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.

Publication date Information on infringements and sanctions imposed Decision date Status
18/11/22

Decision: Fine on COFIDIS, S.A., Sucursal en España, amounting to one million five hundred thousand euro (€1,500,000), after application of the 40% reductions provided for in Article 85 of Law 39/2015.

Reason: Serious infringement for breaches relating to the provision of the pre-contractual information and the content of such information and of the contractual documentation in the period from 1 January 2016 to 31 December 2017.

Applicable legislation: Law 39/2015, Law 10/2014 and Law 16/2011.

24/10/22 Final administrative decision
18/11/22

Decision: Fine on COFIDIS, S.A., Sucursal en España, amounting to three million euro (€3,000,000), after application of the 40% reductions provided for in Article 85 of Law 39/2015.

Reason: Serious infringement for breaches in the period from 1 January 2016 to 31 December 2017 relating to: (1) the systematic inclusion in the loan application documents of a clause indicating that the customer was simultaneously and indissolubly applying for a line of credit, whose use was encouraged by the Entity and which bore little relation to the financing originally sought by the customer in terms of manner of repayment and cost; (2) shortcomings in the marketing of payment protection insurance relating to customers’ consent; and (3) shortcomings in the content of the interest and commission settlement documents sent to customers.

Applicable legislation: Law 39/2015, Law 10/2014, Ministerial Order 2899/2011 and Banco de España Circular 5/2012.

24/10/22 Final administrative decision
18/11/22

Decision: Fine on D. Juan Sitges Serra, former general manager of COFIDIS, S.A., Sucursal en España, amounting to thirty thousand euro (€30,000), after application of the 40% reductions provided for in Article 85 of Law 39/2015.

Reason: Serious infringement for breaches relating to the provision of the pre-contractual information and the content of such information and of the contractual documentation, in the period from 1 January 2016 to 31 December 2017.

Applicable legislation: Law 39/2015, Law 10/2014 and Law 16/2011.

24/10/22 Final administrative decision
18/11/22

Decision: Fine on D. Juan Sitges Serra, former general manager of COFIDIS, S.A., Sucursal en España, amounting to sixty thousand euro (€60,000), after application of the 40% reductions provided for in Article 85 of Law 39/2015.

Reason: Serious infringement for breaches in the period from 1 January 2016 to 31 December 2017 relating to: (1) the systematic inclusion in the loan application documents of a clause indicating that the customer was simultaneously and indissolubly applying for a line of credit, whose use was encouraged by the Entity and which bore little relation to the financing originally sought by the customer in terms of manner of repayment and cost; (2) shortcomings in the marketing of payment protection insurance relating to customers’ consent; and (3) shortcomings in the content of the interest and commission settlement documents sent to customers.

Applicable legislation: Law 39/2015, Law 10/2014, Ministerial Order 2899/2011 and Banco de España Circular 5/2012.

24/10/22 Final administrative decision
21/10/22

Fine imposed on Gesvalt Sociedad de Tasación, S.A., amounting to one hundred and thirty six thousand euros (€136,000) – after application of the reduction of 20% for voluntary payment established in Article 85 of Law 39/2015 of 1 October 2015 on the common administrative procedure for general government –, provided for in Article 97(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, as defined in Article 3.(bis.2)(a).3ª of Law 2/1981 of 25 March 1981 on mortgage market regulation, comprising shortcomings in the administrative, technical or personnel organisation of the institution or in its internal control procedures. As a result of those shortcomings, the following were not ensured: the institution’s capacity to ascertain the situation and conditions of the real estate market in which it operates, uniform compliance with the applicable appraisal rules, its professional independence from shareholders or customers, and control of the incompatibility obligations applicable to the professionals in its service.

27/09/22 Final administrative decision
21/10/22

Fine imposed on Ms. Sandra Aránzazu Daza Silva, director and general manager of  Gesvalt Sociedad de Tasación, S.A.., amounting to thirteen thousand six hundred euros (€13,600) – after application of the reduction of 20% for voluntary payment established in Article 85 of Law 39/2015 of 1 October 2015 on the common administrative procedure for general government –, provided for in 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, as defined in Article 3(bis.2)(a).3ª of Law 2/1981 of 25 March 1981 on mortgage market regulation, comprising shortcomings in the administrative, technical or personnel organisation of the institution or in its internal control procedures. As a result of those shortcomings, the following were not ensured: the institution’s capacity to ascertain the situation and conditions of the real estate market in which it operates, uniform compliance with the applicable appraisal rules, its professional independence from shareholders or customers, and control of the incompatibility obligations applicable to the professionals in its service.

27/09/22 Final administrative decision
21/10/22

Fine imposed on Mr. Germán Casaseca Hontoria, president and chief executive officer of  Gesvalt Sociedad de Tasación, S.A., amounting to thirteen thousand six hundred euros (€13,600)– after application of the reduction of 20% for voluntary payment established in Article 85 of Law 39/2015 of 1 October 2015 on the common administrative procedure for general government –, provided for in 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, as defined in Article 3(bis.2)(a).3ª of Law 2/1981 of 25 March 1981 on mortgage market regulation, comprising shortcomings in the administrative, technical or personnel organisation of the institution or in its internal control procedures. As a result of those shortcomings, the following were not ensured: the institution’s capacity to ascertain the situation and conditions of the real estate market in which it operates, uniform compliance with the applicable appraisal rules, its professional independence from shareholders or customers, and control of the incompatibility obligations applicable to the professionals in its service.

27/09/22 Final administrative decision
21/10/22

Fine imposed on Mr. Guillermo Masso López, director of  Gesvalt Sociedad de Tasación, S.A., amounting to six thousand four hundred euros (€6,400) – after application of the reduction of 20% for voluntary payment established in Article 85 of Law 39/2015 of 1 October 2015 on the common administrative procedure for general government –, provided for in 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, as defined in Article 3(bis.2)(a).3ª of Law 2/1981 of 25 March 1981 on mortgage market regulation, comprising shortcomings in the administrative, technical or personnel organisation of the institution or in its internal control procedures. As a result of those shortcomings, the following were not ensured: the institution’s capacity to ascertain the situation and conditions of the real estate market in which it operates, uniform compliance with the applicable appraisal rules, its professional independence from shareholders or customers, and control of the incompatibility obligations applicable to the professionals in its service.

27/09/22 Final administrative decision
24/08/22

Fine imposed on Santander Consumer Finance, S.A., amounting to five hundred and forty thousand euro (€540,000) – after application of the reduction of 40% provided for 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, as defined in Article 93(f) of the aforementioned Law 10/2014, comprising the performance of actions or operations in breach of the rules issued under Article 5 of said Law 10/2014.

Specifically, in breach of Ministerial Order 2899/2011 and Banco de España Circular 5/2012, by failing to provide customers, when settling unpaid consumer loans, with the mandatory interest or fee and commission settlement document, without such breaches being occasional or one-off in nature.

27/07/22 Final decision
02/08/22

Fine imposed on GLOVAL VALUATION, S.A., amounting to one hundred and fifty thousand euros (€150,000) – after application of the reductions of 40% established in Article 85 of Law 39/2015 of 1 October 2015 on the common administrative procedure for general government –, provided for in Article 97(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, as defined in Article 3.(bis.2)(a).3ª of Law 2/1981 of 25 March 1981 on mortgage market regulation, comprising shortcomings in the administrative, technical or personnel organisation of the institution or in its internal control procedures. As a result of those shortcomings, the following were not ensured: the institution’s capacity to ascertain the situation and conditions of the real estate market in which it operates, uniform compliance with the applicable appraisal rules, its professional independence from shareholders or customers, and control of the incompatibility obligations applicable to the professionals in its service.

14/06/22 Final decision
02/08/22

Fine imposed on Mr. Joaquín Elizaga Guitart, director of  GLOVAL VALUATION, S.A., amounting to five thousand euro (€5,000), provided for in 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, as defined in Article 3(bis.2)(a).3ª of Law 2/1981 of 25 March 1981 on mortgage market regulation, comprising shortcomings in the administrative, technical or personnel organisation of the institution or in its internal control procedures. As a result of those shortcomings, the following were not ensured: the institution’s capacity to ascertain the situation and conditions of the real estate market in which it operates, uniform compliance with the applicable appraisal rules, its professional independence from shareholders or customers, and control of the incompatibility obligations applicable to the professionals in its service.

14/06/22 Final decision
12/05/22

Fine imposed on Mr. Moshe Shoshan, shareholder of E. Kuantia, E.D.E., S.L., amounting to nine thousand six hundred euro (€9,600) after application of the 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, as defined in Article 23(2) of Law 21/2011 of 26 July 2011 on electronic money, and in Article 27(4) of Royal Decree 778/2012 of 4 May 2012 on the legal regime for electronic money institutions.

Specifically, this infringement consisted in the acquisition of a significant shareholding in the above mentioned electronic money institution, without fulfilling the obligations under Article 21 of the aforementioned Law 21/2011 to give prior notice and submit relevant information to the Banco de España.

28/01/21 Final administrative decision. Currently under appeal before the courts
12/05/22

Fine imposed on Mr. José Luis Sainz Dochado, shareholder of E. Kuantia, E.D.E., S.L., amounting to eight thousand euro (€8,000) after application of the 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, as defined in Article 23(2) of Law 21/2011 of 26 July 2011 on electronic money, and in Article 27(4) of Royal Decree 778/2012 of 4 May 2012 on the legal regime for electronic money institutions.

Specifically, this infringement consisted in the acquisition of a significant shareholding in the above mentioned electronic money institution, without fulfilling the obligations under Article 21 of the aforementioned Law 21/2011 to give prior notice and submit relevant information to the Banco de España.

28/01/21 Final administrative decision. Currently under appeal before the courts
22/02/22

Fine imposed on BANCO MEDIOLANUM, S.A., amounting to three hundred thousand euro (€300,000) – after application of the reductions 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 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, as defined in Article 93(l) of said Law 10/2014, comprising the sending of inaccurate information required to be reported to the Banco de España in the return “Interest rates on lending transactions in Spain with the resident private sector” included in Annex 9 of Circular 5/2012 of the Banco de España.

24/01/22 Final decision
05/01/22

Fine imposed on TINSA TASACIONES INMOBILIARIAS, S.A.U., amounting to three hundred thousand euro (€300,000), provided for in Article 97(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, as defined in Article 3(bis.2)(a).3º of Law 2/1981 of 25 March 1981 on mortgage market regulation, comprising shortcomings in the administrative, technical or personnel organisation of the institution or in its internal control procedures. As a result of those shortcomings, the following were not ensured: the institution’s capacity to ascertain the situation and conditions of the real estate market in which it operates, uniform compliance with the applicable appraisal rules, its professional independence from shareholders or customers, and control of the incompatibility obligations applicable to the professionals in its service.

25/11/20 Final decision
05/01/22

Fine imposed on JOSÉ ANTONIO HERNÁNDEZ CALVÍN, general director of TINSA TASACIONES INMOBILIARIAS, S.A.U., amounting to twenty-seven thousand euro (€27,000), provided for in 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, as defined in Article 3(bis.2)(a).3º of Law 2/1981 of 25 March 1981 on mortgage market regulation, comprising shortcomings in the administrative, technical or personnel organisation of the institution or in its internal control procedures. As a result of those shortcomings, the following were not ensured: the institution’s capacity to ascertain the situation and conditions of the real estate market in which it operates, uniform compliance with the applicable appraisal rules, its professional independence from shareholders or customers, and control of the incompatibility obligations applicable to the professionals in its service.

25/11/20 Final decision
05/01/22

Fine imposed on IGNACIO MARTOS NAVARRO, director of TINSA TASACIONES INMOBILIARIAS, S.A.U., amounting to twenty-five thousand five hundred euro (€25,500), provided for in 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, as defined in Article 3(bis.2)(a).3º of Law 2/1981 of 25 March 1981 on mortgage market regulation, comprising shortcomings in the administrative, technical or personnel organisation of the institution or in its internal control procedures. As a result of those shortcomings, the following were not ensured: the institution’s capacity to ascertain the situation and conditions of the real estate market in which it operates, uniform compliance with the applicable appraisal rules, its professional independence from shareholders or customers, and control of the incompatibility obligations applicable to the professionals in its service.

25/11/20 Final decision
05/01/22

Fine imposed on BENJAMIN JACOBUS OSNABRUG, director of TINSA TASACIONES INMOBILIARIAS, S.A.U., amounting to twenty-one thousand two hundred and fifty euro (€21,250), provided for in 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, as defined in Article 3(bis.2)(a).3º of Law 2/1981 of 25 March 1981 on mortgage market regulation, comprising shortcomings in the administrative, technical or personnel organisation of the institution or in its internal control procedures. As a result of those shortcomings, the following were not ensured: the institution’s capacity to ascertain the situation and conditions of the real estate market in which it operates, uniform compliance with the applicable appraisal rules, its professional independence from shareholders or customers, and control of the incompatibility obligations applicable to the professionals in its service.

25/11/20 Final
05/01/22

Fine imposed on IGNACIO GARCÍA-ALTOZANO FESSER, director of TINSA TASACIONES INMOBILIARIAS, S.A.U., amounting to eighteen thousand seven hundred euro (€18,700), provided for in 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, as defined in Article 3(bis.2)(a).3º of Law 2/1981 of 25 March 1981 on mortgage market regulation, comprising shortcomings in the administrative, technical or personnel organisation of the institution or in its internal control procedures. As a result of those shortcomings, the following were not ensured: the institution’s capacity to ascertain the situation and conditions of the real estate market in which it operates, uniform compliance with the applicable appraisal rules, its professional independence from shareholders or customers, and control of the incompatibility obligations applicable to the professionals in its service.

25/11/20 Final decision
05/01/22

Fine imposed on JORGE QUEMADA SÁENZ BADILLOS, director of TINSA TASACIONES INMOBILIARIAS, S.A.U., amounting to fifteen thousand seven hundred and twenty-five euro (€15,725), provided for in 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, as defined in Article 3(bis.2)(a).3º of Law 2/1981 of 25 March 1981 on mortgage market regulation, comprising shortcomings in the administrative, technical or personnel organisation of the institution or in its internal control procedures. As a result of those shortcomings, the following were not ensured: the institution’s capacity to ascertain the situation and conditions of the real estate market in which it operates, uniform compliance with the applicable appraisal rules, its professional independence from shareholders or customers, and control of the incompatibility obligations applicable to the professionals in its service.

25/11/20 Final decision