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IMF to visit Spain on routine inspection

Source: Reuters - Sun 16th Jan 2011

A mission from the International Monetary Fund (IMF) will visit Spain on Monday to carry out a routine study of the country's financial system, as part of an annual global report, a government official said on Sunday.

Concerns over Spanish banks' exposure to the collapsed property market remain acute and are major reasons behind market distrust of Spanish and other poorly performing countries on the fringes of the euro zone.

But the Economy Ministry said there was nothing out of the ordinary about the IMF visit.

"It's an ordinary visit carried out by the IMF as part of its global financial stability report, the same kind as it as carried out in other countries," a ministry spokeswoman said.

The mission will visit the Economy Ministry, Bank of Spain and major banks, newspaper El Mundo said.

The Prime Minister's office declined to comment. The Bank of Spain was not immediately available for comment.

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