Cover -- Contents -- Glossary -- A -- B -- C -- D -- E -- F -- G -- H -- I -- L -- M -- N -- P -- R -- S -- T -- W -- Executive Summary -- I. Introduction -- II. Risks and Vulnerabilities in the Banking Sector -- A. The Condition of the Financial Sector -- B. Risks and Vulnerabilities -- C. A Comprehensive Strategy to Address the Remaining Vulnerabilities -- III. Strengthening the Supervision of the Financial Sector -- A. Microprudential and Macroprudential Regulatory Infrastructure -- B. Assessment of the Oversight Framework -- C. Regulation and Supervision of the Banking Sector -- D. Supervision of Financial Market Infrastructures -- E. Supervision of the Insurance Sector -- F. Regulation of Securities Markets -- IV. Crisis Management and Resolution -- V. Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) -- Tables -- 1. High Priority Recommendations -- 2. Main Economic Indicators -- 3. Support Measures for the Financial Sector -- 4. Selected Financial Soundness Indicators for the Banking Sector -- 5. Overview of Diagnostics and Stress Test Sample, as at End-2011 -- 6. Bank Profitability and Financial Soundness -- 7. Funding Liquidity Sources of the Banking Sector -- 8. Financial Soundness Indicators of the Non-banking Sectors -- 9. Macroeconomic Scenarios for Solvency Stress Tests -- 10. Solvency Stress Test Results, with RDL 02/2012 and RDL 18/2012Impact -- 11. BdE Top Down Stress Test Results by Bank Grouping (Incorporating New Provisioning Requirements) -- 12. Joint Market-Implied Expected Losses Below -- 13. Reverse Stress Tests of Liquidity Risk-5- and 30-Day Implied Cash Flow Analysis -- 14. Liquidity Stress Test-Quasi-Basel III and Maturity Mismatch Analysis -- Figures -- 1. The Consolidation of the Banking Sector -- 2. Economic Developments -- 3. Market Shares of Credit Institutions as of End-2010.

4. Structure of the Financial Sector -- 5. Exposure of Credit Institutions to the Property Sector -- 6. Sovereign Debt -- 7. Banking Sector Developments -- 8. Financial Market Indicators -- 9. Banks' Plans for Complying with the Provisioning Requirements of Royal Decree Law 02/2012 -- 10. Interest Rates and Household Loans -- 11. Macro Scenarios for the Solvency Stress Testing Exercise -- 12. Overview of the Spain FSAP Update Stress Testing Exercise -- 13. Banks' Foreign Exposures -- 14. Structured Finance Market -- Boxes -- 1. Sensitivity and Scenario Analyses of Household and Corporate Indebtedness -- 2. Market Estimates of Bank Recapitalization Needs -- 3. Analysis of Spillover Risk into the Domestic Banking System -- 4. Covered Bond Markets -- Appendices -- I. Risk Assessment Matrix -- II. Stress Test Matrices -- III. Details of Solvency Stress Test Methodologies and Assumptions -- Appendix Tables -- 15. Summary of Banking Sector Stress Tests: Solvency Risks -- 16. Summary of Banking Sector Stress Tests: Detailed Assumptions for Testing Solvency Risk -- 17. Summary of Banking Sector Stress Tests: Liquidity Risk -- 18. Impact of RDL 02/2012 and RDL 18/2012 on the Income Statement and Balance Sheet -- 19. Sovereign Debt Haircuts with Common Interest Rate Shock.