The Spanish Securities Commission (CNMV) published a report on non-bank financial intermediation in Spain with updated 2024 data, finding that the sector expanded while maintaining a low risk profile from a financial-stability perspective. Under the Financial Stability Board (FSB) “strict measure”, assets excluding entities consolidated in banking groups were almost EUR 400bn in 2024, up 13.8% from 2023 and equal to 7.2% of Spain’s financial system. Collective investment institutions accounted for 91.7% of assets, followed by securitisations (5.4%), financial credit establishments (2.0%), securities firms (0.5%) and mutual guarantee societies (0.4%). Using a broader measure of non-bank assets within the financial system (excluding banks), assets totalled EUR 1.65tn at end-2024, 5.5% higher than a year earlier and around 30% of the financial system. For investment funds, the CNMV reported few changes versus 2023 in key risk metrics: credit risk was unchanged, liquidity risk improved and leverage remained very low due to limited derivatives exposure; it also noted increasing availability of liquidity management tools and stress-test results indicating resilience to a severe increase in redemptions.
Spanish Securities Commission (CNMV) 2025-11-21
Spanish Securities Commission reports non-bank financial intermediation rose to nearly EUR 400bn in 2024 with no material financial stability vulnerabilities
The Spanish Securities Commission (CNMV) reported that non-bank financial intermediation in Spain expanded in 2024 while maintaining a low risk profile. Assets under the Financial Stability Board's strict measure reached nearly EUR 400 billion, a 13.8% increase from 2023, representing 7.2% of Spain's financial system. The CNMV noted stable credit risk, improved liquidity risk, and low leverage for investment funds, with stress tests showing resilience to severe redemption scenarios.