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Spain: Staff Report for the 2013 Article IV Consultation—Informational Annex

Author(s):
International Monetary Fund. European Dept.
Published Date:
August 2013
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Fund Relations

(As of May 31, 2013)

Membership Status: Joined September 15, 1958.

General Resources Account:

SDR MillionPercent of Quota
Quota4,023.40100.00
Fund holdings of currency2,742.0668.15
Reserve position in Fund1,281.3531.85
Lending to the Fund
New Arrangements to Borrow765.30

SDR Department:

SDR MillionPercent of Allocation
Net cumulative allocation2,827.56100.00
Holdings2,666.8594.32

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
2013201420152016
Principal
Charges/Interest0.240.240.240.24
Total0.240.240.240.24

2013 Article IV Consultation: A staff team comprising J. Daniel (Head), K. Fletcher, P. Lopez-Murphy, P. Medas, P. Sodsriwiboon (all EUR), A. Buffa di Perrero, M. Chivakul (SPR), K. Christopherson (LEG), R. Espinoza (RES), R. Romeu (FAD) visited Madrid on June 6–19, 2013 to conduct the 2013 Article IV Consultation discussions. The mission also visited Barcelona, Sevilla, and Valencia. R. Teja (EUR) and A. Gaviria (COM) joined for the concluding meetings. F. Varela and Ms. Navarro from the Spanish Executive Director’s office, joined the discussions. C. Cheptea and S. Chinta supported the mission from Headquarters. The mission met with Economy and Competitiveness Minister De Guindos, Finance and Public Administrations Minister Montoro, Bank of Spain Governor Linde, other senior officials, and financial, industry, academic, parliament, and trade union representatives. 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 discussions were concluded on July 22, 2011 (EBM/11/81-1). A Financial Sector Assessment Program (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.

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 June 27, 2013)

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.
No data ROSC available.
Table 1.Common Indicators Required for Surveillance(As of June 27, 2013)
Date of

latest

observation
Date

received
Frequency of

Data7
Frequency

of

Reporting7
Frequency

of

Publication7
Memo Items:
Data Quality –

Methodological

soundness8
Data Quality –

Accuracy and

reliability9
Exchange RatesJune 2013June 2013DDD
International Reserve Assets and Reserve Liabilities of the Monetary Authorities1May 2013May 2013MMM
Reserve/Base MoneyMay 2013May 2013MMMO,O,LO,LOO,O,O,O,LO
Broad MoneyMay 2013May 2013MMM
Central Bank Balance SheetMay 2013May 2013MMM
Consolidated Balance Sheet of the Banking SystemMay 2013May 2013MMM
Interest Rates2June 2013June 2013DDD
Consumer Price IndexMay 2013May 2013MMMO,O,O,OLO,O,LO,O,O
Revenue, Expenditure, Balance and Composition of Financing3 – General Government4Q1 2013May 2013QQQLO,O,LO,OLO,O,O,O,LO
Revenue, Expenditure, Balance and Composition of Financing3– Central GovernmentApril 2013June 2013MMM
Stocks of Central Government and Central Government-Guaranteed Debt5May 2013June 2013MMM
External Current Account BalanceApril 2013June 2013MMMO,LO,LO,OLO,O,LO,O
Exports and Imports of Goods and ServicesQ1 2013May 2013QQQ
GDP/GNPQ1 2013May 2013QQQO,O,O,OLO,LO,O,O,O
Gross External DebtQ1 2013June 2013QQQ
International Investment position6Q1 2013June 2013QQQ

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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