee;
-- The new authorities should not have the power to directly intervene in a bank or other institution in a member state;
-- The EU's executive European Commission should not have the power to unilaterally declare an emergency, a step which confers additional powers on the new authorities to intervene in a bank or other institution;
-- Stronger safeguards in the form of a national veto are needed to stop binding decisions made by the new authorities impinging on national finances, such as ordering a bank bailout;
The draft law needs unanimity among EU states to be adopted and the report says Britain should wield its veto if there are any attempts to split the reform into sections.
Britain should also use its veto if legal uncertainties are not cleared up, fiscal safeguards not strengthened or plans to allow the Commission to declare an emergency not scrapped.
"It may be that these issues can be resolved by 2 December," the report said.
"However, we think it highly unlikely this will happen and we urge member states to consider a more measured and realistic timetable for reform of the European supervisory and regulatory system," the report said.
(Reporting by Huw Jones, editing by Patrick Graham) Keywords: EU BRITAIN/SUPERVISION

(Reuters messaging: huw.jones.reuters.com@reuters.net; + 44 207 542 3326; huw.jones@thomsonreuters.com)

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Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.

RNS Number : 4799C Banco Santander S.A. 13 November 2009

Annex DTR3

Notification of Transactions of Directors/Persons Discharging Managerial Responsibility and Connected Persons

All relevant boxes should be completed in block capital letters.

1. Name of the issuer 2. State whether the
notification relates
to (i) a
BANCO SANTANDER, transaction notified
S.A. in accordance with
DTR 3.1.2 R,
(ii) a disclosure
made in accordance
LR 9.8.6R(1) or
(iii) a disclosure
made in accordance
with section 793 of
the Companies Act
(2006).
(i).
3. Name of person 4. State whether
discharging notification relates
managerial to a person
responsibilities/ connected with a
director person discharging
managerial
responsibilities/
MR. FRANCISCO LUZON director named in 3
LOPEZ, DIRECTOR OF and identify the
THE ISSUER. connected person

PERSON OF MR.

LOPEZ: CA?BARA
INVERSIONES, SICAV,
S.A.
5. Indicate whether the 6. Description of
notification is in shares (including
respect of a holding class), debentures
of the person or derivatives or
referred to in 3 or financial
4 above or in instruments relating
respect of a to shares
nonbeneficial
interest 1

0.50 EURO NOMINAL

7. Name of registered 8. State the nature of
shareholders(s) and, the transactions
if more than one,
the number of shares
held by each of them DISPOSAL BY CA?BARA
INVERSIONES, SICAV,
S.A. ON 11 NOVEMBER
MR. FRANCISCO LUZON 2009 OF 9,670
LOPEZ AND HIS SHARES.

TRANSACTIONS DISPOSAL BY CA?BARA
DESCRIBED IN THIS INVERSIONES, SICAV,
NOTIFICATION A TOTAL S.A. ON 11 NOVEMBER
OF 1,132,264 SHARES, 2009 OF 10,000
WHICH REPRESENT SHARES.
0.014% OF THE
ISSUER'S SHARE

9. Number of shares, 10. Percentage of issued
debentures or class acquired
financial (treasury shares of
instruments relating that class should
to shares acquired not be taken into
account when
calculating
percentage)
11. Number of shares, 12. Percentage of issued
debentures or class disposed
financial (treasury shares of
instruments relating that class should
to shares disposed not be taken into
account when
calculating
SEE 8 ABOVE percentage)
0.000%
13. Price per share or 14. Date and place of
value of transaction
transactions
SPAIN, 11 NOVEMBER
DISPOSAL BY CA?BARA 2009
INVERSIONES, SICAV, SEE 8 ABOVE
S.A. ON 11 NOVEMBER
2009 OF 9,670
SHARES@ 11.57 EURO

DISPOSAL BY CA?BARA
INVERSIONES, SICAV,
S.A. ON 11 NOVEMBER
2009 OF 10,000
SHARES@ 11.55 EURO

15. Total holding 16. Date issuer informed
following of transaction
notification and
total percentage
holding following
notification (any
treasury shares 13 NOVEMBER 2009
should not be taken
into account when
calculating
percentage)
1,132,264 SHARES
REPRESENTING 0.014%
OF THE ISSUER'S

If a person discharging managerial responsibilities has been granted options by the issuer

complete the following boxes

17. Date of grant 18. Period during which or
date on which exercisable
19. Total amount paid 20. Description of shares or
(if any) for grant debentures involved
of the option (class and number)
21. Exercise price (if 22. Total number of shares or
fixed at time of debentures over which
grant) or options held following
indication that notification
price is to be fixed
at the time of
exercise
23. Any additional 24. Name of contact and
information telephone number for
queries

+(34) 912-897-738

Name of authorised official of issuer responsible for making notification

Date of notification

Notes: This form is intended for use by an issuer to make a RIS notification required by DR 3.3.

(1) An issuer making a notification in respect of a transaction relating to
the shares or debentures of the issuer should complete boxes 1 to 16, 23
and 24.

(2) An issuer making a notification in respect of a derivative relating the
shares of the issuer should complete boxes 1 to 4, 6, 8, 13, 14, 16, 23
and 24.

(3) An issuer making a notification in respect of options granted to a director/person discharging managerial responsibilities should complete
boxes 1 to 3 and 17 to 24.

(4) An issuer making a notification in respect of a financial instrument
relating to the shares of the issuer (other than a debenture) should
complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.

This information is provided by RNS The company news service from the London Stock Exchange

RDSBBBDBGGBGGCX

RNS Number : 4791C Banco Santander S.A. 13 November 2009

Annex DTR3

Notification of Transactions of Directors/Persons Discharging Managerial Responsibility and Connected Persons

All relevant boxes should be completed in block capital letters.

1. Name of the issuer 2. State whether the
notification relates
to (i) a
BANCO SANTANDER, transaction notified
S.A. in accordance with
DTR 3.1.2 R,
(ii) a disclosure
made in accordance
LR 9.8.6R(1) or
(iii) a disclosure
made in accordance
with section 793 of
the Companies Act
(2006).
(i).
3. Name of person 4. State whether
discharging notification relates
managerial to a person
responsibilities/ connected with a
director person discharging
managerial
responsibilities/
MR. FRANCISCO LUZON director named in 3
LOPEZ, DIRECTOR OF and identify the
THE ISSUER. connected person

PERSON OF MR.

LOPEZ: CA?BARA
INVERSIONES, SICAV,
S.A.
5. Indicate whether the 6. Description of
notification is in shares (including
respect of a holding class), debentures
of the person or derivatives or
referred to in 3 or financial
4 above or in instruments relating
respect of a to shares
nonbeneficial
interest 1

0.50 EURO NOMINAL

7. Name of registered 8. State the nature of
shareholders(s) and, the transactions
if more than one,
the number of shares
held by each of them DISPOSAL BY CA?BARA
INVERSIONES, SICAV,
S.A. ON 10 NOVEMBER
MR. FRANCISCO LUZON 2009 OF 10,000
LOPEZ AND HIS SHARES.

TRANSACTIONS DISPOSAL BY CA?BARA
DESCRIBED IN THIS INVERSIONES, SICAV,
NOTIFICATION A TOTAL S.A. ON 10 NOVEMBER
OF 1,151,934 SHARES, 2009 OF 10,000
WHICH REPRESENT SHARES.
0.014% OF THE
ISSUER'S SHARE

9. Number of shares, 10. Percentage of issued
debentures or class acquired
financial (treasury shares of
instruments relating that class should
to shares acquired not be taken into
account when
calculating
percentage)
11. Number of shares, 12. Percentage of issued
debentures or class disposed
financial (treasury shares of
instruments relating that class should
to shares disposed not be taken into
account when
calculating
SEE 8 ABOVE percentage)
0.000%
13. Price per share or 14. Date and place of
value of transaction
transactions
SPAIN, 10 NOVEMBER
DISPOSAL BY CA?BARA 2009
INVERSIONES, SICAV, SEE 8 ABOVE
S.A. ON 10 NOVEMBER
2009 OF 10,000
SHARES@ 11.55 EURO

DISPOSAL BY CA?BARA
INVERSIONES, SICAV,
S.A. ON 10 NOVEMBER
2009 OF 10,000
SHARES@ 11.51 EURO

15. Total holding 16. Date issuer informed
following of transaction
notification and
total percentage
holding following
notification (any
treasury shares 13 NOVEMBER 2009
should not be taken
into account when
calculating
percentage)
1,151,934 SHARES
REPRESENTING 0.014%
OF THE ISSUER'S

If a person discharging managerial responsibilities has been granted options by the issuer

complete the following boxes

17. Date of grant 18. Period during which or
date on which exercisable
19. Total amount paid 20. Description of shares or
(if any) for grant debentures involved
of the option (class and number)
21. Exercise price (if 22. Total number of shares or
fixed at time of debentures over which
grant) or options held following
indication that notification
price is to be fixed
at the time of
exercise
23. Any additional 24. Name of contact and
information telephone number for
queries

+(34) 912-897-738

Name of authorised official of issuer responsible for making notification

Date of notification

Notes: This form is intended for use by an issuer to make a RIS notification required by DR 3.3.

(1) An issuer making a notification in respect of a transaction relating to
the shares or debentures of the issuer should complete boxes 1 to 16, 23
and 24.

(2) An issuer making a notification in respect of a derivative relating the
shares of the issuer should complete boxes 1 to 4, 6, 8, 13, 14, 16, 23
and 24.

(3) An issuer making a notification in respect of options granted to a director/person discharging managerial responsibilities should complete
boxes 1 to 3 and 17 to 24.

(4) An issuer making a notification in respect of a financial instrument
relating to the shares of the issuer (other than a debenture) should
complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.

This information is provided by RNS The company news service from the London Stock Exchange

RDSBGBDBUUBGGCX

By Foo Yun Chee and John O'Donnell

BRUSSELS, Nov 12 (Reuters) - Bankers should not be allowed to think they are smarter people who deserve different rules and better pay, the European Union's competition chief Neelie Kroes said on Thursday.
In a hard-hitting speech that comes as the European Union is examining a raft of tough new rules for banks, Kroes said bankers should show some respect to customers and the taxpayer.
"Too often bankers think they are better, smarter people who deserve different rules and different pay to everyone else," she told an industry event in Amsterdam.
"They can only think that if others let them."
Kroes, who is nearing the end of her five-year term as the competition commissioner, recently forced the break-up of Britain's top two retail banks, Royal Bank of Scotland and Lloyds, in return for allowing a state bailout.
She has become a hard-charging champion for customers and taxpayers, showing a determination to take on financiers.
There has been a growing backlash against bankers from law makers who fear a return to business as usual just months after the worst economic crisis in a generation.
"Now is not the time for tantrums. Now is the time for the banking industry to show some respect to its customers, investors and the people who are often funding it all -- taxpayers," she said.
Kroes also urged investors to push banks to change the way they operate, and said regulators should improve if they were to avert a repeat of the worst financial crisis in decades.
European Union governments have pumped trillions of euros into banks across the 27-country bloc in the wake of the collapse of U.S. investment bank Lehman Brothers in September last year.
"Banks should not be allowed to go back to business-as-usual simply because they have the best paid lobbying voices or because others are afraid to ask questions," said Kroes, adding that an investor-led push for culture change could force different pay for bankers.
(Reporting by Foo Yun Chee; Editing by David Cowell) Keywords: KROES/BANKS

(foo.yunchee@thomsonreuters.com; tel +32 2 287 6844; Reuters Messaging: foo.yunchee.reuters.com@reuters.net)

COPYRIGHT

Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.

RNS Number : 3123C Banco Santander S.A. 10 November 2009

MATERIAL FACT

Following the Material Fact announcement published on October 7, 2009, Banco Santander hereby reports that the underwriters of the capital increase carried out by Banco Santander (Brasil) S.A. have partially exercised the green shoe option available to them, as they have subscribed for 35,955,648 units of the total 75,000,000 units contemplated in the offer. Following the partial exercising of such green shoe option, the placement has been for 17.32% of the capital prior to the increase (14.76% after the increase). The free float of Banco Santander (Brasil) following the transaction amounts to 16.45%.

Taking into account the partial exercising of the green shoe option, the total definitive amount of the increase has been 5,092 million euros and the estimated amount of the capital gain for the Group, which will be assigned to generic provisions, is 1,499 million euros (all of the foregoing, at the exchange rates prevailing at the time of the respective transactions).

Boadilla del Monte (Madrid), November 10, 2009

This information is provided by RNS The company news service from the London Stock Exchange

MSCBMBLTMMMBBRL

RNS Number : 3084C Banco Santander S.A. 10 November 2009

Annex DTR3

Notification of Transactions of Directors/Persons Discharging Managerial Responsibility and Connected Persons

All relevant boxes should be completed in block capital letters.

1. Name of the issuer 2. State whether the
notification relates
to (i) a
BANCO SANTANDER, transaction notified
S.A. in accordance with
DTR 3.1.2 R,
(ii) a disclosure
made in accordance
LR 9.8.6R(1) or
(iii) a disclosure
made in accordance
with section 793 of
the Companies Act
(2006).
(i).
3. Name of person 4. State whether
discharging notification relates
managerial to a person
responsibilities/ connected with a
director person discharging
managerial
responsibilities/
MR. FRANCISCO LUZON director named in 3
LOPEZ, DIRECTOR OF and identify the
THE ISSUER. connected person

PERSON OF MR.

LOPEZ: CA?BARA
INVERSIONES, SICAV,
S.A.
5. Indicate whether the 6. Description of
notification is in shares (including
respect of a holding class), debentures
of the person or derivatives or
referred to in 3 or financial
4 above or in instruments relating
respect of a to shares
nonbeneficial
interest 1

0.50 EURO NOMINAL

7. Name of registered 8. State the nature of
shareholders(s) and, the transactions
if more than one,
the number of shares
held by each of them

MR. FRANCISCO LUZON CA?BARA INVERSIONES,
LOPEZ AND HIS SICAV, S.A. ON 09

HOLD AFTER THE 15,000 SHARES EACH.

OF 1,171,934 SHARES,

0.014% OF THE
ISSUER'S SHARE

9. Number of shares, 10. Percentage of issued
debentures or class acquired
financial (treasury shares of
instruments relating that class should
to shares acquired not be taken into
account when
calculating
percentage)
11. Number of shares, 12. Percentage of issued
debentures or class disposed
financial (treasury shares of
instruments relating that class should
to shares disposed not be taken into
account when
calculating
SEE 8 ABOVE percentage)
0.000%
13. Price per share or 14. Date and place of
value of transaction
transactions
SPAIN, 09 NOVEMBER
DISPOSAL BY CA?BARA 2009
INVERSIONES, SICAV, SEE 8 ABOVE
S.A. ON 09 NOVEMBER
2009 OF 15,000
SHARES@ 11.40 EURO

DISPOSAL BY CA?BARA
INVERSIONES, SICAV,
S.A. ON 09 NOVEMBER
2009 OF 15,000
SHARES@ 11.35 EURO

15. Total holding 16. Date issuer informed
following of transaction
notification and
total percentage
holding following
notification (any
treasury shares 10 NOVEMBER 2009
should not be taken
into account when
calculating
percentage)
1,171,934 SHARES
REPRESENTING 0.014%
OF THE ISSUER'S

If a person discharging managerial responsibilities has been granted options by the issuer

complete the following boxes

17. Date of grant 18. Period during which or
date on which exercisable
19. Total amount paid 20. Description of shares or
(if any) for grant debentures involved
of the option (class and number)
21. Exercise price (if 22. Total number of shares or
fixed at time of debentures over which
grant) or options held following
indication that notification
price is to be fixed
at the time of
exercise
23. Any additional 24. Name of contact and
information telephone number for
queries

+(34) 912-897-738

Name of authorised official of issuer responsible for making notification

Date of notification

Notes: This form is intended for use by an issuer to make a RIS notification required by DR 3.3.

(1) An issuer making a notification in respect of a transaction relating to
the shares or debentures of the issuer should complete boxes 1 to 16, 23
and 24.

(2) An issuer making a notification in respect of a derivative relating the
shares of the issuer should complete boxes 1 to 4, 6, 8, 13, 14, 16, 23
and 24.

(3) An issuer making a notification in respect of options granted to a director/person discharging managerial responsibilities should complete
boxes 1 to 3 and 17 to 24.

(4) An issuer making a notification in respect of a financial instrument
relating to the shares of the issuer (other than a debenture) should
complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.

This information is provided by RNS The company news service from the London Stock Exchange

RDSBRBDBCXBGGCG