The director of Financial Stability of the Bank of Spain, Ángel Estrada, leaves his position. This is one of the most important positions in the institution and the second high position, after the director of Services and Personnel, Alejandro Álvarez, who leaves the organization after Estrada has been responsible for the required increase in the banks’ capital buffers. which was approved just before the previous governor, Pablo Hernández de Cos, finished his term in June, and which has cost the entities about 8,000 million. The alleged reason is health reasons that are not serious.
Estrada is an official at the Bank of Spain, has worked at the European Central Bank, and is considered an economist of recognized prestige linked to the PSOE. In fact, he was director of Economy when Manuel Campa was Secretary of State in the Government of José Luis Rodríguez Zapatero. There he had to deal on the front line with some of the worst moments of the last financial crisis, a pension reform, a labor reform and changes in budget legislation. Before, he was also an advisor at the Moncloa Economic Office with Miguel Sebastián as director.
From his position in the Financial Stability Directorate of the , where he was appointed by Hernández de Cos, Estrada has had a prominent role in financial regulation and the stress tests carried out on entities in recent years. His dialogic character, his intellectual honesty and his vocation for public service have always marked his work, according to various people consulted who know him well. Escrivá has offered him to continue with the entity as an advisor. But, according to different sources, he is considering requesting unpaid leave to be able to rest after years of intense work with Hernández de Cos.
At 58 years old, his departure leaves an important void in the institution, where he has held many positions and where he is highly appreciated and respected professionally. A process open to people from outside and inside the organization has been initiated to replace him. The fact that there will only be 15 days to present the candidatures suggests that there could already be a person chosen.
