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European Commission


Brussels, 26 October 2012

Statement by Vice President Rehn following on the conclusion of the first review mission for the Spanish financial sector programme

I warmly welcome today's positive assessment of the implementation of the Spanish financial sector programme. This is another step towards the thorough repair and reform of the banking system in Spain, which is in turn an essential building block for a return of investor and consumer confidence.

In the coming weeks, the European Commission will proceed with the assessment of the recapitalisation and restructuring plans of Spanish banks, which should pave the way for the first disbursements for entities in need of public support, as foreseen in the programme. In parallel, we will remain in close contact with the Spanish authorities as they move forward with the strengthening of the regulatory and supervisory architecture of the financial sector and with the setting up of the Asset Management Company.

I recall that this programme is one of three key elements of the response to the crisis in Spain, together with the necessarily ambitious fiscal consolidation strategy and the far-reaching structural reform programme. I am confident in the commitment of the Spanish government to proceed with determination on all of these fronts, and in the capacity of the Spanish economy to generate the sustainable growth needed to boost job creation.

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