The Executive Board of the Banco de España, in accordance with the provisions of Article 23.1 (a) and (h) of Law 13/1994, of 1 June, of Autonomy of the Banco de España; in Article 66.1 (a) and (i) of the Regulation Internal Banco de España and Clause XII of the "General Clauses applicable to the Monetary Policy Operations of the Banco de España" approved by Resolution of the Executive Commission of the Bank of Spain of 11 December 1998, and with reason for the adoption by the European Central Bank of the Guideline ("Guideline") (a) of 13 December 2010 amending Guideline ECB/2000/7 of 31 August 2000 on the instruments and procedures of the Eurosystem monetary policy (ECB/2010/30), agrees:

First.-Give the following wording to the number 1.4 of General Clause VI of the above "General Clauses applicable to the Monetary Policy Operations of the Bank of Spain", approved by Commission Resolution Executive of the Bank of Spain of 11 December 1998:

" 1.4 Counterparties may not deliver and the Banco de España shall not accept as collateral those assets issued or guaranteed by that counterparty or by another entity with which the former have close links. For this purpose, close links shall be understood to exist where the counterparty is linked to the issuer/debtor/guarantor of the eligible instrument in any of the following ways:

(a) The counterparty owns, directly or indirectly, through one or more companies, 20% or more of the issuer/debtor/guarant; or

(b) The issuer/debtor/guarantor holds, directly or indirectly, through one or more undertakings, 20% or more of the capital of the counterparty; or

(c) A third party holds more than 20% of the capital of the counterparty and more than 20% of the issuer/debtor/guarantor's capital, either directly or indirectly, through one or more undertakings.

This rule will not be applied in the assumptions of:

(a) Close ties between the counterparty and the public sector entities of the countries of the European Economic Area which have the right to collect taxes, or in the case of an income instrument it is guaranteed by a public sector entity in the countries of the European Economic Area which has such a right.

(b) Securities of credit institutions issued in accordance with the criteria laid down in Article 52.4 of the Directive on the coordination of laws, regulations and administrative provisions relating to certain undertakings for collective investment in transferable securities (UCITS) (Directive 2009 /65/EC).

(c) Cases in which securities are protected by legal safeguards similar to those provided for in subparagraph (b) above, such as (i) fixed income instruments secured by non-marketable mortgages, which are not securities or (ii) structured collateralised bonds which have the guarantee of a loan for the purchase of housing or a commercial mortgage loan (i.e. certain covered bonds of which the European Commission has not declared which meet the criteria applicable to UCITS), which satisfy all the criteria applicable to the Eurosystem for securitisation bonds with respect to the asset selection criteria and the credit assessment system and which meet certain additional criteria specified by the Banco de España by means of a Technical Application.

In addition, a counterparty cannot provide securities from a securitisation as collateral if it (or any other third party with which it has close links) provides: (1) exchange rate cover ('hedge currency ') to the securitisation by means of a hedging transaction concluded with the issuer or (2) liquidity support for an amount of 20% or more of the value of the securities from the securitisation outstanding.'

Second.-The modifications contained in the first point above shall apply from 1 February 2011.

Madrid, 29 December 2010.-The Secretary General of the Banco de España, José Antonio Alepuz Sánchez.