Debt funds have entered the small and medium-sized enterprise lending market as they have less restrictive capital requirements than traditional banks .

Law 19/2003, published in the Spanish Official Gazette dated 5<SUP>th</SUP> July 2003, includes in its Third Additional Disposition the normative that, amending Spanish Law 13/1985 on investment coefficients, equity and information obligation of financial intermediaries, rules preferred securities under Spanish legislation

In Spain, Savings Banks are subject to the same regulatory treatment as other credit companies, insofar as their operations are concerned. However, as for their configuration, Saving Banks present a number of particularities, such as the obligation to allocate a high percentage of the profits they generate to financing social projects (the reason being their status of not-for-profit organizations) and their regional roots. These justify the existence of differences in their legal framework.