In closing remarks at the Forbes Economic Summit 2026, Bank of Spain Deputy Governor Soledad Núñez assessed Spain’s financial system as solid but urged banks to place geopolitical risk at the center of strategic planning, stress testing and risk appetite frameworks. Spanish banks reported a 16.2% return on equity and a 14.1% Common Equity Tier 1 capital ratio as of June 2026, while liquidity remained well above regulatory minimums. However, geopolitical tensions could transmit through financial market volatility, energy and commodity prices, supply chain disruption, credit exposures and sanctions compliance. Household and corporate debt burdens remain low, credit quality is improving and real lending has strengthened. Housing presents a growing vulnerability, with real prices reaching levels comparable to 2005 and an estimated supply deficit of 755,000 homes since 2021 that could increase by another 300,000 between 2026 and 2028. Mortgage underwriting remains prudent, but rapid price growth requires continued vigilance, effective supply policies and responsible lending standards. Núñez also called for greater transparency and oversight of private credit, given its reliance on non-euro area funds and concentration among major lenders. Banks should finance the energy and technological transitions without weakening solvency standards, while distinguishing productive artificial intelligence investment from speculation. Bank of Spain stress tests indicate that an extreme, prolonged oil price shock would reduce activity, employment, credit quality and bank profitability, although the effect on solvency would be relatively contained.

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