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Ana Rubio
Ana Rubio

Lead Economist

Ana Rubio works since 2005 for BBVA Research, currently as Head Economist of the Financial Systems Unit. In BBVA she has participated in the analysis of the consumption, real estate and financial system sectors, both from a national and international perspective. Previously, she worked for Arthur Andersen Corporate Finance, and Oliver Wyman.

 

She has a BA in Economics from Complutense University and a Master in Economics and Finance from CEMFI, Bank of Spain.  


Latest Publications

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Bank and non-bank finance: natural allies

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Until now financing of Spain’s private sector has come mainly from banks, as is the norm in Europe general, and particularly in countries with a large proportion of small businesses.

Geographies:Europe
Topics:Opinion Banks

Available in Spanish, English

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Fewer banks, enough banks

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In Spain, as in the rest of Europe, the number of banks has fallen significantly during the crisis. In general terms, banks have merged to improve their profitability or efficiency, or when a vulnerable bank has had to be absorbed.

Geographies:Europe Spain
Topics:Banks Opinion

Available in Spanish, English

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The impact of European banking consolidation on credit prices

Document Number 17/08

By , , , ,

The crisis has made obvious the fragility of some aspects of EMU, like financial fragmentation and the need of banking consolidation. Banks have merged due to the vulnerability of some players or in order to improve the profitability/efficiency of the sector.

Geographies:Europe
Topics:Banks

Available in English

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The ECB’s liquidity: no-one will die of thirst

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Liquidity is to banks as water is to humans: essential for life. A liquidity crisis is usually symptomatic of more deep-seated problems, and in many cases leads eventually to bankruptcy.

Geographies:Europe

Available in Spanish, English

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Impact of capital regulation on SMEs credit

Document Number 17/01

By , , ,

The Supporting Factor was introduced in Basel III with the aim of avoiding a reduction in the flow of new credit to SMEs, and the CRR revision published in November 2016 even proposes enlarging its scope to exposures above €1.5bn (but with a lower parameter).

Available in English

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Greek banks: one year on from the bailout

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The advent of a new government determined to renegotiate the terms of the international bailout, the uncertainty surrounding the possibility of Greece’s leaving the euro zone, a badly impaired economy and a massive run on deposits culminated with the imposition of capital controls, a third bailout programme and the recapitalisation of its banks.

Geographies:Europe
Topics:Banks

Available in Spanish, English

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Banking is changing

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A working paper by the Foundation for Financial Studies titled "The change in the business model of banking" was published recently. It includes the opinions expressed during a debate by experts in the sector who agreed on the substance: various trends are forcing banking to change and only those banks that understand this reality will be able to adapt to the new era.

Geographies:Global
Topics:Opinion

Available in Spanish, English

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Bank stress tests: apples and oranges

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The results of the European bank stress tests published a few days ago were passed by almost all of the banks considering that only one Italian bank and one Irish bank would have shown a capital shortfall compared to last year’s minimum capital threshold.

Geographies:Europe
Topics:Opinion Banks

Available in Spanish, English

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What is novel in the new stress tests?

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As recently done by the authorities in the United States and in the United Kingdom, the European Banking Authority (EBA) has launched this year a new stress test for European banks.

Units:
Geographies:Europe
Topics:Banks Opinion

Available in Spanish

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The Italian bank snowball

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Eight years after the start of the international financial crisis, the market has suddenly realised that the Italian banks still have tasks outstanding. Why have the markets focused on this problem now? What are the outstanding tasks? And, above all, what should we expect in future?

Geographies:Europe
Topics:Opinion Banks

Available in Spanish

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Greek banks: in the ICU but viables

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The stress test of Greek banks, recently published, have shown a disturbing image of these institutions: they are a patient in critical condition, but can be traced.

Available in Spanish

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Reactivating Credit

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After a long period of credit growth, private-sector deleveraging is much needed in Spain. However, deleverage must be compatible with new credit to solvent demand. Measures taken and the ongoing economic recovery make us optimistic: After the crisis, credit should return to a more sustainable path of growth with a more balanced split by sectors.

Geographies:Spain Europe USA
Topics:Banks

Available in English

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Spain: household and company deposits shrank slightly in February

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The latest figures for deposits published by the Bank of Spain show that Spanish household and corporate deposits fell by EUR800mn in February. After seasonal adjustments, the drop is higher: -EUR1.7bn.

Available in Spanish, English

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In January household and company deposits fell by EUR12bn, as expected

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In January 2015, household and corporate deposits shrank by nearly EUR12bn. 70% of this reduction is accounted for by seasonal effects. Thus, once seasonally adjusted, deposits corrected by nearly -EUR4bn.

Geographies:Spain
Topics:Banks

Available in Spanish, English

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Crowdfunding in 360º: alternative financing for the digital era

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Financial crowdfunding can play an important role as a complement to traditional sources of financing, targeting business segments that are not covered by conventional formats. It can also help entrepreneurial ventures to get off the ground, boosting innovation and, with it, economic growth. On the other hand, in a context of scarce credit and economic crisis, it can become a key factor in alleviating funding needs, contributing to economic recovery while also providing high returns for savers. However, investing through crowdfunding can bring potentially high risks of solvency and liquidity, in a market where greater informality exacerbates the asymmetry of information between borrowers and lenders. Furthermore, the mediation carried out by platforms falls into the category of shadow banking meaning that, inasmuch as they are outside the traditional banking system, the regulation with which they must comply is much less onerous. Thus, there is a need to establish a balanced regulatory framework in order to enable this complementary source of funding to develop whilst simultaneously protecting retail investors and avoiding systemic risks.

Available in Spanish, English