Spain: Financial Sector Assessment Program-Technical Note-Institutional Arrangements for Financial Sector Oversight

International Monetary Fund

No 2017/337, 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 regarding institutional arrangements for financial sector oversight. The macroprudential policy framework for banking is now in place, although the national macroprudential authority has not been established. Banco de España is the national designated authority for exercising certain macroprudential powers and, under the Banking Union, shares macroprudential oversight with the European Central Bank, which possesses “top-up” powers. It is recommended that the macroprudential toolkit be expanded, particularly to include more effective tools to deal with risks associated with real estate exposures. Monitoring of system-wide trends also needs to be conducted with a greater focus on risks and macro-financial perspectives.

Keywords: ISCR; CR; State secretary; financial system; sector authorities; prudential authority; budget constraint; government debt market; solvency II regime; markets authority; cost reductions; Systemic risk; Financial sector stability; Macroprudential policy; Systemic risk assessment; Global (search for similar items in EconPapers)
Pages: 28
Date: 2017-11-13
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