Own-portfolio management

In 2019, the Banco de España incorporated sustainable and responsible investment principles into its investment framework for the management of its non-monetary policy portfolios, and has agreed a common stance with the other Eurosystem national central banks on the application of such principles to their euro-denominated non-monetary policy portfolios, in line with the recommendations of the Network for Greening the Financial System (of which Banco de España has been a member since 2018), and which promotes climate risk transparency and understanding.

  • Investment portfolio. Basic Principles:
    • Neutrality.
    • Prudence.
    • Professionalism.
    • Efficiency.
    • Sustainability and responsibility.

For this purpose, the Banco de España is building a special portfolio for sustainable and responsible investment (SRI), by directly investing in green bonds denominated in different currencies and participating in the green investment funds (denominated in euro and US dollars) managed by the Bank for International Settlements (BIS):

  • SRI special portfolio:
    • Direct investment: Green Bonds.
    • indirect investment: BIS Funds.

Documents of interest