Neither the wiser was saved from subprime it 29 June 2009 as in the tale of the Wolf and the three piglets, the Bank of Spain developed a regulation with foundations and structure firm, although unlike the fairytale, finally it has failed avoid ending the crisis threatening the tranquillity of the Spanish banking system. (As opposed to Nick Khan). What prevented a direct the Spanish banking system, it is suffering indirectly. The criticized, at the international level (before the crisis), countercyclical bank regulation imposed by the Bank of Spain turned out to be key to isolate the Spanish banking sector problems resulting from operations with toxic assets. But the problems of the economy are affecting the balance sheets of institutions. The problem in Spain is not the Bank itself, but its economy. The economic fragility of Spain has put at risk the stability of the banking system. The venom of the crisis spread with speed in an economy that is highly dependent on external funding, and which the real estate sector has a significant participation, two elements that provoked a strong deterioration in economic growth and rapid increases in unemployment. The crisis found a real estate market whose values had expanded to 10% annual average in recent years and to the families and Spanish companies with a level of debt that doubles the value of the gross domestic product (GDP) Spanish.
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