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THE BANKING SYSTEM REFORM

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In general terms, saving banks as the rest of the Spanish banking sector, faced the first phases of the financial crisis, originated in August 2007, with outstanding resilience due to their so called “traditional” banking model based mainly on retail banking, the high quality of the Bank of Spain prudential supervision and a privileged position in terms of efficiency, profitability, and level of provisions and capital. Nevertheless, the persistence of the financial crisis together with the serious economic downturn have resulted in an intensively adverse environment for the Spanish financial sector and hence in lower levels of banking activity,...
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THE BANKING SYSTEM REFORM

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