https://srb.europa.eu/sites/srbsite/files/note_summarising_effects_07062017_5.pdf
The SRB decided to exercise the power of write-down and conversion of capital instruments prior to the transfer, to address the shortfall in the value of the Institution. In particular, all the existing shares (Common Equity Tier 1), and the Additional Tier 1 instruments were written down, while the Tier 2 instruments were converted into new shares, which were transferred to Banco Santander S.A. for the price of EUR 1.