The Banco de España offers direct accounts as a service to natural and legal persons resident in Spain, in order to purchase and sell government debt.
They are government debt security accounts recorded as book-entries and under no circumstances do they imply the opening of a cash account in the Banco de España.
There are two procedures:
Natural persons have to include their DNI and their NIF ; legal persons, their CIF and their deeds of incorporation and the powers of attorney registered in the Companies Register and, when applicable, publication of the registration in the Official Gazette of the Companies Register ( BORME ).
When formalising the operation, a form must be filled out with the details of the persons whose signature(s) will be accepted by the Bank and the institution and account number where repayments, interest, surpluses, etc. will be paid.
Direct accounts may be held by natural persons as an individual account (one account holder) or as a joint account ( two or more account holders). In order to facilitate management of the account, the account holders can agree with the Banco de España which one(s) of the account holders, or even a third party, will have access to the account.
Cash transfers accrue fees in favour of the Banco de España which are agreed by its Executive Commission. They have been set at 1.5 per thousand of the amount to be transferred since 2 January 2005, with a minimum of 0.9 euro and a maximum of 200 euros.
Direct account holders may purchase government debt again if they have sufficient balance in their account. To do so, they must fill out and sign the form provided in the attached application and send it by post to the Banco de España offices where they hold their account.
Account holders who do not agree with the conduct of the Banco de España as a managing entity may lodge a complaint with the Subdirectorate General of Public Debt of the Directorate General of the Treasury and Financial Policy or with the Banco de España's own Claims Service.
The Treasury also has an internet securities service.