{
  "title": "Spain: Financial System Stability Assessment",
  "publication": "IMF Staff Country Reports, June 6, 2024",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2024/06/06/spain-financial-system-stability-assessment-549927",
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  "summary": "This paper presents report on Financial Sector Assessment Program (FSAP) in Spain. The bank-dominated Spanish financial system has shown resilience against shocks and household and nonfinancial corporate sectors have continued to de-lever their balance sheets.",
  "sections": [
    {
      "heading": "Overview and key findings",
      "content": "- The paper presents a report on Financial Sector Assessment Program (FSAP) in Spain.\n- The bank-dominated Spanish financial system has shown resilience against shocks.\n- Household and nonfinancial corporate sectors have continued to de-lever their balance sheets.\n- Nonbank financial intermediation comprises a smaller share of the financial system.\n- Systemic risk analyses cover the banking, household, nonfinancial corporates, and real-estate sectors.\n- The main risks to financial stability are:\n  - an abrupt, significant slowdown in growth;\n  - a material, further tightening in financial conditions, including higher interest rates and risk premia;\n  - downward pressure on real estate valuations.\n- Banks’ ability to cope with asset quality pressures without resorting to deleveraging is inhibited by incumbent solvency buffers that are lower than European peers on a risk-weighted basis."
    },
    {
      "heading": "Policy recommendations and near-term priorities",
      "content": "- Deploy policies that ensure that significant banks retain a greater share of profits to further raise capital buffers and be better positioned against downside risks.\n- Ensure macroprudential and supervisory authorities are well resourced to address emerging risks and challenges and close previously identified gaps in the policy framework."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subjects: Anti-money laundering and combating the financing of terrorism (AML/CFT), Commercial banks, Credit, Crime, Financial institutions, Financial Sector Assessment Program, Financial sector policy and analysis, Financial sector stability, International organization, Monetary policy, Money\n- Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), cash flow, Commercial banks, core inflation, coverage ratio, Credit, Financial Sector Assessment Program, Financial sector stability, financial system, Global, research support, Tier 1\n\n---\n\n Content in this bundle\n\n- Spain: Financial System Stability Assessment; IMF Country Report No. 24/154; May 14, 2024\n  - Spain: Financial System Stability Assessment; IMF Country Report No. 24/154; May 14, 2024 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Spain: Financial System Stability Assessment; IMF Country Report No. 24/154; May 14, 2024 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: June 6, 2024",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400277887.002",
    "The paper presents a report on Financial Sector Assessment Program (FSAP) in Spain.",
    "The bank-dominated Spanish financial system has shown resilience against shocks.",
    "Household and nonfinancial corporate sectors have continued to de-lever their balance sheets.",
    "Nonbank financial intermediation comprises a smaller share of the financial system.",
    "Systemic risk analyses cover the banking, household, nonfinancial corporates, and real-estate sectors.",
    "The main risks to financial stability are:",
    "Banks’ ability to cope with asset quality pressures without resorting to deleveraging is inhibited by incumbent solvency buffers that are lower than European peers on a risk-weighted basis.",
    "Deploy policies that ensure that significant banks retain a greater share of profits to further raise capital buffers and be better positioned against downside risks.",
    "Ensure macroprudential and supervisory authorities are well resourced to address emerging risks and challenges and close previously identified gaps in the policy framework.",
    "Subjects: Anti-money laundering and combating the financing of terrorism (AML/CFT), Commercial banks, Credit, Crime, Financial institutions, Financial Sector Assessment Program, Financial sector policy and analysis, Financial sector stability, International organization, Monetary policy, Money",
    "Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), cash flow, Commercial banks, core inflation, coverage ratio, Credit, Financial Sector Assessment Program, Financial sector stability, financial system, Global, research support, Tier 1",
    "**Spain: Financial System Stability Assessment; IMF Country Report No. 24/154; May 14, 2024**"
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