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Fondo De Reestructuración Ordenada Bancaria
FROB, the Spanish Executive Resolution Authority (formerly known as Fund for Orderly Bank Restructuring) is an entity of the Spanish government that manages the resolution processes of credit institutions and investment firms in their executive phase in Spain. FROB was created in 2009 as a response to the 2008 financial crisis. Initially, its aim was to increase the strength and solvency of the Spanish banking system by means of two essential functions at that time: managing the restructuring processes of credit institutions and helping to strengthen their own funds. Today, and since the approval of Law 11/2015, FROB is the Spanish Executive Resolution Authority, financed exclusively with private contributions from banks and which is integrated into the European network of authorities led by the Single Resolution Board ( SRB). Law 11/2015 set up a new institutional framework to comply with the principles set out in Resolution Directive 2014/59/EU to separate supervisory and reso ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
AZCA
AZCA, an acronym for ''Asociación Mixta de Compensación de la Manzana A de la Zona Comercial de la Avenida del Generalísimo'' ("Mixed Association for Compensation of the A Block of the Commercial Area of the Avenue of the Generalisimo", now called the Avenue of Paseo de la Castellana), is a financial district in Madrid, Spain. The business district, which is located on the northern edge of the city centre, serves as one of the two main financial districts of the Madrid metropolitan area. History It is located between the streets Raimundo Fernández Villaverde, Orense, General Perón and Paseo de la Castellana. Its original conception (and its name) dates back to the ''Plan General de Ordenación Urbana de Madrid'' ( PGOU), approved in 1964. The purpose of this plan was to create a huge block of modern office buildings with metro and railway connections in the expansion area of northern Madrid, just in front of Real Madrid stadium (currently named the Santiago Bernabéu St ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Spain
Spain, or the Kingdom of Spain, is a country in Southern Europe, Southern and Western Europe with territories in North Africa. Featuring the Punta de Tarifa, southernmost point of continental Europe, it is the largest country in Southern Europe and the fourth-most populous European Union member state. Spanning across the majority of the Iberian Peninsula, its territory also includes the Canary Islands, in the Eastern Atlantic Ocean, the Balearic Islands, in the Western Mediterranean Sea, and the Autonomous communities of Spain#Autonomous cities, autonomous cities of Ceuta and Melilla, in mainland Africa. Peninsular Spain is bordered to the north by France, Andorra, and the Bay of Biscay; to the east and south by the Mediterranean Sea and Gibraltar; and to the west by Portugal and the Atlantic Ocean. Spain's capital and List of largest cities in Spain, largest city is Madrid, and other major List of metropolitan areas in Spain, urban areas include Barcelona, Valencia, Seville, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Madrid
Madrid ( ; ) is the capital and List of largest cities in Spain, most populous municipality of Spain. It has almost 3.5 million inhabitants and a Madrid metropolitan area, metropolitan area population of approximately 7 million. It is the Largest cities of the European Union by population within city limits, second-largest city in the European Union (EU), and its wikt:monocentric, monocentric Madrid metropolitan area, metropolitan area is the List of metropolitan areas in Europe by population, second-largest in the EU.United Nations Department of Economic and Social AffairWorld Urbanization Prospects (2007 revision), (United Nations, 2008), Table A.12. Data for 2007. The municipality covers geographical area. Madrid lies on the Manzanares (river), River Manzanares in the central part of the Iberian Peninsula at about above mean sea level. The capital city of both Spain and the surrounding Community of Madrid, autonomous community of Madrid (since 1983), it is also th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ministry Of Economy (Spain)
The Ministry of Economy, Trade and Enterprise (MINECO) is the Spanish government departments, department of the Government of Spain responsible for proposing and carrying out the government policy on Economy, economic affairs, through reforms to improve competitiveness and trade, focused on business support and the potential growth of the economy. At the same time, it directs the commercial policy of internationalization of companies, as well as the supervision of investments and foreign transactions. As the main Council of Ministers (Spain), Cabinet department responsible for the economic policy, it is also the ministry in charge of the proper functioning of the oldest and most relevant Government Delegated Committees, Delegated Committee, the Government Delegated Committee for Economic Affairs (CDGAE), a collective body of the Government in charge of guaranteeing the full coordination and coherence of the government policies with the economic policy. The Economy Minister chair ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Spanish Government
The government of Spain () is the central government which leads the executive branch and the General State Administration of the Kingdom of Spain. The Government consists of the Prime Minister and the Ministers; the prime minister has the overall direction of the Ministers and can appoint or terminate their appointments freely. The ministers also belong to the supreme decision-making body, known as the Council of Ministers. The Government is responsible before the Parliament (), and more precisely before the Congress of the Deputies, a body which elects the Prime Minister or dismisses them through a motion of censure. This is because Spain is a parliamentary system established by the Constitution of 1978. Its fundamental regulation is placed in Title IV of the Constitution, as well as in Title V of that document, with respect to its relationship with the , and in Law 50/1997, of 27 November, of the Government. According to Article 97 of the Constitution and Article 1.1 of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2008 Financial Crisis
The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners and financial institutions that led to the 2000s United States housing bubble, exacerbated by predatory lending for subprime mortgages and deficiencies in regulation. Cash out refinancings had fueled an increase in consumption that could no longer be sustained when home prices declined. The first phase of the crisis was the subprime mortgage crisis, which began in early 2007, as mortgage-backed securities (MBS) tied to U.S. real estate, and a vast web of Derivative (finance), derivatives linked to those MBS, collapsed in value. A liquidity crisis spread to global institutions by mid-2007 and climaxed with the bankruptcy of Lehman Brothers in September 2008, which triggered a stock market crash and bank runs in several countries. The crisis ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Single Resolution Board
The Single Resolution Board (SRB) is an EU agency that was established in Brussels in 2015 as part of the broader set of reforms known as the banking union. It acts as the bank resolution authority for a subset of banks in the euro area and as the institutional hub of the Single Resolution Mechanism (SRM). Resolution is the restructuring of a bank by a resolution authority through the use of resolution tools in order to safeguard public interests, including the continuity of the bank's critical functions and financial stability, at minimal costs to taxpayers. History The SRB was established by the EU Single Resolution Mechanism Regulation of 2014. Its leadership was appointed in December 2014. The Board became operational on 1 January 2015, with full assumption of its resolution authority on 1 January 2016. Its early development was supported by the European Commission. It moved to its current office on Treurenberg 22 in central Brussels in late 2015. The initial activity o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bankia
Bankia () was a Spanish financial services company that was formed in December 2010, consolidating the operations of seven regional savings banks, and was partially nationalized by the government of Spain in May 2012 due to the near-collapse of the institution. As of 2017, Bankia was the fourth largest bank in Spain, with total assets of €179.1 billion. In 2021, the bank merged with CaixaBank to create a new entity, initially preserving its original name. History Formation and IPO Bankia was formed on 3 December 2010, as a result of the union of seven Spanish savings banks that had a major presence in their historical core regions. The merger of the seven banks, known as 'cold fusion', took only four months, with the integration contract being signed on 30 July 2010. Caja Madrid, which was itself owned by the government of the Community of Madrid, held controlling interest. The distribution of shares was as follows: * 52.06% Caja Madrid * 37.70% Bancaja * 2.45% La Caja ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Single Resolution Mechanism
The Single Resolution Mechanism (SRM) is one of the pillars of the European Union's European Union banking union, banking union. The Single Resolution Mechanism entered into force on 19 August 2014 and is directly responsible for the resolution of the entities and groups directly supervised by the European Central Bank as well as other cross-border groups. The centralised decision making is built around the Single Resolution Board (SRB) consisting of a chair, a Vice Chair, four permanent members, and the relevant national resolution authorities (those where the bank has its headquarters as well as branches and/or subsidiaries). Upon notification from the ECB that a bank is failing or likely to fail, the Board will adopt a resolution scheme including relevant resolution tools and any use of the Single Resolution Fund, established by the SRM Regulation (EU) No 806/2014. The Single Resolution Fund helps to ensure a uniform administrative practice in the financing of resolution wit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Of Spain
The Bank of Spain (, ) is the national central bank for Spain within the Eurosystem. It was the Spanish central bank from 1874 to 1998, issuing the peseta. Since 2014, it has also been Spain's national competent authority within European Banking Supervision. It was originally established by Charles III in Madrid in 1782, as the ''Banco Nacional de San Carlos'', and took its current name in 1856. Its activity is regulated by the Bank of Spain Autonomy Act. The bank doesn't translate its name to English but uses its Spanish name in all English communications. The Bank of Spain holds 9.1 million troy ounces of gold (around 283 tons) (2019), which are stored in its own vaults and in various institutions in London and New York. According to IMF data, Spain ranks 20th among the 40 largest gold reserves in the world (as of July 2015). In January 2021, the snowstorm "Filomena" caused the clock at the Bank of Spain to freeze for the first time in 130 years. This occurred at 11:35 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
