About the AMCESFI

The Macroprudential Authority Financial Stability Council (AMCESFI) is a collegiate body attached to the head of the Ministry of Economy, Trade and Business, composed of high-level representatives from that Ministry and the three authorities with sectoral responsibilities for prudential regulation and supervision of the Spanish financial system: Banco de España , the National Securities Market Commission (CNMV), and the Directorate General of Insurance and Pension Funds (of the Ministry of Economy, Trade and Business).

The AMCESFI is structured around a Council and a Financial Stability Technical Committee (CTEF). The CTEF is responsible for the preparatory work on matters submitted for deliberation and decision by the Council. The Council meets at least twice a year, while the CTEF meets frequently, at least quarterly. The presidency and secretariat functions of AMCESFI are a shared responsibility between the Ministry of Economy, Trade and Business (Council) and the Banco de España (CTEF).

The AMCESFI is assigned a function of identification, monitoring and regular analysis of the systemic risk factors that might negatively affect the real economy. Among its powers, the AMCESFI can issue and publish warnings and recommendations on issues affecting financial stability and opinions on proposed macroprudential policy measures communicated to the AMCESFI by sectoral authorities. The transparency and accountability obligations of the AMCESFI include the submission of an annual report to the Spanish parliament (Congress of Deputies).

With the creation of AMCESFI, effective since March 2019, Spain complies with Recommendation JERS/2011/3, on the macroprudential mandate of national authorities, which urges EU Member States to designate an authority responsible for the macroprudential oversight of the entire financial system.