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The Governing Council

The Governing Council of the Banco de España approves the general guidelines for the Bank's activities, in particular:

• Those relating to monetary policy the application of which it oversees.
• Circulars of the Banco de España.
• Proposals for sanctions, which the Bank must submit to the Minister for Economic Affairs and Finance, and it may impose those sanctions that are within its authority.
• The approvals necessary for carrying out the functions produced by the Banco de España that are not the exclusive authority of the Executive Commission.

The Governing Council ratifies the appointment of the Directors-General of the Banco de España.

Composition

The Governing Council of the Banco de España is formed by:

• The Governor: Luis M. Linde.
• The Deputy Governor: Fernando Restoy.
• Six council members: Carmen Alonso, Maximino Carpio, Guillem López, Ángel Luis López, José María Marín and Vicente Salas. These members will serve a six-year term and may be reappointed once.
• The Secretary General for Treasury and Financial Policy: Íñigo Fernández de Mesa.
• The Vice-Chairman of the National Securities Market Commission (CNMV): Lourdes Centeno.

The Directors-General of the Bank (Javier Alonso, Manuel Labrado, José Luis Malo de Molina, Ramón Quintana and José María Roldán) and María Luisa Teijeiro, who represents the staff, are non-voting participants.

The General Secretary of the Banco de España (Francisco Javier Priego) acts as non-voting Secretary to the Governing Council.