Unlocking Spain’s SME financing channels Fecha de publicación: enero - 2013

Spanish Economic and Financial Outlook

Also see the Volume 1 ♦ Number 1 May 2012. Prepared by the Regulation and Research Department of the Spanish Confederation of Savings Banks (CECA)

03 Letter from the Editors

07 Highlights of Spain’s new financial sector reform

Santiago Carbó Valverde

11 The clean up and sale of real estate assets in the financial sector

13 The specialisation of the Spanish banking sector: Building on original strengths, while adapting to a more challenging environment

Joaquín Maudos

25 Spain’s private sector indebtedness: Where do we stand and what are the remaining challenges?

Santiago Carbó Valverde, Eduardo Maqui-López and Francisco Rodríguez

34 Regional government debt and the hispabonos debate: Consideration for an improved regional financing model

Johanna M. Prieto and César Cantalapiedra, AFI

45 Evolution of Spanish government debt holdings

José Manuel Amor and Miguel Arregui, AFI

56 The budgetary measures introduced during the new government’s first 100 days: Proactivity in the right direction

José Félix Sanz-Sanz and Desiderio Romero-Jordán

75 Recent key developments in the area of Spanish financial regulation

Volume 1 ♦ Number 1 May 2012. Prepared by the Regulation and Research Department of the Spanish Confederation of Savings Banks (CECA)