degree of centralisation. Whereas no such bank exists in the UK any longer and real savings banks in Spain have almost …. Short operational and (especially) functional distance and embeddedness in supportive regional bank associations. Short … regional level and reduce the need for standardisation, centralisation and bank mergers in times when interest rates are low. …

neutral. Furthermore, when controlling for the sectoral allocation of financing, no specific instrument - e.g. bank credit or …

policymakers’ efforts to strengthen bank capitalization. …