Banks will have to comply with a risk-weighted capital ratio (including additional buffers); a leverage ratio; two liquidity ratios and the large exposure limits. Additionally, banks that apply internal models will most likely face capital floors based on standardised approaches. Finally, some systemic banks will have to hold additional capital to meet global-systemically-important-bank (GSIB) buffer and total-loss-absorbingcapacity (TLAC) requirements. Applying different metrics will make the framework more resilient because some metrics will avoid the limitations of others. For instance, floors based on standardised approaches are meant to be a kind of control or safeguard on internal model risk calculations. Therefore, during 2016 the Basel Committee will be quite busy deciding on the constraints on internal models, calibrating the risk-weighted assets under standardised approaches (as well as the floors to be based on such standardised approaches) and performing a review of the calibration of the leverage ratio. I would like to underline that this calibration process will build upon the information provided by banks in the context of the next Quantitative Impact Study (QIS) exercises that will be undertaken by the Committee. As always when quantitative issues are involved, the quality of the data will be a main driver for success in the calibration process. It is therefore very important that banks provide accurate data to these impact studies. Of course, any constructive feedback on the Committee’s consultative documents will also be very helpful in order to improve the whole exercise. 3.

Emerging countries continue to record high growth rates, but this momentum is weakening and in 2014 this weakness may become more pronounced. In the euro area in a scenario of weak economic growth and despite the improvement since summer 2012, monetary and financial markets remain fragmented and the uncertainty about monetary union and governance of the European Union has not been completely dispelled. In Spain, we have made significant progress in correcting the imbalances affecting our capacity to grow and I think we are on the right path to achieving a recovery of activity and the creation of employment on a sound basis. However, it will be essential not to abandon the policy of reforms aimed at increasing the flexibility of our economy and at boosting competitiveness. The fundamental task outstanding for the Banco de España is, with the help and close cooperation of the Government and the resolute support of the banking sector, to complete the balance sheet clean-up of our banking system, affording it the utmost solvency, efficiency and transparency. This target, to bring about a system that fulfils its key function to intermediate between savers and investors and which enjoys the full trust of customers and depositors, will, with hard work and rigour, be within our reach. But we will need something more: to restore economic growth, revive investment, create jobs and overcome the banking and financial crisis, we require legal security. I take this opportunity to request that you work resolutely to safeguard and strengthen it. Thank you for your attention.