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THE STRUCTURE OF THE SPANISH FINANCIAL SYSTEM

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THE STRUCTURE OF THE SPANISH FINANCIAL SYSTEM. José Luis Malo de Molina Banco de España. Director General. ICO’s International Executive Training Programme in Development Banking ICO. 31 March 2003. THE TRANSFORMATION OF THE SPANISH FINANCIAL SYSTEM.

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  1. THE STRUCTURE OF THE SPANISH FINANCIAL SYSTEM José Luis Malo de MolinaBanco de España. Director General ICO’s International Executive Training Programme in Development Banking ICO. 31 March 2003

  2. THE TRANSFORMATION OF THE SPANISH FINANCIAL SYSTEM • In the early 80s the Spanish financial system was rigid, underdeveloped, closed and heavily intervened. But it has since changed drastically • Two main (interlinked) driving factors: • Changes in the macroeconomic environment • Changes in financial regulation Banco de España - Servicio de Estudios

  3. CHANGES IN THE MACROECONOMIC ENVIRONMENT • High inflation, increasing fiscal deficit and interest rate volatility fostered financial innovation • At the same time fostered stabilisation policies: • Decisive anti-inflationary orientation of monetary policy, which gradually gained credibility • Fiscal consolidation plan, which received further impulse from the run up to EMU • Spain joined EEC in 1986 and the Peseta entered the ERM in 1989 • As a positive result of those policies, Spain successfully completed its nominal convergence process by being included among the first group of countries forming the EMU in 1999 Banco de España - Servicio de Estudios

  4. CHANGES IN FINANCIAL REGULATION • 1980s • Prudential supervision framework completed: Banco de España (credit institutions) newly created CNMV (securities) and DGS (insurances) • Bank rates and charges and commissions in securities markets fully liberalised • Capital movements partially liberalised • Book-entry public debt market comes into operation • 1990s • Second Banking Directive transposed (freedom to establish and provide banking services) • Compulsory investment requirements on banks lifted and reserve requirement markedly reduced • Capital movements fully liberalised • Full freedom to establish and provide financial services • 2000s • Investor compensation system created • New measures on transparency and good practices Banco de España - Servicio de Estudios

  5. THE SPANISH FINANCIAL SYSTEM IN 2003 • As a result the Spanish financial system is today a flexible developed and internationally active system well in line with those of other continental European countries • Let us briefly review its main features Banco de España - Servicio de Estudios

  6. HOUSEHOLD FINANCIAL ASSETS SPAIN EMU USA 3% 7% 1% 15% 14% 30% 23% 30% 34% 45% 54% 44% Deposits Securities Insurance Other A BANK-BASED SYSTEM • Share of deposits in household financial assets in Spain: • Similar to the EMU average • Higher than in the USA Banco de España - Servicio de Estudios

  7. NON-FINANCIAL CORPORATIONS FINANCIAL LIABILITIES EMU SPAIN USA 1% 3% 2% 6% 15% 12% 24% 27% 22% 1% 3% 51% 51% 27% 55% Loans Fixed income Equity Trade credits Other A BANK-BASED SYSTEM • Spanish corporations mainly use bank credit to cover their debt finance • Share of loans is similar to the EMU average and higher than in the USA • Share of fixed income is similar to the EMU average and lower than in the USA Banco de España - Servicio de Estudios

  8. Spain EMU USA 1995 2001 Total assets (%GDP) 176.6 193.0 260.0 64.6 Number of institutions per 100,000 inhabitants 0.81 0.70 2.45 3.36 ROE (after tax) 10.9 15.4 11.3 15.7 Solvency ratio (Total) 11.9 11.0 10.7 12.4 Solvency ratio (Tier1) 10.3 8.7 7.7 9.6 Provisions/ Doubtful assets 71.0 201.9 95.6 171.7 Efficiency ratio 68.8 61.4 65.6 56.9 Foreign claims (%GDP) 11.9 59.3 79.3 8.7 THE BANKING SYSTEM • Healthy, internationally active and compares favourably with the EMU average Banco de España - Servicio de Estudios

  9. Commercial banks Savings banks Cooperative banks Number of institutions 146 47 88 Total assets (non-consol.) (%GDP) 102.4 69.0 6.8 Total assets (consol.) (%GDP) 123.5 73.3 7.0 ROE (after tax) 15.7 12.7 9.9 Solvency ratio 9.5 11.5 11.1 Percentage of business abroad 30.3 1.7 0.0 Provisions/ Doubtful assets 172.1 222.0 155.8 Efficiency ratio 59.0 62.2 62.0 THE BANKING SYSTEM • Although there are some differences among different types of institutions Banco de España - Servicio de Estudios

  10. % GDP % GDP 200 200 INSURANCE COMPANIES 180 180 160 160 MUTUAL FUNDS 140 140 PENSION FUNDS 120 120 100 100 80 80 60 60 40 40 20 20 0 0 SPAIN EMU USA OTHER INTERMEDIARIES • Institutional investment is lagging behind the EMU average and the USA… Banco de España - Servicio de Estudios

  11. 60 TOTAL ASSETS % GDP % GDP 50 60 40 INSURANCE COMPANIES 50 30 MUTUAL FUNDS 40 20 PENSION FUNDS 30 10 20 0 10 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 0 2000 2001 OTHER INTERMEDIARIES • … but has grown significantly over the 90s Banco de España - Servicio de Estudios

  12. BOLSAS Y MERCADOS ESPAÑOLES sociedad holding mercados y sistemas financieros, SA Governing STOCK MARKET MANAGEMENT COMPANIES bodies MEFF-AIAF-SENAF holding mercados financieros, SA MADRID BARCELONA BILBAO VALENCIA AIAF SENAF MEFF HOLDING SPANISH STOCK Trading MARKET Open MEFF INTERCONNEC MEFF FIXED outcry centres EQUITIES TING INCOME trading SYSTEM IBERCLEAR MEFF Clearing CLEARING SCLV CADE and HOUSE settlement of securities FINANCIAL MARKETS • The organisation of financial markets has evolved from a segmented structure to a consolidated one: • Interconnection of stock exchanges • MEFF-AIAF-SENAF platform • Merger of SCLV and CADE Banco de España - Servicio de Estudios

  13. SIZE % GDP % GDP 120 120 STOCK EXCHANGE CAPITALISATION 100 100 PUBLIC DEBT. OUTSTANDING AMOUNTS 80 80 PRIVATE DEBT. OUTSTANDING AMOUNTS 60 60 40 40 20 20 0 0 SPAIN EMU USA FINANCIAL MARKETS • The relative size of the stock exchange and public debt market is similar to the EMU average but smaller than in the USA • The relative size of the private debt market is smaller than in both the EMU and the USA Banco de España - Servicio de Estudios

  14. ANNUAL TURNOVER % GDP % GDP 350 350 300 300 STOCK EXCHANGE EQUITIES PUBLIC DEBT 250 250 DERIVATIVES MARKETS. EQUITIES OTHER FIXED-INCOME MARKETS 200 200 150 150 100 100 50 50 0 0 FINANCIAL MARKETS • Public debt market is by far the most active and liquid exchange in Spain Banco de España - Servicio de Estudios

  15. SHARE OF TURNOVER BY NON-RESIDENTS OUSTANDING AMOUNTS HELD BY NON- % % % % RESIDENTS 60 60 60 60 STOCK EXCHANGE EQUITIES STOCK EXCHANGE PUBLIC DEBT 50 50 50 50 DERIVATIVES PRIVATE DEBT MARKETS. EQUITIES 40 40 40 40 30 30 30 30 20 20 20 20 10 10 10 10 0 0 0 0 FINANCIAL MARKETS • Spanish financial markets show a high degree of internationalisation Banco de España - Servicio de Estudios

  16. FINAL REMARKS • The Spanish financial system is currently a developed, internationalised and healthy system • It is still mainly a bank-based system although both other intermediaries and markets are gaining momentum • Banks’ health and market consolidation place the Spanish financial system in a good position to face the challenges of financial globalisation Banco de España - Servicio de Estudios