Recent Developments in Non-Bank Financing of Spanish Firms

12 Pages Posted: 16 Nov 2018

Date Written: November 15, 2018


The banking sector has traditionally played a key role in the financing of Spanish non-financial corporations (NFCs), much more substantial than other alternative sources, such as securities markets or venture capital. The past crisis evidenced that a high degree of dependence on a single source of funding may constitute an element of vulnerability for firms. Against this backdrop, in recent years there has been a process of financial disintermediation, with firms replacing part of their bank loan financing with the issuance of securities (bonds or equity) in official or alternative markets and with equity financing through venture capital entities. Specifically, in the period 2009-2017 NFCs raised funds for an average annual amount of €50 billion through securities markets, compared with an average annual decline of €34 billion through loans. Also, the recently created crowdfunding platforms have become a new alternative channel and although their volumes are marginal for the time being, they could experience stronger growth in the next few years, as has occurred in other European countries.

Keywords: Securities markets, financing of non-financial corporations, alternative markets, venture capital, crowdfunding platforms

JEL Classification: E44, G21, G24

Suggested Citation

Vaquero, Victor G and Roibás, Irene, Recent Developments in Non-Bank Financing of Spanish Firms (November 15, 2018). Banco de Espana Article 22/18. Available at SSRN:

Victor G Vaquero (Contact Author)

Banco de España ( email )

Alcala 50
Madrid 28014

Irene Roibás

Banco de España ( email )

Alcala 50
Madrid 28014

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