TABLE OF CONTENTS
Executive Summary 2
Market value 2
Market value forecast 2
Geography segmentation 2
Market rivalry 2
Market Overview 6
Market definition 6
Market analysis 6
Market Data 7
Market value 7
Market Segmentation 8
Geography segmentation 8
Market Outlook 9
Market value forecast 9
Five Forces Analysis 10
Summary 10
Buyer power 11
Supplier power 12
New entrants 13
Threat of substitutes 14
Degree of rivalry 15
Leading Companies 16
Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) 16
Banco Santander, S.A. 19
Bankia 23
Macroeconomic Indicators 24
Country Data 24
Appendix 26
Methodology 26
Industry associations 27
Related research 27

LIST OF TABLES
Table 1: Spain residential mortgages market value: $ billion, 2007–11 7
Table 2: Spain residential mortgages market geography segmentation: $ billion, 2011 8
Table 3: Spain residential mortgages market value forecast: $ billion, 2011–16 9
Table 4: Banco Bilbao Vizcaya Argentaria, S.A. (BBVA): key facts 16
Table 5: Banco Bilbao Vizcaya Argentaria, S.A. (BBVA): key financials ($) 17
Table 6: Banco Bilbao Vizcaya Argentaria, S.A. (BBVA): key financials (€) 17
Table 7: Banco Bilbao Vizcaya Argentaria, S.A. (BBVA): key financial ratios 17
Table 8: Banco Santander, S.A.: key facts 19
Table 9: Banco Santander, S.A.: key financials ($) 20
Table 10: Banco Santander, S.A.: key financials (€) 21
Table 11: Banco Santander, S.A.: key financial ratios 21
Table 12: Bankia: key facts 23
Table 13: Spain size of population (million), 2007–11 24
Table 14: Spain gdp (constant 2000 prices, $ billion), 2007–11 24
Table 15: Spain gdp (current prices, $ billion), 2007–11 24
Table 16: Spain inflation, 2007–11 25
Table 17: Spain consumer price index (absolute), 2007–11 25
Table 18: Spain exchange rate, 2007–11 25

LIST OF FIGURES
Figure 1: Spain residential mortgages market value: $ billion, 2007–11 7
Figure 2: Spain residential mortgages market geography segmentation: % share, by value, 2011 8
Figure 3: Spain residential mortgages market value forecast: $ billion, 2011–16 9
Figure 4: Forces driving competition in the residential mortgages market in Spain, 2011 10
Figure 5: Drivers of buyer power in the residential mortgages market in Spain, 2011 11
Figure 6: Drivers of supplier power in the residential mortgages market in Spain, 2011 12
Figure 7: Factors influencing the likelihood of new entrants in the residential mortgages market in Spain, 2011 13
Figure 8: Factors influencing the threat of substitutes in the residential mortgages market in Spain, 2011 14
Figure 9: Drivers of degree of rivalry in the residential mortgages market in Spain, 2011 15
Figure 10: Banco Bilbao Vizcaya Argentaria, S.A. (BBVA): revenues & profitability 18
Figure 11: Banco Bilbao Vizcaya Argentaria, S.A. (BBVA): assets & liabilities 18
Figure 12: Banco Santander, S.A.: revenues & profitability 22
Figure 13: Banco Santander, S.A.: assets & liabilities 22