Miguel Fernández Ordóñez, the governor of the Bank of Spain, on Monday sought to underplay the impact of the central bank's regulatory stance, emphasising that the right rules were nothing without good policing.

In an interview with the Financial Times, Ordóñez cautioned against other countries copying dynamic provisioning, the system whereby banks build up capital in the boom years to act as a buffer when the cycle reverses, exactly.

The idea was, he said, very simple and there could be several