Who can open a direct account?
Only natural persons or legal entities resident in Spain who cannot be authorised to operate directly through the registered Spanish public debt markets may be holders of direct accounts.
How to open a direct account
The opening of a direct account on the part of natural persons shall take place as a result of:
- The direct subscription of public debt in person, by appointment, at the Banco de España or through the securities trading service (SCVV), accessible by internet at: https://www.tesoropublico.gob.es/es/servicios/compra-y-venta-de-valores
. - The transfer of balances of securities from an entity participating in the Spanish public debt markets (bank, savings bank, etc.) to the Banco de España-Direct Accounts.
For in-person services at the Banco de España offices to open a direct account, an appointment is required.
The opening of direct account in the name of a legal entity shall only take place in person, by appointment, at any of the Banco de España branches. With sufficient notice of the date of the appointment, the company must physically submit a letter to the Official Register of the Banco de España, addressed to the Legal Department of the Banco de España, requesting the opening of a direct account, attaching the original documentation detailed below.
What information is required?
The holders of the direct account, both natural persons and legal entities, must designate the authorised persons who shall have a recognised signature to transact, providing their full names and telephone numbers and should also designate a bank account (linked account) where the sums of amortization, interest, excesses are to be made. Printed proof of the name on the account must be provided, referencing the IBAN of same.
(IMPORTANT: the name on this bank account and on the direct account must be identical).
The following original documentation must also be provided:
- For natural persons: On the day of the appointment for the opening of the direct account, the DNI (National Identification Document) or valid identification document o each holder and their certificate of residence in Spain and certificate of linked bank account must be provided (the name on both accounts must coincide).
The name on the direct account may be individual (sole holder) or joint (two or more holders). All holder mist sign in the presence of an employee of Banco de España.
To facilitate the management of the account, the holders may sign an availability agreement in favour of one or several holders or even third parties - in this case they must also be present for the signing, or duly represented by power of attorney.
In the case of persons with disabilities, it will be necessary to provide: final judicial resolution of declaration of incapacity and appointment of guardians; diligence of acceptance of the position registered on the Civil Register; DNI of the representative or assistant and DNI of the represented party, and certificate of ownership of the linked bank account (the name on both accounts must be the same). This documentation must be presented through the Register in advanced of the date appointment requested for the opening of the direct account.
- For legal entities: A written request to open the direct account must be submitted in person to one of the Registers of the Banco de España (Central Register and Auxiliary Register at branch offices), with sufficient notice of the appointment request for the opening of the direct account, attaching the following documentation: Tax Identification Number (and LEI, where applicable), certificate of ownership of the bank account linked to the direct account (the names on both accounts must coincide), public deed of incorporation (and, there applicable, amendments affecting the name, purpose address or governing bodies) and the powers of representation registered with the Companies Register, notarial act of real ownership, and publication of the registration in the Official Journal of the Companies Register (BORME), if the company was incorporated after 30/12/1989.
If you wish to open a direct account in one of the Branches of the Banco de España, you must expressly indicate so and the written request addressed to the Branch in question.
(IMPORTANT: The submission of this document may not be made through the online Register, as it is required to submit the original documentation to the Registers of the Banco de España or any of its branch offices.)
The Banco de España may require, at the time of opening or over the course of the life of the direct account, any information deemed relevant for the purpose of verifying compliance with the Anti-money Laundering and Prevention of the Financing of Terrorism regulations in force at any time.
How to file a complaint
Holders of direct accounts who do not agree with the actions of Banco de España as a participant in the Spanish public debt markets may file a complaint with the Sub-directorate General for Public Debt of the Directorate General for the Treasury and Financial Policy or with the Market Conduct and Complaints Department of Banco de España.
