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| EMTN & ECP
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As part of its funding policy and in order to increase its financing flexibility, BES Group has established a Euro Medium Term Note (EMTN) Programme, in 1997 and a Euro-Commercial Paper (ECP) Programme, in 2000.
Through the EMTN, BES Group is able to issue different types of notes, senior and subordinated, in any currency, up to EUR 20 billion. The ECP Programme allows BES to issue up to EUR 2 billion, enabling the Bank to diversify the short-term investor base, by issuing notes up to one year.
Both programmes are multi-issuer (allowing the issuance from several BES Group units) and are fully guaranteed by BES.
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