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Direct accounts

What are direct accounts?

Direct accounts are securities accounts opened at Banco de España to maintain Public debt balances in account entries for their holders.

These balances of securities remain segregated by direct account in the name of their holders in the register of third parties of Banco de España.

Under no circumstances shall the holding of a direct account allow the opening of a checking account with Banco de España in the name of the holder of the direct account.

Banco de España may refuse to open or close a direct account when the holder(s) do not make the payments corresponding to their awarded subscription requests within the established time limits, or when their action compromises the correct functioning of the Direct Accounts Service.

What do direct accounts offer?

In general:

  • The exercise of the economic rights arising from registered balances of debt (collection of interest, amortization, payments), that shall become effective by means of a bank transfer to the account provided by the holder.
  • At the request of the holder, amortised Debt reinvestments provided that said amortisation is made on the same date as debts issuance (instrument schedules are prepared so issuances are followed by amortisations). If there is a possibility of reinvestment, Banco de España notifies the holders with sufficient time to do so.
  • Timely management of information is provided through the mailing of transaction receipts, reinvestment requests, notification of cash credits, letters with tax information, etc.
  • The possibility of transferring the registered debt, before its maturity, to another entity participating in the Spanish public debt markets or to the entity designated as the BME for sales on the secondary market.

What do direct accounts exclude?

  • No purchase or sale of government debt may be made on the secondary debt market.
  • Changes in ownership arising from any transactions on the secondary market cannot be recorded.

What expenses do they incur?

Credit transfers are charged to Banco de España at the fees agreed by its Executive Committee. These fees are currently established at 1.5 per thousand, with a minimum of 0.9 euros and a maximum of 200 euros on the sum to be transferred.

How to file a complaint

Citizens who do not agree with the actions of Banco de España as a participant in the Spanish public debt markets may file a complaint with the Sub-directorate General for Public Debt of the Directorate General for the Treasury and Financial Policy or with the Market Conduct and Complaints Department of Banco de España.

Procedures possible at Banco de España in relation to the direct account service