- In this first meeting, the Council of the Macroprudential Authority Financial Stability Council (AMCESFI) has focused on analyzing the current macroeconomic context, as well as the current regulatory changes at national and international level
- With the creation of AMCESFI and the provision of new tools to supervisory bodies, Spain has macroprudential supervision mechanisms similar to those of the main European countries
The Council of the Macroprudential Authority Financial Stability Council (AMCESFI) met today for the first time, after its creation by Royal Decree on March 1. AMCESFI, made up of the Ministry of Economy and Business, the Bank of Spain and the National Securities Market Commission (CNMV), is the body responsible for evaluating and preventing possible systemic risks for the economy.
In the exercise of its functions, in this first meeting the national and international economic and financial situation has been addressed, focusing on the evolution of the financial sector.
In this regard, the main credit indicators have been analyzed and the changes introduced in the financial system by the latest regulations, which promote solvency and efficiency in the sector, have been discussed. Likewise, the situation of the financial markets has been reviewed, including the evolution of the portfolios of the Spanish Collective Investment Institutions. On the other hand, the stress tests carried out by the European Insurance and Retirement Pensions Authority (EIOPA) to 42 European insurance groups, including two Spaniards, have also been monitored.
The meeting has been chaired by the Minister of Economy and Business and the governor of the Bank of Spain, as vice president, the deputy governor of the Bank of Spain, the president and vice president of the CNMV, the secretary of state of Economy and Support to the Company and the general director of Insurance and Pension Funds.
This meeting has been preceded by the first quarterly meeting of the Technical Committee, formed by nine representatives of the bodies that are members of the authority and chaired by the deputy governor of the Bank of Spain.
With the creation of AMCESFI and the provision of new tools to supervisory bodies, Spain has macroprudential supervision mechanisms similar to those of the main European countries.