Spain: Financial Sector Assessment Program-Technical Note-Institutional Arrangements for Financial Sector Oversight
IMF Staff Country Reports, November 13, 2017
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- Spain: Financial Sector Assessment Program-Technical Note-Institutional Arrangements for Financial Sector Oversight
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Bibliographic details
- Published: November 13, 2017
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484327074.002
Summary overview
- This Technical Note discusses the findings and recommendations in the Financial Sector Assessment Program for Spain regarding institutional arrangements for financial sector oversight.
- The macroprudential policy framework for banking is now in place, although the national macroprudential authority has not been established.
- Banco de España is the national designated authority for exercising certain macroprudential powers and, under the Banking Union, shares macroprudential oversight with the European Central Bank, which possesses “top-up” powers.
- It is recommended that the macroprudential toolkit be expanded, particularly to include more effective tools to deal with risks associated with real estate exposures.
- Monitoring of system-wide trends needs to be conducted with a greater focus on risks and macro-financial perspectives.
Key findings
- Macroprudential policy framework for banking: now in place.
- National macroprudential authority: not yet established.
- Designated national authority: Banco de España exercises certain macroprudential powers.
- European supervisory role: European Central Bank has “top-up” powers under the Banking Union.
- Gaps identified: need to expand the macroprudential toolkit, especially to address real estate exposure risks.
- Monitoring shortcomings: system-wide trend monitoring requires greater focus on risks and macro-financial perspectives.
Policy recommendations
- Establish the national macroprudential authority to clarify institutional responsibilities.
- Expand the macroprudential toolkit to include more effective tools targeting risks associated with real estate exposures.
- Strengthen monitoring of system-wide trends with enhanced focus on risks and macro-financial perspectives.
Publication and metadata (as provided)
- Publication title: Spain: Financial Sector Assessment Program-Technical Note-Institutional Arrangements for Financial Sector Oversight
- Publication date: November 13, 2017
- Series: Country Report No. 2017/337
- Issue: 337
- Volume: 2017
- Pages: 28
- DOI: https://doi.org/10.5089/9781484327074.002
- Stock No: 1ESPEA2017007
- ISBN: 9781484327074
- ISSN: 1934-7685
- Subject: Banking; Financial regulation and supervision; Financial sector policy and analysis; Financial sector stability; Macroprudential policy; Systemic risk; Systemic risk assessment
- Keywords: budget constraint; cost reductions; CR; Financial sector stability; financial system; Global; government debt market; ISCR; Macroprudential policy; markets authority; prudential authority; sector authorities; solvency II regime; State secretary; Systemic risk; Systemic risk assessment
International Monetary Fund. Monetary and Capital Markets Department "Spain: Financial Sector Assessment Program-Technical Note-Institutional Arrangements for Financial Sector Oversight", IMF Staff Country Reports 2017, 337 (2017).
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- Country Report