14 November 2013

スペインに関するユーログループの声明：2014年1月の改革計画終了後、ESM（欧州安定メカニズム）から追加の金融支援を求めないとする同国の決定を支持

Eurogroup

"We congratulated Spain on the successful implementation of its financial sector programme and the ambitious reform steps undertaken thus far. This is also confirmed by the assessment of the Commission, in liaison with the ECB on the fourth review that we discussed today as well as the independent assessment of the IMF. In this respect we also look forward to the completion of the fifth and final review, which should confirm this positive assessment.

We are fully supportive of Spain's decision not to request any successor ESM financial assistance following the programme exit in January 2014. This is based on the fact that the ESM financial assistance and reform programme has proven to be successful in addressing financial sector vulnerabilities. The overall situation of the Spanish banking sector has significantly improved, including the access to funding markets of Spanish banks. In this respect, we also welcome the encouraging results of the recent forward-looking evaluation of the solvency of Spanish banks by the Banco de España. The process of bank restructuring is well underway and the burden-sharing exercise has been completed. We also noted with satisfaction that the regulatory and supervisory framework of the Spanish banking sector has been significantly strengthened, which translates into higher shock resilience of the banking sector.

Spain is making significant advances in its ambitious structural reform agenda, broadly in line with its Country Specific Recommendations. Progress has been made in budgetary consolidation and macroeconomic imbalances have diminished. We welcomed that these achievements have started to be reflected in the recent economic figures, which show that the Spanish economy returned to positive growth, as well as positive financial market developments, showing improved market confidence.

We call on the Spanish authorities to rigorously continue the reform momentum to address any remaining challenges regarding the economic and fiscal situation, including the high unemployment rate and the vulnerabilities stemming from the still high private and external debt.

Spain is a living example that EU-IMF adjustment programmes are successful provided there is a strong ownership and genuine commitment to reforms. We commend the Spanish people for their efforts and achievements under difficult circumstances. The success of the Spanish financial assistance programme also clearly illustrates our resolve to work together to ensure the cohesion and stability of the euro area.

Statement

Financial assistance for the recapitalisation of financial institutions in Spain

VP Rehn

The programme for Spain has provided a very effective framework for the repair of the Spanish financial sector. As a result of that, Spanish financial markets have stabilised, the liquidity situation of Spanish banks has improved, deposits have been rising and banks have ample access to funding markets. Their solvency position has also remained comfortable. Moreover, the restructuring of banks having received State Aid is well underway, guided by the restructuring plans adopted by the Commission.

The governance, as well as regulatory and supervisory framework of the banking sector in Spain has been significantly strengthened. It will be important to swiftly complete this work by the adoption or implementation of all agreed measures, especially the reform of the governance of the savings banks, which were at the origins of the problems in Spain.

Of course, we know that the situation in the Spanish banking sector still remains fragile. But banks appear to have made adequate provisioning to cushion against any adverse developments. The Bank of Spain's forward-looking exercise, which finished in late October, gives additional comfort as regards capitalisation and shock resilience for the sector at large.

To summarise, the programme for Spain has been successful. The banking sector is much more stable than it was in July 2012, when the programme was launched. It is now essential that the Spanish authorities remain fully committed to continuing and completing the financial-sector repair so as to strengthen the nascent recovery and pave the way for a sustainable improvement in employment.

Full statement

President Dijsselbloem

I would like to congratulate both countries at this important moment for the euro area. Both countries have always shown strong commitment towards the implementation of their programmes. This has shown results, as the recent developments on the financial markets have shown. The Irish and Spanish people have gone through a difficult period but I am now confident that their efforts will pay off in the coming years. Now these economies are back on the road to recovery.

We fully support Spain's decision to cleanly exit the programme. Thanks to the programme, the Spanish banks are now stronger and more resilient and supervision and regulation have been tightened. And this is confirmed by the positive market sentiment and the encouraging recent economic data from Spain. The structural reform agenda has advanced in parallel, allowing a return to growth and a decrease in the macro-economic imbalances. The Spanish authorities are determined to keep the reform momentum as I noticed when I visited Madrid two weeks ago.

Full statement

German government

The German government welcomes the success of the financial support programme for Spain. The country has successfully implemented the programme’s provisions for the financial sector, as a result of which the situation in Spain’s financial sector has improved markedly. It is now important for Spain to keep its reforms on course to continue these positive trends.

Spain has made progress on fiscal consolidation. The European Commission has forecast that the country’s fiscal deficit should drop to 6.8 per cent this year. In 2010 the figure was still 10.6 per cent. The latest positive economic figures reflect an economy that has returned to growth and positive developments on financial markets. The figures underscore markets’ rising confidence.

The financial support programme for Spain

In June 2012 the Spanish government applied for financial support to allow it to recapitalise certain Spanish banks. The assistance programme was approved by the eurozone finance ministers on 20 July 2012. The German Bundestag had previously voted by a large majority to accept the package. The specific assistance measures and terms for Spain were clearly laid out.

The eurozone agreed to lend Spain up to €100 billion. All in all the programme was to run for 18 months, and payment was made to Spain in two tranches totalling about €41.4 billion.

Full statement

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