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Spain: Staff Report for the 2016 Article IV Consultation—Informational Annex

Author(s):
International Monetary Fund. European Dept.
Published Date:
January 2017
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Fund Relations

(As of November 30, 2016)

Membership Status: Joined September 15, 1958.

General Resources Account:SDR MillionPercent of Quota
Quota9,535.50100.00
Fund holdings of currency8,736.6091.62
Reserve position in Fund798.948.38
Lending to the Fund
New Arrangements to Borrow640.10
SDR Department:SDR MillionPercent of Allocation
Net cumulative allocation2,827.56100.00
Holdings2,769.1497.93

Outstanding Purchases and Loans: None

Latest Financial Arrangements: None

Projected Payments to Fund

(SDR Million; based on existing use of resources and present holdings of SDRs):

Forthcoming
20162017201820192020
Principal
Charges/Interest0.010.170.170.170.17
Total0.010.170.170.170.17

2016 Article IV Consultation: Discussions took place in Madrid and Frankfurt from October 11–24 and December 7–13, 2016. The staff team comprised Ms. Andrea Schlechter (head), Ms. Nina Budina, Mr. Federico Grinberg, Mr. Daehaeng Kim (all EUR), and Mr. Phakawa Jeasakul (MCM). Mr. Fernando Jimenez-Latorre (Executive Director), Mr. Jorge Dajani (Alternate Executive Director), and Ms. Estefania Sanchez Rodriguez (Advisor to the Executive Director) attended the discussions. The mission met Economy, Industry and Competitiveness Minister De Guindos, Finance and Public Functions Minister Montoro, Bank of Spain Governor Linde, and other senior officials. The mission also met with representatives of the financial sector, industry, trade unions, academia, think tanks, parliament, and political parties. The concluding statement was published and the staff report is expected to be published as well. Spain is on a standard 12-month cycle. The last Article IV consultation was concluded on July 27, 2015 (IMF Country Report No. 15/232).

Financial Sector Assessment Program (FSAP): A FSAP Update was conducted in two missions (February 1–21 and April 12–25, 2012). On June 8, 2012, the FSAP discussions were concluded and the documents published. The next FSAP is currently scheduled to take place in 2017.

Exchange Rate Arrangements and Restrictions: Spain’s currency is the euro, which floats freely and independently against other currencies. Spain has accepted the obligations of Article VIII, Sections 2, 3, and 4, and maintains an exchange rate system free of restrictions on payments and transfers for current international transactions, other than restrictions notified to the Fund under Decision No. 144 (52/51).

Statistical Issues

(As of November 30, 2016)

I. Assessment of Data Adequacy for Surveillance
General: Data provision is adequate for surveillance.
II. Data Standards and Quality
Subscriber to the Fund’s Special Data Dissemination Standard (SDDS) since September 1996. In 2015, Spain subscribed to SDDS Plus, together with the first group of adherents.No data ROSC available.
Table 1.Common Indicators Required for Surveillance(As of November 30, 2016)
Date of latest observationDate receivedFrequency of Data7Frequency of Reporting7Frequency of Publication7Memo Items:
Data Quality -Methodologica l soundness8Data Quality -Accuracy and reliability9
Exchange RatesNov. 2016Nov. 2016DDD
International Reserve Assets and Reserve Liabilities of the Monetary Authorities1Oct. 2016Nov. 2016MMM
Reserve/Base MoneySep. 2016Oct. 2016MMMO,O,LO,LOO,O,O,O,LO
Broad MoneySep. 2016Oct. 2016MMM
Central Bank Balance SheetOct. 2016Nov. 2016MMM
Consolidated Balance Sheet of the Banking SystemOct. 2016Nov. 2016MMM
Interest Rates2Nov. 2016Nov. 2016DDD
Consumer Price IndexNov. 2016Nov. 2016MMMO,O,O,OLO,O,LO,O,O
Revenue, Expenditure, Balance and Composition of Financing3 – General Government4Q3 2016Nov. 2016QQQLO,O,LO,OLO,O,O,O,LO
Revenue, Expenditure, Balance and Composition of Financing3- Central GovernmentSep. 2016Nov. 2016MMM
Stocks of Central Government and Central Government-Guaranteed Debt5Sep. 2016Nov. 2016MMM
External Current Account BalanceSep. 2016Nov. 2016MMMO,LO,LO,OLO,O,LO,O
Exports and Imports of Goods and ServicesSep. 2016Nov. 2016MMM
GDP/GNPQ3 2016Nov. 2016QQQO,O,O,OLO,LO,O,O,O
Gross External DebtQ2 2016Sep. 2016QQQ
International Investment position6Q2 2016Sep. 2016QQQ

Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.

Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

Foreign, domestic bank, and domestic nonbank financing.

The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

Including currency and maturity composition.

Includes external gross financial asset and liability positions vis a vis nonresidents.

Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).

Reflects the assessment provided in the data ROSC or the Substantive Update for the dataset corresponding to the variable in each row. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O); largely observed (LO); largely not observed (LNO); not observed (NO); and not available (NA).

Same as footnote 7, except referring to international standards concerning source data, statistical techniques, assessment and validation of source data, assessment, and revisions.

Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.

Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

Foreign, domestic bank, and domestic nonbank financing.

The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

Including currency and maturity composition.

Includes external gross financial asset and liability positions vis a vis nonresidents.

Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).

Reflects the assessment provided in the data ROSC or the Substantive Update for the dataset corresponding to the variable in each row. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O); largely observed (LO); largely not observed (LNO); not observed (NO); and not available (NA).

Same as footnote 7, except referring to international standards concerning source data, statistical techniques, assessment and validation of source data, assessment, and revisions.

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