Opening address by Ms Margarita Delgado, Deputy Governor of the Bank of Spain, at a KPMG event, Madrid, 10 July 2019.
Good morning, and many thanks to KPMG for the opportunity to inaugurate this meeting on the current challenges of the financial sector.
Dictionaries define a challenge as an objective or a task that is difficult to carry out, and which is a stimulus and a trial for the person facing it. I believe the challenges facing our banks conform perfectly to this definition; they are not in the least easy or straightforward to carry out, and sufficient motivation is clearly needed to tackle them. The challenges I refer to are fairly well-known and, generally, shared by all.
As supervisors we are always addressing two such challenges: improved profitability and improved solvency. I believe profitability and solvency should be related.