The report finds that the Spanish financial system weathered the initial brunt of the financial crisis relatively well, primarily due to a strong regulatory stance and sound supervision.
The report examines the steps taken or planned by national authorities to address Financial Sector Assessment Program (FSAP) recommendations concerning financial regulation and supervision as well as institutional and market infrastructure.
The goal of the principles is to reduce mechanistic reliance on CRA ratings and to incentivise improvements in independent credit risk assessment and due diligence capacity.