Spain: Financial Sector Assessment Program-Technical Note on Regulation and Supervision of Less Significant Institutions

Author: International Monetary Fund. Monetary and Capital Markets Department

Volume/Issue: Volume 2024 Issue 261

Publication date: August 2024

ISBN: 9798400285820

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Banks and Banking , Finance , Environmental Economics , Banco de España , Dirección general de Seguros y Fondos de Pensiones , executive Resolution authority , Instituto de Crédito Oficial , money laundering , autonomous communities , Anti-money laundering and combating the financing of terrorism (AML/CFT) , Credit risk , Liquidity risk , Operational risk , Global

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Summary

The FSAP undertook a targeted review of the banking regulation and supervision of Spain’s Less Significant Institutions (LSIs). The review is part of the 2024 Financial Sector Assessment Program (FSAP) of Spain. In scoping this targeted review, the IMF team took account of the recommendations of the previous FSAP for Spain (2017) and relevant Euro-Area (EA) and global regulatory and market developments. The review covered: (i) the supervisory powers and independence of Banco de España (BdE); (ii) the supervisory approach and tools for LSIs; (iii) the oversight of LSIs’ governance and risk management; (iv) the regulation and supervision of LSIs’ key risks (including credit risk and problem assets, related party transactions, funding and liquidity risks, and interest rate risk in the banking book); and (v) the oversight approach with respect to LSIs’ climate-related financial risks. The findings and recommendations of this technical note are based on an analysis of the regulatory framework in place and supervisory practices employed as of October 2023.