{
  "title": "Spain: Financial Sector Assessment Program-Technical Note-Insolvency and Creditor Rights",
  "publication": "IMF Staff Country Reports, November 13, 2017",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2017/11/13/spain-financial-sector-assessment-program-technical-note-insolvency-and-creditor-rights-45391",
  "canonical": "https://www.imf.org/en/publications/cr/issues/2017/11/13/spain-financial-sector-assessment-program-technical-note-insolvency-and-creditor-rights-45391",
  "overlayPath": "/en/publications/cr/issues/2017/11/13/spain-financial-sector-assessment-program-technical-note-insolvency-and-creditor-rights-45391/index.md",
  "summary": "This Technical Note discusses the findings and recommendations in the Financial Sector Assessment Program for Spain in the areas of insolvency and creditor rights. The regime for creditor and debtor rights largely conforms to international best practices.",
  "sections": [
    {
      "heading": "Key findings on insolvency and creditor rights",
      "content": "- The regime for creditor and debtor rights largely conforms to international best practices.\n- Registration of real estate mortgages is efficient, reliable, and cost-effective.\n- Owing to nonperforming loans, real estate foreclosure has been extensively used in Spain.\n- Real estate collateral plays a critical role because a very large percentage of loans are collateralized with real estate.\n- The institutional framework supporting insolvency and creditor rights has been strengthened but requires further reinforcement and more resources."
    },
    {
      "heading": "Areas emphasized in the note",
      "content": "- Asset and liability management\n- Collateral\n- Debt restructuring\n- Financial institutions\n- Financial sector policy and analysis\n- Legal support in revenue administration\n- Revenue administration\n- Securities\n- Solvency"
    },
    {
      "heading": "Keywords and thematic terms",
      "content": "- Collateral\n- CR\n- creditor right\n- Debt restructuring\n- debtor right\n- EU insolvency directive\n- Global\n- insolvency administrator\n- ISCR\n- Legal support in revenue administration\n- restructuring procedure\n- Securities\n- Solvency\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/cr/issues/2017/11/13/spain-financial-sector-assessment-program-technical-note-insolvency-and-creditor-rights-45391/index.md)",
    "[Structured JSON version](/en/publications/cr/issues/2017/11/13/spain-financial-sector-assessment-program-technical-note-insolvency-and-creditor-rights-45391/index.json)",
    "[Bundle manifest](/en/publications/cr/issues/2017/11/13/spain-financial-sector-assessment-program-technical-note-insolvency-and-creditor-rights-45391/bundle-manifest.json)",
    "Published: November 13, 2017",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484327166.002",
    "The regime for creditor and debtor rights largely conforms to international best practices.",
    "Registration of real estate mortgages is efficient, reliable, and cost-effective.",
    "Owing to nonperforming loans, real estate foreclosure has been extensively used in Spain.",
    "Real estate collateral plays a critical role because a very large percentage of loans are collateralized with real estate.",
    "The institutional framework supporting insolvency and creditor rights has been strengthened but requires further reinforcement and more resources.",
    "CR",
    "creditor right",
    "debtor right",
    "EU insolvency directive",
    "Global",
    "insolvency administrator",
    "ISCR",
    "restructuring procedure",
    "**Country Report**"
  ],
  "related": [
    {
      "title": "Country Report",
      "role": "report",
      "sourceUrl": "https://www.imf.org/-/media/files/publications/cr/2017/cr17340.pdf",
      "summary": {
        "path": "/-/media/files/publications/cr/2017/cr17340.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/files/publications/cr/2017/cr17340.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/cr/issues/2017/11/13/spain-financial-sector-assessment-program-technical-note-insolvency-and-creditor-rights-45391/index.md",
    "json": "/en/publications/cr/issues/2017/11/13/spain-financial-sector-assessment-program-technical-note-insolvency-and-creditor-rights-45391/index.json",
    "bundleManifest": "/en/publications/cr/issues/2017/11/13/spain-financial-sector-assessment-program-technical-note-insolvency-and-creditor-rights-45391/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-12T20:49:07.407Z"
}