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/ Banco de España - Statistical Bulletin. November 2017 https://www.bde.es/f/webbde/SES/Secciones/Publicaciones/InformesBoletinesRevistas/BoletinEstadistico/17/Fich/be_noviembre2017_en.pdf December 11, 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. https://www.bde.es/f/webbde/SES/Secciones/Publicaciones/InformesBoletinesRevistas/BoletinEstadistico/17/Fich/be_noviembre2017_en.pdf Long term auction: 7 December 2017 http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/171207_Last_LT_auction.pdf December 07, 2017 (pdf 150 KB) Four references were auctioned with a target range of €3 to €4 bn for the nominal references and €0.25 to €0.75 bn for the inflation-linked reference. Oct-2022: €0.97bn allotted, 1.87 bid to cover, 0.290% weighted average rate. Oct-2027: €1.63bn allotted, 1.46 bid to cover, 1.410% weighted average rate. Jul-2041: €0.79bn allotted, 1.61 bid to cover, 2.427% weighted average rate. Nov-2021 €i: €0.49bn allotted, 2.67 bid to cover, -1.183% weighted average rate. The gross issuance of medium- and long-term bonds of the regular funding programme stands at €134.8 bn (97.0% of the projected figure for 2017). http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/171207_Last_LT_auction.pdf Weekly Economic Bulletin http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/171207_is_ing.pdf December 07, 2017 (pdf 1.3 MB) http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/171207_is_ing.pdf Industrial Production Index (IPI). October 2017 http://www.ine.es/en/daco/daco42/daco422/ipi1017_en.pdf December 05, 2017 The m/m change of the Industrial Production Index stood at 0.6% (SA). The y/y change of the IPI stood at 4.1% in SA terms and at 6.9% in the original series. http://www.ine.es/en/daco/daco42/daco422/ipi1017_en.pdf IHS Markit Services PMI. November 2017 https://www.markiteconomics.com/Survey/PressRelease.mvc/34773fb467bb45868f57ec21c2bb8ab5 December 05, 2017 The headline seasonally adjusted Business Activity Index posted 54.4 in November, down from 54.6 in October and signalling the weakest rise in business activity since January. That said, output has now increased on a monthly basis in each of the past 49 months. https://www.markiteconomics.com/Survey/PressRelease.mvc/34773fb467bb45868f57ec21c2bb8ab5 Short term auction (Letras): 5 December 2017 http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/171205_Last_ST_auction.pdf December 05, 2017 (pdf 85 KB) Two references were auctioned with a target range of €4 to €5 bn: 6 month Letras: €0.94bn allotted, 3.26 bid-to-cover, -0.407% weighted average rate. 12 month Letras: €3.67bn allotted, 1.69 bid-to-cover, -0.375% weighted average rate. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/171205_Last_ST_auction.pdf Labour Market: Registered unemployment. November 2017 http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/t3_16_Ing_November17.pdf December 04, 2017 (pdf 67 KB) In the month of November, registered unemployment increased by 7,255 persons (0.21%, m/m). In seasonally adjusted terms, registered unemployment decreased by 22,744 persons. Versus a year earlier, the annual fall in registered unemployment is 315,542 (-8.33% y/y). http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/t3_16_Ing_November17.pdf Labour Market: Social Security covered workers. November 2017 http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/t3_12_Ing_November17.pdf December 04, 2017 (pdf 59 KB) In the month of November, Social Security system contributors decreased by 12,773 persons (-0.07%, m/m). In seasonally adjusted terms, Social Security contributors increased by 43,437 persons. Versus a year earlier, the annual increase in recorded affiliation is 637,232 (3.58% y/y). http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/t3_12_Ing_November17.pdf IHS Markit Manufacturing PMI. November 2017 https://www.markiteconomics.com/Survey/PressRelease.mvc/402aaa82b4d4450286ed9fa2de7666bd December 01, 2017 The headline IHS Markit Manufacturing PMI increased to 56.1 in November, up from 55.8 in October, the highest reading since February 2007. Operating conditions have now improved on a monthly basis throughout the past four years. https://www.markiteconomics.com/Survey/PressRelease.mvc/402aaa82b4d4450286ed9fa2de7666bd Quarterly National Accounts Q3-17 http://www.ine.es/en/prensa/cntr0317_en.pdf November 30, 2017 In Q3-17, the Spanish economy registered a quarterly growth of 0.8%. This rate is one tenth lower than that recorded the second quarter of the year 2017. Year-on-year growth stands at 3.1%, the same rate as that registered in the previous quarter. http://www.ine.es/en/prensa/cntr0317_en.pdf Fiscal Policy Strategy http://www.minhafp.gob.es/Documentacion/Publico/CDI/EstrategiaPoliticaFiscal/Fiscal_Policy_Strategy.pdf?291117 November 29, 2017 http://www.minhafp.gob.es/Documentacion/Publico/CDI/EstrategiaPoliticaFiscal/Fiscal_Policy_Strategy.pdf?291117 Budget Execution (October 2017) http://www.minhafp.gob.es/Documentacion/Publico/GabineteMinistro/Notas%20Prensa/2017/ESTADÍSTICAS/28-11-17%20NP%20Deficit%20consolidado%20sep%20y%20E%20oct%20rev.pdf November 28, 2017 The consolidated budget outturn of the General Government, excluding Local Administrations and financial aid, in September 2017 was a deficit of -1.97% of GDP (Central Government, -1.47%; Regional Governments, +0.09%; Social Security System, -0.59%) against -3.16% recorded in September 2016. The State deficit to the end of October stood at -1.10% of GDP against -2.04% recorded in October 2016. http://www.minhafp.gob.es/Documentacion/Publico/GabineteMinistro/Notas%20Prensa/2017/ESTADÍSTICAS/28-11-17%20NP%20Deficit%20consolidado%20sep%20y%20E%20oct%20rev.pdf Retail Trade Index (RTI). October 2017 http://www.ine.es/en/daco/daco42/daco4215/ccm1017_en.pdf November 28, 2017 The monthly change of the RTI stands at -1.1% (SA) vs 0.1% m/m the previous month. The y/y change of the index stands at -0.1% (SA) and at -1.2% (original series). http://www.ine.es/en/daco/daco42/daco4215/ccm1017_en.pdf European Commission: Opinion on the updated Draft Budgetary Plan of Spain https://ec.europa.eu/info/sites/info/files/economy-finance/c-2017-8015-en.pdf November 22, 2017 Overall, the Commission is of the opinion that the Draft Budgetary Plan of Spain, which is currently under the corrective arm of the SGP, is broadly compliant with the provisions of the SGP as the Commission 2017 autumn forecast projects that the excessive deficit will be corrected in a timely manner. However, – while acknowledging the no-policy-change nature of the Draft Budgetary Plan projections – neither the Commission forecast nor the Draft Budgetary Plan project the headline deficit target set by the Council Decision to be met in 2018. Also the required fiscal effort in 2018 is not projected to be met by a wide margin. https://ec.europa.eu/info/sites/info/files/economy-finance/c-2017-8015-en.pdf International Trade Report - September 2017 http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/International_Trade_Report_Executive_summary_2017_09.pdf November 21, 2017 (pdf 914 KB) In September exports increased by 8.5% y/y in nominal terms to €23.26bn (+12.3% y/y SA), whereas imports avanced by 7.4% to €25.41bn (+11.6% y/y SA). In real terms, exports rose by 5.8% y/y and imports increased by 2.8% y/y. Spain’s trade balance registered a deficit of €2.15bn, down from a €2.23bn deficit in September 2016 (provisional data). The export/import coverage ratio reached 91.5% (90.6% in September 2016 with provisional data). http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/International_Trade_Report_Executive_summary_2017_09.pdf Spanish external sector and competitiveness: facts and figures http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/agosto/171121_SPANISH_EXTERNAL_SECTOR.pdf November 21, 2017 (pdf 570 KB) In the year to September 2017, exports advanced by 9.1% compared to the same period of 2016 to €205.6 bn and imports expanded by 11.1% to €224.1 bn. In real terms, exports grew by 8.6% y/y, and imports grew by 5.6% y/y. Spain’s trade deficit increased to €18.6 bn compared to the same period of 2016 (deficit of €13.2 bn). The export/import coverage ratio reached 91.7%, 1.7 pp lower than in the same period of 2016 (93.4%, provisional data). The attached updated document provides additional key facts and figures of Spain's external sector. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/agosto/171121_SPANISH_EXTERNAL_SECTOR.pdf Spanish Economy Report (October 2017) http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/171120_ser.pdf November 20, 2017 (pdf 481 KB) The Spanish Economy: recent developments and prospects, http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/171120_ser.pdf Consumer Price Index (CPI). October 2017 http://www.ine.es/daco/daco42/daco421/ipc1017.pdf November 14, 2017 The y/y change of the CPI index stands at 1.6%, two tenths less than the previous month. Core CPI decreases three tenths at 0.9%. The harmonized consumer price index (HICP) decreases one tenth to 1.7%. http://www.ine.es/daco/daco42/daco421/ipc1017.pdf European Commission: European economic forecast - Autumn 2017 Spain http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/ecfin_forecast_autumn_091117_es_en.pdf November 09, 2017 (pdf 127 KB) Strong, balanced growth set to continue: Economic activity accelerated in the first half of this year, underpinned by private consumption and exports. Growth is set to remain robust but ease going forward, driven by a slowdown in private consumption. The unemployment rate is projected to continue declining. Thanks to the positive macroeconomic outlook and continued expenditure restraint, the general government deficit and debt ratios are forecast to continue declining. Accordingly, Spain’s economy is forecast to increase by a robust 3.1% in 2017 (2.8% in May), 2.5% in 2018 (2.4% in May) and 2.1% in 2019. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/ecfin_forecast_autumn_091117_es_en.pdf Council of Ministers: Draft Real Estate Credit Act http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/CoM_Draft_Real_Estate_Credit_Act.pdf November 03, 2017 (pdf 86 KB) The CoM approved the Draft Real Estate Credit Act. The aim of the new legislation is to reduce costs associated with modifications to mortgage contracts and to strengthen transparency. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/CoM_Draft_Real_Estate_Credit_Act.pdf Banco de España: Financial Stability Report, November 2017 https://www.bde.es/f/webbde/Secciones/Publicaciones/InformesBoletinesRevistas/InformesEstabilidadFinancera/17/IEF_Noviembre2017Ing.pdf November 02, 2017 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. https://www.bde.es/f/webbde/Secciones/Publicaciones/InformesBoletinesRevistas/InformesEstabilidadFinancera/17/IEF_Noviembre2017Ing.pdf GDP Q3-17 (flash estimate) http://www.ine.es/en/prensa/cntr0317a_en.pdf October 30, 2017 GDP registers variation of 0.8% in the Q3-17. The y/y variation is 3.1%. http://www.ine.es/en/prensa/cntr0317a_en.pdf ESM approves a sixth voluntary early loan repayment by Spain https://www.esm.europa.eu/press-releases/esm-approves-spain%E2%80%99s-sixth-early-repayment October 26, 2017 The Board of Directors of the European Stability Mechanism (ESM) today approved a request by Spain to make a voluntary early repayment of €2 billion of its ESM loan. This is the sixth time that Spain has requested to make an early repayment on a loan to recapitalise its banks in 2012 and 2013. Following this payment, Spain’s outstanding debt to the ESM will be €31.7 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-sixth-early-repayment Labour market: Economically Active Population Survey (EAPS) Q3-17 http://www.ine.es/en/daco/daco42/daco4211/epa0317_en.pdf October 26, 2017 In Q3-17, employment increases by 235,900 persons. In the last 12 months, employment increases by 521,700 persons, the y/y change in employment was +2.82%. The number of unemployed persons decreases by 182,600 in Q3-17. In the last 12 months, unemployment decreases by 589,100 persons, the y/y change in unemployment was -13.63%. http://www.ine.es/en/daco/daco42/daco4211/epa0317_en.pdf European Commission: Statement by the EC and the ECB following the eight post-programme surveillance mission to Spain https://ec.europa.eu/info/news/economy-finance/statement-staff-european-commission-and-european-central-bank-following-eight-post-programme-surveillance-mission-spain-2017-oct-23_en October 23, 2017 Amid continued strong economic growth, well above the euro area average, banks have further adjusted their business models and cost structures, in turn supporting growth by providing new loans to the economy... Overall, Spanish banks have continued to be profitable, but, as for their European peers, sustaining sufficient profitability over the medium term remains a key challenge for many institutions. This is mainly due to low interest rate margins, diminishing scope for further gains in operational efficiency and still subdued lending activity. Against this background, some Spanish credit institutions will have to continue to adapt their business models. It will be important to continue carefully monitoring the situation of the banking sector. https://ec.europa.eu/info/news/economy-finance/statement-staff-european-commission-and-european-central-bank-following-eight-post-programme-surveillance-mission-spain-2017-oct-23_en AIReF: Report on the macroeconomic forecasts in 2018 Draft General Government Budget http://www.airef.es/documents/10181/638065/2017+10+24+Informe+Prev+Macro+Pto2018+ENG.pdf/1e226576-2e3f-4a6e-bc17-8250ed3bafc7 October 16, 2017 The Independent Authority for Fiscal Responsibility (AIReF) endorses the Government’s macroeconomic forecast for the 2018 Draft Budgetary Plan (DBP). The AIReF deems the Government macroeconomic scenario to be prudent overall. http://www.airef.es/documents/10181/638065/2017+10+24+Informe+Prev+Macro+Pto2018+ENG.pdf/1e226576-2e3f-4a6e-bc17-8250ed3bafc7 Draft Budgetary Plan of Spain 2018 http://www.minhafp.gob.es/Documentacion/Publico/CDI/EstrategiaPoliticaFiscal/2018/BudgetaryPlan2018.pdf October 16, 2017 http://www.minhafp.gob.es/Documentacion/Publico/CDI/EstrategiaPoliticaFiscal/2018/BudgetaryPlan2018.pdf Gobierno de España: Macroeconomic Scenario http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/171016_Escenario_Macroeconomico.pdf October 16, 2017 (pdf 20 KB) Spain macroeconomic scenario 2017-2018. GDP growth forecast: 3.1% for 2017 (3.0% in July); 2.3% for 2018 (2.6%). http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/171016_Escenario_Macroeconomico.pdf IMF: World Economic Outlook - October 2017 https://www.imf.org/en/Publications/WEO/Issues/2017/09/19/~/media/Files/Publications/WEO/2017/October/pdf/main-chapter/c1.ashx October 10, 2017 The IMF GDP growth forecast for Spain: 3.1% for 2017 (3.1% in July and 2.6% in April) and 2.5% for 2018 (2.4% in July and 2.1% in April). https://www.imf.org/en/Publications/WEO/Issues/2017/09/19/~/media/Files/Publications/WEO/2017/October/pdf/main-chapter/c1.ashx IMF - Spain 2017 Article IV Consultation: selected issues https://www.imf.org/~/media/Files/Publications/CR/2017/cr17320.ashx October 06, 2017 Selected Issues: The Spanish pension system - challenges beyond financial sustainability; A closer look at employment creation in Spain since the crisis; Corporate and household balance sheets - the impact from deleveraging. https://www.imf.org/~/media/Files/Publications/CR/2017/cr17320.ashx IMF - Spain 2017 Article IV Consultation Report http://www.imf.org/~/media/Files/Publications/CR/2017/cr17319.ashx October 06, 2017 The economic recovery remains strong and balanced. Thanks to past reforms, the economy has become more competitive, flexible and resilient. A dynamic services sector has replaced the outsized construction sector as the engine of growth, the private debt burden is more manageable, and the banking sector is stronger. But challenges remain: public debt and structural unemployment are high, population aging is creating fiscal pressures, and productivity lags that of EU peers. In addition, Spain’s net debtor position with the rest of world is still large, and financial sector adjustments and institutional reforms are yet to be fully completed. http://www.imf.org/~/media/Files/Publications/CR/2017/cr17319.ashx IMF Country Focus. Spanish Recovery: Key Numbers http://www.imf.org/en/News/Articles/2017/10/04/na100617-spanish-recovery-key-numbers October 06, 2017 Spain has been a success story as crisis recoveries go. The country took the right reforms to get back on its feet after the blow it suffered when its economy slumped in 2008: its economy has expanded for the fourth year in a row. But while its growth is healthy and the country has regained much of its competitiveness, many people are still jobless, productivity is low, and the country is highly indebted to foreign creditors. http://www.imf.org/en/News/Articles/2017/10/04/na100617-spanish-recovery-key-numbers IMF Spain - Financial System Stability Assessment 2017 https://www.imf.org/~/media/Files/Publications/CR/2017/cr17321.ashx October 06, 2017 Spain’s banking system has been steadily progressing since the last FSAP. The authorities have made a significant reform effort. Together with the economic recovery, and support by the European Central Bank’s (ECB) accommodative policies, the banking system has strengthened its solvency and advanced in reducing nonperforming loans (NPLs). It is critical to keep the reform process moving and to build on the advances made during 2012–16. The four areas where momentum must endure are (i) accelerated cleanup of legacy bank assets, (ii) further improvement in bank profitability and capitalization, (iii) rigorous management of interest rate and liquidity risks; and (iv) reform of the institutional framework for financial oversight. https://www.imf.org/~/media/Files/Publications/CR/2017/cr17321.ashx Banco de España: Macroeconomic projections (September 2017) https://www.bde.es/f/webbde/SES/Secciones/Publicaciones/InformesBoletinesRevistas/BoletinEconomico/Informesdeproyecciones/Files/be1703-proye.pdf September 28, 2017 The estimates point to the continuation of the economic expansion that began four years ago. In the medium term, the enhanced competitive position of the Spanish economy, the growing deleveraging of private agents and continuing favourable financial conditions, among other factors, will continue to underpin the present activity and employment growth cycle. At the same time, ... (expansionary fiscal policy stance and the declines in oil prices) have ceased to act as growth drivers and now exert a virtually zero or even slightly contractionary impact. Moreover, the expansionary effect resulting, in recent years, from certain spending (on consumer durables) and investment decisions being taken after their postponement during the most acute phases of the crisis is expected to gradually peter out. As a result of all the above, it is estimated that, after growing by 3.1% this year (3.1 in June), GDP will grow by 2.5% (2.5%) in 2018 and by 2.2% (2.2%) in 2019. https://www.bde.es/f/webbde/SES/Secciones/Publicaciones/InformesBoletinesRevistas/BoletinEconomico/Informesdeproyecciones/Files/be1703-proye.pdf Investors Presentation http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/170928_Kingdom_of_Spain2.pdf September 28, 2017 (pdf 1.3 MB) 1. The Treasury´s Funding Programme; 2. Transformation of Spain’s growth model; 3. Spanish Economic Policy & Reforms. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/170928_Kingdom_of_Spain2.pdf Quarterly Labour Cost Survey (QLCS). Q2-2017 http://www.ine.es/en/daco/daco42/etcl/etcl0217_en.pdf September 15, 2017 The labour cost of companies in the Q2-2017 decreases 0.2% as compared with the Q2-2016. The wage cost per worker per month decreases by 0.1% and other costs increases 0.5%. http://www.ine.es/en/daco/daco42/etcl/etcl0217_en.pdf Council of Ministers: Internationalisation of the economy and retail trade http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/170908_CoM_Internationalisation_of_the_Economy_and_retail_trade.pdf September 08, 2017 (pdf 96 KB) The CoM approved the Strategy to Internationalise the Spanish Economy 2017-2027 and the Comprehensive Plan to Boost the Competitiveness of Retail Trade 2017 http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/170908_CoM_Internationalisation_of_the_Economy_and_retail_trade.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/notabe070917_en.pdf September 07, 2017 Since 2013, the BdE has regularly published briefing notes on the financial assistance provided in the restructuring of the Spanish banking sector. The aim of this note is to update that information using the data available as at 31 December 2016. http://www.bde.es/f/webbde/GAP/Secciones/SalaPrensa/NotasInformativas/Briefing_notes/en/notabe070917_en.pdf IMF Spain 2017 Article IV Mission: Concluding Statement http://www.imf.org/en/News/Articles/2017/07/17/ms071817-spain-imf-staff-concluding-statement-of-the-2017-article-iv-mission July 18, 2017 Spain’s economic recovery remains strong, with consumption, investment, and net exports all contributing to a more balanced growth pattern. A shift in resources toward Spain’s competitive export sector, with the services sector creating most new jobs, has played an important part in the rebound. Banking sector balance sheets are stronger, private sector debt is coming down, and credit availability is improving. As the recovery is maturing, it is time to tackle the remaining vulnerabilities related to elevated public debt and complete the still-ongoing post-crisis banking sector adjustment. At the same time, reducing structural unemployment and fostering productivity growth remain priorities. Without farther determined progress on structural reforms and rebuilding of fiscal buffers, the economy would remain vulnerable to shocks and risk leaving some segments of the population behind. http://www.imf.org/en/News/Articles/2017/07/17/ms071817-spain-imf-staff-concluding-statement-of-the-2017-article-iv-mission Council EU: Spain Country-specific Recommendations 2017 http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX%3A32017H0809%2808%29&rid=5 July 11, 2017 The Council issued recommendations and opinions on economic, employment and fiscal policies planned by the member states. The Council thereby formally concluded the 2017 "European Semester", an annual policy monitoring process, after the European Council endorsed the recommendations at its meeting in June. http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX%3A32017H0809%2808%29&rid=5 Council of Ministers: stability targets and limit on non-financial spending http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/CoM_Stability_targets_2018_2020_bis.pdf July 07, 2017 (pdf 94 KB) The Council of Ministers has increased by one tenth the deficit target of the regional governments for 2018 and 2019 and has reduced the social security target by the same amount. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/CoM_Stability_targets_2018_2020_bis.pdf EC: Spain–Post Programme Surveillance Report. Spring 2017 https://ec.europa.eu/info/sites/info/files/ip056_en_0.pdf July 07, 2017 This report by the European Commission presents the findings of the seventh post-programme surveillance mission to Spain and identifies remaining challenges for the Spanish economy. https://ec.europa.eu/info/sites/info/files/ip056_en_0.pdf Council of Ministers: Report on entrepreneurs and independent contractors http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/170629_CoM_Entrepreneurs_Independent_contractors.pdf June 29, 2017 (pdf 97 KB) The CoM received a report from the Minister for Employment and Social Security on the draft law on urgent reforms of self-employment, as well as on the evolution of the Government's commitment to self-employment. The draft law proposes less economic and administrative burdens for the self-employed, double the efective period that the 50 euros flat rate is in force and an improvement in the reconciliation between work and family life of these workers. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/170629_CoM_Entrepreneurs_Independent_contractors.pdf Deal Summary: new €8bn, 1.450%, 10-year benchmark http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/170627PressReleaseKoS_2027.pdf June 27, 2017 (pdf 368 KB) The Kingdom of Spain priced a new 10-year benchmark. The new €8bn SPGB due 31 October 2027 pays a 1.450% coupon and was priced at a spread of 70bps over mid swaps (reoffer yield of 1.529%). More than 235 investors took part to the transaction with an orderbook that reached €28.9bn at the final spread. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/170627PressReleaseKoS_2027.pdf LaMoncloa: Approval of the 2017 General State Budget 2017 http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/LaMoncloa_2017_General_State_Budget.pdf June 26, 2017 (pdf 10 KB) On 26 June the plenary session of the Upper House of Parliament approved the General State Budget (Spanish acronym: PGE) for 2017. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2014/LaMoncloa_2017_General_State_Budget.pdf Council of Ministers: new legal regime to strengthen credit cooperatives http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/CoM_New_Legal_Regime_Credit_Cooperatives.pdf June 23, 2017 (pdf 94 KB) The CoM approved a Royal Decree-Law on urgent financial measures that seeks to reform the legal regime of credit cooperatives so as to strengthen these institutions. Through the approval of this new legislation, the government seeks to strengthen a sector that represents 6% of the Spanish credit system. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/CoM_New_Legal_Regime_Credit_Cooperatives.pdf AIReF: Debt Flash http://www.airef.es/documents/10181/481730/2017JunePublicDebtMonitor.pdf/ef218333-c0c1-42d6-b100-962ba67b0870 June 19, 2017 The "Debt Flash" highlights a series of key indicators useful for debt sustainability analysis at a subsector and regional level. http://www.airef.es/documents/10181/481730/2017JunePublicDebtMonitor.pdf/ef218333-c0c1-42d6-b100-962ba67b0870 OECD Employment Outlook 2017 - Spain http://www.oecd.org/spain/Employment-Outlook-Spain-EN.pdf June 13, 2017 Labour market conditions continue to improve and the OECD average employment rate finally returned to its pre-crisis rate in the first quarter of 2017, nearly ten years after the global financial crisis erupted. http://www.oecd.org/spain/Employment-Outlook-Spain-EN.pdf OECD: Economic Outlook June 2017 Spain http://www.oecd.org/eco/outlook/economic-forecast-summary-spain-oecd-economic-outlook-june-2017.pdf June 07, 2017 The OECD improves its GDP growth forecast for Spain to 2.8% for 2017 (up from 2.3% in November) and to 2.4% for 2018 (2.2% in November). The recovery is projected to remain robust in 2017 and 2018, although at a more moderate pace as the boost to private consumption provided by low oil prices and lower taxes eases. Growth will be driven by both domestic demand, supported by low interest rates and strong employment growth, and a positive external outlook. Inflation will remain subdued due to still high unemployment. Structural reforms have contributed to improved competitiveness and strong employment growth, but more effective labour market policies and re-skilling are needed to further reduce unemployment. http://www.oecd.org/eco/outlook/economic-forecast-summary-spain-oecd-economic-outlook-june-2017.pdf Single Resolution Board: resolution decision for Banco Popular https://srb.europa.eu/en/node/315 June 07, 2017 The SRB has transferred all shares and capital instruments of Banco Popular to Banco Santander. This means that Banco Popular will operate under normal business conditions as a solvent and liquid member of the Santander Group with immediate effect. https://srb.europa.eu/en/node/315 Banco de España: Annual Report 2016 - Overview http://www.bde.es/f/webbde/SES/Secciones/Publicaciones/PublicacionesAnuales/InformesAnuales/16/Files/cap1e.pdf May 30, 2017 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/16/Files/cap1e.pdf European Commission (DG ECFIN staff): assessment of the 2017 Stability Programme https://ec.europa.eu/info/sites/info/files/09_es_sp_assessment.pdf May 23, 2017 This document complements the Country Report published on 22 February 2017 with the information included in the Spain's April 2017 Stability Programme. https://ec.europa.eu/info/sites/info/files/09_es_sp_assessment.pdf European Commission: proposal for Country-Specific Recommendations 2017 https://ec.europa.eu/info/sites/info/files/2017-european-semester-country-specific-recommendations-commission-recommendations_-_spain_0.pdf May 22, 2017 The EC has issued three country-specific recommendations (CSR) to Spain to help it improve its economic performance: (1) Ensure compliance with the Council decision of 8 August 2016 giving notice under the excessive deficit procedure, including also measures to strengthen the fiscal and public procurement frameworks...; (2) Reinforce the coordination between regional employment services, social services and employers, to better respond to jobseekers’ and employers’ needs...; (3) Ensure adequate and sustained investment in research and innovation and strengthen its governance across government levels. Ensure a thorough and timely implementation of the law on market unity for existing and forthcoming legislation. EU Ministers are expected to discuss the Country-Specific Recommendations ahead of their endorsement by EU Heads of State and Government. Member States must then implement the Recommendations through their national economic and budgetary policies in 2017-2018. https://ec.europa.eu/info/sites/info/files/2017-european-semester-country-specific-recommendations-commission-recommendations_-_spain_0.pdf National Reform Programme 2017 http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/agosto/nrp2017_spain_es.pdf April 28, 2017 (pdf 2.7 MB) http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/agosto/nrp2017_spain_es.pdf Stability Programme 2017-2020 (Summary presentation - Spanish) http://www.minhafp.gob.es/Documentacion/Publico/GabineteMinistro/Notas%20Prensa/2017/CONSEJO%20DE%20MINISTROS/28-04-17%20Presentación%20PROGRAMA%20ESTABILIDAD%20_2017_2020.pdf April 28, 2017 Brief presentation summarizing Spain's new macroeconomic scenario and the new budgetary stability targets for the period 2017 to 2020. http://www.minhafp.gob.es/Documentacion/Publico/GabineteMinistro/Notas%20Prensa/2017/CONSEJO%20DE%20MINISTROS/28-04-17%20Presentación%20PROGRAMA%20ESTABILIDAD%20_2017_2020.pdf Stability Programme 2017-2020 http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2013/noviembre/Stability_Programme_2017_2020_en.pdf April 28, 2017 (pdf 787 KB) 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/2013/noviembre/Stability_Programme_2017_2020_en.pdf Deal Summary: new €5bn Euro Area Inflation-Linked 0.65% 10-year benchmark http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/170426PressReleaseKoS_2027.pdf April 26, 2017 (pdf 300 KB) The Kingdom of Spain priced a new 10-year benchmark bond linked to Euro Area HICP. This is the third syndicated bond for 2017. The new €5bn issue due 30 November 2027 carries a 0.65% annual coupon and was priced at a spread of 96bps through the 1.50% SPGB due April 2027 (real yield of 0.733% and re-offer price of 99.158%). More than 163 investors took part to the transaction with an orderbook that reached €16.4bn at the final spread. http://www.thespanisheconomy.com:80/stfls/tse/ficheros/2016/170426PressReleaseKoS_2027.pdf OECD Economic Survey of Spain 2017 Overview http://www.oecd.org/eco/surveys/Spain-2017-OECD-economic-survey-overview.pdf March 14, 2017 The Spanish economy is enjoying a robust recovery from a deep recession, with structural reforms contributing to high growth rates and a gradual decline in unemployment. However, further measures to promote innovative business investment and improve skills are needed to both boost productivity and ensure that the benefits of growth reach all Spaniards, according to a new report from the OECD. http://www.oecd.org/eco/surveys/Spain-2017-OECD-economic-survey-overview.pdf 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 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 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 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: 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 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 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 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 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 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 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 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 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 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 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 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