Banco de España

Chapter 7. Banco de España

With effect from this update, the following changes are included in this chapter: tables 7.14 and 7.15 on peseta banknotes and coins in circulation are eliminated and tables 7.16 and 7.17 on banknotes distributed less banknotes withdrawn and euro coins placed in circulation are modified.

The elimination of the peseta-related tables is because they are obsolete since there has been no change since February 2002. In any event, it should be noted that in tables 7.16 and 7.17 there is a memorandum item of the amount of peseta banknotes and coins which have still not been returned to the Banco de España.

The columns relating to the amount by denomination have been eliminated from Tables 7.16 and 7.17 on banknotes distributed less banknotes withdrawn and euro coins placed in circulation. This information was redundant since the denomination and the number of banknotes give the amount in question. The explanatory notes to these tables were also updated for greater simplicity in the section "Notes to the tables of chapter 7".

Similarly, table 7.16 does not include the euro banknotes which are actually in circulation in Spain but the banknotes placed in circulation in net terms by the Banco de España. This means that it includes the banknotes for each denomination which left the Banco de España, less those which returned to the Banco de España. Consequently, for certain banknote denominations, the net amount placed in circulation may be negative in so far as the Banco de España has withdrawn banknotes placed in circulation by another central bank in the Eurosystem. In the case of Spain, this effect is significant, among other reasons, due to high tourist inflows into Spain.

It is also important to underline that this figure is different to that for banknotes issued in the balance sheets of national central banks in the Eurosystem. The balance sheet includes the figure corresponding to each central bank based on its share in the ECB’s paid-in capital (less 8% of the banknotes which are recorded in the ECB’s own balance sheet). The difference between these two figures – that in the balance sheet (published in table 7.2) and that of banknotes placed in circulation in net terms (disseminated in table 7.16) – is recorded as a claim/liability within the Eurosystem in relation to banknote issuance.

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