The impact of the 28 April 205 blackout on Spain's payment systems

Lourdes Cremades, Álvaro Esandi and Miguel Pérez

Financial Stability Review, 2025, issue Autumn

Abstract: This article describes the impact of the 28 April 2025 power blackout in the Iberian Peninsula on both retail and wholesale payment systems, the securities settlement system, the various parties in the payment chain and, in the case of retail payments, the payment instruments and channels used. Retail payment transactions declined sharply, fundamentally as a result of the inability of the underlying commercial or corporate transactions to continue, owing, in turn, to the lack of backup systems. By contrast, Spain’s financial infrastructures (especially its payment systems) proved highly resilient and were buttressed by contingency systems that ensured their correct functioning in accordance with the operational continuity requirements set out in the oversight and regulatory frameworks that govern such infrastructures.

Date: 2025
Note: 49
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Persistent link: https://EconPapers.repec.org/RePEc:bde:revisl:y:2025:i:11:n:3

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