Investor Presentaiton
CAJA RURAL
DE NAVARRA
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LIQUIDITY MANAGEMENT
The strategy has focused on diversifying liquidity sources and tapping different options, but this has never led to
a change in a very conservative liquidity profile, which remains firmly based on a very stable deposit base. with no
wholesale market dependence.
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"Stable retail deposit base and low reliance on wholesale funding" (Moody's Credit Opinion Oct 2019).
CRN aims at issuing Covered Bonds in order to follow its strategy of diversifying its funding base and tapping growth
opportunities in its retail banking business.
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CRN's Cédulas Hipotecarias (Mortgage Covered Bonds) are now rated Aal by Moody's.
CRN's Covered Bonds in the secondary market have shown a solid trend consistent with its credit quality.
Pamplona Castle Square
2020 Credit and Sustainability Framework CRN
DE
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