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European Commission

MEMO

Brussels, 4 February 2013

Statement by Vice President Rehn following the second review mission of the Spanish financial sector programme

The successful conclusion of the second review mission to Spain shows that the repair and reform of the Spanish financial sector is proceeding apace. Bank recapitalisation and restructuring is underway, and the asset management company SAREB is up and running.

In parallel, important decisions have been taken to reinforce the supervision and regulation of the sector. These are essential steps to creating the responsible and healthy financial sector Spain needs in order to ensure access to credit for households and businesses. This process must be completed on schedule and implemented rigorously.

The welcome fall in sovereign funding costs in recent months is a reflection of investors' growing confidence in the measures taken in Spain and in the eurozone to address both the symptoms and the causes of the crisis. To build on this important progress and ensure that these benefits filter through into the real economy, it will be essential for Spain to maintain its focus on both sound public finances and determined implementation of economic reforms, in line with the EU's Country-Specific Recommendations.


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