Spain's Ordoez analyses pro-cyclicality

Miguel Fernandez Ordoez, the governor of the Bank of Spain, gave an outline of the effects of pro-cyclicality in the banking system, summarising first the guidance offered by Basel II to mitigate its effects.

The governor described the uses of counter-cyclical risk measures and capital multipliers as well as other complementary measures to achieve the goal of financial stability and to minimise the social costs of pro-cyclicality. These further measures can include dynamic provisions, capital

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