2024-03-29T02:21:56Zhttps://repositorio.bde.es/oai/requestoai:repositorio.bde.es:123456789/112632023-06-08T11:03:36Zcom_123456789_11143com_123456789_21col_123456789_11223
Leal, Ana Cristina
Lima, Diana
Portugal
2020-04-02T12:13:40Z
2020-04-02T12:13:40Z
2018-11
https://repositorio.bde.es/handle/123456789/11263
000464779
FIER-2018-35-029
Artículo de revista
A borrower-based macroprudential policy measure was recently adopted in Portugal targeting new loans for households, including both mortgage and consumer credit. The macroprudential measure recommends limits to LTV ratios, DSTI ratios and maturities of new loans, and the regular payments of interest and capital. The measure also encompasses interest rate and income shocks in its design. The purpose of this policy action is to ensure that credit institutions and financial companies do not take excessive risk when granting new household loans, promoting the resilience of the financial sector and the access of borrowers to sustainable lending. Taking into account the innovative and complex nature of the measure, this paper shares the portuguese experience in operationalising borrowerbased measures and discusses its appropriateness in light of the risks, the policy goals and the timing of the policy action.
28 p.
eng
Financial Stability Review / Banco de España, 35 (November 2018), p. 29-56
Versión en español 123456789/11227
Reconocimiento-NoComercial-CompartirIgual 4.0 Internacional (CC BY-NC-SA 4.0)
In Copyright - Non Commercial Use Permitted
https://creativecommons.org/licenses/by-nc-sa/4.0/deed.es_ES
http://rightsstatements.org/vocab/InC-NC/1.0/
Macroprudential policy in Portugal: experience with borrower-based instruments
Artículo
Créditos
Regulación y supervisión de instituciones financieras
Madrid : Banco de España, 2018
oai:repositorio.bde.es:123456789/112612023-06-20T11:56:10Zcom_123456789_11143com_123456789_21col_123456789_11223
2020-04-02T12:13:40Z
2020-04-02T12:13:40Z
2018-11
ISSN: 2605-0897 (en línea)
https://repositorio.bde.es/handle/123456789/11261
FIER-2018-35-000
Número de revista
171 p.
eng
Versión en español 123456789/11225
Reconocimiento-NoComercial-CompartirIgual 4.0 Internacional (CC BY-NC-SA 4.0)
In Copyright - Non Commercial Use Permitted
https://creativecommons.org/licenses/by-nc-sa/4.0/deed.es_ES
http://rightsstatements.org/vocab/InC-NC/1.0/
Financial Stability Review. 35 (November 2018)
Revista
Banco de España
Sistema monetario y financiero : situación y análisis
Regulación y supervisión de instituciones financieras
Madrid : Banco de España, 2018
oai:repositorio.bde.es:123456789/112662023-06-08T11:03:36Zcom_123456789_11143com_123456789_21col_123456789_11223
Nieto Giménez-Montesinos, Mª Ángeles
Hernáez Molera, Joaquín
2020-04-02T12:13:41Z
2020-04-02T12:13:41Z
2018-11
https://repositorio.bde.es/handle/123456789/11266
000464771
FIER-2018-35-099
Artículo de revista
The phenomenon of virtual and local currencies, which we will call “paracurrencies” in this paper, is not new. However, in recent years, new technological developments have encouraged their development and have led to them becoming widespread at global level. This increasing expansion and the potential money substitution effect of these currencies have prompted regulators and supervisors to begin to pay particular attention to them. Currently, despite the initial intentions that they might have to substitute money, they cannot be considered as money and they will not foreseeably replace money in future. Nevertheless, the increasing popularity of paracurrencies could lead to a rise in the risks to the financial system. The identified risks to the stability of the financial system are limited for the moment, since paracurrencies are not widespread and their connection with the financial system is limited. However, the risks for consumers can be significant, even when they are used within a limited scope, as is the case at present. supervisors’ and regulators’ efforts to date have focused on the assessment of the phenomenon and the monitoring of these risks, with the purpose of evaluating whether to adopt measures to mitigate them and the advisability or not of developing a specific regulatory framework for paracurrencies.
19 p.
eng
Financial Stability Review / Banco de España, 35 (November 2018), p. 99-117
Versión en español 123456789/11245
Reconocimiento-NoComercial-CompartirIgual 4.0 Internacional (CC BY-NC-SA 4.0)
In Copyright - Non Commercial Use Permitted
https://creativecommons.org/licenses/by-nc-sa/4.0/deed.es_ES
http://rightsstatements.org/vocab/InC-NC/1.0/
Virtual and local currencies: are paracurrencies the new form of money?
Artículo
Sistemas de pago y compensación bancaria
Monedas y billetes
Madrid : Banco de España, 2018
oai:repositorio.bde.es:123456789/112622023-06-08T11:03:36Zcom_123456789_11143com_123456789_21col_123456789_11223
Fell, John P.C.
Grodzicki, Maciej
Metzler, Julian
O'Brien, Edward
Zona euro
2020-04-02T12:13:40Z
2020-04-02T12:13:40Z
2018-11
https://repositorio.bde.es/handle/123456789/11262
000464781
FIER-2018-35-007
Artículo de revista
Non-performing loans (NPLs) remain high on the policy agenda in Europe. Their persistence at elevated levels after the financial crisis gave rise to financial stability concerns – including possible adverse impacts on financial intermediation. A commonly-held view is that NPLs impair the credit allocation mechanism. However, the literature has not so far offered a theoretical framework to support this view. This paper argues that loan demand and supply dynamics may vary over the economic cycle and that banks that are burdened with high NPLs may discriminate between households and firms in their credit allocation decisions in the recovery phase. Using a novel bank-level dataset for large euro area banks covering the period of the recent economic upswing, we find robust evidence that the stock of NPLs relative to banks’ shock-absorbing capacity, measured by bank capital, has been a significant factor in explaining bank-specific loan origination. The effect is found to be more significant for corporate than for household lending. since high NPL stocks do indeed appear to impair credit allocation, dedicated policies aimed at bringing NPL stocks down are required to avoid adverse impacts on the real economy. Our findings support the aims of the guidance that the single supervisory mechanism has given to banks on their NPL strategies. Additionally, the linkages between high NPL stocks and credit flows motivate the need for complementary measures to address impediments to NPL resolution, such as weaknesses in judicial and insolvency frameworks.
22 p.
eng
Financial Stability Review / Banco de España, 35 (November 2018), p. 7-28
Versión en español 123456789/11241
Reconocimiento-NoComercial-CompartirIgual 4.0 Internacional (CC BY-NC-SA 4.0)
In Copyright - Non Commercial Use Permitted
https://creativecommons.org/licenses/by-nc-sa/4.0/deed.es_ES
http://rightsstatements.org/vocab/InC-NC/1.0/
Non-performing loans and euro area bank lending behaviour after the crisis
Artículo
Créditos
Madrid : Banco de España, 2018
oai:repositorio.bde.es:123456789/112672023-06-08T11:03:37Zcom_123456789_11143com_123456789_21col_123456789_11223
Pérez Montes, Carlos
Ferrer Pérez, Alex
España
2020-04-02T12:13:41Z
2020-04-02T12:13:41Z
2018-11
https://repositorio.bde.es/handle/123456789/11267
000464769
FIER-2018-35-119
Artículo de revista
We study the sensitivity of bank profits and balance sheet structure to changes in the level of interest rates in Spain during the 2000-2016 period. Autoregressive distributed lag (ARDL) models with controls for the business cycle and interest rate levels are estimated for the time series of key asset and liability categories (credit, financial securities, time deposits, etc.) and profit components (returns on asset and liabilities, provision charges, etc.). We find a non-linear relation between interest rates and net interest income, which is positive at low interest rate levels. This relation is driven by the effect of interest rates on asset and liability returns, and also on credit growth, and on the bank mix of credit, deposits and financial securities. Broader profit measures also present a non-linear relation with interest rates, which can be negative even for low interest rate levels if provisioning charges are high enough.
30 p.
eng
Financial Stability Review / Banco de España, 35 (November 2018), p. 119-148
Versión en español 123456789/11231
Reconocimiento-NoComercial-CompartirIgual 4.0 Internacional (CC BY-NC-SA 4.0)
In Copyright - Non Commercial Use Permitted
https://creativecommons.org/licenses/by-nc-sa/4.0/deed.es_ES
http://rightsstatements.org/vocab/InC-NC/1.0/
The impact of the interest rate level on bank profitability and balance sheet structure
Artículo
Contabilidad, gestión y dirección bancarias
Operaciones y política bancaria
Tipos de interés
Madrid : Banco de España, 2018
oai:repositorio.bde.es:123456789/112682023-12-12T09:06:25Zcom_123456789_11143com_123456789_21col_123456789_11223
Casado, José María
Villanueva, Ernesto
España
2020-04-02T12:13:41Z
2020-04-02T12:13:41Z
2018-11
https://repositorio.bde.es/handle/123456789/11268
000464768
FIER-2018-35-149
Artículo de revista
According to the EFF (the Spanish Survey of Household Finances), the proportion of indebted households that had incurred a debt default over the past 12 months increased from 13.7% in 2002 to 21.1% in 2014. This article has two objectives. First, to characterise the population groups among whom debt defaults have most increased, drawing on EFF data from 2002 to 2014. And second, using panel and cross-section components of the EFF, to estimate how defaults respond to declines in the income and changes in the labour market status of household members throughout the economic cycle. The results suggest that the high incidence of declines in household income and changes in the labour market status of the main household earner are important factors when seeking to understand the increase in debt defaults over the 2002-2014 period. Throughout the economic cycle, onefifth of indebted households underwent reductions in their income that led them to fall, at least, to a lower quartile of the income distribution. During the recession, the probability of incurring debt defaults following declines in income on this scale increased substantially. Further, among the 10% of indebted households, the main earner experienced job loss during the three years between the survey span. Such job loss was associated with a high probability of incurring defaults during the recession. These results confirm that the course of household defaults during the recession was closely linked to changes in their disposable income.
23 p.
eng
Financial Stability Review / Banco de España, 35 (November 2018), p. 149-171
Versión en español 123456789/11232
Reconocimiento-NoComercial-CompartirIgual 4.0 Internacional (CC BY-NC-SA 4.0)
In Copyright - Non Commercial Use Permitted
https://creativecommons.org/licenses/by-nc-sa/4.0/deed.es_ES
http://rightsstatements.org/vocab/InC-NC/1.0/
Spanish household debt defaults: results of the Spanish Survey of Household Finances (2002-2014)
Artículo
Estudios empíricos sobre el consumo
Crédito y mercado hipotecario
Crédito al consumo
Madrid : Banco de España, 2018
oai:repositorio.bde.es:123456789/112642023-06-08T11:03:37Zcom_123456789_11143com_123456789_21col_123456789_11223
Tapia Hermida, Alberto Javier
Países de la UE
2020-04-02T12:13:40Z
2020-04-02T12:13:40Z
2018-11
https://repositorio.bde.es/handle/123456789/11264
000464777
FIER-2018-35-057
Artículo de revista
This study offers a succinct overview, from a legal and regulatory standpoint of Directive (EU) 2015/2366 on payment services (PSD2). It begins by describing the general aspects of the PSD2 within its considerable geographical, transitional, regulatory framework of reference together with its legislative policy purpose and its regulatory background. Next the study sets out the regulatory structure of payment services in the EU under the PSD2 which consists of the parties involved, namely the different types of service providers and users, and defined payment services, which are classified by identifying those that are included and those that are excluded. The study is completed with a description of how payment services function in the EU under the PSD2, starting with the proper identification of the agreements arising from those services, followed by a description of the rules on transparency and the legal status of the parties involved comprising their rights and obligations when payment transactions are authorised and carried out.
22 p.
eng
Financial Stability Review / Banco de España, 35 (November 2018), p. 57-78
Versión en español 123456789/11228
Reconocimiento-NoComercial-CompartirIgual 4.0 Internacional (CC BY-NC-SA 4.0)
In Copyright - Non Commercial Use Permitted
https://creativecommons.org/licenses/by-nc-sa/4.0/deed.es_ES
http://rightsstatements.org/vocab/InC-NC/1.0/
The Second Payment Services Directive
Artículo
Sistemas de pago y compensación bancaria
Sistemas bancarios y actividad crediticia : legislación
Regulación y supervisión de instituciones financieras
Madrid : Banco de España, 2018
oai:repositorio.bde.es:123456789/112652023-12-21T11:40:20Zcom_123456789_11143com_123456789_21col_123456789_11223
Conesa, Carlos
Gorjón, Sergio
Rubio Ortega, Gregorio
2020-04-02T12:13:41Z
2020-04-02T12:13:41Z
2018-11
https://repositorio.bde.es/handle/123456789/11265
000464774
FIER-2018-35-079
Artículo de revista
The finance industry is currently facing a further competitive challenge, on top of ongoing digitalisation: a new type of payment service provider that acts either as an account information service provider or as a payment transaction initiator. these emerging entities, authorised under the second payment services directive of the european parliament and of the council, are now able to establish direct relationships with the customers of credit institutions, conducting transactions in their own name, without having to manage themselves a payment account, and accessing information of undoubted commercial value. this new scenario anticipates a change in the banking status quo and in banks’ current business models, promising the development of new value propositions that will be to the benefit of bank customers and society as a whole. this article sets out the main changes introduced by the european directive, highlights aspects still to be resolved and considers its possible impact on the different types of service providers.
20 p.
eng
Financial Stability Review / Banco de España, 35 (November 2018), p. 79-98
Versión en español 123456789/11229
Reconocimiento-NoComercial-CompartirIgual 4.0 Internacional (CC BY-NC-SA 4.0)
In Copyright - Non Commercial Use Permitted
https://creativecommons.org/licenses/by-nc-sa/4.0/deed.es_ES
http://rightsstatements.org/vocab/InC-NC/1.0/
A new regime for access to payment accounts: the PSD2
Artículo
Tarjetas de crédito y otros sistemas electrónicos
Sistemas bancarios y actividad crediticia : legislación
Madrid : Banco de España, 2018