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The Executive Commission

The Executive Commission of the Banco de España, subject to the guidelines of the Governing Council:

  • Contributes to the conduct of the monetary policy formulated by the European System of Central Banks.
  • Determines administrative authorisations to be granted by the Bank.
  • Makes recommendations and requests to credit institutions.
  • Determines intervention measures and the replacement of directors or other measures that have been vested by law to the Banco de España.


The Executive Commission is formed by the Governor, the Deputy Governor and two commission members designated by the Governing Council at the proposal of the Governor, from among the non ex-officio members of the council.

The Directors-General of the Banco de España (Alejandro Álvarez, Juan Ayuso, Ángel Estrada, Ángel Gavilán, Mercedes Olano and Alberto Ríos) attend its meetings as non-voting members.

The General Secretary of the Banco de España (Francisco Javier Priego) acts as non-voting Secretary to the Executive Commission.