Last date for submission of paper: unknown; Contact person: unknown; In the run up to the global financial crisis, the Spanish financial system earned itself a nice reputation. When the crisis intensified, however, it exposed the weakness in the policy and regulatory frameworks and an over-reliance on wholesale funding, specifically for mortgages and construction; the financial system was unable to escape its dramatic effects. This crisis was not an isolated incident, however. On the contrary, Spain has a long history of financial crises.