⚠️❗️ Spanish Banks Most Exposed to Turkey: Cable FX Macro

• Spanish banks have historically been the most exposed to Turkey, the latest data compiled by the BIS confirmed this as foreign claims stand at USD54.6 billion. Only French banks near this amount, however, at USD22.0 billion foreign claims stand at less than half its Spanish peers

• The exposure held by Spanish banks has decreased over the last four years, claims on Turkey from Spanish banks reached a peak of USD87.1 billion in late 2017. French banks' claims on Turkey have seen the same downtrend