Download or read book The Financial Sector Adjustment Programme for Spain written by European Commission. Directorate-General for Economic and Financial Affairs and published by . This book was released on 2012 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recoge: The macroeconomic background from boom to bust - Internal imbalance and the link with the financial sector - Snapshot of the Spanish banking sector - Challenges facing the banking sector - The policy response so far - Financial assistance for bank recapitalisation - Memorandum of understanding on financial sector policy conditionality.
Download or read book The Financial Sector Adjustment Programme for Spain written by European Commission. Directorate-General for Economic and Financial Affairs and published by . This book was released on 2012 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Spain written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2014-02-20 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses key findings of the progress report on financial sector reforms in Spain. Spain’s European Stability Mechanism (ESM)-supported program of financial sector reform aimed to assist economic recovery by promoting financial stability. The program was adopted in mid-2012. The Spanish authorities’ implementation of the program has been steadfast. All of the program’s specific measures are now complete. Major structural reform efforts in a variety of areas (including labor and fiscal policies) will need to continue to achieve sufficiently rapid growth to bring unemployment down to reasonable levels over the medium term.
Download or read book Spain written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2013-07-15 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents the Third Progress report on Spain’s financial sector reform. Correction of Spain’s large external, fiscal, and financial imbalances is well underway, with policy actions at both the European and Spanish levels helping to ease market pressures over the last year. Financial sector dynamics still contribute to recessionary pressures, with credit contraction accelerating, lending standards tightening, and lending rates to firms rising. Actions taken by the authorities under the European Stability Mechanism-supported program have helped tackle the legacy risk from the real estate boom bust, but macroeconomic risks still loom large.
Download or read book Spain written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2013-11-22 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses findings of Fourth Progress Report on Spain’s financial sector reform. Implementation of Spain’s financial sector program remains on track. Essentially all measures specified in the program have now been implemented, as envisaged under its front-loaded timetable. Capital-augmentation measures arising from last year’s stress test are now complete, SAREB has almost concluded its organizational development and is now accelerating the liquidation of its assets, and key reforms of Spain’s financial sector framework have been adopted or put in train. Despite recent improvements, important risks remain, including those associated with the ongoing macroeconomic adjustment.
Download or read book Spain written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2013-11-22 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses findings of Fourth Progress Report on Spain’s financial sector reform. Implementation of Spain’s financial sector program remains on track. Essentially all measures specified in the program have now been implemented, as envisaged under its front-loaded timetable. Capital-augmentation measures arising from last year’s stress test are now complete, SAREB has almost concluded its organizational development and is now accelerating the liquidation of its assets, and key reforms of Spain’s financial sector framework have been adopted or put in train. Despite recent improvements, important risks remain, including those associated with the ongoing macroeconomic adjustment.
Download or read book Spain written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2012-11-28 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: The report analyses Spain’s financial sector reform program and throws light on the role that the European Financial Stability Facility (EFSF) played in supporting the restructuring and recapitalization of its financial sector. It stated that the two major areas that have been looked at by IMF staff are the macrofinancial context and Spain’s progress in financial sector reforms. The key risk factors that hamper economic development are emphasized, and certain measures to overcome the same are suggested.
Download or read book Spain written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2017-11-13 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Technical Note discusses the findings and recommendations in the Financial Sector Assessment Program for Spain in the areas of systemic risk oversight framework and macroprudential policy. Macroprudential oversight for banking is a shared responsibility between Banco de España (BdE) and the European Central Bank. The macroprudential policy stance appears broadly appropriate. BdE has put in place a framework for calibrating capital buffers. The countercyclical capital buffer is currently at zero given that a new financial cycle upturn has not started and a still-negative credit gap and weakly recovering housing prices. The existing macroprudential toolkit would benefit from expansion, particularly to include more effective tools to deal with risks associated with real estate exposures.
Download or read book Spain written by International Monetary and published by International Monetary Fund. This book was released on 2024-06-06 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Sector Assessment Program (FSAP) took place in an uncertain economic environment with tight monetary and financial conditions and elevated downside risks. The bank-dominated Spanish financial system has shown resilience against shocks and household and nonfinancial corporate sectors have continued to de-lever their balance-sheets. Nonbank financial intermediation comprises a smaller share of the financial system.
Download or read book Macroeconomic Imbalances written by European Commission. Directorate-General for Economic and Financial Affairs and published by . This book was released on 2012 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: On 14 February 2012, the European Commission presented its first Alert Mechanism Report (AMR) in accordance with the Regulation (EU) No. 1176/2011 on the prevention and correction of macroeconomic imbalances. The AMR serves as an initial screening device to identify Member States that warrant further in depth analysis into whether imbalances exist or risk emerging. According to Article 5 of Regulation No. 1176/2011, these country-specific ?in-depth reviews? should examine the nature, origin and severity of macroeconomic developments in the Member State concerned, which constitute, or could lead to, imbalances. On the basis of this analysis, the Commission concludes whether it considers that an imbalance exists or not, and if so whether it is excessive or not, and what type of follow-up it will recommend to the Council to address to the Member State. This in-depth review concludes that Spain is experiencing very serious macroeconomic imbalances, which are not excessive but need to be urgently addressed. In particular, macroeconomic developments, notably related to the significant level of private sector debt, the large negative external position and the financial sector, which were influenced by housing market developments, require close monitoring and urgent economic policy attention in order to avert any adverse effects on the functioning of the economy and of economic and monetary union.
Download or read book Financial Assistance Programme for the Recapitalisation of Financial Institutions in Spain written by European Commission. Directorate-General for Economic and Financial Affairs and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Financial Assistance Programme for the Recapitalisation of Financial Institutions in Spain written by and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Spain has maintained access to financial markets and investor confidence showed tentative signs of stabilisation, albeit at a low level. The recent decision by the European Council to advance towards a banking union by introducing a Single Supervisory Mechanism and the release of the European Commission's (EC) blueprint on how to complete the Economic and Monetary Union contributed to restoring investor confidence. In Spain, net borrowing from the Eurosystem declined and the outflow of non-resident deposits came down. However, the supply of credit remains constrained by the banks' more prudent credit policies, limited access to market financing and declining profitability due to asset impairments. At the same time, financial-sector deleveraging and the economic recession continue to reinforce each other as the structural adjustment of the real economy advances towards a sustainable resumption of economic growth. Risks to Spain's financial sector remain significant and several challenges still lie ahead, despite the overall good performance.
Download or read book Spain written by International Monetary Fund and published by International Monetary Fund. This book was released on 2012-06-08 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report summarizes the findings of the Financial Sector Assessment Program (FSAP) Update for Spain. Although there is a core of strong banks that are well managed and appear resilient to further shocks, vulnerabilities remain. Substantial progress has been made in reforming the former savings banks, and the most vulnerable institutions have either been resolved or are being restructured. Recent measures address the most problematic part of banks’ portfolios. Moving ahead, a further restructuring and recapitalization of some of the remaining weaker banks may be needed as a result of deteriorating economic conditions.
Download or read book Financial Assistance Programme for the Recapitalisation of Financial Institutions in Spain written by and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Financial Assistance Programme for the Recapitalisation of Financial Institutions in Spain written by Union européenne. Direction générale des affaires économiques et financières and published by . This book was released on 2012 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This report provides an assessment of the progress made by Spain with respect to its financial assistance programme for the recapitalisation of financial institutions in Spain, based on the findings of a joint European Commission/European Central Bank mission to Madrid in October 2012. The mission found that the reform of the financial sector is on track. The ambitious policy conditionality of the programme has so far been met in a timely and high-quality manner. It will be important to maintain the momentum in the coming months as major challenges lie ahead, in particular the effective restructuring of banks and set-up of the asset management company."--Editor.
Download or read book Financial Assistance Programme for the Recapitalisation of Financial Institutions in Spain written by and published by . This book was released on 2013 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The European Commission published the Second Review report of Spain's compliance with the Financial Assistance Programme for the Recapitalisation of Financial Institutions. The report is based on the findings of a joint European Commission (EC)/European Central Bank (ECB) mission to Madrid during 28 January - 1 February 2013. In general, the mission found that the policy conditionality of the programme has so far been met and the programme, and more widely the recapitalisation and reform of the financial sector, is on track. Furthermore, as financial markets have stabilised, funding and liquidity conditions of the Spanish financial sector have improved. In order to build on this momentum, it will be important to maintain the pace of reforms in order to overcome the still significant challenges and conclude successfully the programme. The report concludes that currently there is no reason to foresee further programme disbursements. Two disbursements were made so far in a total amount of about EUR 41.4 billion for the recapitalisation of State Aided banks and the capital injection into Sareb. The rest of the Spanish banks either were not diagnosed with a capital shortfall in the stress test or were able to cover it by private means."--Document home page.
Download or read book Safeguarding the Euro in Times of Crisis written by and published by . This book was released on 2019 with total page 419 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book tells the inside story of those who played key roles in setting up the organisations and combatting the crisis. In exclusive interviews, global financial leaders and ESM insiders provide a rich stock of perspectives and anecdotes that bring to life the urgency of the crisis as well as the innovative solutions found to resolve it. The European Stability Mechanism and its temporary predecessor the EFSF provided billions of euros in loans to five hard-hit euro area countries during the European financial and sovereign debt crisis of the early 2000s, helping to safeguard the stability of those countries and the euro area as a whole. Initially, the crisis-torn euro area was ill-equipped institutionally, but the rapid establishment of the firewalls, the assistance programmes, deep‐seated country reforms, the strengthening of European institutions, and extraordinary European Central Bank measures shielded Europe from a euro area break-up. With the EFSF/ESM set-up, its managers aspired to create a new, more entrepreneurial international financial institution, one that is agile enough to respond quickly to new challenges, while still ensuring the strict governance befitting an organisation pursuing a public mission. The euro area has emerged from near disaster in more robust shape. As Europe strives to further strengthen its architecture in preparation for any possible future crises, it is important to reflect upon how the euro area reinvigorated its fortunes and draw the relevant lessons for future crisis management in Europe and beyond.
