Spain
Spain releases banking stress test results
Stress tests show Spanish bank recapitalisation needs close to level identified in tests earlier this year; paves way for restructuring and resolution of failed banks
Spanish paper finds companies swap bankruptcy for foreclosure
Research by Bank of Spain analyses the country’s low bankruptcy rates; finds mortgage debt is used as an avoidance measure
IMF loans impact sovereign bonds, says Bank of Spain paper
Spanish study finds countries that receive IMF funding issue less sovereign debt, and with shorter maturities; effect is stronger under particular conditions
Spain’s Restoy highlights ‘demanding’ timetable for single-supervision mechanism
Deputy governor of the Bank of Spain applauds 'well founded' eurozone-wide banking oversight plan; but says schedule for implementing the changes will be tough
Spain’s Frob gets extra funding ahead of further bailouts
Spanish Treasury increases endowment to the Fund for Orderly Bank Restructuring; BFA-Bankia confirms receipt of initial tranche of bailout funding
Spain’s Frob reveals first tranche of funding for Bankia
Fund for Orderly Bank Restructuring agrees on initial bailout funds for BFA-Bankia; concerns raised over whether speed of recapitalisation will be sufficient to restore confidence
IMF calls for further action to repair Spanish economy
Article IV report praises ‘major policy actions’ by Spanish government, but says further efforts must be made; Fund also encourages progression of European measures
Spanish governor admits central bank’s failings
Luis Linde addresses past errors made by the Bank of Spain with regard to supervision of the financial system; says hindsight would mean a different approach to counter-cyclical provisioning
Spain’s Frob shakes up management ahead of bailouts
Fund for Orderly Bank Restructuring (Frob) selects new general manager from Spanish government among other senior appointments; first €30 billion of bailout funds to be handled by the Frob
Bank of Spain names new director-general
Francisco Javier Priego becomes director-general; remains head of the central bank’s legal department
Euro group agrees on single banking supervisory mechanism
Umbrella supervision body 'run by ECB' to be established; exhausted EC president refuses to discuss details of plan to directly recapitalise European banks
EC staff to ‘step up’ work on Spanish banks assessment
Olli Rehn calls for staff to speed up assessment of Spanish banking sector; downgrade rumours swirl after official government request for financial assistance from the Eurogroup
Bank of Spain deputy governor resigns
Francisco Javier Aríztegui resigns as Bank of Spain deputy governor; Fernando Restoy Lozano named as replacement
New Bank of Spain governor named
Miguel Angel Fernandez Ordoñez’s successor is chosen; will assume the top role at the central bank on June 11
Outgoing governor criticises Spanish government’s fiscal position
Miguel Fernández Ordóñez, outgoing governor of the Bank of Spain, criticises government’s fiscal position; speculation begins over successor
ECB denies it rejected Spanish recapitalisation plan
European Central Bank denies it has refused Spanish authorities’ plans to recapitalise a major bank in the country; European Commission discusses direct disbursement to banks from ESM
Bank of Spain plays down bank nationalisation talk
Spanish central bank says customers and depositors of Banco Financiero y de Ahorros have "no cause for concern" as the possible use of public funds to stabilise the firm is discussed
Spain's Ordóñez renews call for government action
Bank of Spain governor urges government to stick to target of reducing budget deficit to 5.3% in 2012; highlights work done on banking reform
Bank of Spain governor warns against complacency
Miguel Fernández Ordóñez outlines progress made in reforming Spanish banking sector; stresses there is more to be done, and that European interventions have merely bought time to push changes through
IMF paper studies decline in vertical fiscal imbalances
IMF working paper highlights reasons behind the decline in vertical fiscal imbalances in four European countries; says VFIs always come under scrutiny at times of fiscal austerity
Spain’s Ordóñez remembers former governor
Governor of the Bank of Spain delivers opening remarks at conference held in memory of Luis Ángel Rojo, former governor of the central bank, who passed away last year
Moody’s alters sovereign debt ratings of nine EU countries
Austria, France and the UK see outlooks on Aaa ratings changed to negative; Spain and five other countries’ ratings are downgraded
ECB paper captures effect of eurozone sovereign risk on bond spreads
European Central Bank study says both country-specific and contagion risk contributed to widening of sovereign bond spreads against the German Bund during the financial crisis
Battle for ECB executive board seat underway
Question of whether next executive board member will break tradition and come from outside the biggest European economies lingers; finance ministers yet to pick favourite from candidates