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April 6, 2020

Banking Is Part of the Solution

The last weekend of March saw the Spanish Government make the isolation measures in the country more restrictive, bringing a halt to all non-essential activity in the fight against the COVID-19 pandemic. Activities considered essential include those carried out by financial services companies, including banks.

November 29, 2019

China Banking Monitor

Bank assets growth picked up to 7.7% in Q3 2019 supported by a higher loan growth rate. Assets quality worsened and diverged among big and smaller banks. Capital adequacy ratio dropped on faster growth in risk-weighted assets, small banks are facing deteriorating conditions in funding through NCDs and bond market.

October 16, 2019

MREL in European banks: Requirement and shortfall under BRRD II

Under BRRD 2, European banks’ MREL deficit is €112bn (63% attributable to O-SIIs and non-systemic banks) and €188bn lower than 2018 results, mostly explained by issuances of €194bn during 2018–2019. Erosion of profitability is now critical, with interest expense increasing 2.3-3.2%. Basel IV significantly increase needs.

July 15, 2019

Libra, a digital currency that is still surrounded by questions

The announcement of the launch of Libra, the digital currency that Facebook plans to implement, has sparked interest, concern and, above all, great uncertainty about its viability as a business and its financial and social impact.

March 7, 2019

Central Bank digital currencies: features, options, pros and cons

The emergence of cryptocurrencies is opening the way to Central Bank Digital Currencies (CBDCs). This paper highlights the pros and cons of issuing CBDCs under four different variants: from the more modest proposals to the most ambitious ones where there could be a serious disruption in financial intermediation.

June 4, 2018

Financial and Fiscal Shocks in the Great Recession and Recovery of the Spanish Economy

In this paper we develop and estimate a new Bayesian DSGE model for the Spanish economy that has been designed to evaluate different structural reforms.

July 10, 2017

Fewer banks, enough banks

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.

March 29, 2017

Central Bank Digital Currencies: assessing implementation possibilities and impacts

Following advances in the distributed ledger technology, central banks are assessing the issuance of digital currency. There's a range of possible schemes to adopt depending on which features of cash to hold: universality, anonymity and non-yield bearing. We analyze opportunities and challenges of 4 key schemes, that suppor…