Financial Stability Review

2017 - 2024

From Banco de España
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2024, issue Spring

A method for reducing credit scores’ sensitivity to economic conditions

Óscar Fidalgo, Víctor Martínez, Esther Moral and María Oroz

The euro area banking sector and MREL: a challenge for medium-sized banks?

Lucía Ibáñez, Miguel Kruse, María Pollos, José María Serena and Miquel Tarí

Revisiting the estimation of the cost of equity of euro area banks

Luis Fernández Lafuerza and Mariya Melnychuk

Basel core principles for effective banking supervision: an update after a decade of experience

Asunción Alonso, Danae Durán, Belén García-Olmedo and María Antonia Quesada

2024, issue Autumn

Bank resolution and insolvency law: interactions and frictions

Juana Pulgar

The International Monetary Fund’s Financial Sector Assessment Program in Spain: an overview from a financial stability standpoint

María Díez Alcoba, Fátima Estacio and Luis Gutiérrez de Rozas

Asset encumbrance in secured funding operations in the Spanish banking sector

Esther Cáceres and Jorge San Vicente

Artificial intelligence in the financial system: implications and progress from a central bank perspective

Iván Balsategui, Sergio Gorjón and José Manuel Marqués

2023, issue Spring

Crypto-asset regulation in the current international and European framework

Rebeca Anguren, José García Alcorta, Lucas García Calvo, Diego Hernández García and Eva Valdeolivas

Climate change, financial risks and reporting: distant horizons?

Covadonga Martínez and Pablo Pérez Rodríguez

Digital assets and reporting: is there anything new under the sun?

Fernando García Martínez and José Ramón Martínez Resano

EU Energy derivatives markets: Structure and risks

Antoine Bouveret, Davide Di Nello, Jordi Gutiérrez and Martin Haferkorn

The EURIBOR surge and bank deposit costs: an investigation of interest rate pass-through and deposit portfolio rebalancing

Alejandro Ferrer, Gergely Ganics, Ana Molina and Jose Maria Serena Garralda

2023, issue Autumn

Innovation in retail payments and its impact on central banks’ oversight function

Deirée Alemán, Justo Arenillas, Lourdes Cremades, Rosa Martín and Miguel Pérez

Pillar 3 disclosures on ESG risks. First disclosures of Spanish and other European banks

Herminia Cuevas, Esther Palomeque and Beatriz Santa-Cruz

Macroprudential tools for open-ended investment funds

María Isabel Cambón and Gema Pedrón

The 2023 banking crises: The causes and the role played by bank management, supervisors and regulators

José Alonso, Rebeca Anguren, M.ª Cruz Manzano and Joaquín Mochón

Building trust to avoid banking crises

Dominique Laboureix and Mark Pozlep

2022, issue Spring

The first ten years of the European Systemic Risk Board (2011-2021)

Luis Gutiérrez de Rozas

Sectoral indicators for applying the Banco de España’s new macroprudential tools

Carmen Broto, Esther Cáceres and Mariya Melnychuk

Wholesale financial markets and digital currencies: making headway in the tokenisation of central bank money

Sergio Gorjón

Bank fees and charges: economic analysis, legal framework and relevance for financial stability

Alejandro Ferrer and Álvaro Pereda

Reflections on the future business model of European banks and the supervisory approach

Julio R. Hernáez, Alejandra Bernad, Laura Hierro and Ana M. Gómez-Bezares

Digitalisation and banking: new risks and three scenarios for the European banking system of the future

Thorsten Beck and Antonio Sánchez Serrano

2022, issue Autumn

Unwrapping black box models A case study in credit risk

Jorge Tejero

Digital resilience and financial stability. The quest for policy tools in the financial sector

José Ramón Martínez Resano

Structural risk indicators for the Spanish banking sector

Carmen Broto and Mariya Melnychuk

Impact of payout restrictions in the wake of the COVID-19 pandemic on European and US banks´ market valuation

Irene Pablos and Carlos Pérez Montes

2021, issue Spring

The design of macroeconomic scenarios for climate change stress tests

Pablo Aguilar, Beatriz González and Samuel Hurtado

Cyber risk as a threat to financial stability

Francisco José Herrera Luque, José Munera López and Paul Williams

Implications for financial market infrastructures of a wholesale central bank digital currency based on distributed ledger technology

José Luis Romero Ugarte, Abel Sánchez Martín, Carlos Martín Rodríguez and Justo Arenillas Cristóbal

Function and application of the new macroprudential tools available to the Banco de España

Angel Estrada and Christian Castro

Euro area bank profitability and consolidation

Édouard Fernandez-Bollo, Desislava Andreeva, Maciej Grodzicki, Lise Handal and Rose Portier

Adapting the supervision of credit institutions to the COVID-19 crisis

Sonsoles Eirea, María Oroz and Carlos Díez

Estimating the cost of equity for financial institutions

Luis Fernández Lafuerza and Javier Mencía

Support measures in the banking sector: loan moratoria

Gabriel Jimenez, Eduardo Pérez Asenjo, Raquel Vegas and Carlos Trucharte

2021, issue Autumn

Regulatory developments in bank solvency, recovery and resolvability

Ignacio Colomer, Sara González Losantos, María López Pérez and Luis Mohedano Gómez

Regulating for competition with BigTechs: banking-as-a-service and “beyond banking”

José Ramón Martínez Resano

Strengthening the cyber resilience of the financial sector

Silvia Senabre, Iván Soto and José Munera

Measuring interconnectedness across institutions and sectors

Julio Gálvez

Archegos and Greensill: collapse, reactions and common features

José Alonso Olmedo, Rebeca Anguren Martín, María Gamoneda Roca and Pablo Pérez Rodríguez

An initial analysis of energy transition risks using the Banco de España’s FLESB stress-testing framework

Alejandro Ferrer, Javier García Villasur, Nadia Lavin, Irene Pablos Nuevo and Carlos Pérez Montes

Central bank digital currencies and financial stability

Jean-Pierre Landau

2020, issue Spring

Euro risk-free interest rates: the transition from EONIA to €STR

Inmaculada Álvarez López and Pablo Lago Perezagua

The Banco de España in-house credit assessment system

Sergio Gavilá, Alfredo Maldonado and Antonio Marcelo

The outlook for the digitalisation of Spanish banks: risks and opportunities

Carolina Toloba and José Miguel del Río

FinTech: data and data collection challenges

Jara Quintanero, Román Santos, Ana Fernández and Auxi Moreno

Taxonomy of the Spanish FinTech ecosystem and the drivers of FinTechs’ performance

Santiago Carbo Valverde, Pedro J. Cuadros Solas and Francisco Rodríguez Fernández

Big Tech “banks”, financial stability and regulation

Jorge Padilla

2020, issue Autumn

Incorporating sustainability factors into asset management

Ricardo Gimeno and Fernando Sols

A future-proof retail payments ecosystem for Europe – the Eurosystem’s retail payments strategy and the role of instant payments therein

Mirjam Plooij

Digitalization, retail payments and Central Bank Digital Currency

Jorge Ponce

Stablecoins: risks, potential and regulation

Douglas Arner, Raphael Auer and Jon Frost

At-risk measures and financial stability

Jorge Galan and María Rodríguez Moreno

The challenges associated with the use of agencies’ credit ratings in the context of the COVID-19 crisis

Elena Rodríguez de Codes, Antonio Marcelo, Roberto Blanco, Sergio Mayordomo, Fabián Arrizabalaga and Patricia Stupariu

The regulatory and supervisory response to the COVID-19 crisis

Rebeca Anguren, Luis Gutiérrez de Rozas, Esther Palomeque and Carlos José Rodríguez García