Bericht zum spanischen Finanzsektor 2012

This report summarizes the findings of the Financial Sector Assessment Program (FSAP) for Spain. FSAP assessments are designed to assess the stability of the financial system as a whole and not that of individual institutions. They have been developed to help countries identify and remedy weaknesses in their financial sector structure, thereby enhancing their resilience to macroeconomic shocks and cross-border contagion. FSAP assessments do not cover risks that are specific to individual institutions such as asset quality, operational or legal risks, or fraud.
The past four years have witnessed a crisis in the Spanish financial sector unprecedented in its modern history. While external factors contributed to the turmoil, a domestic real estate boom-bust exposed weaknesses in the savings bank sector, shortcomings in the policy and regulatory framework, and an over-reliance on wholesale funding.