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Report on Banking Supervision in Spain 2010

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Report on Banking Supervision in Spain 2010 REPORT ON BANKING 2010 SUPERVISION IN SPAIN REPORT ON BANKING SUPERVISION IN SPAIN 2010 REPORT ON BANKING SUPERVISION IN SPAIN 2010 All of the Banco de España’s regular reports and publications can be found on the Internet at http://www.bde.es Reproduction for educational and non-commercial purposes is permitted provided that the source is acknowledged. © Banco de España, Madrid, 2011 ISSN: 1696-4179 (online) Depósito legal: M. 3922-2003 ABBREVIATIONS ACs Appraisal companies AIAF Association of Securities Dealers AIG Accord Implementation Group; reports to the BCBS AMA Advanced Measurement Approach (for measuring operational risk) APR Annual percentage rate ASBA Association of Supervisors of Banks of the Americas ATA Average total assets ATM Automated teller machine BAC Banking Advisory Committee (EU) BCBS Basel Committee on Banking Supervision BE Banco de España BIS Bank for International Settlements BOE Official State Gazette BSC Banking Supervision Committee of the ESCB CAAP Capital Adequacy Assessment Process CBE Circular of the Banco de España CCR Central Credit Register of the Banco de España CEBs Currency exchange bureaux CEBS Committee of European Banking Supervisors CECA Spanish confederation of savings banks CEIOPS Committee of European Insurance and Occupational Pensions Supervisors CESR Committee of European Securities Regulators CET1 Common equity tier 1 CGs Consolidated groups of CIs; unless indicated otherwise, CGs include individual credit institutions not belonging to any consolidated group CII Collective investment institution (also CIU) Cls Credit institutions (Dls, SCls, and the ICO) CNAE Clasificación Nacional de Actividades Económicas (Spanish National Classification of Economic Activities) CNMV National Securities Market Commission COREP CEBS Common Reporting Working Group CRD Capital Requirements Directive DGF Deposit Guarantee Fund DGTPF Directorate General of the Treasury and Financial Policy Dls Deposit institutions EBA European Banking Authority EC European Commission ECB European Central Bank ECOFIN EU Council of Ministers of Economy and Finance EEA European Economic Area EIF European Investment Fund EFAs Earning financial assets EMU Economic and Monetary Union ESCB European System of Central Banks EU European Union FAFA Fund for the Acquisition of Financial Assets FCs Financial conglomerates FASB Financial Accounting Standards Board FESCO Forum of European Securities Commissions FROB Fondo de Reestructuración Ordenada Bancaria (Fund for the Orderly Restructuring of the Banking Sector) FSB Financial Stability Board FVC Financial vehicle corporation (also SSPE) GdC Groupe de Contact GDP Gross domestic product GTIAD Working Group on the Interpretation and Application of the Banking Directives IAIS International Association of Insurance Supervisors IASB International Accounting Standards Board IBFLs Interest-bearing financial liabilities ICBS International Conference of Banking Supervisors IFAC International Federation of Accountants IFRSs International Financial Reporting Standards ILG International Liaison Group (formerly CPLG) IMF International Monetary Fund IOSCO International Organisation of Securities Commissions IPO Initial Public Offering IPS Institutional protection scheme IRB Internal ratings-based method IWCFC Interim Working Committee on Financial Conglomerates LABE Law on the Autonomy of the Banco de España (Law 13/1994) LDI Law on the discipline and intervention of credit institutions (Law 26/1988) LGD Loss given default LMV Law on the securities market (Law 24/1988) MG Non-consolidable mixed group MGCs Mutual guarantee companies MO Ministerial Order OECD Organisation for Economic Co-operation and Development OJEU Official Journal of the European Union OTC Over-the-counter (trading on unregulated markets) PBT Profit before tax POS Point of sale RD Royal Decree RDL Royal Decree Law RGs Regional (autonomous) governments ROA Return on assets (profit after tax as percentage of ATA) ROE Return on equity (profit after tax as percentage of own funds) SCls Specialised credit institutions SEPA Single Euro Payments Area SEPBLAC Commission for the Prevention of Money Laundering and Monetary Offences SMEs Small and medium-sized enterprises SNCE Sistema Nacional de Compensación Electrónica (Spanish National Electronic Clearing System) SSG Senior Supervisors Group SSPE Securitisation special purpose entity (also FVC) * * * € m Millions of euro € bn Billions of euro Q1, Q4 Calendar quarters P Placed after a date [Jan (P)], indicates that all the related figures are provisional. Placed after a figure, indicates that this and only this figure is provisional bp Basis points pp Percentage points ... Not available — Nil, non-existence of the event considered or insignificance of changes when expressed as rates of growth CONTENTS REPORT ENVISAGED IN LAW 44/2002 ON FINANCIAL SYSTEM REFORM MEASURES 13 1 STRUCTURE AND 1.1 Types of credit institution 21 EVOLUTION OF CREDIT 1.2 Operating resources 24 INSTITUTIONS UNDER BANCO 1.3 Consolidated groups 25 DE ESPAÑA SUPERVISION 19 2 EXERCISE OF SUPERVISORY 2.1 Supervisory activity 33 FUNCTIONS 31 2.2 Exercise of the sanctioning power 37 2.2.1 Proceedings initiated in 2010 37 2.2.2 Proceedings resolved in 2010 38 2.2.3 Infringements by type of offending institution 39 2.2.4 Sanctions and conclusion 41 2.3 Other supervisory activities of the Banco de España 41 2.3.1 Transparency and information for bank customers 41 2.3.2 Official registers and institutional information 43 2.3.3 Other authorised eligible capital for solvency purposes 47 2.4 Supervisory policies 48 2.4.1 Recommendations for the preparation of internal capital adequacy assessment reports 48 2.4.2 Transparency of credit institutions 52 3 REGULATORY CHANGES IN 3.1 Solvency of credit institutions 59 PRUDENTIAL SUPERVISION 57 3.1.1 Amendments to Community law 59 3.1.2 Changes in Spanish regulations on own funds 60 3.2 Legal regime of supervised institutions 61 3.2.1 Institutional protection schemes and the operation of the FROB 61 3.2.2 Restructuring of savings banks and write-downs 62 3.2.3 Regime governing qualifying holdings in CIs 63 3.2.4 Legal regime for payment institutions 63 3.3 Operational framework 64 3.3.1 Deposit Guarantee Fund 64 3.3.2 Advertising of banking services and products 65 3.3.3 Transparency of payment services 65 3.3.4 Accounting and statistical regime of CIs 66 3.3.5 Mortgage market 66 3.3.6 Agents of CIs 67 3.3.7 Provision of investment services 68 4 DEVELOPMENTS IN 4.1 Work of the Financial Stability Board 72 INTERNATIONAL BANKING 4.2 Work of the Basel Committee on Banking Supervision 73 REGULATION AND SUPERVISION 4.3 Work of the Committee of European Banking Supervisors 74 FORA IN 2010 69 4.4 Joint work by committees of bank, securities and insurance supervisors 76 4.5 Financial stability work at the ECB 78 4.6 Work of the Association of Supervisors of Banks of the Americas (ASBA) 79 ANNEXES Annex 1 Organisation of banking supervision at the Banco de España at 31.12.2010 81 Annex 2 Activity, results and solvency of credit institutions 87 2.1 Activity of credit institutions and their consolidated groups 90 2.2 Results of credit institutions and their consolidated groups 94 2.3 Solvency of consolidated groups of credit institutions subject to compliance with the solvency ratio in Spain 97 Annex 3 Financial and statistical information on credit institutions 103 Annex 4 Information for bank customers, registers and other institutional information 121 Annex 5 Main documents published by the international supervisory fora: FSB, BCBS, SSG, CEBS and ECB 125 Annex 6 Spanish consolidated groups of credit institutions (December 2010) 129 INDEX OF BOXES, TABLES AND CHARTS BOX 1.1 Restructuring of the savings bank sector in the context of the financial crisis 27 BOX 2.1 Advertising of banking services and products 42 BOX 2.2 Principles for disclosures in times of stress (Lessons learnt from the financial crisis) 53 BOX 3.1 Revision of Annex IX on analysis and provisioning of risks of Circular 4/2004 (by CBE 3/2010) 67 BOX 3.2 Revision of the rules on business combinations and consolidation of Circular 4/2004 (by CBE 8/2010) 68 BOX 4.1 Basel III: Key features of the new capital and liquidity measures 75 BOX 4.2 The new European System of Financial Supervision 77 TABLE 1.1 Registered credit institutions, consolidated groups and mixed groups 22 TABLE 2.1 On-site supervisory activity 34 TABLE 2.2 Supervisory activity. Letters sent to institutions 35 TABLE 2.3 Subject matter of letters sent to supervised institutions 36 TABLE 2.4 Proceedings initiated by the Banco de España 38 TABLE 2.5 Proceedings resolved, by type of infringement 39 TABLE 2.6 Official registers of institutions 44 TABLE 2.7 Eligible instruments issued by Spanish CIs and verified by the Banco de España 48 TABLE 4.1 Activity of supervisory committees 73 TABLE A.1.1 General organisation chart of the Banco de España 83 TABLE A.1.2 Organisation chart of the Directorate General Banking Supervision 84 TABLE A.1.3 Organisation chart of the Directorate General Banking Regulation 85 TABLE A.1.4 Supervision and regulation staff in 2010 86 TABLE A.2.1 Breakdown of changes in own funds, impairment allowances and written-off assets 91 TABLE A.3.1 Serving employees, operational branches, ATMs and agents of CIs 105 TABLE A.3.2 Breakdown of activity of CIs 106 TABLE A.3.3 Breakdown of activity by institutional groups of CIs 107 TABLE A.3.4 Credit institutions: structure of lending to resident private sector 108 TABLE A.3.5 Activity of consolidated
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