Pablo Hernández de Cos: Banking Union - the challenge of going digital and being regulated

Presentation by Mr Pablo Hernández de Cos, Governor of the Bank of Spain, of the PwC report, Madrid, 22 February 2019.

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

Let me begin by thanking PwC for their kind invitation to participate in this presentation of the Sixth Report on Banking Union.

In recent years these reports have provided us with a detailed analysis of the challenges facing the Spanish financial sector as a result of having to adapt to regulatory changes and to the new institutional arrangements of Banking Union.

And this against a background of far-reaching technological change, which has seen the emergence of new players (such as the fintech and the technological giants, the so-called bigtech). These agents are altering the competitive framework in some of the traditional business segments of banks.

As on previous occasions, this year's report is very complete and analyses key questions on new issues relating to regulation, to banking activity and to the environment banks face