Spain: Financial Sector Assessment Program-Technical Note-Systemic Risk Oversight Framework and Macroprudential Policy

International Monetary Fund

No 2017/336, IMF Staff Country Reports from International Monetary Fund

Abstract: This Technical Note discusses the findings and recommendations in the Financial Sector Assessment Program for Spain in the areas of systemic risk oversight framework and macroprudential policy. Macroprudential oversight for banking is a shared responsibility between Banco de España (BdE) and the European Central Bank. The macroprudential policy stance appears broadly appropriate. BdE has put in place a framework for calibrating capital buffers. The countercyclical capital buffer is currently at zero given that a new financial cycle upturn has not started and a still-negative credit gap and weakly recovering housing prices. The existing macroprudential toolkit would benefit from expansion, particularly to include more effective tools to deal with risks associated with real estate exposures.

Keywords: ISCR; CR; financial market; BdE governor; BdE circular; covered bond; investment funds; ECB funding; market activity; markets authority; conduct market surveillance; systemic risk indicator; Comisión Nacional del Mercado; Financial sector stability; Systemic risk; Macroprudential policy; Systemic risk assessment; Macrofinancial analysis; Global (search for similar items in EconPapers)
Pages: 45
Date: 2017-11-13
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