Regulatory Alerts2025-12-29
Circular 1/2025 of the Bank of Spain, of 19 December, amending Circular 4/2017 on financial information standards and Circular 1/2013 on the Risk Information Central
The Bank of Spain issued Circular 1/2025 to align Spanish banking regulations with updated EU International Financial Reporting Standards (IFRS-EU) and to simplify reporting requirements by replacing specific reserved financial statements with granular data from the Risk Information Central (CIR). The circular mandates retroactive application of new IFRS-EU changes regarding financial instrument classification and electricity-linked contracts for the 2026 financial year, while introducing exceptions for deferred tax assets related to the global minimum tax. Additionally, it removes the FI 131 and FI 141 reserved statements, replacing them with granular CIR data, and updates risk coverage methodologies to better address geopolitical and country risks.