Press room

Functions and structure

• What are the functions of Banco de España now that there is a single currency?

  By virtue of its Law of Autonomy, the Banco de España is a special central government body with the following functions:

  • To hold and manage the currency and precious-metal reserves not transferred to the European Central Bank (ECB).
  • To promote the smooth functioning and stability of the financial system and of national payment systems, without prejudice to the functions of the ECB.
  • To oversee the solvency of the credit institutions, other entities and financial markets for which it is responsible by virtue of current legislation, as well as their compliance with specific regulations.
  • To place coins in circulation and to perform other related functions that may be entrusted to it by the government.
  • To prepare and publish statistics related to its functions and to assist the ECB in compiling the necessary statistical information.
  • To provide treasury services and act as the financial agent for government debt. 
  • To advise the government, and to produce the appropriate reports and studies.

  The Banco de España also carries out the following functions that are assigned to it as a member of the European System of Central Banks:

  • Defining and implementing the monetary policy of the euro area, with the main objective of maintaining price stability throughout the whole of said area.
  • Performing foreign currency exchange operations in line with the provisions of Article 111 of the Treaty on European Union, as well as holding and managing the government's official foreign currency reserves.
  • Promoting the proper functioning of the payments system in the euro area.
  • Issuing legal tender banknotes.

  More information in the "Functions" section.

• What is the legal status of the Banco de España? What is the basis of its independence from the political authorities?

  According to the provisions of the Law of Autonomy of the Banco de España, this institution is an entity under public law with its own legal status, and full public and private capacity, which shall act with autonomy in respect to the central government in carrying out its functions, in line with the provisions of the legal system.

  Except in cases where it is exercising the administrative powers conferred on it by law, the Banco de España is subject to the private legal system.

  The Law of Autonomy also states that the Banco de España is an integral part of the European System of Central Banks (ESCB) and, as such, is subject to the provisions of the Treaty establishing the European Community and the Statute of the ESCB. Therefore, in carrying out the functions deriving from its status as an integral part of the ESCB, the Banco de España abides by the guidelines and instructions of the European Central Bank.

  According to Article 7 of the Law of Autonomy, neither the government nor any other national or EU body may give instructions to the Banco de España in the exercising of its functions as a member of the ESCB, nor may the Banco de España receive or accept such instructions. This Article contains the contents of Article 108 of the Treaty establishing the European Community.

• How many branch offices does Banco de España have?

  Since 2011, Banco de España has had a network of 15 branch offices, offering services to the public and to credit institutions.

  They are situated in A Coruña, Alicante, Badajoz, Barcelona, Bilbao, Las Palmas, Málaga, Murcia, Oviedo, Palma de Majorca, Seville, Tenerife, Valencia, Valladolid and Zaragoza.

  For more information, please refer to the "Regional organization" section.

• Where does the Banco de España receive its earnings from?

  The earnings of the Banco de España come primarily from interest accrued on its main assets and from financial operations (above all from the sale of foreign currency and the purchase and sale of foreign securities). These profits are deposited, in their entirety, with the Treasury.

  For further details on the earnings obtained, please see the Banco de España Annual Accounts, published in the "Annual Report".

• What gold reserves does the Banco de España have, and where are they deposited?

  The Banco de España has 9.05 million troy ounces, which are deposited in its own armoured vaults and in various banks in London and New York.

  To view the breakdown of the Bank's reserves, please refer to the table "Spanish Investment Abroad: International Reserves"  in the Statistical Bulletin.