In both bodies the possibility is foreseen that the meetings will attend, as experts, with voice but without vote, representatives of other public institutions related to financial stability. The aforementioned Macroprudential Authority has between functions and faculties the analysis of possible systemic risk factors; the issuance of opinions; the publication of alerts on any aspect that may affect financial stability and the formulation of opinions to sectoral supervisors, urging the adoption of concrete measures. On an annual basis, it will submit a public report to the Cortes, which will analyze the main risks for financial stability, the binding measures adopted and the recommendations and notices issued. The management of macroprudential tools is left to the supervisors -Banco de España, National Securities Market Commission (2019 calendar with Holidays) and General Directorate of Insurance- respecting their scope of action and expert knowledge.
2019 calendar with Holidays
Last December, the Government had already approved a Royal Decree-Law that provided the three supervisors with these new tools. Among the functions delegated to each supervisor, the Bank of Spain may establish credit limits avoiding, for example, that mortgages consume a good part of the income or represent a very high percentage of the value of the property. In addition, it may establish limits to the sectoral concentration and set a cushion of countercyclical capital. The CNMV provides itself with tools to set minimum liquidity requirements and oblige the funds to have a minimum of quality assets to meet the requests of their participants at specific times.
The Directorate General of Insurance will have the power to set limits to exposure to certain sectors or assets, as well as to the transfer of risks and portfolios. Tetra Consulting and Engineering a company specializing in engineering and consulting has become the SME of the Year in 2019 calendar with Holidays, thanks to the Chamber of Commerce and Banco Santander. Although they started as two partners and one worker at present, the workforce reaches 90 workers. Its activity is divided into three areas. One of the challenges that arise is to have a controlled growth to continue offering quality services with a focus on the international market. 70% of their projects are abroad. Due to their characteristics they need a financial partner with international presence. During this year they are working on energy projects for Colombia and South Africa.