Luis M Linde: Results of the comprehensive assessment of the euro area banking system Address by Mr Luis M Linde, Governor of the Bank of Spain, at the press conference presenting the results of the comprehensive assessment of the euro area banking system, Bank of Spain, Madrid, 26 October 2014. * 1. *  *  Introduction  We have called you here today on the occasion of the publication of the Comprehensive Assessment results for significant banks in the euro area, which has been conducted as a prior step to the start-up of the Single Supervisory Mechanism on 4 November. I believe the press conference and the material published by the ECB provide a rounded view of the overall results of the exercise. The aim of this conference is to offer you an analysis of the data from the standpoint of the Banco de España, and of the Spanish banking system. Two clear messages emerge from the information published today: Firstly, at European level, despite its great complexity, the exercise has unfolded successfully and has met its main objectives: to improve transparency regarding the situation of European banks, to identify potential weaknesses in their balance sheets and contribute to strengthening their solvency. Secondly, the outcome of the Comprehensive Assessment highlights the fact that the reform and restructuring of the Spanish banking system in recent years has borne fruit, and that Spanish banks now face the future with healthy balance sheets and a sound solvency position. 2.
See  also Nina Boyarchenko, Richard Crump, Anna Kovner, Or Shachar, and Peter Van Tassel, "The Primary and Secondary Market Credit Facilities," Liberty Street Economics (May 26, 2020). 14 Information on the Term Asset-Backed Securities Lending Facility ("TALF") is available on the Board of Governors' public website and the New York Fed's public website. 15 Information on the Federal Reserve's Municipal Lending Facility ("MLF") is available on the Board of Governors' public website. See also Andrew F. Haughwout, Benjamin  G. Hyman, and Matthew Lieber, "Helping State and Local Governments Stay Liquid," Liberty Street Economics (Apr. 10, 2020). 16 Information on the Federal Reserve's Main Street Lending Program is available on the Board of Governors' public website and the public website of the Federal Reserve  Bank of Boston. https://www.newyorkfed.org/newsevents/speeches/2020/hel200625  3/4  The Federal Reserve’s Pandemic Response - FEDERAL RESERVE BANK of NEW YORK 17 Board of Governors, "Federal Reserve Board announces it will be seeking public feedback on proposal to expand its Main Street Lending Program to provide access to credit  for nonprofit organizations," Press release (June 15, 2020). 18 Daleep Singh, "Implementing the Fed's Facilities: Moving at Maximum Speed with Maximum Care" (Apr. 17, 2020). 19 Michael Feroli, "Fallout from COVID-19: Global Recession, Zero Interest Rates and Emergency Policy Actions" (Mar. 27, 2020). 20 12 U.S.C. § 343(3)(B)(i). 21 Id. at § 343(3)(B)(iv). 22 See, e.g., Lev Menand, "Unappropriated Dollars: The Fed's Ad Hoc Lending Facilities and the Rules That Govern Them," Law Working Paper No. 518/220 (May 2020).