Since 1962, supervisory functions in relation to banks and their consolidated groups have been conferred on the Banco de España under various legal provisions. The Single Supervisory Mechanism was set up at European level in 2014.
The basic scope of the Banco de España’s supervisory powers over banks, other entities and markets today can be found in:
| Regulation | Art. | Scope | Content |
|---|---|---|---|
Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions  |
Credit institutions | Regulates the creation and functioning of the European Single Supervisory Mechanism for credit institutions. | |
Law 13/1994 of 1 June 1994 of Autonomy of the Banco de España  (151 KB) |
7(6) | Credit institutions, other entities and markets | Stipulates that the Banco de España shall supervise the solvency and compliance of credit institutions and any other financial institution or market it has been called on to oversee. |
| Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions Art. 4, 50.1 y 56 (1 MB) |
4, 50(1) and 56 | Credit institutions | Confers on the Banco de España supervisory and sanctioning functions in respect of credit institutions, without prejudice to the powers conferred on the European Central Bank under Regulation (EU) 1024/2013. The supervisory function extends to the consolidated groups of credit institutions with a parent company in Spain and to branches of credit institutions of non-EU countries. In the case of branches of credit institutions of an EU Member State, the Banco de España is authorised to perform checks and on-site inspections of their activities in Spain. |
| Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions Art. 58(4) (1 MB) |
58(4) | Credit institutions | Grants the Banco de España powers to supervise transactions between an institution and its non-financial parent company and its subsidiaries. |
| Law 5/2005 at 22 April 2005 on the supervision of financial conglomerates and amending other financial sector laws Art. 5 (195 KB)58.4< |
5 | Credit institutions | Confers on the Banco de España the exercise and coordination of supplementary supervision of regulated entities in certain financial conglomerates (normally those whose parent company is a credit institution). |
Law 6/2023 of 17 March 2023 on securities markets and investment services (available only in Spanish) |
128(3), 233(1)(f) y 249 | Banks’ activities on securities markets | Confers on the Banco de España the supervision and inspection of securities market-related activities conducted by the entities included in its registries. In all cases in which the powers of the Banco de España and of the National Securities Market Commission (CNMV) overlap, the two supervisors shall coordinate their activities on the basis that effective supervision of the solvency and internal organisation matters of the entities concerned falls to the institution that keeps the corresponding registry, while that of the functioning of the securities markets falls to the CNMV. |
| Law 6/2023 of 17 March 2023 on securities markets and investment services (available only in Spanish) |
Tenth final provision. Amendment of Law 5/2015, of April 27, 2015, on the promotion of business financing. | Securitisations | Confers on the Banco de España:
|
| Royal Decree-Law 24/2021 of 2 November 2021 transposing European Union directives (inter alia, on covered bonds) (available only in Spanish) |
33 | Covered bonds | Confers on the Banco de España the supervision of the covered bond programmes. |
| Royal Decree 775/1997 of 30 May 1997 on the legal regime for licensing appraisal services and companies (and implementing aspects of Law 2/1981 of 25 March 1981 regulating the mortgage market) (available only in Spanish) |
15 | Appraisal companies | Confers on the Banco de España the oversight of compliance with the authorisation requirements and other applicable provisions, including those concerning the preparation of appraisal reports and certificates that have effect in the mortgage market or are requested from credit institutions. |
| Law 1/1994 of 11 March 1994 on the legal framework for mutual guarantee companies (available only in Spanish) |
66 | Mutual guarantee companies. Counter guarantee companies | Confers on the Banco de España the control and inspection of mutual guarantee and counter guarantee companies. |
| Law 13/1996 of 30 December 1996 on fiscal, administrative and social measures (available only in Spanish) |
178(2) | Currency-exchange bureaux | Confers on the Banco de España the supervision and control of currency-exchange bureaux authorised to exchange foreign banknotes and traveller’s cheques. |
| Royal Decree-Law 19/2018 of 23 November 2018 on payment services and other urgent financial measures (available only in Spanish) |
26 | Payment institutions and account information service providers | Confers on the Banco de España the control and inspection of payment institutions and their entry on the registry. |
| Law 21/2011 of 26 July 2011 on electronic money (available only in Spanish) |
20(1) | Electronic money institutions. | Confers on the Banco de España the control and inspection of electronic money institutions and their entry on the registry created for this purpose. |
| Law 9/2012 of 14 November 2012 on credit institution restructuring and resolution (available only in Spanish) |
Seventh additional provision | Sareb (asset management company for assets arising from bank restructuring) | Confers on the Banco de España certain supervisory functions in respect of this company. |
| Law 5/2015 of 27 April 2015 on the promotion of business financing (available only in Spanish) |
12 | Specialised lending institutions | Confers the supervisory function on the Banco de España. |
| Law 26/2013 of 27 December 2013 on savings banks and banking foundations (available only in Spanish) |
46 | Banking foundations | Confers on the Banco de España the control of compliance with certain rules related to the influence of the banking foundation over the management of the investee credit institution. |