Spain - Revision history

imported>Doug Williamson: Make 'euro' singular.

2017-11-21T14:49:15Z

Make 'euro' singular.

← Older revision		Revision as of 14:49, 21 November 2017
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	==Retail payment system: Bank payment cards==		==Retail payment system: Bank payment cards==
	Bank cards are one of the payment instruments that have acquired most importance over the last few years. With over 730 million units in circulation throughout Europe and an annual transaction volume exceeding 1,900bn ~~euros~~, today payment cards are one of the most important retail payment instruments in the European Union (EU).		Bank cards are one of the payment instruments that have acquired most importance over the last few years. With over 730 million units in circulation throughout Europe and an annual transaction volume exceeding 1,900bn euro, today payment cards are one of the most important retail payment instruments in the European Union (EU).
	In order to get a better understanding of the situation of said market in our country, for several years the Banco de España has regularly monitored its development.		In order to get a better understanding of the situation of said market in our country, for several years the Banco de España has regularly monitored its development.
	This section provides timely information on some of the major questions concerning payment cards, as well as regular and up-to-date statistics which reflect their most important aspects.		This section provides timely information on some of the major questions concerning payment cards, as well as regular and up-to-date statistics which reflect their most important aspects.

imported>Doug Williamson: Standardise layout.

2017-09-09T12:49:02Z

Standardise layout.

← Older revision		Revision as of 12:49, 9 September 2017
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	* La Sociedad de Gestión de los Sistemas de Registro, Compensación y Liquidación de Valores, S.A. Unipersonal – which operates under the trade name of IBERCLEAR. The Spanish securities central depository is responsible for the accounting records and the clearing and settlement of securities admitted for trading on Spanish Stock Exchanges (Securities Clearing and Settlement System), on the Public Debt Book-entry Market (Book-entry System), on the AIAF Bond Market (Securities Clearing and Settlement System-Association of Financial Assets Intermediaries), and on Latibex, the Latin-American securities market in euro. IBERCLEAR manages two settlement platforms – the Book-entry System and the Securities Clearing and Settlement System. The first settles fixed interest securities (public and private) and the second settles securities traded on the stock exchange.		* La Sociedad de Gestión de los Sistemas de Registro, Compensación y Liquidación de Valores, S.A. Unipersonal – which operates under the trade name of IBERCLEAR. The Spanish securities central depository is responsible for the accounting records and the clearing and settlement of securities admitted for trading on Spanish Stock Exchanges (Securities Clearing and Settlement System), on the Public Debt Book-entry Market (Book-entry System), on the AIAF Bond Market (Securities Clearing and Settlement System-Association of Financial Assets Intermediaries), and on Latibex, the Latin-American securities market in euro. IBERCLEAR manages two settlement platforms – the Book-entry System and the Securities Clearing and Settlement System. The first settles fixed interest securities (public and private) and the second settles securities traded on the stock exchange.
	* The Securities Settlement System of the Barcelona, Bilbao and Valencia Stock Exchanges.		* The Securities Settlement System of the Barcelona, Bilbao and Valencia Stock Exchanges.
	* MEFF (Spanish Financial Futures Market) – acts as a market and clearing house for futures and options on gilt-edged securities and IBEX-35, as well as futures and share options. MEFFCLEAR is an entity which acts as a clearing central counterparty for transactions on fixed interest securities traded on securities markets between settling members or customers.		* MEFF (Spanish Financial Futures Market) – acts as a market and clearing house for futures and options on gilt-edged securities and IBEX 35, as well as futures and share options. MEFFCLEAR is an entity which acts as a clearing central counterparty for transactions on fixed interest securities traded on securities markets between settling members or customers.
	All Spanish securities clearing and settlement systems settle using money from the central bank, or in other words the cash settlement of securities transactions is carried out on TARGET2-Banco de España.		All Spanish securities clearing and settlement systems settle using money from the central bank, or in other words the cash settlement of securities transactions is carried out on TARGET2-Banco de España.

imported>Doug Williamson: Link with English language version of CECA website.

2017-05-20T07:03:51Z

Link with English language version of CECA website.

← Older revision		Revision as of 07:03, 20 May 2017
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	* [http://www.aebanca.es http://www.aebanca.es]		* [http://www.aebanca.es http://www.aebanca.es]
	'''CECA: Confederación Española de Cajas de Ahorros (Spanish Confederation of Savings Banks)'''		'''CECA: Confederación Española de Cajas de Ahorros (Spanish Confederation of Savings Banks)'''
	* [http://www.ceca.es http://www.ceca.es]		* [http://www.eng.ceca.es/ http://www.eng.ceca.es/]

	[[Category:Book_Export]]		[[Category:Book_Export]]

imported>Jeeten.patel@thinkpublishing.co.uk at 13:42, 8 October 2015

2015-10-08T13:42:06Z

← Older revision		Revision as of 13:42, 8 October 2015
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	* [http://www.asset.es http://www.asset.es]		* [http://www.asset.es http://www.asset.es]
	'''AEB Asociación Española de Banca (Spanish Banking Association)'''		'''AEB Asociación Española de Banca (Spanish Banking Association)'''
	* [http://www.aebanca~~.es~~.es http://www.aebanca~~.es~~.es]		* [http://www.aebanca.es http://www.aebanca.es]
	'''CECA: Confederación Española de Cajas de Ahorros (Spanish Confederation of Savings Banks)'''		'''CECA: Confederación Española de Cajas de Ahorros (Spanish Confederation of Savings Banks)'''
	* [http://www.ceca.es http://www.ceca.es]		* [http://www.ceca.es http://www.ceca.es]

	[[Category:Book_Export]]		[[Category:Book_Export]]

imported>Jeeten.patel@thinkpublishing.co.uk at 13:41, 8 October 2015

2015-10-08T13:41:14Z

← Older revision		Revision as of 13:41, 8 October 2015
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	\|header5 =		\|header5 =
	\| label5 = GDP:		\| label5 = GDP:
	\| data5 = €1,~~022bn~~ in ~~2013~~, current prices		\| data5 = €1,058bn in 2014, current prices
	\|header6 =		\|header6 =
	\| label6 = IGTA member:		\| label6 = IGTA member:
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	==Financial regulatory framework==		==Financial regulatory framework==
	===Bank supervision===		===Bank supervision===
	Bank supervision ~~is the responsibility~~ of the ~~central~~ bank, Banco de España. The Autonomy Law defines Banco de España as a government institution subject to public law which, although reporting to the government in general terms, enjoys full autonomy as far as monetary policy is concerned, with the main objective of such policy being price stability.		On 4 November 2014, the European Central Bank (ECB) adopted the authority to monitor the financial stability of banks within the eurozone through its Single Supervisory Mechanism (SSM), in line with the EU’s SSM Regulation No 1024/2013 conferring specific tasks on the ECB with regard to the prudential supervision of credit institutions. The ECB has final supervisory authority, with member states’ national supervisory authorities now providing a supporting role. The ECB directly supervises the 120 “most significant” banks within each eurozone member state. The ECB is responsible for supervisory reviews, on-site inspections and investigations; granting/withdrawing banking licences; assessing bank acquisitions; ensuring compliance with EU prudential rules; and, if required, setting higher capital requirements to counter financial risks.
			Spain’s national supervisory authority is Banco de España. The Autonomy Law defines Banco de España as a government institution subject to public law which, although reporting to the government in general terms, enjoys full autonomy as far as monetary policy is concerned, with the main objective of such policy being price stability.
	The Autonomy Law has been adapted in view of Spain’s participation in the third stage of European Monetary Union. The aim of this reform is the full integration of Banco de España into the European System of Central Banks (ESCB) and the recognition of the authority of the European Central Bank in the field of monetary policy.		The Autonomy Law has been adapted in view of Spain’s participation in the third stage of European Monetary Union. The aim of this reform is the full integration of Banco de España into the European System of Central Banks (ESCB) and the recognition of the authority of the European Central Bank in the field of monetary policy.
	The Banco de España supervises solvency and compliance with the specific regulations of the institutions that it is responsible for supervising.		The Banco de España supervises solvency and compliance with the specific regulations of the institutions that it is responsible for supervising.
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	==Banking service provision==		==Banking service provision==
	Apart from Banco de España, another big player within the Spanish banking system is the Spanish Banking Association (AEB). Created in 1977 as a professional association which looks after its members’ interests, it has, since then, been involved in standardising banking practices, e.g. with regard to payment instruments. The AEB has become the representative body of the institutions that formed the High Banking Council, and has consequently taken over almost all the duties previously performed by the council.		Apart from Banco de España, another big player within the Spanish banking system is the Spanish Banking Association (AEB). Created in 1977 as a professional association which looks after its members’ interests, it has, since then, been involved in standardising banking practices, e.g. with regard to payment instruments. The AEB has become the representative body of the institutions that formed the High Banking Council, and has consequently taken over almost all the duties previously performed by the council.
	The counterpart of the AEB among savings banks (Cajas de Ahorro) is the Spanish Confederation of Savings Banks (CECA). Constituted in 1928, it used to comprise 45 Spanish savings banks, which were legally constituted as private foundations with a social purpose. Since the financial sector restructuring, there are only 12 institutions left, of which only two remain in their original form.		The counterpart of the AEB among savings banks (Cajas de Ahorro) is the Spanish Confederation of Savings Banks (CECA). Constituted in 1928, it used to comprise 45 Spanish savings banks, which were legally constituted as private foundations with a social purpose. Since the financial sector restructuring, there are only 11 institutions left, of which only two remain in their original form.
	The law does not establish functional differences between these groups, so that they can all engage in any activity permitted under EU law. The differences existing between them are due to their different spheres of action; credit co-operatives are significant in rural areas, but are smaller than commercial and savings banks. ~~Both commercial~~ banks and savings banks ~~currently operate under the same regulatory conditions and offer the same payment services~~.		The law does not establish functional differences between these groups, so that they can all engage in any activity permitted under EU law. The differences existing between them are due to their different spheres of action; credit co-operatives are significant in rural areas, but are smaller than commercial and savings banks. The law to reform the framework for savings bank came into force at the end of 2013. It has strengthened the regulatory regime for the savings banks that are still carrying out directly a banking activity by enhancing corporate government rules and banning such banks from undertaking banking activity beyond their home region. It has also transformed former savings banks that indirectly exercised banking activity (through ownership of a commercial bank) into banking foundations.
	The main banking groups are Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA) and CaixaBank.		The main banking groups are Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA) and CaixaBank.

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	==Overview: the Single Euro Payments Area (SEPA)==		==Overview: the Single Euro Payments Area (SEPA)==
	Since the introduction of euro banknotes and coins on 1 January 2002, citizens of the euro area have been paying in cash using the same currency in any of the member states, as easily as they once did in their respective countries using their former national currencies.		Since the introduction of euro banknotes and coins on 1 January 2002, citizens of the euro area have been paying in cash using the same currency in any of the member states, as easily as they once did in their respective countries using their former national currencies.
	However, ~~what has now become a reality for cash payments is still a project for other types of payments. The~~ implementation of the euro as a single currency in euro area countries ~~will be complete only when~~ the Single Euro Payments Area (SEPA) ~~becomes~~ a reality; i.e., ~~when~~ individuals and companies ~~can~~ make cashless payments throughout the euro area from a single account located anywhere within the area, using a single set of payment instruments and as easily, efficiently and safely as they can in their home country.		However, to enable the full implementation of the euro as a single currency in euro area countries it was necessary for the Single Euro Payments Area (SEPA) to become a reality; i.e., to enable individuals and companies to make cashless payments throughout the euro area from a single account located anywhere within the area, using a single set of payment instruments and as easily, efficiently and safely as they can in their home country.
	However, the objective of SEPA is not only to improve euro payment processes between countries, but also to develop common instruments, standards, procedures and infrastructures. When this project is complete, all payments in the SEPA area will be considered internal and the current differentiation made between domestic and cross-border payments will no longer exist.		However, the objective of SEPA is not only to improve euro payment processes between countries, but also to develop common instruments, standards, procedures and infrastructures. When this project is complete, all payments in the SEPA area will be considered internal and the current differentiation made between domestic and cross-border payments will no longer exist.
	This project is directed by the European Payments Council (EPC), the main decision-making and coordinating body of the European banking industry in this matter. It is also responsible for defining new instruments and the standards needed for guaranteeing the efficiency of payments in the SEPA.		This project is directed by the European Payments Council (EPC), the main decision-making and coordinating body of the European banking industry in this matter. It is also responsible for defining new instruments and the standards needed for guaranteeing the efficiency of payments in the SEPA.
	From an institutional point of view, the European Commission and the central banks will collaborate closely during the process, helping to eliminate any possible technical, legal or commercial obstacles, and endorsing the objectives to create a single area.		From an institutional point of view, the European Commission and the central banks will collaborate closely during the process, helping to eliminate any possible technical, legal or commercial obstacles, and endorsing the objectives to create a single area.
	The European Commission has drawn up the Payment Services Directive, which establishes a set of rules applicable throughout the European Union (EU). In July 2013, the European Commission proposed a revised Payment Services Directive (PSD2) and a Regulation on Multilateral Interchange Fees (MIFs) in order to better serve the needs of an effective European payments market.		The European Commission has drawn up the Payment Services Directive, which establishes a set of rules applicable throughout the European Union (EU). In July 2013, the European Commission proposed a revised Payment Services Directive (PSD2) and a Regulation on Multilateral Interchange Fees (MIFs) in order to better serve the needs of an effective European payments market.
	Since January 2008, citizens and companies can order transfers using the new SEPA instrument, in addition to the existing domestic transfers. All payment cards within the SEPA zone have been required to be SEPA-compliant EMV cards since the end of 2010. ~~Banks must complete migration of normal direct debits~~ to SEPA direct debits ~~by August~~ 2014 ~~while~~ national niche payment instruments ~~must be phased out by August~~ 2016.		Since January 2008, citizens and companies can order transfers using the new SEPA instrument, in addition to the existing domestic transfers. All payment cards within the SEPA zone have been required to be SEPA-compliant EMV cards since the end of 2010. Migration to SEPA credit transfers and direct debits was finalised on 18 March 2014 and 10 June 2014, respectively. However, national niche payment instruments will remain in use until February 2016.

	==Retail payment system: the SNCE==		==Retail payment system: the SNCE==
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	On 8 March 2007, the Governing Council of the European Central Bank (ECB), after assessing the feasibility study conducted by the Eurosystem, concluded that T2S was a feasible project and decided to work on the definition of user requirements, in close collaboration with CSDs and market participants.		On 8 March 2007, the Governing Council of the European Central Bank (ECB), after assessing the feasibility study conducted by the Eurosystem, concluded that T2S was a feasible project and decided to work on the definition of user requirements, in close collaboration with CSDs and market participants.
	On 17 July 2008, bearing in mind said requirements and the support received from the market, it decided to launch the T2S project and to provide the resources required. It also decided to assign the development and operation of T2S to the Deutsche Bundesbank, the Banco de España, the Banque de France and the Banca d’Italia (the group of central banks known as 4CB).		On 17 July 2008, bearing in mind said requirements and the support received from the market, it decided to launch the T2S project and to provide the resources required. It also decided to assign the development and operation of T2S to the Deutsche Bundesbank, the Banco de España, the Banque de France and the Banca d’Italia (the group of central banks known as 4CB).
	Of particular note among the documents drawn up are the General Functional Specifications, published on 21 January 2010, and the Detailed Functional Specifications. T2S is expected to come into operation ~~in September 2014~~.		Of particular note among the documents drawn up are the General Functional Specifications, published on 21 January 2010, and the Detailed Functional Specifications. T2S is expected to come into operation on 22 June 2015.

	===Governance structure===		===Governance structure===
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	'''Invest in Spain'''		'''Invest in Spain'''
	* [http://www.investinspain.org/ http://www.investinspain.org/]		* [http://www.investinspain.org/ http://www.investinspain.org/]
			'''Asociación Española de Financieros de Empresa (ASSET) (Spanish Association of Financial Managers and Company Treasurers)'''
			* [http://www.asset.es http://www.asset.es]
			'''AEB Asociación Española de Banca (Spanish Banking Association)'''
			* [http://www.aebanca.es.es http://www.aebanca.es.es]
	'''CECA: Confederación Española de Cajas de Ahorros (Spanish Confederation of Savings Banks)'''		'''CECA: Confederación Española de Cajas de Ahorros (Spanish Confederation of Savings Banks)'''
	* [http://www.ceca.es http://www.ceca.es]		* [http://www.ceca.es http://www.ceca.es]

	[[Category:Book_Export]]		[[Category:Book_Export]]

imported>Doug Williamson: Protected "Spain" (‎[edit=sysop] (indefinite) ‎[move=sysop] (indefinite))

2015-07-27T14:06:09Z

Protected "Spain" (‎[edit=sysop] (indefinite) ‎[move=sysop] (indefinite))

← Older revision

Revision as of 14:06, 27 July 2015

imported>Jeeten.patel@thinkpublishing.co.uk at 17:23, 19 November 2014

2014-11-19T17:23:06Z

← Older revision		Revision as of 17:23, 19 November 2014
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	* A disciplinary and sanctioning system, which covers institutions and their directors.		* A disciplinary and sanctioning system, which covers institutions and their directors.

	This ~~sections~~ offers information on the Bank’s supervisory framework and the regulations or criteria for supervision, among other information.		This section offers information on the Bank’s supervisory framework and the regulations or criteria for supervision, among other information.

	==Banco de España’s supervisory function==		==Banco de España’s supervisory function==

imported>Jeeten.patel@thinkpublishing.co.uk at 17:05, 28 August 2014

2014-08-28T17:05:18Z

← Older revision		Revision as of 17:05, 28 August 2014
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	\|imagestyle = padding:10px 0px;		\|imagestyle = padding:10px 0px;
	\|captionstyle =		\|captionstyle =
	\|image = [[File:Flag_spain.png\|160px\|alt=Flag of Spain]]		\|image = [[File:Flag_spain.png\|border\|160px\|alt=Flag of Spain]]
	\|caption =		\|caption =

imported>Jeeten.patel@thinkpublishing.co.uk at 14:49, 28 August 2014

2014-08-28T14:49:59Z

← Older revision		Revision as of 14:49, 28 August 2014
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	Furthermore, the ECB holds regular information sessions to report the status of the project to the market as well as any other major issues under discussion at any given time.		Furthermore, the ECB holds regular information sessions to report the status of the project to the market as well as any other major issues under discussion at any given time.

	The ECB website offers detailed information on various aspects of the project and the groups that make up its governance structure.		''The ECB website offers detailed information on various aspects of the project and the groups that make up its governance structure.''

	==Wholesale payment system==		==Wholesale payment system==

imported>Jeeten.patel@thinkpublishing.co.uk at 14:43, 28 August 2014

2014-08-28T14:43:03Z

← Older revision		Revision as of 14:43, 28 August 2014
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	\|header9 =		\|header9 =
	\| label9 = Other professional financial/banking associations:		\| label9 = Other professional financial/banking associations:
	\| data9 = [http://www.aebanca.es] AEB Asociación Española de Banca (Spanish Banking Association)		\| data9 = [http://www.aebanca.es AEB Asociación Española de Banca (Spanish Banking Association)]

	\|belowstyle = background:#ddf;		\|belowstyle = background:#ddf;