EU Criticizes Spain for Failing to Implement Capital Requirements Directive

According to the European Commission, Spain has failed to implement the new Capital Requirements Directive (CRD), drawing official criticism. The Commission stated in a formal letter that Spain's conduct violates provisions of the Single Supervisory Mechanism (SSM), the Capital Requirements Directive, and the Treaty on the Functioning of the European Union. The criticism follows the Commission's earlier objections to Madrid's attempts to obstruct Spanish bank BBVA's proposed acquisition of Sabadell.
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