Autore
Léon Sanz, Francisco

Titolo
The Restructuring of Cajas de Ahorros in the Crisis of the Spanish Financial System
Periodico
Osservatorio del diritto civile e commerciale
Anno: 2013 - Fascicolo: 1 - Pagina iniziale: 157 - Pagina finale: 186

The financial crisis that began in 2007-2008 displays certain singularities in Spainin terms of the type of risks, the credit institutions and the relative weight of the «caja deahorros» savings banks in the Spanish financial system. In order to correct the deficienciesobserved since the start of the crisis, sweeping reforms have been undertaken in the system'sregulation. Despite the importance of the measures adopted from 2009 to 2012, Spain hasfound itself forced to request financial support from the EFSF to recapitalize its banks. Theconditions for the financial aid were set out in the MoU of 20 July 2012. In compliance withthe terms of the MoU a new regulatory framework has been approved for restructuring andresolution of banks and important steps have been taken to transfer distressed assets to anasset management company, SAREB, that may be likened to a «bad bank».



SICI: 2281-2628(2013)1<157:TROCDA>2.0.ZU;2-W
Testo completo: http://www.mulino.it/download/article/10.4478/74695
Testo completo alternativo: http://www.mulino.it/doi/10.4478/74695

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