The Banco de España supervises other institutions, the authorisation of which is the responsibility of the Ministry of Economic Affairs and Digital Transformation, through its General Secretariat of the Treasury and International Financing, following consultations with the Banco de España and SEPBLAC. Of these institutions, payment institutions and electronic money institutions authorised in other Member States of the EU may establish branches in Spain and are free to provide services using the so-called EU passport procedure.
The Banco de España also authorises and supervises currency-exchange bureaux.
Specialised lending institutions (SLIs)
Their typical activities are credit operations in very specific areas (leasing, factoring, mortgage loans, provision of guarantees) but they are not allowed to take deposits or other repayable funds from the public. They may also provide payment services if they are authorised as hybrid payment institutions. Their legal framework is basically included in Title II of Law 5/2015 of 27 April 2015
on the promotion of business financing.
The authorisation specifications of specialised lending institutions are similar to those of banks, albeit with requirements proportionate to their complexity, size, business profile and specific features, in particular lower minimum capital. Their legal framework is currently regulated in Royal Decree 309/2020 of 11 february 2020 on the legal regime of specialised lending institutions.
The application for authorisation procedure can be found on the website of the Ministry of Economic Affairs and Digital Transformation.
Mutual guarantee companies (MGCs) and reguarantee companies
Mutual guarantee companies are open-end companies specialising in the granting of guarantees to their members, which must be small and medium-sized enterprises (by guarantee or any other accepted means, except suretyship insurance), and can be used so that they obtain financing in more favourable conditions than if they were to approach a credit institution themselves.
Reguarantee companies are finance companies whose corporate purpose is the counter-guarantee of guarantee operations performed by guarantee companies.
The legal framework envisaged for both types of companies is included in Law 1/1994 of 11 March 1994 on the legal framework for mutual guarantee companies and its implementing regulations approved by Royal Decree 2345/1996 of 8 November 1996 on the administrative authorisation and solvency requirements of mutual guarantee companies.
The application for authorisation procedure can be found on the website of the Ministry of Economic Affairs and Digital Transformation.
Owners of currency-exchange bureaux
The Banco de España is responsible for granting authorisation to perform transactions comprising the purchase and sale of foreign banknotes and traveller's cheques in exchange for delivery of their equivalent value in euro or in other banknotes of foreign banks in establishments open to the public other than credit institutions. The activity of the purchase of foreign currency may be carried out by natural and legal persons, exclusively or in addition to the business comprising the main activity.
The business of the sale of foreign currency may only be carried out by a legal person with this business as its exclusive corporate purpose, without prejudice to the Banco de España deeming, at the request of the interested party, other activities as ancillary or supplementary to those of the corporate purpose.
The legislation applicable, the authorisation procedure of owners of currency-exchange bureaux, the prior steps to be taken, the documentation which must accompany the application and the time limit for a decision to be made, are available at the Banco de España Virtual Office.
