Spain

Macroprudential oversight for banking is a shared responsibility between Banco de España (BdE) and the European Central Bank (ECB). BdE is the national competent and designated authority for exercising macroprudential powers under the Capital Requirements Regulation (CRR) and the Capital Requirements Directive (CRD) IV, respectively. Similar to other countries in the banking union, macroprudential oversight is shared with the ECB, which possesses the “topping-up" power—the ability to apply more stringent measures under the CRR/CRD IV framework than those applied by national authorities. At the European level, the ESRB can also recommend national authorities and European institutions to adopt measures to mitigate systemic risk on a “comply-orexplain” basis. However, in Spain, the national macroprudential authority, responsible for maintaining financial stability for the entire financial system, has not been set up.