Speech on the 60th Anniversary of the National Association of Specialised
Lending Institutions (ASNEF)
Luis M. Linde
Governor

Good evening everyone.
It is a pleasure for me to take part in this celebration of the 60th anniversary of the National
Association of Specialised Lending Institutions. As your president, Fernando Casero, has
just mentioned, throughout its history your Association has played a very important role in
promoting and enhancing consumer lending, which is a key factor in driving economic
growth.
Indeed, consumer lending has a series of characteristics that make it especially relevant
both for the financial system and economic activity.
On the one hand, it is highly cyclical and is, therefore, a leading indicator of confidence
among both consumers and financial institutions. On the other, it generally leads the way in
terms of adaptation to innovation. As is well known, in the past consumer lending played an
important part in the expansion of credit cards, and more recently it has been at the forefront
of the incorporation of new technologies.
In the expansionary phase that began after 2000, consumer lending grew rapidly in Spain,
reaching a balance outstanding of €106 billion in mid-2008. The financial crisis reduced
these figures, down to almost half that amount by early 2015. Since then, in keeping with
the economic recovery, consumer lending has been very dynamic.
Spain stands out as the euro area country where consumer lending has grown most in
recent years, with year-on-year growth rates since April 2016 of between 10% and 16%,
well above the euro area average of 5%. This growth is making an important contribution to
economic recovery in Spain.
In September, the balance outstanding of consumer lending was €76 billion, 6.7% of GDP.
In addition, this growth in consumer lending is being achieved in a more competitive
environment, with lower interest rates, accommodative conditions and narrowing margins
on average loans. Moreover, default rates are below the average for lending as a whole in
Spain.
Another feature of this expansion is its adaptation to the new environment resulting from
the entry into the financial system of firms that make intensive use of new technologies, with
a particular impact on the financial sector. Your Association has attached particular
importance to analysis of the challenges that these firms pose, through seminars, the work
of various committees and the preparation, last year, of a comprehensive report on
consumer lending and the digital society, initiatives that the Banco de España naturally
applauds.
Financial institutions must take up the challenge of responding to the new digital reality, with
e-commerce (which is growing at rates of over 20% and amounted, in 2016, to €24 billion)
now being used by more than one-third of consumers for their purchases.
Clearly, these new firms with their strong technological capabilities pose a challenge and
also an opportunity for established firms. The new technologies are making lending more
efficient, for example by enhancing the way in which information on consumer behaviour
and requirements is managed, facilitating new data management processes, or by applying
automation processes to loan origination, thus speeding up its management.
As these new firms make their entry, a new map will be drawn for this financial sector. The
most recent trends highlight the importance of collaboration and strategic agreements
between new and established firms, to harness the competitive advantages of each: the
new technologies of the new firms and the sector experience and knowledge of the
established ones.
And here I conclude. It is now time for a toast to celebrate your 60th anniversary, in the hope
that the National Association of Specialised Lending Institutions will continue its fruitful work
for many years to come.
I now pass the floor back to your president, who has the pleasurable task of proposing the
toast.