The wholesale funding market of the Spanish banking system

The wholesale funding market of the Spanish banking system

Fecha: julio 2012

Autores: Miguel Arregui, Oscar Ibáñez, A.F.I.

Etiquetas: Sistema bancario, Financiación bancaria

Spanish and International Economic & Financial Otlook, SEFO, V. 1 N.º 2

Spain’s high levels of private debt, in particular bank debt, together with increased public debt levels, is making it extremely difficult for Spanish banks to tap wholesale funding marketscurrently their main source of funding. Such difficulties have essentially led banks, and to an even greater degree cajas, to rely on shorter-dated, secured debt instruments. However, in the actual context of greater risk aversion for peripheral Eurozone countries, only the Spanish Treasury is successfully able to raise money in the primary market. Temporary ECB liquidity support measures have provided some necessary breathing space for the Spanish financial system. But, Spanish credit institutions must recover the confidence of the markets and come back to traditional funding channels in order to reduce their heavy dependence on Eurosystem liquidity.

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