FROB in the restructuring of the Spanish banking system. Where it stands after a decade of activity (2009-2019) and considerations for the banking union

Abstract

This article provides a chronological account of FROB’s first ten years of activity, describing the backdrop against which this organization has evolved and the actions it has taken to restructure the Spanish banking system. It reviews FROB’s development during its decade of existence, the changes in its mandate, its functions and the tools at its disposal, and concludes with some basic reflections on the bank resolution environment in light of FROB’s experience and how the Banking Union and the current resolution framework could be further strengthened.