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Financial Systems
Ana Rubio
Lead Economist
This unit is in charge of analysing trends in the financial system in the various geographical regions and estimating the impact of regulatory reform on the sector. It is also responsible for modellising the variables of the financial system. It is headed by Ana Rubio.

Latest Publications

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IFRS 9: Pro-cyclicality of provisions. Spanish banks as an illustration

By , , ,

IFRS 9 incorporates a forward looking assessment by moving from an incurred credit loss approach to an expected credit loss approach for the measurement of impairment allowances with the aim of recognising credit losses earlier in the cycle. This paper discusses the implications of this new approach for regulatory capital including its procyclicality for Spanish banks.

Available in English

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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

By

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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Banking Outlook. June 2017

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In the first quarter of 2017 the banking system posted net income of €3,514 million, the highest quarterly figure since 2009. Operating items followed the trend of the past few quarters, with revenues down slightly and costs well under control.

Geographies:Global

Available in Spanish, English

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Banking once again focuses on retail

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The banking sector is undergoing a significant transformation. In Spain, the old system of 45 savings banks has been reduced to just ten regular banks. In Europe, the number of credit institutions has gone down from 8,600 in 2008 to 6,500 at the start of 2017.

Geographies:Global
Topics:Opinion Banks

Available in Spanish, English

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Interest margins and efficiency. The impact of the crisis across EU countries

By ,

On the wake of the financial crisis, European banks undertook an important restructuring effort. This process was steered by the reaction of investors and public authorities, which adopted new regulation and implemented accommodative monetary policy. Despite the European harmonisation, idiosyncratic country factors led to a very different outcome across countries.

Geographies:Europe
Topics:Banks

Available in English

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Retail or not retail. Have European banks become more retail on the wake of the crisis?

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In early 2017, retail banking activities represented 30% of EU banks’ balance sheet. The crisis triggered an increase in the orientation of banks towards their core banking activities. Driven by market forces and new regulation, retail deposits expanded from 22% of the balance sheet to almost 30%.

Geographies:Europe
Topics:Banks

Available in 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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Banking Outlook. March 2017

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In this issue we review: Trends and developments in the Spanish banking sector. Spanish banks’ ROE, COE and P/BV ratio. Evolution of the financial burden of families in Europe. Management of non-performing assets in Europe. Peru: deposits in soles and exchange rate expectations.

Geographies:Global

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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For families, low interest rates and deleveraging are good news

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The current environment of low interest rates is expected to persist for quite some time, at least in Europe. This situation has affected Spanish households and businesses both positively and negatively. Specifically, the impact of the ECB's expansive policies has been positive for families, which have seen their borrowing costs fall by more than their income from deposits

Geographies:Europe
Topics:Opinion

Available in Spanish, English

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Banking Outlook. December 2016

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Trends and developments in the Spanish banking sector. Variation in the net financial burden from 2008 to 2016. The Portuguese banking system: relief at the DBRS rating. Banking union: necessary, positive and offering great potential. New package of banking reforms.

Geographies:Spain Europe Portugal
Topics:Banks

Available in Spanish, English

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Italian banks’ future at stake in the referendum

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The international community, and especially the rest of Europe, is holding its breath over the referendum to be held in Italy on 4 December. Ratification of the constitutional reform seeking among other things to curtail the powers of the Senate, is crucial if a new period of political and financial instability is to be avoided.

Geographies:Europe
Topics:Opinion Banks

Available in Spanish, 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