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The first-order effects of relaxed bank entry restrictions have been favorable, both within the U.S. and across countries. Internationally, the benefits of foreign entry seem to depend on the level of development, but at least for developing nations entrants are more efficient than incumbent banks and the stiffer competition seems to improve overall bank efficiency. In contrast to these first-order effects, the stability implications of increased entry are less obvious. This paper investigates whether greater integration resulting from foreign bank entry has been associated with more or less business cycle volatility. We approach the topic with mix of theory and evidence from both the. | 2012 International Monetary Fund June 2012 IMF Country Report No. 12 141 Spain The Reform of Spanish Savings Banks Technical Notes This paper was prepared based on the information available at the time it was completed on May 2012. The views expressed in this document are those of the staff team and do not necessarily reflect the views of the government of Spain or the Executive Board of the IMF. The policy of publication of staff reports and other documents by the IMF allows for the deletion of market-sensitive information. Copies of this report are available to the public from International Monetary Fund Publication Services 700 19th Street N.W. Washington D.C. 20431 Telephone 202 623-7430 Telefax 202 623-7201 E-mail publications@imf.org Internet http www.imf.org International Monetary Fund Washington D.C. Financial Sector Assessment Program Update Spain the reform of Spanish Savings Banks technical note May 2012 international monetary Fund monetary and capital markets department 2 Contents Page Glossary.3 Executive Summary.4 The Reform of the Spanish Savings Banks.7 I. Spanish Savings Banks Before the Reform A Brief Overview.7 II. From Boom to Crisis.9 III. From Savings Banks to Indirect Commercial Banks.12 IV. Reforms Achievements.16 V. Toward a New Role for Spanish Savings Banks.22 References.32 Table 1. Main Recommendations.6 Figures 1. Savings Vs. Commercial Banks 1980-2010.11 2. Spanish Savings Banks Integration Process.19 3. Spanish Savings Banks Market Shares.20 4. Spanish Savings Banks Ownership Structure and Participation in Newly Created Commercial Banks.21 Box 1. Stakeholders Complex Objectives in Corporate Governance International Practices and Countries .
