What it is

New tools for financial supervisors against systemic risks

BOE step 7 of 7 · Passed

It is a royal decree-law. It was introduced on 18 December 2018. Introduced by: Gobierno.

Official title: Royal Decree-Law 22/2018, of 14 December, establishing macroprudential tools.

Source: Congreso de los Diputados, file 130/000049· updated 11 Nov

Automatic summary, not yet reviewed

The (Spain's securities regulator) may temporarily require fund management companies to increase the liquidity of their portfolios, for example by investing more in highly liquid assets, to protect participants or the stability of the system.
The Bank of Spain may require a countercyclical capital buffer, even for specific economic sectors, limit banks' exposure to a given sector, and set conditions on lending, such as caps on the share of income used to pay debt or on borrowing relative to collateral.
The Directorate General for Insurance and Pension Funds may limit insurers' exposure to certain sectors or asset categories and set conditions on transfers of risks and insurance portfolios when they could affect financial stability.
The CNMV may set limits and conditions on the activity of the entities it supervises to prevent excessive private sector debt that could affect financial stability.
Before adopting macroprudential measures, supervisors must notify the macroprudential authority at least seven business days in advance. Until that authority is created, notifications go to the Financial Stability Committee.
The rule takes effect the day after its publication in the Official State Gazette (Boletín Oficial del Estado).

Who it affects

Banks and credit institutions: They may face additional capital buffers, sector exposure limits, and conditions on lending.
Fund managers and investment funds: They may be temporarily required to strengthen the liquidity of their portfolios.
Insurers and reinsurers: They may face exposure limits by sector or asset type and conditions on risk transfers.
Individuals and businesses seeking credit: They may be affected by limits on borrowing or on the share of income used to pay debt.

Words worth knowing

Riesgo sistémico (systemic risk): The risk that a problem in part of the financial system ends up affecting the whole economy.
Colchón de capital anticíclico (countercyclical capital buffer): Extra money banks must hold as a reserve when credit grows too fast, to better withstand crises.
Macroprudencial (macroprudential): Measures that watch the stability of the financial system as a whole, not each entity separately.
Instituciones de inversión colectiva (collective investment institutions): Investment funds where many people pool their money and it is managed jointly.
CNMV: Comisión Nacional del Mercado de Valores, the public body that supervises Spanish securities markets and investment entities.

It summarizes the law as published in the BOE. It is written by artificial intelligence and may contain mistakes: the official text is what counts. Read the official text · How we make summaries

Where it stands

How far did it get?

It took 7 of 7 steps. It reached BOE, and today it is passed.

Introduced18 December 2018Someone registers the text in the Congreso.
Admitted9 January 2019The Bureau of the Congreso accepts it and, for a members’ bill, the plenary decides whether to consider it.
Amendmentsno dateGroups propose changes.
Committeeno dateA committee goes through the text in detail.
Plenary9 January 2019All 350 deputies vote.
Senateno dateThe Senate can pass it, amend it or veto it.
BOEno dateIt is published in the Official State Gazette (BOE) and comes into force.

See the 4 official steps on a timeline

22 January 2019

How did the plenary vote?

More votes in favour 272 yes · 70 no · 6 abst.

Voted on: Processing as a Government bill by the urgent procedure of Royal Decree-Law 22/2018, of 14 December, establishing macroprudential tools.

This law had 2 votes; this is the latest with every deputy’s vote. See them all

Source: Congreso de los Diputados, vote 3 of sitting 168· updated 10 Nov

Each dot is a seat. Tap one, or use the arrow keys, to see who it is.

Your province

How did the deputies from your province vote?

And your senators: the Senate does not link its votes to this law in its open data, so we cannot put them side by side here.

Or see how most of each province voted

More details: how each group and each province voted

The groups

Who voted in favour and who against?

In favour, most of Socialista, Mixto, Ciudadanos, GER, Sin grupo and Popular en el Congreso. Against, most of Gcup-ec-em. 4 deputies voted differently from their group.

By province: in 49 most voted in favour; in 0, against.

Coloured by how most of each province’s deputies voted.

In favour: 49
Against: 0
Tie: 3

Result by parliamentary group
Group	Seats	How it voted
Socialista	84	83 in favour · 1 abst.
Vasco (EAJ-PNV)	5	5 abst.
Mixto	19	15 in favour · 3 against · 1 did not vote
Ciudadanos	32	31 in favour · 1 did not vote
Gcup-ec-em	67	67 against
GER	9	9 in favour
Sin grupo	1	1 in favour
Popular en el Congreso	133	133 in favour

What happens next

What happens now?

It is law, or will be once published in the BOE. It comes into force on the date its own text sets.

Published in the BOE: Royal Decree-Law 22/2018, of 14 December, establishing macroprudential tools.

Sources

Where does all this come from?

Congreso de los Diputados, file 130/000049
Official title, type, author, dates and stage.

Retrieved 11 November 2026
Congreso de los Diputados, vote 3 of sitting 168
The count and every seat’s vote.

Retrieved 10 November 2026
BOE, BOE-A-2018-17294
The law as published.

Retrieved 11 November 2026

The data comes from the open files of the Congreso, the Senate and the BOE, unaltered.
Each deputy’s province is the one of their seat on the day of the vote.
We only say “passed” or “rejected” when the majority needed is certain; otherwise we say which side had more votes.

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