Spain
Paper finds flimsy productivity base for banks in Spain
A Bank of Spain working paper says two-thirds of pre-crisis banking productivity growth was attributable to the expansion of mortgage lending, a reliance on short-term finance and leverage
EC gives go-ahead for Spanish recapitalisation plans
European Commission says recapitalisation and resolution plans for four Spanish banks under Frob control do not violate state aid rules; paves way for capital injection in early December
Spain’s Linde hits out at countries delaying euro reform
Bank of Spain governor says sovereign debt problems are being dragged out by the slow acceptance of a 'new reality' in the monetary union
Latin American fiscal rules 'have helped some countries'
A study by the Bank of Spain finds the adoption of fiscal rules has helped some Latin American countries to reduce procyclical fiscal policy. But the rules are no panacea
Spain’s ‘bad bank’ structure revealed
Bank of Spain releases the details of new ‘bad bank’ Asset Management Company; hopes to clear up banks’ balance sheets while producing a 14–15% return on equity for stakeholders
Banking supervision gets leadership overhaul in Spain
Bank of Spain names new director-general and associate director-general at the top of its banking supervision department as initial IMF review of financial assistance programme is released
Third-quarter figures show Spain still grappling with economic woes
Bank of Spain economic bulletin for the third quarter shows continued weakening of growth and range of other economic indicators; raises possibility government will not meet deficit target this year
Eurozone firewall inaugurated as bailouts loom
First meeting of board of governors of the European Stability Mechanism held in Luxembourg with Jean-Claude Juncker describing new institution as a ‘permanent and effective firewall’
Spain releases banking stress test results
Stress tests show Spanish bank recapitalisation needs close to level identified in tests earlier this year; paves way for restructuring and resolution of failed banks
Spanish paper finds companies swap bankruptcy for foreclosure
Research by Bank of Spain analyses the country’s low bankruptcy rates; finds mortgage debt is used as an avoidance measure
IMF loans impact sovereign bonds, says Bank of Spain paper
Spanish study finds countries that receive IMF funding issue less sovereign debt, and with shorter maturities; effect is stronger under particular conditions
Spain’s Restoy highlights ‘demanding’ timetable for single-supervision mechanism
Deputy governor of the Bank of Spain applauds 'well founded' eurozone-wide banking oversight plan; but says schedule for implementing the changes will be tough
Spain’s Frob gets extra funding ahead of further bailouts
Spanish Treasury increases endowment to the Fund for Orderly Bank Restructuring; BFA-Bankia confirms receipt of initial tranche of bailout funding
Spain’s Frob reveals first tranche of funding for Bankia
Fund for Orderly Bank Restructuring agrees on initial bailout funds for BFA-Bankia; concerns raised over whether speed of recapitalisation will be sufficient to restore confidence
IMF calls for further action to repair Spanish economy
Article IV report praises ‘major policy actions’ by Spanish government, but says further efforts must be made; Fund also encourages progression of European measures
Spanish governor admits central bank’s failings
Luis Linde addresses past errors made by the Bank of Spain with regard to supervision of the financial system; says hindsight would mean a different approach to counter-cyclical provisioning
Spain’s Frob shakes up management ahead of bailouts
Fund for Orderly Bank Restructuring (Frob) selects new general manager from Spanish government among other senior appointments; first €30 billion of bailout funds to be handled by the Frob
Bank of Spain names new director-general
Francisco Javier Priego becomes director-general; remains head of the central bank’s legal department
Euro group agrees on single banking supervisory mechanism
Umbrella supervision body 'run by ECB' to be established; exhausted EC president refuses to discuss details of plan to directly recapitalise European banks
EC staff to ‘step up’ work on Spanish banks assessment
Olli Rehn calls for staff to speed up assessment of Spanish banking sector; downgrade rumours swirl after official government request for financial assistance from the Eurogroup
Bank of Spain deputy governor resigns
Francisco Javier Aríztegui resigns as Bank of Spain deputy governor; Fernando Restoy Lozano named as replacement
New Bank of Spain governor named
Miguel Angel Fernandez Ordoñez’s successor is chosen; will assume the top role at the central bank on June 11
Outgoing governor criticises Spanish government’s fiscal position
Miguel Fernández Ordóñez, outgoing governor of the Bank of Spain, criticises government’s fiscal position; speculation begins over successor
ECB denies it rejected Spanish recapitalisation plan
European Central Bank denies it has refused Spanish authorities’ plans to recapitalise a major bank in the country; European Commission discusses direct disbursement to banks from ESM