RSS of The Spanish Economy RSS of The Spanish Economy Website en 120 http://www.thespanisheconomy.com/ RSS of The Spanish Economy http://www.thespanisheconomy.com:80/stfls/tse/Comun/Repositorios_Etiquetas/imagenes/logo_tse.jpg http://www.thespanisheconomy.com/ Deal Summary: new €5bn 2.35% 15-year benchmark http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/170222PressReleaseKoS_July2033.pdf February 22, 2017 (pdf 347 KB) The Kingdom of Spain priced a new 15-year benchmark. This is the second syndicated bond for 2017. The new €5bn SPGB due 30 July 2033 pays a 2.35% coupon and was priced at a spread of 120bps over mid swaps (reoffer yield of 2.392%). More than 125 investors took part to the transaction with an orderbook that reached €14.5bn at the final spread. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/170222PressReleaseKoS_July2033.pdf European Commission: In-depth review for SPAIN 2017 http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/2017_european_semester_country_report_spain_en.pdf February 22, 2017 (pdf 1.7 MB) Overall, Spain has made limited progress in addressing the 2016 country-specific recommendations (CSRs). The main findings of the in-depth review are as follows: - Current account surpluses are translating into a slow reduction of Spain's net external liabilities. - Private sector debt reduction has continued, but indebtedness remains high, especially for households. - The financial sector has continued to show a high degree of stability, supported by its ongoing restructuring, low funding costs and the economic recovery. - Fiscal sustainability risks remain high in the medium term. - Job creation has been strong in recent years and unemployment decreased rapidly, but remains very high. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/2017_european_semester_country_report_spain_en.pdf Short term auction (Letras): 21 February 2017 http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/170221_Last_ST_auction.pdf February 21, 2017 (pdf 85 KB) Two references were auctioned with a target range of €2 to €3 bn: 3-month Letras: €0.61bn allotted, 3.56 bid-to-cover, -0.415% weighted average rate. 9-month Letras: €1.63bn allotted, 3.12 bid-to-cover, -0.332% weighted average rate. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/170221_Last_ST_auction.pdf Spanish Economy Report (January 2017) http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/170221_ser.pdf February 21, 2017 (pdf 438 KB) The Spanish Economy: recent developments and prospects, http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/170221_ser.pdf International Trade Report - December 2016 http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/International_Trade_Report_Executive_summary_2016_12.pdf February 20, 2017 (pdf 1.1 MB) In December exports increased by 2.9% in nominal terms to €20.73bn (+6.5% y/y SA), whereas imports avanced by 5.6% to €23.18bn (+9.6% y/y SA). In real terms, exports increased by 2.5% y/y and imports grew by 2.8% y/y. Spain’s trade balance registered a deficit of €2.45bn, up from a €1.79bn deficit in December 2015 (provisional data).The export/import coverage ratio reached 89.4% (91.8% in December 2015 with provisional data). http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/International_Trade_Report_Executive_summary_2016_12.pdf Weekly Economic Bulletin http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/170217_is_ing.pdf February 17, 2017 (pdf 1.2 MB) http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/170217_is_ing.pdf Long term auction: 16 February 2017 http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/170216_Last_LT_auction.pdf February 16, 2017 (pdf 93 KB) Three references were auctioned with a target range of €4 to €5 bn. Apr-2022: €2.05bn allotted, 1.53 bid to cover, 0.532% weighted average rate. Apr-2027: €1.02bn allotted, 2.95 bid to cover, 1.733% weighted average rate. Oct-2028: €1.48bn allotted, 1.67 bid to cover, 1.894% weighted average rate. The gross issuance of medium- and long-term bonds of the regular funding programme stands at €26.9 bn (21.9% of the projected figure for 2017) http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/170216_Last_LT_auction.pdf Consumer Price Index (CPI). January 2017 http://www.ine.es/en/daco/daco42/daco421/ipc0117_en.pdf February 15, 2017 The y/y change of the CPI index stands at 3.0%, one point and a half more than the registered the previous month. Core CPI increases one tenth to 1.1%. The harmonized consumer price index (HICP) increases one point and a half to 2.9%. http://www.ine.es/en/daco/daco42/daco421/ipc0117_en.pdf European Commission: European economic forecast - Winter 2017 Spain http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/ecfin_forecast_winter_1317_es_en.pdf February 13, 2017 (pdf 246 KB) Economic growth exceeded expectations in recent quarters. As favourable tailwinds gradually subside, the pace of growth is set to ease but remain robust throughout the forecast horizon. Unemployment is set to continue to fall steadily, and inflation is picking up as oil prices increase and core inflation recovers. Thanks to both new revenue measures and a positive macroeconomic outlook, the general government deficit is expected to continue declining over the forecast horizon. Public debt is set to stabilise at about 100% of GDP. Accordingly, Spain’s economy is forecast to grow by 2.3% (2.3% in November) in 2017 and 2.1% (2.1% in November) in 2018. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/ecfin_forecast_winter_1317_es_en.pdf Investors Presentation http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/170210_Kingdom_of_Spain.pdf February 10, 2017 (pdf 1.1 MB) 1. The Treasury Funding Programme; 2. Transformation of Spain’s growth model; 3. Spanish Economic Policy & Reforms. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/170210_Kingdom_of_Spain.pdf Banco de España - Statistical Bulletin. January 2017 http://www.bde.es/f/webbde/SES/Secciones/Publicaciones/InformesBoletinesRevistas/BoletinEstadistico/17/Fich/be_enero2017_en.pdf February 08, 2017 It contains the economic statistics compiled by the BoE (on the credit system, other financial institutions, financial markets, general government and the balance of payments), a summary of general economic statistics, compiled by the INE and other public bodies, and a set of indicators for other countries. http://www.bde.es/f/webbde/SES/Secciones/Publicaciones/InformesBoletinesRevistas/BoletinEstadistico/17/Fich/be_enero2017_en.pdf Industrial Production Index (IPI). December 2016 http://www.ine.es/en/daco/daco42/daco422/ipi1216_en.pdf February 08, 2017 The m/m change of the Industrial Production Index stood at -0.5% (SA). The y/y change of the IPI stood at 1.9% in SA terms and at -1.6% in the original series. In the year 2016 as whole, Industrial Production increased by 1.9% in the adjusted series and 1.6% in the original series http://www.ine.es/en/daco/daco42/daco422/ipi1216_en.pdf Council of Ministers: Regulation on the Law on De-indexing http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/170203_CoM_DeIndex.pdf February 03, 2017 (pdf 90 KB) The government approved the Regulation on the Law on De-indexing, which seeks to avoid general price rises from automatically passing on to certain public sector goods and services, such as bus tickets and medication. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/170203_CoM_DeIndex.pdf Markit Services PMI. January 2017 https://www.markiteconomics.com/Survey/PressRelease.mvc/1b058f80219044aa9e422f73915c7f59 February 03, 2017 The headline seasonally adjusted Business Activity Index posted at 54.2 in January, down from 55.0 in December but still signalling a solid monthly increase in activity. Services output has now risen in each of the past 39 months. https://www.markiteconomics.com/Survey/PressRelease.mvc/1b058f80219044aa9e422f73915c7f59 Fiscal Policy Strategy http://www.minhafp.gob.es/Documentacion/Publico/CDI/EstrategiaPoliticaFiscal/Fiscal%20Policy%20Strategy.pdf?020217 February 02, 2017 http://www.minhafp.gob.es/Documentacion/Publico/CDI/EstrategiaPoliticaFiscal/Fiscal%20Policy%20Strategy.pdf?020217 Labour Market: Registered unemployment. January 2017 http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/t3_16_Ing_January17.pdf February 02, 2017 (pdf 65 KB) In the month of January, registered unemployment increased by 57,257 persons (1.55%, m/m). In seasonally adjusted terms, registered unemployment decreased by 33,524 persons. Versus a year earlier, the annual fall in registered unemployment is 390,524 (-9.41% y/y). http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/t3_16_Ing_January17.pdf Labour Market: Social Security covered workers. January 2017 http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/t3_12_Ing_January17.pdf February 02, 2017 (pdf 59 KB) In the month of January, Social Security system contributors decreased by 174,880 persons (-0.98%, m/m). In seasonally adjusted terms, Social Security contributors increased by 67,460 persons. Versus a year earlier, the annual increase in recorded affiliation is 569,817 (3.33% y/y). http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/t3_12_Ing_January17.pdf Markit Manufacturing PMI. January 2017 https://www.markiteconomics.com/Survey/PressRelease.mvc/78dc325ee9ac410695ae284ddcba8b01 February 01, 2017 The SA PMI index rose to 55.6 in January, up from 55.3 in December, signalling a further marked improvement in the health of the sector, and one that was the strongest since May 2015. Business conditions have now strengthened in each of the past 38 months. https://www.markiteconomics.com/Survey/PressRelease.mvc/78dc325ee9ac410695ae284ddcba8b01 Budget Execution (November 2016) http://www.minhafp.gob.es/Documentacion/Publico/GabineteMinistro/Notas%20Prensa/2017/ESTAD%c3%8dSTICAS/31-01-17%20NP%20D%c3%a9ficit%20consolidado%20noviembre.pdf January 31, 2017 Up to November, the consolidated budget outturn of the General Government, excluding Local Administrations, was a deficit of 3.33% (Central Government, 2.20%; Regional Governments, 0.49%; Social Security System, 0.65%) against 3.79% recorded in November 2015. http://www.minhafp.gob.es/Documentacion/Publico/GabineteMinistro/Notas%20Prensa/2017/ESTAD%c3%8dSTICAS/31-01-17%20NP%20D%c3%a9ficit%20consolidado%20noviembre.pdf GDP Q4-16 (flash estimate) http://www.ine.es/en/prensa/cntr0416a_en.pdf January 30, 2017 GDP registers variation of 0.7% in the Q4-16. The y/y variation is 3.0%. As a result of the aggregation of the estimation corresponding to the four quarters, the GDP volume growth for the whole year 2016 is estimated at 3.2%. http://www.ine.es/en/prensa/cntr0416a_en.pdf IMF - Spain 2016 Article IV Consultation: selected issues http://www.imf.org/~/media/Files/Publications/CR/2017/cr1724.ashx January 30, 2017 Selected Issues: Spain: drivers of firm productivity growth; Assessing Spain´s competitiveness; Banking sector: facing new challenges while balance sheet adjustment continues; Fiscal non-compliance among spanish regions. http://www.imf.org/~/media/Files/Publications/CR/2017/cr1724.ashx IMF - Spain 2016 Article IV Consultation Report http://www.imf.org/~/media/Files/Publications/CR/2017/cr1723.ashx January 30, 2017 The recovery is strong and imbalances are falling fast, aided by past reforms. External tailwinds and expansionary fiscal policy also buoyed activity and job creation. The economy is now more resilient but adjustments are incomplete and structural weaknesses persist. In particular, high unemployment, elevated public debt and shortcomings in the regional fiscal framework, feeble productivity growth, and the still large negative net international investment position pose policy challenges. http://www.imf.org/~/media/Files/Publications/CR/2017/cr1723.ashx Retail Trade Index (RTI). December 2016 http://www.ine.es/en/daco/daco42/daco4215/ccm1216_en.pdf January 27, 2017 The monthly change of the RTI stands at 0.1% (SA) vs 0.4% m/m the previous month. The y/y change of the index stands at 3.9% (SA) and at 0.9% (original series). http://www.ine.es/en/daco/daco42/daco4215/ccm1216_en.pdf Labour market: Economically Active Population Survey (EAPS) Q4-16 http://www.ine.es/en/daco/daco42/daco4211/epa0416_en.pdf January 26, 2017 In Q4-16, employment decreases by 19,400 persons. In the last 12 months, employment increases by 413,900 persons, the y/y change in employment was +2.29%. The number of unemployed persons decreases by 83,000 in Q4-16. In the last 12 months, unemployment decreases by 541,700 persons, the y/y change in unemployment was -11.33%. http://www.ine.es/en/daco/daco42/daco4211/epa0416_en.pdf European Commission: Opinion on the updated Draft Budgetary Plan of Spain http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/dbp/2016/es_2017-01-17_co_en.pdf January 17, 2017 Overall, the EC considers that the updated DBP of Spain is broadly compliant with the provisions of the SGP. According to the updated EC 2016 autumn forecast, the required fiscal effort is expected to be met in both 2017 and in cumulative terms over 2016 and 2017. While the fiscal policy measures taken so far by the government have significantly increased the probability of meeting the 2016 headline deficit target and delivering the required structural effort in 2017, albeit with a narrow margin, the 2017 headline deficit target is not projected to be met. The EC therefore invites the authorities to stand ready to take further measures should fiscal developments indicate a heightened risk of not fulfilling the Council's requirements. http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/dbp/2016/es_2017-01-17_co_en.pdf IMF: World Economic Outlook Update - January 2017 http://www.imf.org/external/pubs/ft/weo/2017/update/01/pdf/0117.pdf January 16, 2017 The IMF GDP growth forecast for Spain: 2.3% for 2017 (2.2% in October) and 2.1% for 2018 (1.9% in October). http://www.imf.org/external/pubs/ft/weo/2017/update/01/pdf/0117.pdf Tesoro Público: 2017 Strategy http://www.tesoro.es/sites/default/files/estrategia/Strategy_EN.pdf January 09, 2017 Kingdom of Spain's issuance calendar for 2017 (and review of 2016) http://www.tesoro.es/sites/default/files/estrategia/Strategy_EN.pdf Council of Ministers: Budget 2017. Agreement establishing the unavailability of credit for 5.49 billion http://www.minhafp.gob.es/Documentacion/Publico/GabineteMinistro/Notas%20Prensa/2016/CONSEJO%20DE%20MINISTROS/30-12-2016%20NP%20CM%20Acuerdo%20de%20no%20Disponibilidad.pdf December 30, 2016 The government approved an agreement whereby the distribution by ministerial department of the State Budget extended into 2017 is formalised, and established the unavailability of credit for a sum of 5.49 billion euros and adopted measures to control spending during 2017. The way the election process unfolded and the situation of a caretaker government meant that it had not been possible to draft the General State Budget for 2017, and hence, as from 1 January 2017, the Budget for 2016 will automatically be extended. It has been necessary to approve an agreement so that the level of State spending is in line with the ceiling approved for 2017, and consequently, meet our deficit commitments for 2017 within the framework established for the Eurozone. http://www.minhafp.gob.es/Documentacion/Publico/GabineteMinistro/Notas%20Prensa/2016/CONSEJO%20DE%20MINISTROS/30-12-2016%20NP%20CM%20Acuerdo%20de%20no%20Disponibilidad.pdf AIReF: Debt Flash http://www.airef.es/system/assets/archives/000/001/800/original/2016_12_22_Observatoriofinal_EN_ctl.pdf?1482398075 December 16, 2016 The "Debt Flash" highlights a series of key indicators useful for debt sustainability analysis at a subsector and regional level. http://www.airef.es/system/assets/archives/000/001/800/original/2016_12_22_Observatoriofinal_EN_ctl.pdf?1482398075 Quarterly Labour Cost Survey (QLCS). Q3-2016 www.ine.es/en/daco/daco42/etcl/etcl0316_en.pdf December 16, 2016 The labour cost of companies decreases 0.5% in the Q3-2016 vs the same period of 2015. The wage cost per worker per month decreases by 0.3% and other costs decreases 0.9%. www.ine.es/en/daco/daco42/etcl/etcl0316_en.pdf Banco de España: Macroeconomic projections (December 2016) http://www.bde.es/f/webbde/SES/Secciones/Publicaciones/InformesBoletinesRevistas/BoletinEconomico/Informesdeproyecciones/Fich/be1612-proye.pdf December 14, 2016 Throughout the projection period, the expansionary phase of the economy is expected to continue, underpinned – inter alia – by the maintenance of the monetary stimulus and by the headway made in the ongoing deleveraging of private agents and the pick-up in external competitiveness. Specifically, GPD growth is projected to stand at 3.2% this year (3.2% in September), 2.5% in 2017 (up from 2.3%), 2.1% in 2018 (2.1%) and 2.0% in 2019. http://www.bde.es/f/webbde/SES/Secciones/Publicaciones/InformesBoletinesRevistas/BoletinEconomico/Informesdeproyecciones/Fich/be1612-proye.pdf EC: Spain–Post Programme Surveillance. Autumn 2016 Report http://ec.europa.eu/economy_finance/publications/eeip/pdf/ip043_en.pdf 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. http://ec.europa.eu/economy_finance/publications/eeip/pdf/ip043_en.pdf Updated Draft Budgetary Plan of Spain 2017 http://www.minhafp.gob.es/Documentacion/Publico/CDI/EstrategiaPoliticaFiscal/2017/Actual_Plan_Presupuestario_2017.pdf December 09, 2016 http://www.minhafp.gob.es/Documentacion/Publico/CDI/EstrategiaPoliticaFiscal/2017/Actual_Plan_Presupuestario_2017.pdf AIReF: Report on the macroeconomic forecasts in the Draft Budgetary Plan for 2017 http://www.airef.es/system/assets/archives/000/001/767/original/2016_12_05_Resumen_Ejecutivo_Informe_CM_Actualizaci%C3%B3n_DBP_2017_ingl%C3%A9s.pdf?1480961886 December 02, 2016 The Independent Authority for Fiscal Responsibility (AIReF), on the basis of exogenous assumptions and defined policies, endorses the Government's macroeconomic forecast. AIReF deems the Government macroeconomic scenario accompanying the 2017 Draft Budgetary Plan to be prudent overall. http://www.airef.es/system/assets/archives/000/001/767/original/2016_12_05_Resumen_Ejecutivo_Informe_CM_Actualizaci%C3%B3n_DBP_2017_ingl%C3%A9s.pdf?1480961886 Council of Ministers: Tax measures http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/CoM_Tax_measures_Dec2016_2.pdf December 02, 2016 (pdf 11 KB) The CoM approved, through a decree law, a series of tax measures to help meet the public deficit targets. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/CoM_Tax_measures_Dec2016_2.pdf Council of Ministers: stability targets and limit on non-financial spending http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/CoM_Stability_targets.pdf December 02, 2016 (pdf 9 KB) The Council of Ministers approved, for their submission to Parliament, the budget stability and public debt targets for the period 2017-2019 and the limit on non-financial spending under the State budget for the year 2017 http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/CoM_Stability_targets.pdf Gobierno de España: Macroeconomic Scenario http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/161202_Escenario_Macroeconomico.pdf December 02, 2016 (pdf 21 KB) Spain macroeconomic scenario 2016-2017. GDP growth forecast: 3.2% for 2016 (2.9% in October) and 2.5% for 2017 (2.3% in October). http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/161202_Escenario_Macroeconomico.pdf OECD: Economic Outlook November 2016 Spain http://www.oecd.org/eco/outlook/economic-forecast-summary-spain-oecd-economic-outlook-november-2016.pdf November 28, 2016 The OECD improves its GDP growth forecast for Spain to 3.2% for 2016 (up from 2.8% in June). Forecats 2.3% for 2017 (2.3% in June) and 2.2% for 2018. The Spanish economy has grown strongly in 2016, led by domestic demand spurred by easy monetary policy in the euro area and a fiscal stimulus. The expansionary phase is expected to continue in 2017 and 2018, with domestic demand leading the recovery, albeit at a slower pace as some factors that have contributed to boost consumption, such as low oil prices and lower taxes, will recede. Inflation will gradually pick up as the effects of low oil prices diminish, but pressures will remain moderate due to still high unemployment. http://www.oecd.org/eco/outlook/economic-forecast-summary-spain-oecd-economic-outlook-november-2016.pdf Council of Ministers: Draft Laws on Public Procurement http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/161125_CoM_Public_Procurement.pdf November 25, 2016 (pdf 11 KB) The government has submitted two draft laws on public procurement to Parliament. One of the fundamental goals of the new legislation is to reduce administrative burdens and speed up procedures. Another basic aim of the legislation is to improve public disclosure, transparency and the fight against corruption. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/161125_CoM_Public_Procurement.pdf Quarterly National Accounts Q3-16 http://www.ine.es/en/prensa/cntr0316_en.pdf November 24, 2016 In Q3-16, the Spanish economy registered a quarterly growth of 0.7%. This rate is one tenth lower than that recorded in Q2-16. Year-on-year growth stands at 3.2% vs 3.4% registered in the previous quarter. http://www.ine.es/en/prensa/cntr0316_en.pdf Spanish external sector and competitiveness: facts and figures http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/161121_SPANISH_EXTERNAL_SECTOR.pdf November 21, 2016 (pdf 560 KB) In the year to september 2016, exports increased by 1.2% compared to the same period of 2015 to €188.5bn, whereas imports dropped by 1.6% y/y to €201.7bn. In real terms, exports rose by 3.2% y/y and imports grew by 2.7% y/y. Spain’s trade deficit decreased to €13.2bn compared to January-September of 2015 (deficit of €18.6bn). The export/import coverage ratio reached 93.4%, 2.5 pp higher than in the same period of 2015 (90.9%). The attached updated document provides additional key facts and figures of Spain's external sector. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/161121_SPANISH_EXTERNAL_SECTOR.pdf OECD Public Governance Reviews: Spain 2016 http://www.keepeek.com/Digital-Asset-Management/oecd/governance/oecd-public-governance-reviews-spain-2016_9789264263024-en#page1 November 18, 2016 "Linking Reform to Results for the Country and its Regions". This progress report, the first of its kind, analyses how the OECD recommendations in the 2014 review have been implemented so far at the national level. In addition, it describes how the autonomous communities Galicia and Murcia have implemented the recommendations, and discusses the challenges that remain for achieving effective co-ordination and closer collaboration between the central and the regional levels in the area of public sector reform. http://www.keepeek.com/Digital-Asset-Management/oecd/governance/oecd-public-governance-reviews-spain-2016_9789264263024-en#page1 European Commission: EDP, Commission communication. Assessment of action taken http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/dbp/2016/assessement_pt_es_en.pdf November 16, 2016 Overall, according to the Commission 2016 autumn forecast, the headline deficit is expected to decrease to 4.6% of GDP in 2016, in line with the target, while there is a risk that the fiscal effort may fall somewhat short of the requirements. On the basis of the projected achievement of the required headline deficit target in 2016, the excessive deficit procedure should be kept in abeyance at this stage. At the same time, the targets for 2017 and 2018 are currently not projected to be met on a no-policy-change basis, indicating that there are risks to the timely correction of the excessive deficit. http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/dbp/2016/assessement_pt_es_en.pdf European Commission: European economic forecast - Autumn 2016 Spain http://ec.europa.eu/economy_finance/eu/forecasts/2016_autumn/es_en.pdf November 09, 2016 Economic growth has again exceeded expectations in recent quarters. It is still expected to ease but remain robust throughout the forecast horizon. Although domestic demand is expected to remain the main driver of growth, the contribution of the external sector is set to turn positive. Inflation is expected to pick up in 2017 as oil prices increase and core inflation recovers. Unemployment is set to continue to fall steadily to 16½% by 2018. The reduction of the general government deficit in 2017 and 2018 relies to a large extent on the positive macroeconomic outlook. Accordingly, Spain’s economy is forecast to grow by 3.2% (2.6% in may) in 2016, 2.3% (2.5% in May) in 2017 and 2.1% in 2018. http://ec.europa.eu/economy_finance/eu/forecasts/2016_autumn/es_en.pdf Draft Budgetary Plan 2017: Reply from Spain http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/dbp/2016/dbp_2017_reply_spain_en.pdf November 08, 2016 Letter reiterating the Spanish governmet´s commitment with the fiscal targets of 4.6% for 2016 and 3.1% for 2017. http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/dbp/2016/dbp_2017_reply_spain_en.pdf ESM approves a fourth voluntary early loan repayment by Spain https://www.esm.europa.eu/press-releases/esm-approves-spain%E2%80%99s-fourth-early-repayment 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.. https://www.esm.europa.eu/press-releases/esm-approves-spain%E2%80%99s-fourth-early-repayment Banco de España: Financial Stability Report, November 2016 http://www.bde.es/f/webbde/Secciones/Publicaciones/InformesBoletinesRevistas/InformesEstabilidadFinancera/16/FSRNovember2016.pdf 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. http://www.bde.es/f/webbde/Secciones/Publicaciones/InformesBoletinesRevistas/InformesEstabilidadFinancera/16/FSRNovember2016.pdf Banco de España: Financial Stability Report. November 2016 -Presentation- http://www.bde.es/f/webbde/Secciones/Publicaciones/InformesBoletinesRevistas/InformesEstabilidadFinancera/16/Presentation.pdf November 03, 2016 Banking system risk and situation http://www.bde.es/f/webbde/Secciones/Publicaciones/InformesBoletinesRevistas/InformesEstabilidadFinancera/16/Presentation.pdf European Commision: letter to Spain in relation to his 2017 Draft Budgetary Plan http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/dbp/2017/dbp_2017_-_vd-pm_letter_to_spain_-final.pdf October 25, 2016 Letter seeking reassurances from the Spanish authorities in the coming days that the incoming government, as soon as possible upon taking office, will submit an updated draft budgetary plan to the Commission and to the Eurogroup, which will ensure compliance with the targets set out in the Council decision under Article 126(9) TFEU of 8 August 2016. http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/dbp/2017/dbp_2017_-_vd-pm_letter_to_spain_-final.pdf European Commission: Statement by the EC and the ECB following the sixth post-programme surveillance visit to Spain http://ec.europa.eu/economy_finance/articles/eu_economic_situation/2016-10-24_statement_spain_en.htm 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. http://ec.europa.eu/economy_finance/articles/eu_economic_situation/2016-10-24_statement_spain_en.htm Council of Ministers: Tax measures to help meet the new fiscal path agreed with the EU http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/CoM_tax_measures_fiscal_path_EU.pdf September 30, 2016 (pdf 8 KB) The CoM approved, through a decree law, a series of tax measures to help meet the new fiscal path agreed with the European Union, which allows for a longer term to meet the public deficit targets. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/CoM_tax_measures_fiscal_path_EU.pdf Banco de España: Background note on public financial assistance in the restructuring of the Spanish banking sector (2009-2016) http://www.bde.es/f/webbde/GAP/Secciones/SalaPrensa/NotasInformativas/Briefing_notes/en/notabe060916en.pdf September 06, 2016 http://www.bde.es/f/webbde/GAP/Secciones/SalaPrensa/NotasInformativas/Briefing_notes/en/notabe060916en.pdf Council EU: EDP, Council Decision on imposing a fine on Spain http://data.consilium.europa.eu/doc/document/ST-11555-2016-INIT/en/pdf August 08, 2016 The Council agreed not to impose a fine on Spain for his failure to take effective action to correct his excessive deficit. http://data.consilium.europa.eu/doc/document/ST-11555-2016-INIT/en/pdf Council EU: EDP, Council Decision giving notice to Spain to take measures http://data.consilium.europa.eu/doc/document/ST-11552-2016-INIT/en/pdf August 08, 2016 The Council calls on Spain to reduce its general government deficit to 4.6% of GDP in 2016, 3.1% of GDP in 2017 and 2.2% of GDP in 2018. In addition to savings already foreseen, Spain must implement consolidation measures amounting to 0.5% of GDP in both 2017 and 2018. All windfall gains must be used to accelerate deficit and debt reduction, and Spain must be ready to adopt further measures should budgetary risks materialise. Fiscal consolidation measures must secure a lasting improvement to the government's budgetary balance in a manner conducive to economic growth. http://data.consilium.europa.eu/doc/document/ST-11552-2016-INIT/en/pdf Banco de España: Results of the 2016 EU-wide stress test http://www.bde.es/f/webbde/GAP/Secciones/SalaPrensa/NotasInformativas/16/Arc/Fic/presbe2016_35en.pdf 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. http://www.bde.es/f/webbde/GAP/Secciones/SalaPrensa/NotasInformativas/16/Arc/Fic/presbe2016_35en.pdf European Commission: Recommendation for a Council Decision giving notice to Spain to take measures in order to remedy the excessive deficit http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/30_edps/126-09_commission/2016-07-27_es_126-9_commission_recommendation_en.pdf July 27, 2016 Following the Council decision of 12 July 2016 that Spain did not take effective action to correct his excessive deficit, the EC recommends a new fiscal adjustment path. Taking account of the economic and fiscal situation, the EC recommends that Spain puts an end to its excessive deficit by 2018, at the latest. Spain shall reduce the general government deficit to 4.6% of GDP in 2016, to 3.1% of GDP in 2017 and to 2.2% of GDP in 2018. The deadline for taking effective action and reporting on it will be 15 October 2016. http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/30_edps/126-09_commission/2016-07-27_es_126-9_commission_recommendation_en.pdf European Commission: Recommendation for a Council Decision imposing a fine on Spain http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/30_edps/126-08_commission/2016-07-27_es_126-8_commission_recommendation_en.pdf July 27, 2016 According to Article 6 of Regulation 1173/2011 as part of the so-called six-pack, the EC is legally required to propose a fine of 0.2% of GDP of the preceding year. However, this amount can be reduced or cancelled following a reasoned request from the Member State concerned. Spain has submitted a reasoned request to cancel the fine, while reaffirming his commitment to comply with the rules of the Stability and Growth Pact. In consideration of this, and in acknowledgment of the reform efforts of Spain in recent years following the financial assistance programme, the EC proposed that the Council cancels the fine. http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/30_edps/126-08_commission/2016-07-27_es_126-8_commission_recommendation_en.pdf Reasoned Request to EC in response to Council Decision of 12 July 2016 http://www.mineco.gob.es/stfls/mineco/comun/pdf/Solicitud_Motivada.pdf July 13, 2016 Having regard to the decision of the Council of 12 of July 2016, establishing that no effective action has been taken by Spain in response to the Council recommendation of 21 June 2013, Hereby, and by means of this document, addresses a reasoned request to the European Commission that the fine referred to in Article 6 of Regulation (EU) No 1173/2011 is cancelled. http://www.mineco.gob.es/stfls/mineco/comun/pdf/Solicitud_Motivada.pdf Council EU: Spain Country-specific Recommendations 2016 http://data.consilium.europa.eu/doc/document/ST-9199-2016-REV-1/en/pdf July 12, 2016 The Council issued recommendations and opinions on economic, employment and fiscal policies planned by the member states. The Council thereby formally concluded the 2016 "European Semester", an annual policy monitoring process, after the European Council endorsed the recommendations at its meeting in June. http://data.consilium.europa.eu/doc/document/ST-9199-2016-REV-1/en/pdf OECD Employment Outlook 2016 - Spain http://www.oecd.org/spain/Employment-Outlook-Spain-EN.pdf July 07, 2016 Labour market conditions continue to improve and the OECD average employment rate is projected to return to its pre-crisis level in 2017, nearly ten years after the global financial crisis erupted. http://www.oecd.org/spain/Employment-Outlook-Spain-EN.pdf Stability Programme 2016-2019 http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/Stability_Programme_2016_2019.pdf May 30, 2016 (pdf 1 MB) The Stability Programme is a key document for the design of the fiscal policy in the short, medium and long term, and for the coordination of economic policies in the European Union. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/Stability_Programme_2016_2019.pdf European Commission (DG ECFIN staff): assessment of the 2016 Stability Programme http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2016/09_es_scp_en.pdf May 26, 2016 This document assesses Spain's April 2016 Stability Programme and complements the Country Report published on 26 February 2016 with the information included in the Stability Programme. http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/20_scps/2016/09_es_scp_en.pdf European Commission: proposal for Country-Specific Recommendations 2016 http://ec.europa.eu/europe2020/pdf/csr2016/csr2016_spain_en.pdf May 18, 2016 The EC has issued four country-specific recommendations (CSR) to Spain to help it improve its economic performance: (1) Ensure a durable correction of the excessive deficit by 2017, by taking the necessary structural measures and by using all windfall gains for deficit and debt reduction...; (2) Take further measures to improve labour market integration, by focusing on individualised support and strengthening the effectiveness of training measures...; (3) Take further measures to improve the labour market relevance of tertiary education...; and (4) Accelerate the implementation of the law on market unity at regional level... EU ministers are expected to discuss the country-specific recommendations before EU Heads of State and Government are due to endorse them. It is then up to Member States to implement the CSRs by addressing them through their national economic and budgetary policies in 2016-2017. http://ec.europa.eu/europe2020/pdf/csr2016/csr2016_spain_en.pdf Deal Summary: new €3bn, 3.45%, 50-year benchmark http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/160512PressRelease_July2066.pdf May 11, 2016 (pdf 264 KB) The Kingdom of Spain priced a new 50-year benchmark. This is the third syndicated bond for 2016. The new €3bn SPGB due 30July 2066 pays a 3.45% coupon and was priced at a spread of 250bps over mid swaps (reoffer yield of 3.493%). More than 300 investors took part to the transaction with an orderbook close to €10bn at the final spread. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/160512PressRelease_July2066.pdf National Reform Programme 2016 Executive Summary http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/Executive_Summary_PNR_2016.pdf April 29, 2016 (pdf 190 KB) http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/Executive_Summary_PNR_2016.pdf Stability Programme 2016-2019 (Summary presentation) http://www.minhap.gob.es/Documentacion/Publico/GabineteMinistro/Notas%20Prensa/2016/CONSEJO%20DE%20MINISTROS/29-04-16%20presentaci%C3%B3n%20programa%20de%20estabilidad%20-inglesTRIS.pdf April 29, 2016 Brief presentation summarizing Spain's new macroeconomic scenario and the new budgetary stability targets for the period 2016 to 2019. http://www.minhap.gob.es/Documentacion/Publico/GabineteMinistro/Notas%20Prensa/2016/CONSEJO%20DE%20MINISTROS/29-04-16%20presentaci%C3%B3n%20programa%20de%20estabilidad%20-inglesTRIS.pdf Budget Execution (4th Quarter 2015) http://www.minhap.gob.es/Documentacion/Publico/CDI/TSE/Spanish%20Economy%20deficit%20execution%202015%20Q4.pdf April 07, 2016 In 2015 the General Government budget outturn was a deficit of 5.16% of GDP, excluding the net financial sector assistance which amounted to 0.08% of GDP. The 2015 overall deficit included several one-off measures, which are non-recurrent in the following years. http://www.minhap.gob.es/Documentacion/Publico/CDI/TSE/Spanish%20Economy%20deficit%20execution%202015%20Q4.pdf General Government Deficit 2015 http://www.minhap.gob.es/Documentacion/Publico/CDI/Varios/DeficitAAPP2015eng.pdf April 07, 2016 Excluding financial aid, the deficit of the public administration services as a whole fell to 5.00% of GDP. http://www.minhap.gob.es/Documentacion/Publico/CDI/Varios/DeficitAAPP2015eng.pdf General Government Deficit 2015 http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/LaMoncloa_Deficit_2015_english.pdf March 31, 2016 (pdf 114 KB) The 2015 General Government balance outturn was a deficit of 5.16% of GDP. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/LaMoncloa_Deficit_2015_english.pdf European Commission: Recomendation (ACR) regarding measures to be taken by Spain in order to ensure a timely correction of its excessive deficit http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/30_edps/other_documents/2016-03-09_es_commission_recommendation_en.pdf March 09, 2016 ACRs are a regular tool introduced in the Two-Pack regulation as an early alert to euro area Member States in the corrective arm. They are meant to come at a time in the Semester process when measures can be taken to ensure a timely correction of their excessive deficit. To this end, Spain should take measures to ensure a timely and durable correction of the excessive deficit, including by making full use as appropriate of the preventive and corrective tools set out in Spain's Stability law to control for slippages at the sub-central government level from the respective deficit, debt and expenditure rule targets. http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/30_edps/other_documents/2016-03-09_es_commission_recommendation_en.pdf Deal Summary: new €5bn, 2.90%, 30-year benchmark http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/160903_PRESS_RELEASE_30Y.pdf March 08, 2016 (pdf 294 KB) The Kingdom of Spain priced a new 30-year benchmark. This is the second syndicated bond for 2016. The new €5bn SPGB due 31 October 2046 pays a 2.90% coupon and was priced at a spread of 185bps over mid swaps (reoffer yield of 2.954%). More than 300 investors took part to the transaction with an orderbook close to €14bn at the final spread. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/160903_PRESS_RELEASE_30Y.pdf European Commission: In-depth review for SPAIN 2016 http://ec.europa.eu/europe2020/pdf/csr2016/cr2016_spain_en.pdf February 26, 2016 - The Spanish economy has experienced a significant turnaround in recent years, also thanks to reforms undertaken in response to the crisis. - The recovery strengthened in 2015, with growth well above the euro-area average. - The current account balance continued to improve. - Labour market reforms have increased the responsiveness of employment to growth. - The adjustment of the identified imbalances is advancing, but ensuring a balanced, durable and inclusive growth path over the long term remains a challenge. - Overall, Spain has made some progress in addressing the 2015 country-specific recommendations. http://ec.europa.eu/europe2020/pdf/csr2016/cr2016_spain_en.pdf Council of Ministers: Reform of the public administrations services http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/160212_CoM_Reform_Public_Administrations_Services.pdf February 12, 2016 (pdf 15 KB) The CoM received the quarterly report monitoring the measures taken by the Commission for the Reform of the Public Administration Services. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/160212_CoM_Reform_Public_Administrations_Services.pdf Banco de España: Circular on supervision and solvency of credit institutions http://www.bde.es/f/webbde/GAP/Secciones/SalaPrensa/NotasInformativas/16/Arc/Fic/presbe2016_7en.pdf 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. http://www.bde.es/f/webbde/GAP/Secciones/SalaPrensa/NotasInformativas/16/Arc/Fic/presbe2016_7en.pdf European Commission: Evaluation of the Financial Sector Assistance Programme 2012-2014 http://ec.europa.eu/economy_finance/publications/eeip/pdf/ip019_en.pdf January 29, 2016 An evaluation of the design, implementation and achievements of the July 2012 - January 2014 financial sector assistance programme for Spain. http://ec.europa.eu/economy_finance/publications/eeip/pdf/ip019_en.pdf Deal Summary: new €9bn, 1.95%, 10-year benchmark http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/160112_10Y_Jan_2016_vFINAL.pdf January 12, 2016 (pdf 146 KB) The Kingdom of Spain priced a new 10-year benchmark. This is the first syndicated bond for 2016. The new €9bn SPGB due 30 April 2026 pays a 1.95% coupon and was priced at a spread of 105bps over mid swaps (reoffer yield of 1.986%). More than 370 investors took part to the transaction with an orderbook that reached €29bn at the final spread. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/160112_10Y_Jan_2016_vFINAL.pdf Budget execution (November 2015) http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/Budget_deficit_execution_Nov2015.pdf December 23, 2015 (pdf 507 KB) Up to November, the State reduced its deficit up to 2.55% of GDP, 22.2% less than in the same period of 2014. Excluding interest payments, the primary deficit amounted to 0.05% of GDP, decreasing by 93% y/y. Up to October, the consolidated deficit of the General Government, excluding Local Administrations, was reduced by 9.8% compared to October 2014. In terms of GDP the deficit was of 3.42%, vs 3.93% registered in the same period of 2014. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/Budget_deficit_execution_Nov2015.pdf Tesoro Público: Issuance Calendar 2016 (in spanish) http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/151223_np_tesoro.pdf December 23, 2015 (pdf 195 KB) Kingdom of Spain's issuance calendar for 2016 (and review of 2015) http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/151223_np_tesoro.pdf Council of Ministers: Government approves creation of State Research Agency http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/CoM_Creation_State_Research_Agency.pdf November 27, 2015 (pdf 6 KB) The Council of Ministers approved the creation of the State Research Agency, which responds to a demand from the scientific community contained in the Science, Technology and Innovation Act 2011. The main goal of the agency is to ensure more effective and more flexible funding of research while guaranteeing its control and a strict system of accountability. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/CoM_Creation_State_Research_Agency.pdf Weekly Economic Bulletin http://serviciosweb.meh.es/APPS/DGPE/TEXTOS/IndicadoresSemanales/is_ing.pdf?201115 November 27, 2015 http://serviciosweb.meh.es/APPS/DGPE/TEXTOS/IndicadoresSemanales/is_ing.pdf?201115 La Moncloa: Balance Reforms. 2011-2015 http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/201115_Balance2011_2015.pdf November 20, 2015 (pdf 1.6 MB) The presentation provides an overview of the most important structural reforms in the four years http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/201115_Balance2011_2015.pdf Council of Ministers: RD organisation, supervision and solvency of insurance companies http://www.thespanisheconomy.com:80/stfls/tse/enlaces/2014/CoM_Organisation_Supervision_and_Solvency_Insurance_Companies.pdf 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. http://www.thespanisheconomy.com:80/stfls/tse/enlaces/2014/CoM_Organisation_Supervision_and_Solvency_Insurance_Companies.pdf Spanish Economy Report (October 2015) http://serviciosweb.meh.es/APPS/DGPE/TEXTOS/ser/ser.pdf?181115 November 18, 2015 The Spanish Economy: recent developments and prospects, http://serviciosweb.meh.es/APPS/DGPE/TEXTOS/ser/ser.pdf?181115 Investors Newsletter http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/151112_NEWSLETTER_06.pdf November 12, 2015 (pdf 422 KB) This newsletter provides a summary of the funding programme of the Spanish Treasury, and also sheds light on recent developments in the labour market and on the deleveraging of the private sector. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/151112_NEWSLETTER_06.pdf Council of Ministers: Progress on Banking Union http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/CoM_Progress_on_Banking_Union.pdf 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 http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/CoM_Progress_on_Banking_Union.pdf European Commission: Analysis of the Draft Budgetary Plan of Spain http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/dbp/2015/es_2015-10-12_swd_en.pdf October 12, 2015 http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/dbp/2015/es_2015-10-12_swd_en.pdf European Commission: Opinion on the Draft Budgetary Plan of Spain http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/dbp/2015/es_2015-10-12_co_en.pdf October 12, 2015 http://ec.europa.eu/economy_finance/economic_governance/sgp/pdf/dbp/2015/es_2015-10-12_co_en.pdf Budget execution (August 2015) http://www.minhap.gob.es/Documentacion/Publico/GabineteMinistro/Varios/Spanish%20Economy%20deficit%20execution%20May.pdf October 06, 2015 Up to August, the State reduced its deficit up to 2.53% of GDP, 21.9% less than in the same period of 2014. Excluding interest payments, the primary deficit amounted to 0.69% of GDP, decreasing by 49.8% y/y. Up to July, the consolidated deficit of the General Government, excluding Local Administrations, was reduced by 14.4% compared to July 2014. In terms of GDP the deficit was of 3.12%, vs 3.79% registered in the same period of 2014. http://www.minhap.gob.es/Documentacion/Publico/GabineteMinistro/Varios/Spanish%20Economy%20deficit%20execution%20May.pdf Council of Ministers: Government approves General State Budget for 2016 http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/CoM_2016_General_State_Budget.pdf August 04, 2015 (pdf 23 KB) On 31 July the Council of Ministers approved, for submission to Parliament, the Draft Law on the General State Budget for 2016 http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/CoM_2016_General_State_Budget.pdf Gobierno de España: Official Macroeconomic Forecast http://serviciosweb.meh.es/APPS/DGPE/Textos/documentos/preving.pdf July 14, 2015 http://serviciosweb.meh.es/APPS/DGPE/Textos/documentos/preving.pdf Council of Ministers: Government approves measures to reduce the tax burden borne by Personal Income Tax http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/CoM_RDL_urgent_measures_reduce_tax_burden_borne_PIT_fin.pdf July 10, 2015 (pdf 8 KB) The Council of Ministers approved a Royal Decree-Law on urgent measures to reduce the tax burden borne by Personal Income Tax (PIT) payers and other measures of an economic nature. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/CoM_RDL_urgent_measures_reduce_tax_burden_borne_PIT_fin.pdf Council of Ministers: budget stability targets and ceiling on State non-financial spending http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/CoM_ceiling_on_spending_2016.pdf July 10, 2015 (pdf 12 KB) The government has set the budgetary stability targets for the period 2016-2018, together with the ceiling on non-financial State spending for 2016, which is 4.4% lower. Consequently, the process to start drawing up the General State Budget commences. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/CoM_ceiling_on_spending_2016.pdf IMF Spain 2015 Article IV Mission: Concluding Statement http://www.imf.org/external/np/ms/2015/060815.htm June 08, 2015 Spain has rebounded strongly and employment is increasing, helped by past reforms. However, the level of unemployment is still painfully high and vulnerabilities remain. Sustaining job-rich growth at the current pace, further reducing public and private indebtedness, and maintaining confidence will require additional fiscal efforts and structural reforms. http://www.imf.org/external/np/ms/2015/060815.htm Deal Summary: new €5bn 2.15% 10-years benchmark http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/KINGDOM_of_SPAIN_10Y_SPGB.pdf June 02, 2015 (pdf 233 KB) The Kingdom of Spain priced a new 10-year benchmark. This is the third syndicated bond so far this year. The new €5 billion SPGB due 31 October 2025 pays a 2.15% coupon and was priced at a spread of 120bps over mid swaps (reoffer yield of 2.207%). More than 221 investors took part to the transaction with an orderbook that reached €14.6 billion at the final spread. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/KINGDOM_of_SPAIN_10Y_SPGB.pdf Labour Market: registered unemployment. April 2015 http://www.sepe.es/contenidos/que_es_el_sepe/estadisticas/datos_avance/pdf/empleo/evolparo.pdf?05052015 May 05, 2015 In the month of April, registered unemployment decreased by 118,923 persons (-2.67%, m/m). In seasonally adjusted terms, registered unemployment decreased by 50,160 persons. Versus a year earlier, the annual fall in registered unemployment is 351,285 (-7.5% y/y). http://www.sepe.es/contenidos/que_es_el_sepe/estadisticas/datos_avance/pdf/empleo/evolparo.pdf?05052015 Macroeconomic Scenario http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/20150429_PE_Apr_15_vf.pdf April 30, 2015 (pdf 608 KB) Macroeconomic Scenario included in Spain's Stability Programme Update 2015-2018 http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/20150429_PE_Apr_15_vf.pdf Inflation-Linked auction (Bono del Estado Nov 2030) http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/Kingdom_of_Spain_BONOei_Nov2030.pdf March 24, 2015 (pdf 379 KB) This represents the Kingdom’s third syndicated transaction of 2015 following the launch of new nominal 10-year and 15-year Obligaciones earlier in the year. Due 30 November 2030, the EUR 3.5 billion 15-year benchmark issue carries a 1% annual coupon and was priced at a spread of 138bps through the 1.95% SPGB due July 2030 to give a real yield of 0.354% and a re-offer price of 109.827% http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/Kingdom_of_Spain_BONOei_Nov2030.pdf Council of Ministers: Banking Union http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/CoM_Banking_Union.pdf 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. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/CoM_Banking_Union.pdf Council of Ministers: Royal Decree Law on second chance mechanisms and the reduction in the financial burden, and other measures of a social order http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/CoM_Second_chance.pdf February 27, 2015 (pdf 12 KB) The CoM has approved some of the most important measures on the Social Agenda, such as the 'second chance' mechanism, the reduction in National Insurance contributions for permanent employment contracts, subsidies for the reconciliation of work and home life of independent contractors and the extension of 'family cheques' http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/CoM_Second_chance.pdf Deal summary: new €7bn, 1.95%, 15-year benchmark http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/KoS_15_syndicated_bond_Feb_2015.pdf February 25, 2015 (pdf 253 KB) The Kingdom of Spain priced on Wednesday the 25th of February a 15-year benchmark bond. The new €7 billion SPGB due July 2030 pays an annual coupon of 1.95% and was priced at a spread of 100bps over mid swaps (a new issue premium of just 2bps to fair value at the time of pricing). More than 460 investors participated in the transaction with a total order book reaching €20.2 billion. Non-domestic investors accounted for almost 73% of the orderbook. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/KoS_15_syndicated_bond_Feb_2015.pdf La Moncloa: Debate on the State of the Nation http://www.lamoncloa.gob.es/lang/en/presidente/news/Documents/Debate%202.pdf February 24, 2015 Announcements made during the Debate on the State of the Nation http://www.lamoncloa.gob.es/lang/en/presidente/news/Documents/Debate%202.pdf Council of Ministers: Collective investment undertakings http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/CoM_Alternative_Sources_of_Funding.pdf 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. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/CoM_Alternative_Sources_of_Funding.pdf Council of Ministers: Government strengthens independence of audits http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/CoM_Independence_of_Audits.pdf February 13, 2015 (pdf 82 KB) The CoM has approved, for submission to Parliament, the Draft Law on Accounts Audits, which responds to the need to adapt Spanish law to European law. The text strengthens the transparency and supervision of the sector and the aim is to improve the quality of audits to increase the reliability of economic and financial information. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/CoM_Independence_of_Audits.pdf Council of Ministers: Supervision and financial solvency http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/CoM_Supervision_and_Financial_Solvency.pdf 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. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/CoM_Supervision_and_Financial_Solvency.pdf SDDS Plus (Special Data Dissemination Standard Plus) http://www.ine.es/en/prensa/np893_en.pdf February 13, 2015 As of today, Spain officially complies with the newest and most demanding standards of the International Monetary Fund (IMF) for the dissemination and publication of economic and financial statistics: SDDS Plus (Special Data Dissemination Standard Plus). http://www.ine.es/en/prensa/np893_en.pdf IFR review of the Year 2014: Euro Bond and SSAR Bond: Spain’s €10bn 10-year bond http://www.ifre.com/euro-bond-and-ssar-bond-spains-10bn-10-year-bond/21173977.article January 21, 2015 2014 winner Euro Bond and SSAR (Supranational, Sovereign, Agency, Regional Issuer) Bond: "With the eurozone crisis that had so dominated the previous few years finally easing, the Kingdom of Spain began 2014 with its 10-year yields at their lowest in eight years." http://www.ifre.com/euro-bond-and-ssar-bond-spains-10bn-10-year-bond/21173977.article Deal summary: new €9bn, 1.60%, 10-year benchmark http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/KoS_10Y_SPGB.pdf January 20, 2015 (pdf 315 KB) The Kingdom of Spain priced a new 10-year benchmark. This is the first syndicated bond so far this year. The new €9 billion SPGB due 30 April 2025 pays a 1.60% coupon and was priced at a spread of 92bps over mid swaps (reoffer yield of 1.656%). More than 350 investors took part to the transaction with an orderbook that reached €22.8 billion at the final spread. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/KoS_10Y_SPGB.pdf FATF: Mutual Evaluation Report Spain 2014 http://www.fatf-gafi.org/media/fatf/documents/reports/mer4/Mutual-Evaluation-Report-Spain-2014.pdf 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.” http://www.fatf-gafi.org/media/fatf/documents/reports/mer4/Mutual-Evaluation-Report-Spain-2014.pdf Council of Ministers: Draft Bill on the Re-structuring and Resolution of Credit Institutions and Investment Companies http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/CoM_Draft_Bill_Restructuring_and_Resolution_Credit_Intitutions.pdf November 28, 2014 (pdf 84 KB) The CoM approved, for submission to Parliament, the Draft Bill on the Re-structuring and Resolution of Credit Institutions and Investment Companies. The new system for the restructuring and resolution of credit institutions are steps towards banking union and to help protect depositors in the most effective manner. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/CoM_Draft_Bill_Restructuring_and_Resolution_Credit_Intitutions.pdf Inflation-linked auction http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/141113_Last_LT_auction.pdf November 13, 2014 (pdf 128 KB) Special auction of the 10-year Obligaciones linked to European inflation: amount allotted €1.39bn, 2.06 bid to cover ratio, 0.859% weighted average rate. The Spanish Treasury has already completed 97.8% of the medium- and long-term funding programme for the year. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/141113_Last_LT_auction.pdf Banco de España: Changes in the main Spanish Banking groups (2009-2014) http://www.bde.es/f/webbde/GAP/Secciones/SalaPrensa/InformacionInteres/ReestructuracionSectorFinanciero/Arc/mapa_sector2014en.pdf November 04, 2014 http://www.bde.es/f/webbde/GAP/Secciones/SalaPrensa/InformacionInteres/ReestructuracionSectorFinanciero/Arc/mapa_sector2014en.pdf Banco de España: Presentation of the results of the ECB´s Comprehensive Assessement http://www.bde.es/f/webbde/SSICOM/20141026/restoy261014en.pdf 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 http://www.bde.es/f/webbde/SSICOM/20141026/restoy261014en.pdf Council of Ministers: Draft Law on Promoting Business Finance http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/CoM_Draft_Law_Business_Finance.pdf October 03, 2014 (pdf 10 KB) The CoM approved, for submission to Parliament, the Draft Law on Promoting Business Finance, which aims to improve the financing conditions given to SMEs by banks and encouraging alternative ways to access credit. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/CoM_Draft_Law_Business_Finance.pdf Central Government Budget 2015 http://www.sepg.pap.minhap.gob.es/sitios/sepg/es-ES/Presupuestos/Documents/140930%20PGE2015CongressEN.pdf September 30, 2014 Presentation on the key aspects of the Draft Budget for 2015 http://www.sepg.pap.minhap.gob.es/sitios/sepg/es-ES/Presupuestos/Documents/140930%20PGE2015CongressEN.pdf Council of Ministers: Government approves 2015 Draft Budgetary Bill http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/CoM_2015_Budget.pdf September 26, 2014 (pdf 14 KB) Council of Ministers: Government approves 2015 Draft Budgetary Bill http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/CoM_2015_Budget.pdf The Reform of Spanish Public Administration: Annual Report CORA http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/140919_InformeAnualCORAResumenFINAL.pdf September 19, 2014 (pdf 751 KB) Brief presentation summarizing the Annual Report of the Commission for Public Administration Reform (CORA) http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/140919_InformeAnualCORAResumenFINAL.pdf OECD Economic Survey of Spain 2014 Overview http://www.oecd.org/eco/surveys/Spain-Overview-2014.pdf September 08, 2014 Spain is emerging from a protracted recession, marked by a return to moderate growth and rising international competitiveness. Decisive banking and fiscal reforms, coupled with supportive monetary policy from the European Central Bank, have reduced financial tensions and improved public finance. But to ensure that the recovery is sustained and unemployment returns to much lower levels, full implementation of on-going structural reforms and further measures to improve productivity and competitiveness are now needed, according to the latest OECD Economic Survey of Spain. http://www.oecd.org/eco/surveys/Spain-Overview-2014.pdf Council of Ministers: Reform of the Insolvency Act http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/CoM_Reform_Insolvency_Act.pdf September 05, 2014 (pdf 7 KB) The Council of Ministers approved a Royal Decree-Law on urgent insolvency measures, which seeks to facilitate agreements that allow companies entering into insolvency proceedings to remain trading. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/CoM_Reform_Insolvency_Act.pdf Tesoro: investors presentation, August 2014 http://www.tesoro.es/doc/InvestorPresentation.pdf August 08, 2014 Updated investors presentation. Spain’s Funding plan and Economic Policy Strategy http://www.tesoro.es/doc/InvestorPresentation.pdf Council of Ministers: Tax Reform http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/CoM_tax_reform_August_2014.pdf August 01, 2014 (pdf 8 KB) The government approved the tax reform that simplifies and modernises the main taxes in order to foster savings and investment. It seeks to drive the competitiveness of companies and economic growth, and provides incentives to combat fraud. The three Draft Laws approved on 1 August incorporate new aspects compared with the draft bill analysed by the Council of Ministers of 20 June. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/CoM_tax_reform_August_2014.pdf Council of Ministers: Government approves new measures to eradicate late payments by public authorities http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/CoM_Measures_eradicate_late_payments_public_authorities.pdf July 25, 2014 (pdf 7 KB) The Council of Ministers approved a Royal Decree developing the methodology to calculate the average payment term to suppliers, and the conditions and procedure to withhold resources under the financing regimes. It also approved a Royal Decree on the creation of an Economic-Financial Information Centre for the Public Administration Services. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/CoM_Measures_eradicate_late_payments_public_authorities.pdf Government implements Growth, Competitiveness and Efficiency Plan http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/CoM_implements_Growth_Competitiveness_Efficiency_Plan.pdf July 04, 2014 (pdf 16 KB) The Council of Ministers approved a Royal Decree-Law on urgent measures for growth, competitiveness and efficiency aimed at fostering the efficient operation of markets, improvements in financing and employability. The Government of Spain has regulated the National Youth Guarantee System and the new incentives to encourage the hiring of workers. Furthermore, the fees charged for card payment transactions have been lowered, as has the taxation of the self-employed; support has also been given to the financing of economic activity and the competitiveness of infrastructure and transport. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/CoM_implements_Growth_Competitiveness_Efficiency_Plan.pdf Council of Ministers: Draft Tax Reform Bill http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/CoM_Draft_Tax_Reform_Bill.pdf June 20, 2014 (pdf 12 KB) The government has presented the tax reform which provides for a reduction in the tax brackets and rates of Personal Income Tax (Spanish acronym: IRPF) for all taxpayers and a reduction in the maximum rate of Corporate Income Tax to 25% by 2016. VAT will not be raised. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/CoM_Draft_Tax_Reform_Bill.pdf Banco de España: Annual Report 2013 - Overview http://www.bde.es/f/webbde/SES/Secciones/Publicaciones/PublicacionesAnuales/InformesAnuales/13/Files/cap1e.pdf June 16, 2014 The Annual Report of the BoE reviews the performance of the Spanish economy from a global perspective. It describes, as a backdrop to the domestic situation, the performance of the international economy and analyses developments in the Spanish economy, with special emphasis on monetary and fiscal policy and economic and financial flows. http://www.bde.es/f/webbde/SES/Secciones/Publicaciones/PublicacionesAnuales/InformesAnuales/13/Files/cap1e.pdf Council of Ministers: deregulation of passenger transport and entry of private capital in AENA http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/CoM_Deregulate_railway_and_private_capital_AENA.pdf June 13, 2014 (pdf 8 KB) The Council of Ministers pushed through two structural reforms in the transport sector: the deregulation of passenger transport and the entry of private capital in AENA. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/CoM_Deregulate_railway_and_private_capital_AENA.pdf Press release: €9bn, 2.75%, 10-year benchmark (due oct 2024) http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/SPGB_Oct_2024_vF.PDF June 12, 2014 (pdf 82 KB) http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/SPGB_Oct_2024_vF.PDF Banco de España: creation of a new Division for the Oversight of Institutions’ Conduct http://www.bde.es/f/webbde/GAP/Secciones/SalaPrensa/NotasInformativas/14/Arc/Fic/presbe2014_27en.pdf June 06, 2014 The Banco of España strengthens supervision of information transparency and the market conduct of banks http://www.bde.es/f/webbde/GAP/Secciones/SalaPrensa/NotasInformativas/14/Arc/Fic/presbe2014_27en.pdf Council of Ministers: Plan of Measures to Drive Growth, Competitiveness and Efficiency http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/Plan_Growth_Competitiveness_and_Efficiency.pdf June 06, 2014 (pdf 509 KB) The Council of Ministers has implemented the Plan of Measures to Drive Growth, Competitiveness and Efficiency, that was announced by the President of the Government on 31 May. The Plan sets out a strategy for the second half of 2014 and contains 40 measures to help consolidate economic recovery and spread its effects to all levels. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/Plan_Growth_Competitiveness_and_Efficiency.pdf Council of Ministers: new remuneration regime for renewable energies http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/CoM_New_remuneration_regimen_renewable_energies.pdf June 06, 2014 (pdf 82 KB) The CofM approved the new remuneration system for electricity production installations from renewable sources, cogeneration and waste. The new legislation, which replaces the bonus scheme, forms part of the far-reaching reform undertaken by the government to re-balance the electricity system and prevent it from generating future deficits. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/CoM_New_remuneration_regimen_renewable_energies.pdf Council of Ministers approved the Draft Commercial Code Bill modernising market-related legislation http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/CoM_Draft_Commercial_Code_Bill.pdf June 02, 2014 (pdf 10 KB) The aim of the future Commercial Code is to strengthen market unity in Spain, increase legal certainty and eliminate administrative burdens in order to enhance competitiveness and generate wealth and employment. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/CoM_Draft_Commercial_Code_Bill.pdf Council of Ministers improves corporate governance of companies http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/CoM_Draft_Law_Corporate_governance.pdf May 23, 2014 (pdf 8 KB) On the 23rd of May 2014, the Council of Ministers approved, for submission to Parliament, the Draft Law modifying the Capital Companies Act that seeks to improve the corporate governance of companies. The new legislation, which was presented by the government on 13 December 2013, incorporates the proposals from the committee of experts on the matter, as well as other proposals included during the period of public consultation. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/CoM_Draft_Law_Corporate_governance.pdf Stability Programme 2014 - 2017 (Summary presentation) http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/140430_TSE_PE_2014_final.pdf April 30, 2014 (pdf 953 KB) Brief presentation summarizing Spain's new macroeconomic scenario and the new budgetary stability targets for the period 2014 to 2017. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/140430_TSE_PE_2014_final.pdf La Moncloa: Spanish State deficit. First quarter http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/LaMoncloa_Spanish_State_Deficit_1Q2014.pdf April 29, 2014 (pdf 90 KB) The deficit in State national accounting to March stands at 0.94% of GDP. The primary deficit in the first quarter is 32.5% down on 2013. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/LaMoncloa_Spanish_State_Deficit_1Q2014.pdf Budget execution (FY2013) http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/YE2013_general_gvmnt_deficit.pdf April 11, 2014 (pdf 675 KB) The General Government deficit was 6.62% of GDP in 2013 (excluding the expenditure linked to the financial sector assistance which amounted to 0.46% of GDP), slightly above the target which was 6.5% of GDP. With new GDP figures applying ESA2010, General Government deficit is expected to meet the target. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/YE2013_general_gvmnt_deficit.pdf EC and ECB: statement first post-programme surveillance mission to Spain http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/EC_Statement_post_programme_Spain.pdf April 04, 2014 (pdf 53 KB) “Overall, the positive trends of policy progress, ongoing economic adjustment and diminishing financial stress that formed the basis for Spain's programme exit have continued, although important challenges to sustained economic and employment growth, public finances and the banking sector still remain.” http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/EC_Statement_post_programme_Spain.pdf OECD: Spain From Administrative Reform to continous improvement. Executive Summary http://www.oecd.org/gov/eNGLISH%20SUMMARY%20WITH%20COVER.pdf April 01, 2014 Spain’s planned public sector reforms should help make the country’s institutions stronger and more effective, and proposals to increase transparency and root out corruption will do much to restore public trust, according to a new OECD report. http://www.oecd.org/gov/eNGLISH%20SUMMARY%20WITH%20COVER.pdf Plan to eliminate late payments in Public Administrations http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/20140331_PLAN_TO_ELIMINATE_LATE_PAYMENTS_mod_SGCAL_rev.pdf March 31, 2014 (pdf 1 MB) http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/20140331_PLAN_TO_ELIMINATE_LATE_PAYMENTS_mod_SGCAL_rev.pdf Experts’ Committee for Tax Reform Report: Executive Summary http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/Tax_Reform_Report_Executive_Summary.pdf March 13, 2014 (pdf 264 KB) http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/Tax_Reform_Report_Executive_Summary.pdf Royal Decree-Law on measures on refinancing and restructuring of corporate debt http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/Summary_RDLaw_measures_on_refinancing_and_restructuring_corporate_debt_FC.pdf March 07, 2014 (pdf 105 KB) The Council of Ministers approved the RDL on measures on refinancing and restructuring of corporate debt to provide adequate incentives for early rescue of viable firms. The reform seeks to promote debt refinancing agreements as an instrument to facilitate the use of deferral of payments, debt releases and debt for equity swaps. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/Summary_RDLaw_measures_on_refinancing_and_restructuring_corporate_debt_FC.pdf LaMoncloa: Debate on the State of the Nation http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/DEN_Feb_2014.pdf February 25, 2014 (pdf 418 KB) The President of the Government announced measures to lower taxes, incentivise job creation and boost financing. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/DEN_Feb_2014.pdf Moncloa: approval of a €100 flat rate for permanent contracts for new workers http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/Moncloa_flat_rate_permanent_contracts.pdf February 25, 2014 (pdf 84 KB) The President of the Government, Mariano Rajoy, announced the approval of a 100-euro flat rate for hiring new workers under a permanent contract on Tuesday in the Lower House of Parliament, during the Debate on the State of the Nation. The measure comes into force on 25 February. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/Moncloa_flat_rate_permanent_contracts.pdf IMF Spain: Financial Sector Reform—Final Progress Report http://www.imf.org/external/pubs/ft/scr/2014/cr1459.pdf February 21, 2014 "The Spanish authorities’ implementation of the program has been steadfast. All of the program’s specific measures are now complete." http://www.imf.org/external/pubs/ft/scr/2014/cr1459.pdf Statement by Banco de España on dividend policy in 2014 http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/BdE_statement_on_dividend_policy_2014.pdf February 21, 2014 (pdf 178 KB) http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/BdE_statement_on_dividend_policy_2014.pdf Banco de España on Draft Law on regulation, supervision and solvency of credit institutions http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/BdE_DL_regulation_supervision_solvency_Feb_2014.pdf February 18, 2014 (pdf 102 KB) http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/BdE_DL_regulation_supervision_solvency_Feb_2014.pdf Draft Law on the Organisation, Supervision and Solvency of Credit Institutions http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/CoM_Supervision_and_Solvency_CreditInstitutions.pdf February 07, 2014 (pdf 85 KB) The Council of Ministers has agreed to submit to Parliament, via a fast-track procedure, the Draft Law on the Organisation, Supervision and Solvency of Credit Institutions, a piece of legislation to underpin the requirement levels of the financial sector on matters of prudential regulation. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/CoM_Supervision_and_Solvency_CreditInstitutions.pdf European Commission: Spain Fifth and final Review report http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/ocp170_en.pdf January 29, 2014 (pdf 641 KB) “The mission considers that the positive assessment of steadfast programme implementation that formed the basis of the Eurogroup statement of 14 November has been maintained through the final review. Spain has pulled back from severe problems in some parts of its banking sector, thanks to its reform and policy actions, with the support of the euro area and broader European initiatives. Nevertheless, the reform agenda of the financial sector needs to continue beyond the finalisation of the programme.” http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/ocp170_en.pdf Public Sector Budget Execution (November 2013) http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/agosto/Budget_Execution_November_2013.pdf January 28, 2014 (pdf 618 KB) Up to November 2013, the consolidated deficit of the Central Administration, Autonomous Communities and the Social Security System was 5.44% of GDP, excluding the expenditure linked to the restructuring of the banking sector. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/agosto/Budget_Execution_November_2013.pdf Law on the Guarantee of the Market Unity http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/21012013_Law_Market_Unity.pdf January 23, 2014 (pdf 175 KB) On the 9th of December 2013 the Law on the Guarantee of the Market Unity was approved. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/21012013_Law_Market_Unity.pdf European Commission: Statement by Vice President Rehn on Spain http://europa.eu/rapid/press-release_MEMO-14-51_en.pdf January 22, 2014 At midnight 22 January 2014, the Spanish financial sector programme formally concludes after 18 months. http://europa.eu/rapid/press-release_MEMO-14-51_en.pdf European Commission: The Spanish financial-sector programme over 2012-2013 http://ec.europa.eu/economy_finance/eu/countries/pdf/technical_briefing_spain20140121_en.pdf January 21, 2014 Key features and achievements http://ec.europa.eu/economy_finance/eu/countries/pdf/technical_briefing_spain20140121_en.pdf Long term auction: 9 January 2014 http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/140109_Last_LT_auction.pdf January 09, 2014 (pdf 131 KB) First long-term auction of the year (of 2019 and 2028 bonds) attracts bids in excess of €11bn and raises €5.3bn http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/140109_Last_LT_auction.pdf ESM: Conclusion of financial assistance programme for Spain http://www.esm.europa.eu/pdf/Spanish_exit.pdf December 31, 2013 On 31 December 2013, the ESM financial assistance programme for Spain expired. The ESM disbursed a total of €41.3 billion to the Spanish government for the recapitalisation of the country’s banking sector. In July 2012 the Eurogroup approved an envelope of financial assistance for Spain of up to €100 billion. However, the Spanish government did not request the full amount. http://www.esm.europa.eu/pdf/Spanish_exit.pdf Draft Bill on De-indexing the Economy http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/CoM_Deindexing_economy.pdf December 20, 2013 (pdf 81 KB) http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/CoM_Deindexing_economy.pdf Law regulating the Sustainability Factor and Pension System Revaluation Index http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/Parliament_Law_Sustananibility_Factor_and_Revaluation_Index.pdf December 19, 2013 (pdf 57 KB) http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/Parliament_Law_Sustananibility_Factor_and_Revaluation_Index.pdf Long term auction 19 December 2013 http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/131219_Last_LT_auction.pdf December 19, 2013 (pdf 24 KB) http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/131219_Last_LT_auction.pdf Short term auction (17 Dec 2013) http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/131217_Last_ST_auction.pdf December 17, 2013 (pdf 23 KB) http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/131217_Last_ST_auction.pdf Short term auction (17 Dec 2013) http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/131217_Last_ST_auction_b.pdf December 17, 2013 (pdf 23 KB) http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/131217_Last_ST_auction_b.pdf EC and ECB statement on the 5th review of the financial sector assistance programme http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/EC_ECB_Statemet_5th_review.pdf December 16, 2013 (pdf 50 KB) Statement by the EC and the ECB following the conclusion of the fifth review of the financial assistance programme for Spain http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/EC_ECB_Statemet_5th_review.pdf IMF Statement on the Final Financial Sector Monitoring Mission to Spain http://www.imf.org/external/np/sec/pr/2013/pr13511.htm December 16, 2013 A team from the IMF visited Madrid December 2-16 for the fifth independent monitoring mission in the context of the European financial assistance for bank recapitalization. This was the final such mission, as the bank recapitalization arrangement expires in late January 2014. http://www.imf.org/external/np/sec/pr/2013/pr13511.htm Council Opinion on the Economic Partnership Programme of Spain http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/OJC368_20131217_Council_Opinion_EPP_Spain.pdf December 10, 2013 (pdf 712 KB) "The Economic Partnership Programme of Spain presented to the Commission and to the Council on 1 October 2013 includes a broadly adequate set of fiscal-structural reforms, which would support an effective and lasting correction of the excessive deficit..." http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/OJC368_20131217_Council_Opinion_EPP_Spain.pdf Background note on the tax treatment of DTAs http://www.bde.es/f/webbde/GAP/Secciones/SalaPrensa/NotasInformativas/Briefing_notes/en/notabe03-12-2013e.pdf December 03, 2013 http://www.bde.es/f/webbde/GAP/Secciones/SalaPrensa/NotasInformativas/Briefing_notes/en/notabe03-12-2013e.pdf Solvency Financial System: November 2013 http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/CoM_Solvency_Financial_System_29_Nov_2013.pdf November 29, 2013 (pdf 87 KB) http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/CoM_Solvency_Financial_System_29_Nov_2013.pdf Long Term Auction http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/131121_Last_LT_auction.pdf November 21, 2013 (pdf 129 KB) http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/131121_Last_LT_auction.pdf European Commission: Analysis of the Draft Budgetary Plan of Spain http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/es_2013_11_15_swd_en.pdf November 15, 2013 (pdf 328 KB) http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/es_2013_11_15_swd_en.pdf European Commission: Opinion on the Draft Budgetary Plan of Spain http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/es_2013_11_15_co_en.pdf November 15, 2013 (pdf 67 KB) http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/es_2013_11_15_co_en.pdf European Commission: proposal for Council opinion on the Economic Partnership Programme http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/2013_11_15_es_epp_en.pdf November 15, 2013 (pdf 66 KB) http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/2013_11_15_es_epp_en.pdf Tesoro Publico: Presentation Kingdom of Spain http://www.tesoro.es/doc/Presentacion/Noviembre%20Kingdom%20of%20Spain%20(REV).pdf November 04, 2013 http://www.tesoro.es/doc/Presentacion/Noviembre%20Kingdom%20of%20Spain%20(REV).pdf Government presents report on corporate governance http://www.lamoncloa.gob.es/IDIOMAS/9/Gobierno/CouncilMinisters/2013/20131018_Council+Ministers.htm October 18, 2013 http://www.lamoncloa.gob.es/IDIOMAS/9/Gobierno/CouncilMinisters/2013/20131018_Council+Ministers.htm Draft Budgetary Plan 2014 http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/DBP_Spain_EN_15_10_2013.pdf October 15, 2013 (pdf 510 KB) http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/DBP_Spain_EN_15_10_2013.pdf Deal Summary: new syndicated 30yr benchmark http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/agosto/EUR_4bn_5_15_Oct_44_Deal_Summary.pdf October 09, 2013 (pdf 251 KB) http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/agosto/EUR_4bn_5_15_Oct_44_Deal_Summary.pdf IMF: World Economic Outlook http://www.imf.org/external/pubs/ft/weo/2013/02/pdf/text.pdf October 08, 2013 http://www.imf.org/external/pubs/ft/weo/2013/02/pdf/text.pdf Economic Partnership Programme 2013 http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/EPP_Spain_EN_1_10_2013.pdf October 01, 2013 (pdf 1.1 MB) http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/EPP_Spain_EN_1_10_2013.pdf Report on the Effective Action taken by Spain http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/Effective_Action_Spain_EN_1_10_2013.pdf October 01, 2013 (pdf 979 KB) http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/Effective_Action_Spain_EN_1_10_2013.pdf Central Government Budget Bill for 2014 http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/30_09_13_CONGRESO_PGE2014_ENGLISH.pdf September 30, 2013 (pdf 1.5 MB) http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/30_09_13_CONGRESO_PGE2014_ENGLISH.pdf Draft Bill on De-indexing the Economy http://www.lamoncloa.gob.es/IDIOMAS/9/Gobierno/CouncilMinisters/20130927_Council+Ministers.htm?lang=0 September 27, 2013 http://www.lamoncloa.gob.es/IDIOMAS/9/Gobierno/CouncilMinisters/20130927_Council+Ministers.htm?lang=0 Draft Law regulating the sustainability factor and the index for revaluating the Social Security pension system http://www.lamoncloa.gob.es/IDIOMAS/9/Gobierno/CouncilMinisters/20130927_Council+Ministers.htm September 27, 2013 On 23rd of December 2013 was approved the new Law regulating the sustainability factor and the index for revaluating the Social Security pension system, which came into force last 27th of December. The sustainability factor will apply to pensions of Social Security system that are caused from January 1st, 2019. http://www.lamoncloa.gob.es/IDIOMAS/9/Gobierno/CouncilMinisters/20130927_Council+Ministers.htm Banco de España: Public financial assistance in the recapitalisation of the Spanish banking sector http://www.bde.es/f/webbde/GAP/Secciones/SalaPrensa/InformacionInteres/ReestructuracionSectorFinanciero/Arc/Fic/en/reestructuracion02-09-2013_e.pdf September 02, 2013 http://www.bde.es/f/webbde/GAP/Secciones/SalaPrensa/InformacionInteres/ReestructuracionSectorFinanciero/Arc/Fic/en/reestructuracion02-09-2013_e.pdf Spanish Quarterly National Accounts. Second quarter 2013 http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/agosto/cntr0213_en.pdf August 29, 2013 (pdf 191 KB) http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/agosto/cntr0213_en.pdf Report Evaluating the Impact of the Labour Market Reform http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/agosto/Report_evaluating_the_impact_of_the_Labour_Reform.pdf August 01, 2013 (pdf 3.6 MB) http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/agosto/Report_evaluating_the_impact_of_the_Labour_Reform.pdf Draft Law on the Streamlining and Sustainability of Local Authorities http://www.lamoncloa.gob.es/IDIOMAS/9/Gobierno/CouncilMinisters/2013/20130726_Council+of+Ministers.htm July 26, 2013 On 27th of December 2013 was approved the new Law on the Streamlining and Sustainability of Local Authorities, which came into force last 31st of December. http://www.lamoncloa.gob.es/IDIOMAS/9/Gobierno/CouncilMinisters/2013/20130726_Council+of+Ministers.htm ECB: Opinion on the Draft Bill on Savings Banks and Banking Foundations http://www.ecb.europa.eu/ecb/legal/pdf/en_con_2013_52_f_sign.pdf July 23, 2013 http://www.ecb.europa.eu/ecb/legal/pdf/en_con_2013_52_f_sign.pdf Reform of the Electricity System http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/agosto/Power_System_Reform.pdf July 12, 2013 (pdf 3.4 MB) http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/agosto/Power_System_Reform.pdf Deal summary (15yr syndicated bond): €3.5bn, 5.15% due Oct 2028 http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/agosto/15yr_Bono_due_Oct_28_CaseStudy.pdf July 09, 2013 (pdf 309 KB) http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/agosto/15yr_Bono_due_Oct_28_CaseStudy.pdf Creation of a committee of experts to reform the Spanish tax system http://www.lamoncloa.gob.es/IDIOMAS/9/Gobierno/CouncilMinisters/2013/20130705_Market_Unity_Law.htm July 05, 2013 http://www.lamoncloa.gob.es/IDIOMAS/9/Gobierno/CouncilMinisters/2013/20130705_Market_Unity_Law.htm Draft Law on the creation of the Independent Fiscal Responsibility Authority http://www.lamoncloa.gob.es/IDIOMAS/9/Gobierno/CouncilMinisters/2013/20130628_Council+of+Ministers.htm June 28, 2013 On 14th of November 2013 was approved the new Constitutional Law on the Creation of an Independent Fiscal Responsibility Authority, which came into force last 16th of November. http://www.lamoncloa.gob.es/IDIOMAS/9/Gobierno/CouncilMinisters/2013/20130628_Council+of+Ministers.htm Report of the Commission for Public Administrations Reform http://www.seap.minhap.gob.es/en/areas/reforma_aapp.html June 21, 2013 http://www.seap.minhap.gob.es/en/areas/reforma_aapp.html Progress made in the balance-sheet clean-up; recapitalisation and restructuring of the Spanish banking system. (Box included in the 2012 Annual Report of the Banco de España) http://www.bde.es/f/webbde/GAP/Secciones/SalaPrensa/InformacionInteres/ReestructuracionSectorFinanciero/Arc/Fic/avances_reestructuracion310513en.pdf May 31, 2013 http://www.bde.es/f/webbde/GAP/Secciones/SalaPrensa/InformacionInteres/ReestructuracionSectorFinanciero/Arc/Fic/avances_reestructuracion310513en.pdf Government presents Entrepreneur Support Act http://www.lamoncloa.gob.es/NR/rdonlyres/789C994B-1CE9-425B-A967-152237A289F6/237370/EmprendedoresEaglePDF.pdf May 24, 2013 On 27th of September 2013 was approved the new Law to support the entrepreneurship and its internationalization, which came into force last 29th of September. http://www.lamoncloa.gob.es/NR/rdonlyres/789C994B-1CE9-425B-A967-152237A289F6/237370/EmprendedoresEaglePDF.pdf Draft Bill on Savings Banks and Bank Foundations http://www.lamoncloa.gob.es/IDIOMAS/9/Gobierno/CouncilMinisters/2013/20130503_Council_Ministers.htm May 03, 2013 On 27th of December 2013 was approved the new Law on savings banks and bank foundations, which came into force last 29th of December. http://www.lamoncloa.gob.es/IDIOMAS/9/Gobierno/CouncilMinisters/2013/20130503_Council_Ministers.htm Economic stimulus plan and support for the entrepreneur http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/agosto/Economic_Stimulus_Plan_and_Support_Entrepreneur_February_2013.pdf February 20, 2013 (pdf 599 KB) http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/agosto/Economic_Stimulus_Plan_and_Support_Entrepreneur_February_2013.pdf Tesoro Publico: Issuance Strategy http://www.tesoro.es/doc/EN/home/estrategia/KoS%20FUNDING%20STRATEGY.pdf January 08, 2013 http://www.tesoro.es/doc/EN/home/estrategia/KoS%20FUNDING%20STRATEGY.pdf Budget Bill 2013: White Brochure http://www.sepg.pap.minhap.gob.es/sitios/sepg/es-ES/Presupuestos/pge2013/Documents/CUADERNOBLANCO2013_EN.pdf September 29, 2012 http://www.sepg.pap.minhap.gob.es/sitios/sepg/es-ES/Presupuestos/pge2013/Documents/CUADERNOBLANCO2013_EN.pdf Banco de España: Results of the independent evaluation of the Spanish banking sector http://www.bde.es/f/webbde/GAP/Secciones/SalaPrensa/InformacionInteres/ReestructuracionSectorFinanciero/Archivo/Ficheros/presentacion280912e.pdf September 28, 2012 http://www.bde.es/f/webbde/GAP/Secciones/SalaPrensa/InformacionInteres/ReestructuracionSectorFinanciero/Archivo/Ficheros/presentacion280912e.pdf 2013-2014 Budget Plan http://www.sepg.pap.minhap.gob.es/sitios/sepg/es-ES/Presupuestos/Documentacion/Documents/PLAN%20PRESUPUESTARIO/20120803PlanPresupuestario2013-2014Ingles.pdf August 03, 2012 http://www.sepg.pap.minhap.gob.es/sitios/sepg/es-ES/Presupuestos/Documentacion/Documents/PLAN%20PRESUPUESTARIO/20120803PlanPresupuestario2013-2014Ingles.pdf MoU on Financial Sector Policiy Conditionality http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/agosto/2012_07_20_Spain_mou_en.pdf July 20, 2012 (pdf 125 KB) http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/agosto/2012_07_20_Spain_mou_en.pdf Regional Liquidity Mechanism http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/agosto/120713_Regional_Liquidity_Mechanism.pdf July 13, 2012 (pdf 21 KB) http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/agosto/120713_Regional_Liquidity_Mechanism.pdf IMF Spain - Financial System Stability Assessment 2012 http://www.imf.org/external/pubs/ft/scr/2012/cr12137.pdf June 08, 2012 http://www.imf.org/external/pubs/ft/scr/2012/cr12137.pdf Payments to suppliers mechanism http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/agosto/120608_Mechanism_regularisation_suppliers_update.pdf June 08, 2012 (pdf 150 KB) http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/agosto/120608_Mechanism_regularisation_suppliers_update.pdf Fiscal Framework: Organic Law on Budgetary Stability and Financial Sustainability, presentation http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/agosto/120524_Budgetary_Stability_and_Financial_Sustainability.pdf April 30, 2012 (pdf 506 KB) http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/agosto/120524_Budgetary_Stability_and_Financial_Sustainability.pdf FSB Peer Review of Spain 2011 http://www.financialstabilityboard.org/publications/r_110207a.pdf January 27, 2011 http://www.financialstabilityboard.org/publications/r_110207a.pdf