Spain: Report on the Observance of Standards and Codes: Summary Assessments

IMF Staff Country Reports, June 8, 2012

Source details

Canonical URL

Spain: Report on the Observance of Standards and Codes: Summary Assessments

Other formats

• Markdown version
• Structured JSON version
• Bundle manifest

Bibliographic details

• Published: June 8, 2012
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9781475504248.002

Summary

• This paper presents assessment results for the current state of the implementation of the Basel Core Principles for Effective Banking Supervision (BCP) in Spain.
• It found that significant changes have occurred in Spain since the last Financial Sector Assessment Program.
• The most serious change identified was the deterioration of the economy and the real estate sector.
• The core supervisory process at the Banco de España (BdE) is strong and is supported by qualified staff and an experienced cadre of inspectors, but there are areas of concern.

Key findings

• Implementation focus: Basel Core Principles for Effective Banking Supervision (BCP) in Spain.
• Major systemic development: Significant changes in Spain since the last Financial Sector Assessment Program, with the most serious being deterioration of the economy and the real estate sector.
• Supervisory capacity: Core supervisory process at the Banco de España (BdE) described as strong.
• Human resources: Support for supervision includes qualified staff and an experienced cadre of inspectors.
• Areas of concern: Noted by the assessment (specifics not detailed in the summary text).

Subjects and keywords (as listed)

• Subjects: Banking; Commercial banks; Financial institutions; Financial sector policy and analysis; Insurance; Insurance companies; Internal controls; Revenue administration; Solvency
• Keywords: banking sector; BdE authority; business model; Commercial banks; corporate governance; CR; financial crisis; fixed income; futures market; Global; insider trading; Insurance; Insurance companies; Internal controls; investment funds; ISCR; risk management; Solvency; State budget

Content in this bundle

• Financial Sector Assessment Program Update — Spain: Report on the Observance of Standards and Codes
  • Financial Sector Assessment Program Update — Spain: Report on the Observance of Standards and Codes (Markdown version)
  • Financial Sector Assessment Program Update — Spain: Report on the Observance of Standards and Codes (PDF)