Glossary

General Glossary

N

National Analysis Centre (NAC) 

Each EU Member State has established, in agreement with the European Central Bank (ECB), a National Analysis Centre in accordance with its national legislation and practices, in order for counterfeit banknotes to be sent to said centre for their identification. In Spain, this centre is located within the Banco de España (Cash and Issue Department). The general public, credit institutions and any other entity that handles euro banknotes shall hand over any counterfeit banknotes received to the competent national authorities without delay. Counterfeit banknotes handed over to the NAC of the Banco de España are not exchanged for legitimate banknotes. There is an obligation to collaborate with national authorities in the withdrawal of all counterfeit euro banknotes received from the notes and coins in circulation. If counterfeit euro banknotes are not immediately sent to the NAC, sanctions could be applied.

National Central Bureau Against Currency Counterfeiting (OCN) 

The Banco de España Investigation Brigade is the police unit responsible for suppressing criminal activities associated with currency counterfeiting in Spain, as the National Bureau for the Suppression of Counterfeiting Currency, in keeping with international conventions such as the International Convention for the Suppression of Counterfeiting Currency - Geneva, 20 April 1929.

National Securities Market Commission (CNMV)  

The body in charge of supervising and inspecting Spanish securities markets and the activities of those who intervene in these markets. The objective of the CNMV is to ensure the transparency of Spanish securities markets and correct pricing, as well as to protect investors.

NIF 

Spanish tax identification number. It is the same as the DNI (Spanish national ID document number), with a letter added at the end.

Nominal convergence 

See Convergence criteria.

Nominal interest rate 

The rate that is usually mentioned in contracts which agree the payment of interest, from which the rate of inflation is not deducted (as opposed to the real interest rate, which is adjusted for inflation).

Non-residents 

Participants in the public debt market who remain more than 183 days of the calendar year outside of Spanish territory and whose main centre or base for business or professional activities, or of their economic interests is not in Spain.

Non-voting equity rights  

Financial assets or marketable securities that can be issued by savings banks. They represent money contributions of an undefined duration which can be applied in equal proportion and for the same purposes as the institution's foundational capital and reserves. They are an equity instrument and therefore have to be listed on an organised secondary market, and they award no voting rights. Their issue price has to be coherent with the financial value of the savings bank in question.

Novation  

An agreement between the parties who have signed a contract to modify a part of its content. For example, it is applied to the modification of mortgage loan conditions.

Numismatics  

The science that studies coins and medals. In the sphere of banking services, a numismatic service is understood to be that whereby an entity sells its customers legal or illegal tender to satisfy collecting or investment demands. In these cases, the entity acts as a mere intermediary.