## [Corporate Updates 6-2013](/en_GB/new/corporate-updates-6-2013) # Corporate Updates 6-2013 05 / 02 / 2013 - - [](https://www.linkedin.com/sharing/share-offsite/?url=https://www.garrigues.com/en_GB/new/corporate-updates-6-2013) - []() - []() [Download Corporate Updates 6-2013 ![Download](/sites/default/files/inline-images/flecha-abajo.png)](/sites/default/files/noticias/files/Corporate-Updates-6-2013_1.pdf) Previous Next CRITERIA FOR APPLICATION OF CIRCULAR 4/2004 ON LOAN REFINANCING AND RESTRUCTURING On April 30, 2013, the Bank of Spain’s Executive Commission approved a letter to be sent to regulated institutions setting out the Bank of Spain’s criteria on the application of the provisions of Circular 4/2004 on loan refinancing and restructuring (“refinancings”), as regards their definition, documentation, monitoring and review. According to the press release attached to the letter, on the basis of the information obtained following the publication of Circular 6/2012, the Bank of Spain has observed differences in institutions’ accounting policies with respect to refinancings. The letter seeks to establish general uniform criteria. The essential idea reflected in the criteria is that loan refinancing policy is a necessary instrument for management of risk with customers undergoing difficulties, provided such difficulties are transitory. If the customer’s difficulties prove not to be transitory, the institution must recognize that situation and reclassify the loans as doubtful or substandard, according to the severity of the difficulties experienced. ### Contacts ![](/sites/default/files/styles/medium/public/team/photo/10011699.jpg?itok=FBe83oFx) [Javier Ybañez](/en_GB/team/javier-ybanez-rubio) ![](/themes/custom/garriguestheme/img/iconos/email-contacto.svg)[Contact]() - +34 91 514 52 00 [Madrid](https://www.garrigues.com/en_GB/office/madrid) ![Álvaro López-Jorrín - Garrigues](/sites/default/files/styles/medium/public/team/photo/alvaro_lopez-jorrin_hernandez_en_20230602.jpg?itok=XQM7hOOh) [Álvaro López-Jorrín](/en_GB/team/alvaro-lopez-jorrin-hernandez) ![](/themes/custom/garriguestheme/img/iconos/email-contacto.svg)[Contact]() - +34 91 514 52 00 [Madrid](https://www.garrigues.com/en_GB/office/madrid) ![](/sites/default/files/styles/medium/public/team/photo/10000114.jpg?itok=O_1npB0w) [Mónica Martín de Vidales](/en_GB/team/monica-martin-vidales-godino) ![](/themes/custom/garriguestheme/img/iconos/email-contacto.svg)[Contact]() - +34 91 514 52 00 [Madrid](https://www.garrigues.com/en_GB/office/madrid) ![Foto del socio](/sites/default/files/styles/medium/public/team/photo/Gonzalo_Garcia-Fuertes_Iglesias_en_20250711.jpg?itok=IL22D4NU) [Gonzalo García-Fuertes](/en_GB/team/gonzalo-garcia-fuertes-iglesias) ![](/themes/custom/garriguestheme/img/iconos/email-contacto.svg)[Contact]() - +34 91 514 52 00 [Madrid](https://www.garrigues.com/en_GB/office/madrid) [Find more professionals](../team) ### Related services - [Banking and Finance ](/en_GB/services/banking-and-finance) - [Corporate and M&A ](/en_GB/services/corporate-and-ma) - ## Find a publication - [Administrative and Constitutional Law](/en_GB/markdownify/node/4464?f%5B0%5D=service%3A1422) - [Agribusiness and Food](/en_GB/markdownify/node/4464?f%5B0%5D=service%3A1417) - [Automotive](/en_GB/markdownify/node/4464?f%5B0%5D=service%3A1419) - [Banking and Finance](/en_GB/markdownify/node/4464?f%5B0%5D=service%3A1443) - [Corporate and M&A](/en_GB/markdownify/node/4464?f%5B0%5D=service%3A1441) - [Corporate Governance and Sustainable Development](/en_GB/markdownify/node/4464?f%5B0%5D=service%3A12823) - [Criminal Law and Internal Investigations](/en_GB/markdownify/node/4464?f%5B0%5D=service%3A1434) - [Data Economy, Privacy and Cybersecurity](/en_GB/markdownify/node/4464?f%5B0%5D=service%3A10913) - [Dispute Resolution: Litigation and Arbitration](/en_GB/markdownify/node/4464?f%5B0%5D=service%3A1412) - [Energy](/en_GB/markdownify/node/4464?f%5B0%5D=service%3A10916) - [EU and Antitrust Law](/en_GB/markdownify/node/4464?f%5B0%5D=service%3A1416) - [Family Business](/en_GB/markdownify/node/4464?f%5B0%5D=service%3A1413) - [Fashion Law](/en_GB/markdownify/node/4464?f%5B0%5D=service%3A1435) - [Financial Regulation](/en_GB/markdownify/node/4464?f%5B0%5D=service%3A10915) - [G-advisory](/en_GB/markdownify/node/4464?f%5B0%5D=service%3A12821) - [Human Capital Services](/en_GB/markdownify/node/4464?f%5B0%5D=service%3A1431) - [Infrastructure](/en_GB/markdownify/node/4464?f%5B0%5D=service%3A10914) - [Insurance](/en_GB/markdownify/node/4464?f%5B0%5D=service%3A1438) - [Intellectual Property](/en_GB/markdownify/node/4464?f%5B0%5D=service%3A1421) - [Labor and Employment](/en_GB/markdownify/node/4464?f%5B0%5D=service%3A1424) - [Life Sciences and Healthcare](/en_GB/markdownify/node/4464?f%5B0%5D=service%3A1429) - [Media and Entertainment](/en_GB/markdownify/node/4464?f%5B0%5D=service%3A1433) - [Planning, Zoning and Environment](/en_GB/markdownify/node/4464?f%5B0%5D=service%3A1444) - [Private Equity](/en_GB/markdownify/node/4464?f%5B0%5D=service%3A1439) - [Real Estate](/en_GB/markdownify/node/4464?f%5B0%5D=service%3A10927) - [Restructuring and Insolvency](/en_GB/markdownify/node/4464?f%5B0%5D=service%3A1420) - [Securities Markets](/en_GB/markdownify/node/4464?f%5B0%5D=service%3A1442) - [Sports](/en_GB/markdownify/node/4464?f%5B0%5D=service%3A1430) - [Startups & Open innovation](/en_GB/markdownify/node/4464?f%5B0%5D=service%3A1426) - [Sustainability](/en_GB/markdownify/node/4464?f%5B0%5D=service%3A10921) - [Tax](/en_GB/markdownify/node/4464?f%5B0%5D=service%3A1425) - [Technology, Communications and Digital](/en_GB/markdownify/node/4464?f%5B0%5D=service%3A1436) - [Tourism and Hotels](/en_GB/markdownify/node/4464?f%5B0%5D=service%3A1432) - [Transport, Logistics and Shipping](/en_GB/markdownify/node/4464?f%5B0%5D=service%3A1428) Facet Services detail - [Publications](/en_GB/markdownify/node/4464?f%5B0%5D=publication_type%3A794) - [Newsletters](/en_GB/markdownify/node/4464?f%5B0%5D=publication_type%3A107) - [Garrigues collection](/en_GB/markdownify/node/4464?f%5B0%5D=publication_type%3A101) - [Laws: amendments at a glance](/en_GB/markdownify/node/4464?f%5B0%5D=publication_type%3A104) - [News](/en_GB/markdownify/node/4464?f%5B0%5D=publication_type%3A105) Facet Publication type detail Min Max ## News search engine