The Financial Sector in Post-Recession Spain

The Financial Sector in Post-Recession Spain

Fecha: 2014
Spanish and International Economic & Financial Outlook, SEFO, V. 3 N.º 1

Sumario

The Spanish economy in 2013 and outlook for 2014
  • EN:
    In a context of global economic stability, the Spanish economy is expected to continue its moderate recovery in 2014. While we expect some improvement in housing and credit market conditions, lack of progress on fiscal consolidation raises concerns over the outlook for public debt.
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The Spanish banking sector: A comparison with its European peers
  • EN:
    A recent comparison of Spanish banks with their European peers reveals their improvement in key structural and performance indicators. However, as highlighted by the Troika, challenges and downside risks remain.
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Foreign banks’ exposure to Spain: The return of investor confidence
  • EN:
    Recent data point to improved confidence in the Spanish economy and financial sector. In particular, increased direct exposure to Spain by foreign banks from mid-2012 to mid-2013 relative to the previous 12 month period is proof that the country has gone from a situation of capital flight to one in which foreign investor confidence in the Spanish economy is returning.
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Towards a new Banking Code in Spain
  • EN:
    The crisis has facilitated progress on Basel III rules related to key standards under the Basel III initiative. Next steps entail their transposition into European and Spanish legislation, in an overall context of the construction of the European Banking Union.
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Back to “boring banking” in the age of deleveraging and new financial regulation
  • EN:
    In their effort to reduce overall risk, banks are adopting more boring business models based on lessons learned from the crisis and the pressure of new regulatory requirements. This trend is improving the liabilities side of banks’ balance sheets. However, banks in Spain and elsewhere must further transform their business models to include new sources of income and increase the efficiency in provision of financial services.
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Initial assessment: The effectiveness of measures for protection of mortgagors
  • EN:
    The persistence of the financial and economic crisis has brought with it, among other things, the weakening of an ever increasing proportion of household economies. In many cases, this has translated into households’ loss of their primary residence. In response, over the past two years, the government has enacted a series of measures aimed at alleviating the pressures faced by mortgagors.
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Spain’s labor market two years after the reform: A good start, but no room for complacency
  • EN:
    The 2012 labor reform was a necessary first step to address the inefficiencies of the Spanish labor market, but further efforts need to be taken to boost productivity, reduce temporary work and improve active labor market policies.
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