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Economy and Banking Sector of Spain

Financial System Development

Financial System
77.5, 26th out of 144 countries
Banks' Soundness
68.2, 68th out of 144 countries

According to World Economic Forum's Global Competitiveness Report 2019, financial market development in Spain is scored 77.5 out of maximum 100.0 and ranked 26th out of 144 analysed economies.

Financial Market Development in Spain.

Chart 1. Financial Market Development in Spain. Source: WEF.

Soundness of banks is scored 5.1 bringing Spain into the 68th place.

Soundness of Banks in Spain.

Chart 2. Soundness of Banks in Spain. Source: WEF.

Further Information

Banking Focus

Banks in Spain are mainly focused on the following areas:

  • cooperative retail banking
  • retail banking
  • corporate banking

Banking Supervision

Banco de España

Banking Sector Structure

Number of Banks
Consolidated Assets (2019)
3,675.54 bln EUR  (+3.54%)
Recent Changes (2018)
new banks: 3, closed banks: 6

Currently there are 251 credit institutions operating in Spain.

In 2019 consolidated banking assets in Spain were 3,675.54 bln EUR. The consolidated banking assets' evolution is shown at Chart 3 below.

Consolidated banking assets in Spain.

Chart 3. Consolidated banking assets in Spain.

Recent structural changes (2013 - 2018) of the banking sector of Spain are summarised in Table 1.

Number of Opened Banks264253
Number of Closed Banks1121131166

Table 1. Recent structural changes in the banking sector of Spain.

The list of the most recently opened banks in Spain is provided in Table 2.

NameStart Date
Opel Bank GmbH, S.E.December 2018
Goldman Sachs Bank Europe, SEOctober 2018
N26 Bank GmbHOctober 2018
Adyen BV, S.ENovember 2017
Sabadell Consumer Finance, S.A.July 2017
National Westminster Bank PLC, S.E.May 2017
Younited, S.E.March 2017
Mizuho Bank Europe NV, S.E.January 2017
Unicredit. S.p.a. S.eJanuary 2016

Table 2. The most recently opened banks in Spain.

All the credit institutions operating in Spain can be classified into several categories. Table 3 summarises the number of banks in each category.

CategoryNumber of Banks
Branches of foreign banks84
Central banks1
Cooperative banks60
Savings banks3
Specialized credit institutions50

Table 3. Number of banks by category in Spain.

There are 87 branches of foreign banks from 13 different countries in Spain. Table 4 shows 10 countries having the biggest number of branches in Spain.

Country of OriginNumber of Branches
FR France21
DE Germany16
LU Luxembourg14
NL Netherlands8
IE Ireland7
GB United Kingdom6
PT Portugal5
IT Italy5
AR Argentina1
CH Switzerland1

Table 4. Number of branches of foreign banks in Spain grouped by country of origin.

Deposit Guarantee Scheme

Maximum Protected Amount
100,000 EUR

Deposit guarantee scheme is a financial stability mechanism implemented in many countries to protect bank depositors against the loss of their deposits in the case when a bank is unable to meet its obligations to depositors by compensating certain deposits held by depositors of the bank. This compensation is paid out from the contributions which banks have made into a deposit guarantee fund.

From a depositor's point of view it is important to know:

  • if the depositor is eligible within the terms of the deposit guarantee scheme;
  • if the depositor's bank is a participant in the deposit guarantee scheme;
  • if the depositor's type of deposit is covered by the deposit guarantee scheme.

All these details about deposit guarantee scheme in Spain are summarised in Table 5.

Maximum Protected Amount
100,000 EUR
Scheme Participants
all credit institutions operating in Spain
branches of non-EU banks
branches of Spanish banks abroad
Scheme Exemptions
branches of EU-banks (covered by their home countries)
Eligible Depositors
natural persons
legal entities
Non-Eligible Depositors
credit institutions
insurance entities
investment companies
portfolio management companies
venture capital companies
Covered Accounts
credit balances on accounts, including
  • current accounts
  • savings accounts
  • time-deposit accounts
Non-Covered Accounts
bearer accounts
Covered Currencies
all currencies, namely
  • EUR (Euro)
  • foreign currencies
Paid In Currency

Table 5. Deposit guarantee scheme in Spain.

Further Information

Country Ceiling for Deposits

Moody's country ceilings for deposits specify the highest rating that can be assigned to local- or foreign- currency denominated deposit obligations of a bank or other deposit taking institution domiciled within that country.

Local Currency (Euro)
Aa1 (high grade)
Foreign Currency
Aa1 (high grade)

Local currency (Euro) deposit ceiling for Spain is set to Aa1 (high grade), foreign currency deposit ceiling is Aa1 (high grade).

Deposit Rates

Average Deposit Rate (Mar 2020, EUR)
0.01 % (unchanged)
In March 2020, an agreed annualised deposit rate in local currency (Euro) of new contracts with agreed maturity up to 1 year between credit institutions and households was 0.01% which was below the Euro Area average (0.31%).
Deposit Rates in Spain.

Chart 4. Deposit Rates in Spain. Source: ECB.

Further Information