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Bank of Spain overhauls supervision

Source: Reuters - Fri 5th Apr 2013
Bank of Spain overhauls supervision

The Bank of Spain said on Thursday it was overhauling its financial system supervision in line with European recommendations and will create a supervisory committee focussing on the former unlisted savings banks.

As part of the plans following a 40 billion international bail-out of its banking system last year, the central bank will also create a supervisory group focused on money laundering and the sale of financial products by banks to customers, it said in a news release.

Another group will concentrate on Spain's so-called 'bad bank', set up last year as a condition of receiving aid.

Many of the savings banks, known as 'cajas', lent excessively during a decade-long property boom and were used by local politicians to fund pet projects.

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