Regulatory Alerts2014-11-28
Circular 5/2014 of the Bank of Spain modifying Circulars 4/2004, 1/2010, and 1/2013 on financial information, interest rates statistics, and the Risk Information Central
The Bank of Spain issued Circular 5/2014 to align Spanish credit institutions' financial reporting with EU FINREP standards and update statistical requirements for the European Central Bank. The regulation mandates the adoption of new terminology, definitions, and formats for public and reserved financial statements while removing obsolete data and introducing new metrics for risk management. It also clarifies the transitional application of these rules to financial credit establishments and specifies detailed presentation requirements for financial assets, liabilities, and non-current assets held for sale.
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