Spain: Basel Core Principles for Effective Banking Supervision: Detailed Assessment of Compliance Report
IMF Staff Country Reports, June 11, 2012
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Bibliographic details
- Published: June 11, 2012
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781475504293.002
Executive summary
- Publication date: June 11, 2012
- This paper assesses compliance with the Basel Core Principles for Effective Banking Supervision in Spain.
- Significant changes since the last Financial Sector Assessment Program (FSAP) are highlighted, notably:
- The deterioration of the economy and the real estate sector.
- The dual legal framework governing Cajas, which poses the risk of potential conflicts in the exercise of supervisory and sanctioning authority.
- Other 2006 FSAP recommendations have been magnified in light of events from 2007 to 2011.
Major findings and risks
- Deterioration of the economy and the real estate sector identified as the most serious change since the previous FSAP.
- Dual legal framework governing Cajas creates risk of potential conflicts in supervisory and sanctioning authority.
- Legacy 2006 FSAP recommendations remain relevant and have been amplified by developments during 2007–2011.
Scope and subject coverage
- Subjects: Bank supervision; Banking; Capital adequacy requirements; Commercial banks; Credit; Financial regulation and supervision; Internal audit; Internal controls; Money; Public financial management (PFM); Revenue administration.
- Keywords: Bank supervision; banking group; Capital adequacy requirements; capital ratio; central bank; CR; Credit; credit risk; Global; internal audit; Internal controls; ISCR; risk management; risk profile; senior management.