Pablo Hernández de Cos: The banking industry and the challenges of the pandemic

Speech by Mr Pablo Hernández de Cos, Governor of the Bank of Spain and Chairman of the Basel Committee on Banking Supervision, at the Spain Investors Day, 14 January 2021.

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

Good evening.

Let me thank the Governing Board of Spain Investors Day and their President, Benito Berceruelo, for kindly inviting me to participate in the closing of the 11th edition of this annual international forum. As in previous years, it will undoubtedly contribute to enhancing Spain's image and to promoting international investment in our country.

Allow me also a brief comment on the content of my speech. As a member of the Governing Council of the European Central Bank (ECB), I am today subject to the so-called "quiet period" ahead of monetary policy decision-making meetings. Therefore, my thoughts may not be interpreted as indicative of the monetary or economic outlook.

Against the background of the ongoing COVID-19 pandemic and its impact on the economy, I should like to talk today about the banking industry in Spain. The industry plays a crucial role in crisis situations such as the present one by providing financing to the productive sectors and to households. And, like other sectors in the economy, it has also seen the risks it faces as a consequence of the crisis rise.