We focus on the recent Spanish credit cycle which largely explains the episodes of financial instability and uncertainty that the Spanish banking sector suffered during 2009 and 2010. These episodes gave, in turn, rise to the implementation of bank restructuring plans in 2010 and 2011. We characterize the sequential evolution of the credit cycle by combining information at the individual security (mortgage- backed securities, MBS, and asset-backed securities, ABS), institution (. bank), and geographical (. region in which each bank operates) levels. The information is quarterly and the sample period ranges from the first.
