Chapter 1. Functions and organisation

In 2024 a new Governor, José Luis Escrivá, and a new Deputy Governor, Soledad Núñez, were appointed.

Moreover, with the creation of the new Directorate General Institutional and European Relations and Transparency, the Independent Evaluations Office and the Environmental, Social and Governance Office, the Banco de España boosted its transparency, accountability and sustainability. And with the creation of the Data Office, which works to enhance analytical tools and new technologies, such as artificial intelligence, it aims to showcase the value of data.

Lastly, we highlight that eight of our branch offices turned 150 in 2024: A Coruña, Barcelona, Bilbao, Malaga, Oviedo, Palma, Valladolid and Zaragoza.

Chapter 2. Transparency, accountability and relations with the public

Transparency is a core principle that guides all of the Banco de España’s activities. It is subject to continuous improvement, to ensure clear and open communication.

As regards accountability, which is essential for maintaining the public’s trust and our commitment to society, improvements have been made in communication and dialogue channels.

In late 2024 the strategic framework that will inform the design and roll-out of the Strategic Plan 2030 was approved.

Chapter 3. Activity report

This chapter describes the activities conducted by the Banco de España across a broad sphere: monetary policy, financial risk and asset management and payment systems; supervision of financial institutions; financial stability and preventive resolution; banknotes and coins; resolution of bank customer complaints and enquiries; statistics, financial information and the Central Credit Register; economic analysis; environmental sustainability; actions at European and international level; and regulatory developments.

Chapter 4. Institutional social responsibility

In 2024 the Banco de España maintained its commitment to conserving and showcasing its heritage, as well as its commitment to social responsibility and support for research and culture.

Two key highlights of the year were the inclusion of the portraits of King Felipe VI and Queen Letizia made by the photographer Annie Leibovitz and the acquisition of nine works for the Special Value Collection.

In the area of social responsibility, grants totalling €1,936,979.87 were awarded for research, educational and cultural activities and social and humanitarian assistance.

Chapter 5. The Banco de España: financial information

The Banco de España reported zero profit in 2024, after releasing financial risk provisions to offset operating losses. As occurred in 2023, these temporary operating losses were due to the shift in the monetary policy stance made, as from 2022, to combat inflation.