IMF’s Will Visit Spain for a Routine Inspection

Added by Gary Dunn on January 18, 2011

Officials of the International Monetary Fund (IMF) stated on Sunday the a mission of the fund will arrive in Spain this Monday for a routine inspection which would  be part of the yearly global report and that concerns the country’s financial system.

Although there still are concerns with regard to the exposure of Spanish banks to a property market that collapsed, the same officials of the IMF said that this particular visit would not include the country’s economic policies on its agenda.

“An IMF staff team is currently traveling to a number of countries as part of its preparatory work on the April 2011 Global Financial Stability Report, the IMF’s regular report on global financial conditions.

Spain is among the countries the team is visiting,” said a spokeswoman of the International Monetary Fund on Sunday.

The Bank of Spain full-year results with regard to construction, mortgage debt, provisions and loan to value ratio was due last Thursday.

The Spanish Prime Minister Jose Luis Rodriguez Zapatero said last Tuesday that information and annual results of the nine savings banks that were merged would come out sometime in January.

“Detailed information about the loan books, especially real estate loans, of the nine merged savings banks and the other savings banks will be released throughout January … alongside annual results,” stated Prime Minister Zapatero.