IMF Staff Country Reports

Spain: Financial Sector Assessment Program-Technical Note on Financial Safety Net and Crisis Management

August 1, 2024

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International Monetary Fund. Monetary and Capital Markets Department "Spain: Financial Sector Assessment Program-Technical Note on Financial Safety Net and Crisis Management", IMF Staff Country Reports 2024, 265 (2024), accessed December 21, 2024, https://doi.org/10.5089/9798400286094.002

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Summary

This paper examines a technical note on financial safety net and crisis management as part of Financial Sector Assessment Program in Spain. Spanish authorities have made good progress in establishing an effective crisis management and resolution regime. The Spanish authorities should integrate bank resolution authority for planning and execution in one institution. Integration would ensure that the national resolution authority responsible for implementing orderly resolution actions has control over the primary levers necessary to achieve its objectives. The Spanish authorities need to establish a framework for addressing liquidity needs in resolution. Spanish authorities should continue to enhance cross-authority crisis coordination arrangements. This should include formalizing its existing crisis management practices and prioritizing by agreeing a cross-authority crisis simulation exercise strategy. Spain’s Executive Resolution Authority should also have the flexibility, where possible, under national procurement legislation to depart from procurement rules in a crisis scenario to appoint external advisory support including independent valuers at short notice.

Subject: Bank resolution, Bank resolution framework, Crisis management, Crisis resolution, Financial crises, Financial sector policy and analysis, Financial sector stability

Keywords: Authority crisis coordination, Banco de España, Bank resolution, Bank resolution framework, Bank Resolution planning, Crisis management, Crisis resolution, Directorate General insurance, Financial sector stability, Global, IMF STX staff, Resolution execution

Publication Details

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