Author(s): European Commission
This report provides an assessment of the progress made by Spain with respect to its Financial Assistance Programme for the Recapitalisation of Financial Institutions in Spain, based on the findings of a joint EC, ECB, EBA and ESM mission to Madrid during 15-26 October 2012.
The IMF participated in the meetings as part of its independent monitoring. The mission found that the reform of the financial sector is on track. The ambitious policy conditionality of the programme has so far been met in a timely and high-quality manner. It will be important to maintain the momentum in the coming months as major challenges lie ahead, in particular the effective restructuring of banks and the set-up of the Asset Management Company (AMC).
|ISBN 978-92-79-22924-4 (online)|
|doi: 10.2765/24746 (online)|
Occasional Papers are written by the staff of the Directorate-General for Economic and Financial Affairs, or by experts working in association with them. The Papers are intended to increase awareness of the technical work being done by staff and cover a wide spectrum of subjects. Views expressed in unofficial documents do not necessarily reflect the official views of the European Commission.