Your IMF Update: Country Report No. 17/344 - Brazil, Chile, Mexico, Spain, Turkey, United Kingdom, United States

By Newsroom America Feeds at 22 Dec 2017

International Monetary Fund International Monetary Fund: New item in your series of interest. Country Report No. 17/344 : Spain : Financial Sector Assessment Program-Technical Note-Interconnectedness and Spillover Analysis in Spain’s Financial System

Author/Editor: International Monetary Fund. Monetary and Capital Markets Department

Summary: The significant international presence of Spanish banks provides welcome diversification effects but may also have significant implications for inward and outward spillovers. The share of financial assets abroad has grown continuously for the Spanish banking sector, with the largest international exposures by financial assets concentrated in the United Kingdom, the United States, Brazil, Mexico, Turkey and Chile. Spanish subsidiaries are systemically important for the banking system in several host countries. To some extent, spillovers could be mitigated by the Spanish subsidiary model characterized by a large share of local funding in local currency and a relatively high degree of autonomy of risk management practices.

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