Javier Alonso: Banks' traditional funding sources - opportunities for capital markets

Keynote address by Mr Javier Alonso, Deputy Governor of the Bank of Spain, at the 50th International Capital Market Association (ICMA), Annual Conference, Madrid, 31 May 2018.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Good afternoon.

I would like to thank ICMA for its kind invitation to take part in this special day: ICMA’s 50th Annual General Meeting and Conference. It is a pleasure to be here and to speak to such a large audience of professionals from such varied backgrounds, representing, among others, issuers, intermediaries, investors, capital market infrastructure providers, regulators and supervisors.

Capital markets being at the heart of this event, and banks being at the heart of my day to day work, what I would like to do in this speech is to highlight some developments related to banks’ funding sources that I think may offer new opportunities for capital markets. I would also like to briefly touch upon Brexit, an event that is generating great uncertainty and for which careful preparation is required. All of it, from my perspective as Deputy Governor of the Banco de España and as member of the Supervisory Board of the Single Supervisory Mechanism, which explains why my speech will be focused on developments in the European Union.