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The Executive Commission

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

  • Contributes to the implementation of the monetary policy formulated by the European System of Central Banks.
  • Resolves administrative authorisations to be granted by the Bank.
  • Issues recommendations and requests to credit institutions.
  • Adopts measures relating to intervention and the replacement of directors, as well as any others that have been entrusted by law to the Banco de España.


The members of the Executive Commission are the Governor, the Deputy Governor and two members appointed by the Governing Council, at the proposal of the Governor, from among the elected of the Council.

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

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