With reference to the report on the results of the tests conducted on Spanish banking groups by the consultancy Oliver Wyman, the Spanish Banking Association wishes to state the following:
Firstly, the AEB wishes to point out that the Spanish financial system has undergone an unprecedented stress test, both in terms of its transparency and the rigor of the valuation parameters used and the economic scenarios considered.
In particular, this examination is unique because it was carried out in accordance with the criteria and under the supervision of a Control Committee comprising, in addition to the Ministry of Economy and the Bank of Spain, the highest international authorities: the European Commission, the European Banking Authority, the European Central Bank, the International Monetary Fund, the Bank of France, the Bank of the Netherlands, and an observer from the United States Federal Reserve.
This exercise should definitively and indisputably clear up the doubts that have weighed on the Spanish financial system and allow for its correct and fair valuation by the markets.
The exercise is part of the package of measures agreed upon by the Government of Spain and the European Union in the Memorandum of Understanding (MoU) for the recapitalization of Spanish financial institutions, and it constitutes the starting point for the final phase of the restructuring of the Spanish financial system.
The conclusions of the stress test provide conclusive evidence that a large part of our financial system is strong, solid, and capable of facing the most adverse economic environments on its own. In turn, the Oliver Wyman report serves to clarify the situation of weaker entities, thereby facilitating their resolution and, consequently, the restructuring of the Spanish financial system.
In the AEB’s opinion, this entire process must be viewed in light of a single, clear objective: to achieve a solid, efficient, and competitive financial system that can help the Spanish economy overcome its current difficulties and return to a path of growth.
