Banco de Espana (National Central Bank of Spain)

By: EconomyWatch   Date: 9 September 2010

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Banco de Espana (Bank of Spain) is the central bank of Spain. Charles III of Spain established the bank in 1782. With Spain’s entry into the Economic and Monetary Union in 1994, the Banco de Espana became an integral part of the European System of Central Banks.

After the reinstatement of democracy in the late 1970s the bank began a series of transformation and modernization that are still continuing. In the exercise of its functions the Banco de Spana is required to follow the guidelines and procedures that emanate from the ECB from time to time.

The bank is responsible for undertaking the following activities:

  • Formulating and implementing Euro system’s monetary policy with the principal objective of maintaining price stability in the euro area
  • Carrying out currency exchange operations
  • Ensuring the soundness of the payment system in the euro area
  • Holding and managing the currency and precious metal reserves that have not been transferred to the European Central Bank
  • Promoting and ensuring the sound working and stability of the financial system in the country, without prejudice to the objectives of the ECB
  • Preparation and publication of statistics relating to its functions
  • Provision of financial services and financial agent for the government debt
  • Acting as an advisor to the government

The Governing body of the bank includes the Governor, the Sub-Governor, the Governing Council and the Executive Commission. The Governor is appointed by the Spanish monarch on the recommendation of the President of the country. The primary task of the Governor is to direct the bank in its affairs and preside over the Governing Council and the Executive Commission.

The Address and Contact details of the bank is as follows:

Banco de Espana

Address: Apartado de Correos 15 E-28080 Madrid SPAIN
Phone No.: ++34-1-3 38 50 00
Fax: ++34-1-5 31 00 59


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