FINANCIAL SECTOR OVERVIEW
Banco de España: Financial Stability Report. November 2016 -Presentation- (November 03, 2016)
Banking system risk and situation
Banco de España: Financial Stability Report, November 2016 (November 03, 2016)
The Bank of Spain's Financial Stability Report is a six-monthly publication which analyses the evolution of the risk, solvency and profitability of deposit institutions.
- Banco de España: Background note on public financial assistance in the restructuring of the Spanish banking sector (2009-2016) (September 06, 2016)
Banco de España: Results of the 2016 EU-wide stress test (July 29, 2016)
The test results for Spanish banks show an appreciable degree of resilience, and they comfortably comply with the capital requirements used as references in previous stress tests.
- Banco de España: Changes in the main Spanish Banking groups (2009-2014) (November 04, 2014)
Banco de España: Presentation of the results of the ECB´s Comprehensive Assessement (October 26, 2014)
Spanish banks have satisfactorily passed the examination: No Spanish bank as of today has a capital shortfall; The margin over the minimum thresholds set is generally a very comfortable one; The financial information disclosed offers a rigorous (the most rigorous of the SSM countries) view of asset values; The impact of an adverse scenario on banks’ capital position is limited
FINANCIAL SECTOR REFORM
ESM approves a fourth voluntary early loan repayment by Spain (November 07, 2016)
The Board of Directors of the European Stability Mechanism (ESM) approved a request by Spain to make a voluntary early repayment of €1 billion of its ESM loan. This is the fourth time that Spain has offered to make an early repayment after receiving a loan to recapitalise its banks in 2012 and 2013. Following this payment, Spain’s outstanding debt to the ESM will be €34.7 billion. The ESM disbursed €41.3 billion to the Spanish government for the recapitalisation of the country’s banking sector. Spain successfully exited the programme at the end of 2013..
Banco de España: Circular on supervision and solvency of credit institutions (February 09, 2016)
The Governing Council of the Banco de España has approved the Circular on supervision and solvency, which completes the adaptation of Spanish law to the European rules deriving from the Basel III Accord.
Council of Ministers: RD organisation, supervision and solvency of insurance companies (November 20, 2015 - pdf 88 KB)
The CoM approved a Royal Decree on the organisation, supervision and solvency of insurance and reinsurance companies. This thus completes the adaptation of the insurance sector to the Solvency II Directive, which seeks to protect consumers and the stability of the European financial system.
Banco de España: Circular on banking foundations (November 19, 2015)
The Governing Council of the BdE has approved the Circular setting out the obligations of banking foundations arising from their holdings in credit institutions, pursuant to the authorisation conferred upon it by Law 26/2013 on savings banks and banking foundations, and by the attendant implementing Royal Decree 877/2015.
Council of Ministers: Progress on Banking Union (November 06, 2015 - pdf 64 KB)
The CoM approved a Royal Decree implementing the Law on the Recovery and Resolution of Credit Institutions and Investment Service Companies
Council of Ministers: Banking Union (February 27, 2015 - pdf 89 KB)
The CoM submitted to Parliament the Draft Law on the Recovery and Resolution of Credit Institutions and Investment Service Companies, whereby Spain adapts to European law in regard to Banking Union.
Council of Ministers: Supervision and financial solvency (February 13, 2015 - pdf 87 KB)
The CoM approved a Royal Decree implementing the Law on the Organisation, Supervision and Solvency of Credit Institutions. The text adapts the regulatory framework for credit institutions to the new requirements on integrated supervision issued by the European Central Bank.
Council of Ministers: Collective investment undertakings (February 13, 2015 - pdf 81 KB)
The government approved a Royal Decree modifying the regulations governing collective investment undertakings. The new legislation complements the reform undertaken in November 2014 through Law 22/2014 on venture capital companies and collective investment undertakings and fund managers.
- MoU on Financial Sector Policiy Conditionality (July 20, 2012 - pdf 125 KB)
INTERNATIONAL ORGANIZATIONS ASSESSMENTS
EC: Spain–Post Programme Surveillance. Autumn 2016 Report (December 13, 2016)
This report by the European Commission presents the findings of the sixth post-programme surveillance mission to Spain and identifies remaining challenges for the Spanish economy.
European Commission: Statement by the EC and the ECB following the sixth post-programme surveillance visit to Spain (October 24, 2016)
Overall, robust growth of the Spanish economy continues to support the rebalancing of the economy and the stabilisation of the financial sector. However, ensuring a balanced, durable and inclusive growth path over the long term remains a challenge. Continued efforts are needed to further strengthen the resilience of the banking sector over the medium term. The structural reform agenda needs to be resumed once a government with full legislative powers is in place in order to further rebalance the economy, reduce unemployment and raise Spain's productivity and growth potential.
European Commission: Evaluation of the Financial Sector Assistance Programme 2012-2014 (January 29, 2016)
An evaluation of the design, implementation and achievements of the July 2012 - January 2014 financial sector assistance programme for Spain.
FATF: Mutual Evaluation Report Spain 2014 (December 05, 2014)
The President of the FATF: “We congratulate Spain on the progress it has made since its 2006 Evaluation. The Spanish government has made great efforts to update its laws and institutions to deal with money laundering and terrorist financing. This FATF evaluation recognises that, overall, their approach is working. But of course, there is always more to do, and the FATF has highlighted a number of priority actions for Spain to take.”
(March 2017 - pdf 977 KB)
Stability Programme 2016-2019 (Summary presentation) ES
(April 2016 - pdf 234 KB)
National Reform Programme 2016 Executive Summary
(April 2016 - pdf 190 KB)