Exposure of the Spanish economy and banking system to material third countries

In 2025, the Bank of Spain identified Brazil, Chile, Colombia, Mexico, Peru, Turkey, the United Kingdom, and the United States as material third countries for the Spanish banking system for the purposes of the countercyclical capital buffer (CCyB). These are jurisdictions outside the European Economic Area to which Spanish credit institutions maintain exposures of material significance. Further information is available in the section devoted to the CCyB on the Bank of Spain’s website.

This note provides an overview—through banking, trade, and investment lenses—of the Spanish economy’s exposure to these material third countries. For a more detailed analysis, see the corresponding analytical article (in Spanish).