Annual accounts

The annual accounts of Banco de España, as established in Article 29.1 of its Internal Regulations, approved by the Resolution of its Governing Council on 28 March 2000 (Official State Gazette of 6 April), include the balance sheet, profit and loss statement, and an Explanatory Memorandum. These statements are drafted according to the internal regulations and accounting principles of Banco de España. These regulations and principles are based on the accounting regulations established for national central banks (NCB) in the European System of Central Banks (ESCB)1, in accordance with Article 26.4 of the ESCB Statutes, on the standardisation of accounting procedures and information on the operations of the NCBs. In cases not governed by the accounting regulations of the Eurosystem, Banco de España applies its own internal regulations, based on general accounting standards, adapted to the special characteristics of the operations and functions of a central bank.

In accordance with Articles 29 and 32 of its internal regulations, the annual accounts of Banco de España have been audited by the internal audit department, and analysed and examined by the Audit Committee designated for this purpose by the Bank's Governing Council. These accounts have also been audited by independent external auditors, as established in Article 29 of the Internal Regulations and Article 27 of the ESCB Statutes.

In accordance with Article 4.2 of Law 13/1994 of 1 June 1994 on the Autonomy of Banco de España, the State Government must approve the Bank's balance sheet and financial statements, which are submitted by the Minister of the Economy and Competitiveness to Parliament. The Governing Council of the Bank is responsible for drafting its annual accounts, as established in Article 21.g) of the aforementioned Law.

The Banco de España shall be subject to external auditing by the Court of Auditors (Tribunal de Cuentas). The Governor of the Banco de España shall submit a certified copy of the balance sheet and the accounts for the year, together with the corresponding report, to the Court of Auditors no later than two months after the annual accounts of the Banco de España have been approved by the Government. The Court of Auditors issues auditing reports verifying certain aspects of the entity, the activity or the program being audited. The last reports issued by the Court of Auditors regarding the Banco de España are available on the right column “Other Useful Information”.