Spain : Financial Sector Reform: Third Progress Report

Publication Date: July 15, 2013

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Summary: This paper presents the Third Progress report on Spain’s financial sector reform. Correction of Spain’s large external, fiscal, and financial imbalances is well underway, with policy actions at both the European and Spanish levels helping to ease market pressures over the last year. Financial sector dynamics still contribute to recessionary pressures, with credit contraction accelerating, lending standards tightening, and lending rates to firms rising. Actions taken by the authorities under the European Stability Mechanism-supported program have helped tackle the legacy risk from the real estate boom bust, but macroeconomic risks still loom large.
Series: IMF Staff Country Reports
Subject(s): Banking sector | Credit | Bank restructuring | Bank resolution | Financial soundness indicators | Bank reforms | Spain

Publication Date: July 15, 2013
ISBN/ISSN: 9781484333495/1934-7685 Format: Paper
Stock No: 1ESPEA2013002 Pages: 40
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