Reform of the Spanish banking sector: implications and remaining challenges

Reform of the Spanish banking sector: implications and remaining challenges

Fecha: marzo 2012

Santiago Carbó Valverde

Reforma bancaria, Sistema bancario

Spanish and International Economic & Financial Otlook, SEFO, V. 1 N.º 0

Over the past few years, the Spanish banking sector, an in particular the savings banks sector, has undergone a period of profound, historical change. Underpinned by a series of regulatory measures, Spanish financial sector reform set out to: foster sector reorganization to promote increased efficiency, change the legal framework governing the savings banks regimes, strengthen the sector’s capital ratios in line with new global requirements, and increase confidence through increased provisioning requirements related to real estate assets. At the same time, new incentives for further consolidation were introduced last February. Measurable results thus far demonstrate substantial progress. However, outstanding doubts remain regarding the adequacy of current levels of provisions, and whether the latest round of reforms will catalyse the necessary further downward adjustment to Spanish housing market prices. Reform efforts must continue. At the same time, it will be important to maintain some of the particular characteristics of the Spanish savings banking model, which has demonstrated benefits at the national level over the past 40 years. high degree of uncertainty.

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