Annual accounts

As established in Article 29(1) of its Internal Rules, which were approved by the Resolution of its Governing Council on 28 March 2000 (Official State Gazette of 6 April), the annual accounts of the Banco de España comprise the balance sheet, profit and loss account and explanatory notes. These accounts are drawn up in accordance with the internal accounting standards and principles of the Banco de España, which are based on the accounting regulations established for national central banks (NCBs) in the European System of Central Banks (ESCB), in accordance with Article 26(4) of the Statute of the ESCB on standardising the accounting and reporting of the operations of the NCBs. In cases not governed by Eurosystem accounting standards, the Banco de España applies its own internal regulations, based on generally accepted accounting principles, adapted to the special characteristics of the operations and functions of a central bank.

In accordance with Articles 29 and 32 of its Internal Rules, the annual accounts of the Banco de España have been audited by the Internal Audit Department, and analysed and examined by the Audit Committee appointed 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 Rules and Article 27 of the Statute of the ESCB.

Under Article 4(2) of Law 13/1994 of 1 June 1994 of Autonomy of the Banco de España, upon proposal by the Minister for Economic Affairs and Competitiveness, the Government is responsible for approving the Bank's annual balance sheet and accounts, which will be sent to Parliament. As established in Article 21(g) of the aforementioned Law, the Governing Council of the Bank is responsible for authorising the annual accounts for issue.

The Banco de España is subject to external audit by the Spanish 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 within two months of the annual accounts of the Banco de España being approved by the Government. The Court of Auditors issues audit reports assessing certain aspects of the entity, the activity or the programme being audited. The latest reports issued by the Court of Auditors in relation to the Banco de España are available in the left-hand column, under “Other useful information”.