Financion Banesto 1 FTA

This will be the first public securitisation of consumer loans from the Banesto group which is owned
by Santander.Banesto is Spain's fifth largest financial institution with just under 1,700 branches and
total assets around Eur77bln. Banesto has previously accessed the market with EMBS and CLO/SME
transactions (see EuroABS for a full list).

The portfolio consists of 123,920 consumer loans/contracts to 113,724 borrowers, and at closing no
loans were more than 30 days in arrears. All the loans were originated by Banesto in its normal course
of business. The interest rate is fixed for 99.02% of the pool, and 97% of the loans are paid through
monthly instalments of interest and principal.

The loans were granted for a variety of purposes, with the main loan purposes and approximate per-
centages of the provisional portfolio being: vehicle acquisition 36.49%, home refurbishment 20.04%,
and home equipment 7.37%. The main geographical concentrations are: Andalucia 19%, Madrid 17%,
Valencia 11%, and Cataluna & Galicia (9% respectively). The pool is highly granular, with a maximum
borrower concentration does not exceed 0.02%. Average seasoning is 1 1/3yrs, with an average
remaining tenure of 4 1/2yrs.

Spanish consumer loan deals are few and far between, the last two deals being a Eur300mln Pastor
deal in April 2007, and the Eur1.914bln Santander Financion deal in December 2006. More than 25
investor accounts took paper, with Germany being the largest regional player from a Pan European
book. Even in a tough Spanish market some comfort can be drawn that the AAAs still managed a 1.2x
cover.


Compare/contrast: FTA Santander Consumer Auto Fin 2006-1, TDA Pastor Consumo 1