Spanish companies have reduced their debt over the past decade, largely due to a contraction in bank credit. The performance of this type of credit has been negatively influenced by demand-side factors, especially weak levels of investment.

Last March marked one year since the collapse of SVB, a milestone that began one of the largest episodes of banking stress in the history of the United States. With some structural issues still unresolved, especially in terms of supervision or liquidity, banks´ exposure to commercial real estate is currently under focus.