Tough rules have aided Spanish banks: Ordoez

The Bank of Spain's approach to supervision helped ensure that the recent global financial turmoil had limited impact on the country's banking sector, Miguel Fernandez Ordoez, the governor of the central bank, said.

Ordoez highlighted two key characteristics that he believed had supported financial stability:

· The central bank's strong role in accounting rule-making for the banking sector, which had meant rules took into account supervisory sensitivities while remaining consistent with IFRS

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