Pablo Hernández de Cos: Ten years of the FROB and banking system transformations

Opening address by Mr Pablo Hernández de Cos, Governor of the Bank of Spain, at the conference "Tenth Anniversary of the creation of the FROB", Madrid, 5 July 2019.

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

Chairman of the FROB, Chair of the Single Resolution Board, Chair of the European Banking Authority, Vice-President of the European Central Bank, Chairman of the Financial Stability Institute, dignitaries, ladies and gentlemen, good morning.

It is an honour and a pleasure for me to participate in the opening of this conference to commemorate the tenth anniversary of the creation of the FROB.

I should like to take this opportunity to congratulate the chairman of the FROB, Jaime Ponce, and also his predecessors, Fernando Restoy and Javier Aríztegui, and their teams, for the work they have performed over the last ten years.

The FROB embodies one of the main institutional changes made during the restructuring of the Spanish financial sector in the last decade, a process that has been fundamental in paving the way for the recovery of the Spanish economy in the aftermath of the crisis.