Financial Stability Review

2017 - 2025

From Banco de España
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2025, issue Spring

A map of the Spanish financial system: A tool for analysing interconnectedness and stress transmission channels

Antonio Sánchez Serrano

This article elaborates on the definition of payment services contained in the European Union (EU) regulation on the matter (PSD2) and then sets forth the various interpretative issues that have arisen in relation to these definitions in recent years. This is followed by a brief description of the new developments related to the identification of payment services introduced by the European Commission’s 2023 proposals for a new Payment Services Directive (PSD3) and a new Payment Services Regulation (PSR). Lastly, this article contains brief considerations on electronic money and on the electronic money services included in the PSD3 and PSR

José García Alcorta and Cristina Marín Palomino

Corporate credit quality during the health crisis and the recent monetary tightening cycle

Javier Delgado and Eduardo Pérez Asenjo

The impact of the autumn 2024 flash floods in Spain from a financial stability standpoint

Carlos Pérez Montes, Javier García Villasur, Luis Gutiérrez de Rozas, Gabriel Jiménez, Nadia Lavín, Alexandra Matyunina and Raquel Vegas

2025, issue Autumn

The Banco de España and the banking supervision architecture in the 20th century through its key milestones: 1921, 1962 and 1977

Joaquim Cuevas and María Ángeles Pons

Determinants of internal ratings-based credit risk-weighted assets in Europe: 2015-2023

Juan Carlos García-Céspedes and Rubén García-Céspedes

Banking consolidation and margins on bank loan and deposit transactions of non-financial corporations in Spain

Luis Medrano Adán and Vicente Salas Fumás

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

Lourdes Cremades, Álvaro Esandi and Miguel Pérez

Firms' recourse to trade credit and the relationship with bank credit in Spain

Miguel García-Posada, Sergio Mayordomo, Álvaro Menéndez and Maristela Mulino

Analysis of the private credit market in Spain

Esther Cáceres, Martín Farias, Gianmarco Ruzzier and Clara (Chi) Xu

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, Jose Maria Serena Garralda 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