Banking Supervision

Sanctions imposed by the Banco de España

Under the provisions of Art. 115.7 of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, the Banco de España shall publish on its website the sanctions and reprimands imposed in relation to serious and very serious infringements within 15 working days from the date on which such sanctions and reprimands have become final pursuant to administrative proceedings. Where appropriate, and if it is so resolved, the identity of the person subject to the sanction or reprimand may remain confidential.

In compliance with this obligation, the following table includes a reference to the aforementioned sanctions and reprimands imposed by the Banco de España since the entry into force of Law 10/2014, referring to the appeals for judicial review, if any, lodged against the sanctioning resolution, and the outcome thereof.

Decision date Information on infringements and sanctions imposed Status
18-12-20

Fine imposed on CRACK 10 ASTURIAS, S.L. amounting to seventy thousand euro (€70,000), pursuant to the first paragraph of Article 97(1)(a)(2º) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a very serious infringement, as defined in paragraph 2 of the fourth additional provision of said Law 10/2014.

Specifically, this infringement consisted in the failure to provide the information requested by the Banco de España as part of an inspection which, in accordance with the aforementioned additional provision, was performed by the latter, following ministerial approval, in order to verify whether said company was carrying out, without authorisation, activities reserved to credit institutions.

Final decision
18-12-20

Secondary measure consisting in a public reprimand, with publication in the Official State Gazette, pursuant to Article 97(2)(c) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, relating to the fine imposed on CRACK 10 ASTURIAS, S.L. amounting to seventy thousand euro (€70,000), for the commission of a very serious infringement, of the type described in paragraph 2 of the fourth additional provision of said Law 10/2014.

Specifically, this infringement consisted in the failure to provide the information requested by the Banco de España as part of an inspection which, in accordance with the aforementioned additional provision, was performed by the latter, following ministerial approval, in order to verify whether said company was carrying out, without authorisation, activities reserved to credit institutions.

Final decision
18-12-20

Fine imposed on IBERCAJA BANCO, S.A., amounting to one million eighty thousand euros (€1,080,000) — after the application of a reduction of 40% provided for in Article 85 of Law 39/2015 of 1 October 2015 on the common administrative procedure for general government, pursuant to Article 98(1)(b) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a serious infringement, of the type defined in Article 93(f) of this latter Law, comprising the performance, between 1 January 2015 and 31 December 2017, of acts or operations in breach of rules issued under Article 5 of said Law 10/2014.

Specifically, in breach of Order 2899/2011 and of Banco de España Circular 5/2012 in relation to the provision of pre-contractual information and their content, as well as in relation to calculation of the APRC included in said pre-contractual information.

Final decision
20-11-20

Fine imposed on Austrogiros Entidad de Pago, S.A., amounting to two hundred thousand euro (€200,000), pursuant to Article 97(1)(a)(2º) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a very serious infringement,  of the type defined in Article 92(d) of said Law 10/2014, comprising the failure to comply with minimum capital requirements.

Specifically, own funds stood below eighty per cent of the minimum level laid down by regulations according to the risks assumed, remaining in that situation for a period of at least six months (from at least 31 December 2014, and in particular, during the whole of the relevant period for the purposes of this proceeding, i.e. 1 January 2017 to 30 September 2018).

Final decision
20-11-20

Fine imposed on Austrogiros Entidad de Pago, S.A., amounting to three hundred and fifty thousand euro (€350,000), pursuant to Article 97(1)(a)(2º) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a very serious infringement, of the type defined in Article 92(g) of said Law 10/2014.

This infringement consisted of critical accounting irregularities which prevented the true balance sheet and financial position of the institution from being known.

Final decision
20-11-20

Fine imposed on Austrogiros Entidad de Pago, S.A., amounting to two hundred and fifty thousand euro (€250,000), pursuant to Article 98(1)(b) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a serious infringement, of the type defined in Article 51(3) of Law 16/2009 of 13 November 2009 on payment services, comprising the failure to comply with regulatory and disciplinary rules applicable to payment institutions.

Specifically, there was a failure to comply with rules requiring payment institutions to have an  effective administration and management in Spanish territory.

Final decision
20-11-20

Fine imposed on Austrogiros Entidad de Pago, S.A., amounting to one hundred and fifty thousand euro (€150,000), pursuant to Article 98(1)(b) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a serious infringement, of the type defined in Article 93(l) of said Law 10/2014.

This infringement consisted in the failure to send, the late sending of or the sending of inaccurate financial and accounting information or information on agents, plans for returning to compliance or the shareholding structure.

Final decision
20-11-20

Fine imposed on Mr. Esteban Cordero, de facto director of Austrogiros Entidad de Pago S.A., amounting to twenty-five thousand euro (€25,000), pursuant to Article 100(1)(a) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a very serious infringement, of the type defined in Article 92(d) of said Law 10/2014, comprising the failure of the institution to comply with minimum capital requirements.

Specifically, own funds stood below eighty per cent of the minimum level laid down by regulations according to the risks assumed, remaining in that situation for a period of at least six months (from at least 31 December 2014, and in particular, during the whole of the relevant period for the purposes of this proceeding, i.e. 1 January 2017 to 30 September 2018).

Final decision
20-11-20

Penalty imposed on Mr. Esteban Cordero, de facto director of Austrogiros Entidad de Pago S.A.,  of disqualification from serving as a director or  manager at any financial sector entity for a  period of 1 year, pursuant to Article 101(1)(d) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a very serious infringement,  of the type defined in Article 92(d) of said Law 10/2014,  comprising the failure of the institution to comply with minimum capital requirements.

Specifically, own funds stood below eighty per cent of the minimum level laid down by regulations according to the risks assumed, remaining in that situation for a period of at least six months (from at least 31 December 2014, and in particular, during the whole of the relevant period for the purposes of this proceeding, i.e. 1 January 2017 to 30 September 2018).

Final decision
20-11-20

Fine imposed on Mr. Esteban Cordero, de facto director of Austrogiros Entidad de Pago S.A., amounting to fifty thousand euro (€50,000), pursuant to Article 100(1)(a) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a very serious infringement, of the type defined in Article 92(g) of said Law 10/2014.

This infringement consisted of critical accounting irregularities which prevented the true balance sheet and financial position of the institution from being known.

Final decision
20-11-20

Penalty imposed on Mr. Esteban Cordero, de facto director of Austrogiros Entidad de Pago S.A., of disqualification from serving as a director or manager at any financial sector entity for a period of 2 years, pursuant to Article 100(1)(d) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a very serious infringement, of the type defined in Article 92(g) of said Law 10/2014.

This infringement consisted of critical accounting irregularities which prevented the true balance sheet and financial position of the institution from being known.

Final decision
20-11-20

Fine imposed on Mr. Esteban Cordero, de facto director of Austrogiros Entidad de Pago S.A. amounting to forty thousand euro (€40,000), pursuant to Article 101(1)(a) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a serious infringement,  of the type  defined in Article 51(3) of Law 16/2009 of 13 November 2009 on payment services, comprising the failure to comply with regulatory and disciplinary rules applicable to payment institutions.

Specifically, there was a failure to comply with rules requiring payment institutions to have an  effective administration and management in Spanish territory.

Final decision
20-11-20

Penalty imposed on Mr. Esteban Cordero, de facto director of Austrogiros Entidad de Pago S.A., of disqualification from serving as a director or  manager at any financial sector entity for a  period of 1 year, pursuant to Article 101(1)(d) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a serious infringement,  of the type defined in Article 51(3) of Law 16/2009 of 13 November 2009 on payment services,  comprising the failure to comply with regulatory and disciplinary rules applicable to payment institutions.

Specifically, there was a failure to comply with rules requiring payment institutions to have an effective administration and management in Spanish territory.

Final decision
20-11-20

Fine imposed on CAJAMAR CAJA RURAL, Sociedad Cooperativa de Crédito,  amounting to nine hundred thousand euro (€900,000) — after the application of a reduction of 40% provided for in Article 85 of Law 39/2015 of 1 October 2015 on the common administrative procedure for general government —, pursuant to Article 98(1)(b) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a serious infringement, of the type defined in Article 93(f) of said Law 10/2014, comprising the performance, between 1 January 2015 and 31 December 2017, of acts or operations in breach of rules issued under Article 5 of Law 10/2014.

Specifically, in breach of Order 2899/2011 and of Banco de España Circular 5/2012 in relation to the provision of pre-contractual information (above all, in cases of renewal), as well as their content (omission of arrangement expenses and other compulsory costs) and contractual documentation (omission of the APRC), as well as in relation to calculation of the APRC.

Final administrative decision
20-11-20

Fine imposed on Ms. Susana Ruiz Robles, sole director of Austrogiros Entidad de Pago S.A., amounting to five thousand euro (€5,000), pursuant to Article 101(1)(a) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a serious infringement, of the type defined in Article 93(l) of said Law 10/2014.

This infringement consisted in the failure to send, the late sending of or the sending of inaccurate financial and accounting information or information on agents, plans for returning to compliance or the shareholding structure.

Final decision
20-11-20

Penalty imposed on Ms. Susana Ruiz Robles,  sole director of Austrogiros Entidad de Pago S.A., of disqualification from serving as a director or manager at any financial sector entity for a period of 1 year, pursuant to Article 101(1)(d) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a serious infringement, of the type defined in Article 51(3) of Law 16/2009 of 13 November 2009 on payment services, comprising the failure to comply with regulatory and disciplinary rules applicable to payment institutions.

Specifically, there was a failure to comply with rules requiring payment institutions to have an  effective administration and management in Spanish territory.

Final decision
20-11-20

Fine imposed on Ms. Susana Ruiz Robles, sole director of Austrogiros Entidad de Pago S.A., amounting to five thousand euro (€5,000), pursuant to Article 101(1)(a) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a serious infringement, of the type defined in Article 93(l) of said Law 10/2014.

This infringement consisted in the failure to send, the late sending of or the sending of inaccurate financial and accounting information or information on agents, plans for returning to compliance or the shareholding structure.

Final decision
26-06-20

Fine imposed on Bankinter, S.A., amounting to five million two hundred thousand euro (€5,200,000) – after application of a reduction of 20% for voluntary payment established in Article 85 of Law 39/2015 of 1 October 2015 on the general government common administrative procedure – pursuant to Article 98(1)(b) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a serious infringement, of the type defined in Article 93(f) of said Law 10/2014, comprising the performance between 1 January 2015 and 31 December 2017, of actions or operations in breach of the rules issued under Article 5 of said law.

Specifically, Ministerial Order 2899/2011 and Banco de España Circular 5/2012 were breached in respect of the provision of pre-contractual information, the calculation of the APR included in said information and the omission of the aforementioned rate from the contractual documentation, and the expenses charged to customers for agency services.

Final administrative decision Currently under appeal before the courts
11-06-20

Fine imposed on Astur de hipotecas, S.L. amounting to one hundred and twenty thousand euro (€120,000) — after the application of the reduction of 40% established in Article 85 of Law 39/2015 of 1 October 2015 on the common administrative procedure for general government-, pursuant to Article 97(1)(a)(2°) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a very serious infringement, as defined in Article 92(a) of said Law 10/2014.

This infringement consisted of engaging without authorisation in activities legally reserved for credit institutions.

Final decision
11-06-20

Ancillary measure consisting in a public reprimand of Astur de Hipotecas, S.L. with publication in the Official State Gazette, provided for in Article 97(2)(c) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a very serious infringement defined in Article 92(a) of said Law 10/2014 that consisted of engaging without authorisation in activities legally reserved for credit institutions.

Final decision
11-06-20

Fine imposed on D.ª María Ángeles González González, in her capacity as sole director of Astur de hipotecas, S.L., amounting to nine thousand euro (€9,000) — after the application of the reduction of 40% established in Article 85 of Law 39/2015 of 1 October 2015 on the common administrative procedure for general government —, pursuant to Article 100 of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a very serious infringement, as defined in Article 92(a) of said Law 10/2014.

This infringement consisted of engaging without authorisation in activities legally reserved for credit institutions.

Final decision