Spain: Financial Sector Assessment Program-Technical Note-Systemic Risk Oversight Framework and Macroprudential Policy

November 13, 2017

Preview Citation

Format: Chicago

Spain: Financial Sector Assessment Program-Technical Note-Systemic Risk Oversight Framework and Macroprudential Policy, (USA: International Monetary Fund, 2017) accessed September 19, 2024

Summary

This Technical Note discusses the findings and recommendations in the Financial Sector Assessment Program for Spain in the areas of systemic risk oversight framework and macroprudential policy. Macroprudential oversight for banking is a shared responsibility between Banco de España (BdE) and the European Central Bank. The macroprudential policy stance appears broadly appropriate. BdE has put in place a framework for calibrating capital buffers. The countercyclical capital buffer is currently at zero given that a new financial cycle upturn has not started and a still-negative credit gap and weakly recovering housing prices. The existing macroprudential toolkit would benefit from expansion, particularly to include more effective tools to deal with risks associated with real estate exposures.

Subject: Banking, Financial sector policy and analysis, Financial sector stability, Macrofinancial analysis, Macroprudential policy, Systemic risk, Systemic risk assessment

Keywords: BdE circular, BdE governor, Comisión Nacional del Mercado, Conduct market surveillance, Covered bond, CR, ECB funding, Financial market, Financial sector stability, Global, Investment funds, ISCR, Macrofinancial analysis, Macroprudential policy, Market activity, Markets authority, Systemic risk, Systemic risk assessment, Systemic risk indicator

Publication Details

Pages:

45
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2017/336
Stock No:

1ESPEA2017006
ISBN:

9781484327050
ISSN:

1934-7685

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