Spain: Financial Sector Reform. First Progress Report

This report has been prepared by IMF staff at the request of Spain’s Ministry of Economy and Competitiveness, the Bank of Spain, and the European Commission. The report aims to provide independent advice on Spain’s efforts to recapitalize and restructure its financial sector with support from the European Stability Mechanism. Spain and its European partners specified their commitments to support these efforts in their Memorandum of Understanding on Financial Sector Policy Conditionality (MoU) of July 20, 2012. IMF staff is not a party to the MoU, nor responsible for the conditionality or implementation thereof.