At the beginning of the current international financial crisis, Spanish credit institutions enjoyed good financial health and virtually no exposure to so-called toxic assets. However, the Spanish banking system has not been immune to this crisis, as it has been, since its inception, a drastic tightening of market access and liquidity access to what it was joining as the crisis took place. In time, a deterioration in assets, especially those related to exposure to the real estate promotion sector.

The interaction of these two elements, hardening of access to finance and asset deterioration, resulted in the course of 2008 a generalized restriction on the conditions of granting credit, with special effect on SMEs and households. This reaction of the institutions to the change in the financial environment and the economic outlook has probably been one of the explanatory factors of the depth of the recession in the real activity, which was also emphasized with the aggravation of the international crisis in October 2008. At that time the magnitude of the potential systemic problem that this dynamic engendered, led to the adoption of exceptional measures by the government, within the framework of the coordinated response of the European Union. The creation of the Financial Assets Acquisition Fund, the programme of guarantees for the financing of credit institutions and the increase in the maximum amount guaranteed by the Deposit Guarantee Funds have contained the costs of the of the crisis.

Almost two years after the start of the international crisis, the resilience of the Spanish banking sector, traditionally subject to regulation and supervision based on a prudent and rigorous application of the international standards, has been remarkable, particularly in relation to that of the countries of our environment. Entities that could be considered as more determinants for the health of the system by their size, maintain a solid position that can allow them, with a reasonable degree of certainty, to continue to face the crisis without the need for public support. This point is essential, because it places the Spanish banking sector in a very favourable position vis-à-vis those of the major advanced economies. Among the medium-sized or small entities are also entities that maintain a solid position, however, there could be some that could be able to see their viability compromised in the coming months, due to the interaction of the persistence of liquidity and financing problems with the relative deterioration of its assets, a notable increase in the indouosity and decrease in its business, as a consequence of both the duration, intensity and extent of the crisis, and the sharp drop in the economic activity caused by the same.

In normal circumstances, the Deposit Insurance Funds of Banks, Savings Banks and Credit Unions, together with the Banco de España, have at their disposal sufficient tools to deal with individual crises of a number of entities. These tools refer to those referred to in Royal Decree 2606/1996 of 20 December 1996 on the Deposit Insurance Fund of Credit Entities, in which it is established that the Deposit Guarantee Funds are not only to guarantee deposits in money and securities made up of credit institutions, but can also carry out actions aimed at strengthening the solvency and functioning of credit institutions in a situation of difficulty.

However, the current situation cannot be described as normal, and although it is foreseeable that institutions which are likely to enter into difficulties do not have, individually for their size, systemic character, the joint consideration of its viability problems if it could lead to a potential systemic risk which justifies the provision of additional instruments and the use of public resources, in the event that the circumstances necessary for the use of such resources are use. To give up public management of this process, if circumstances were to be given, could lead to a difficult problem for the sector to assume through the three Deposit Guarantee Funds in credit institutions, despite being the best European Union. This disorderly resolution could lead to contagion, loss of confidence and an additional restriction on credit, affecting the ability of the financial system to fulfil its economic functions and ultimately producing what is known as systemic risk.

It is therefore necessary to put in place a strategy that favors the solution of problems through an orderly restructuring of the Spanish banking system, with the objective of maintaining confidence in the financial system. and to increase its strength and solvency in such a way that the remaining entities are solid and can provide credit as normal. Compliance with these objectives will in many cases require that the installed capacity and the cost structures of the entities be adapted to an environment where the demand for financial services will be more moderate. In this context, it is also important to include support for integration processes between entities that, without finding themselves in a situation of difficulty, aim to ensure their future viability by improving their efficiency in the medium term through such processes.

The strategy must be adapted to the Spanish circumstances and to the principles set out in the Non-Law Proposition adopted by the Congress of Deputies on March 17, 2009. According to these principles, the restructuring must be carried out as far as possible the traditional crisis treatment mechanisms, especially the Deposit Guarantee Funds in Credit Institutions, which have so good results. given in the past. In addition, private solutions must first be exhausted, minimising the cost to the taxpayer where public funds need to be used, avoiding widespread recapitalisation aimed at maintaining non-viable entities, and promoting the assumption of responsibility by the shareholders and managers, the transparency of the process as well as the protection of depositors. These principles are fully consistent with the Common Crisis Management Principles agreed in June 2008 by the Ministers of Finance, central banks and supervisory authorities of the European Union. Similarly, the established process is proportionate and temporary, in line with the principles set out in the Communication of the European Commission of 5 December 2008, in particular from the point of view of avoiding distortions in competition.

Consequently, this royal decree-law sets out a series of measures to be able to carry out the necessary strategy in the area of bank restructuring by establishing a pre-determined process which is aimed at increase the strength and solvency of the Spanish banking system.

The proposed bank restructuring model is articulated around the three Deposit Guarantee Funds in Credit Entities and the use of a new institution created for this purpose, the Restructuring Fund Banking order. With regard to the restructuring processes, three phases can be distinguished: (I) the search for a private solution by the credit institution itself, (II) the adoption of measures to address weaknesses that could affect the viability of the credit institutions with the participation of the Deposit Insurance Funds in credit institutions and (III) the restructuring processes with the intervention of the Banking Ordered Restructuring Fund.

Title I of this royal decree-law addresses, in its Chapter I, the creation of the Banking Ordered Restructuring Fund and, in its Chapter II, the operative of the processes of restructuring of credit institutions.

Chapter I lays down the legal system of the Banking Ordered Restructuring Fund, which assumes two functions: the management of the processes for the restructuring of credit institutions and the strengthening of own resources in the certain integration processes.

The Banking Orderly Restructuring Fund will have the same legal regime applicable to the Deposit Insurance Funds. As regards the financing system, it will have an allocation of 9 billion euros, of which 2,250 will be provided by the Deposit Guarantee Funds and 6,750 will be charged to the General Budget of the State. The new monetary policy measures announced by the European Central Bank (ECB) on 7 May 2009, consisting of the provision of one-year liquidity and the purchase of mortgage securities on the market, should help to overcome the extraordinary circumstances of restriction on access to the financing of credit institutions that justified the implementation, by means of Royal Decree-Law 6/2008 of 10 October of the Fund for the Acquisition of Financial Assets. The operations carried out to date by this Fund have allowed access to medium-term financing by credit institutions operating in Spain. However, the new measures announced by the ECB should alleviate these restrictions. Therefore, in order to minimize the impact of the new Banking Ordered Restructuring Fund on the General Budget of the State, it is anticipated that the new Fund will be provided with the credit that will be provided by the Fund for the Acquisition of Financial Assets. In addition, the new Fund for Bank Ortiordinate Restructuring will be able to attract foreign funding in the securities and credit markets with a guarantee from the State, no matter how much it does not exceed its allocation by three times. However, the Minister for Economic Affairs and Finance may authorise that limit to be exceeded after 1 January 2010, without, in any event, the financing of the Bank's Ordered Restructuring Fund may be more than 10%. times their endowment.

As far as your government is concerned, the Orderly Restructuring Fund is governed and administered by a Rectoring Commission composed of 8 members, 5 proposed by the Bank of Spain (one of them is the Subgovernor). ), and 3 correspond to each of the Deposit Insurance Funds. They are all appointed by the Minister for Economic Affairs and Finance, with a term of 4 years renewable and with equal causes of cessation as those of the members of the Deposit Guarantee Funds.

In addition, a representative of the General Administration of the State Administration appointed by the Minister of Economy and Finance has been scheduled to attend the sessions of the Rectoring Commission, with a voice but without a vote. Proposal of the General Financial Controller. Its presence is justified by the public financing of the Banking Ordered Restructuring Fund.

The Rectoring Commission will raise a four-monthly report on the management of the Bank's Orderly Restructuring Fund to the Minister of Economy and Finance. With regard to parliamentary control, the Secretary of State for Economic Affairs will appear before the Economic and Finance Committee of the Congress of Deputies, in order to report on the added evolution of the economy. credit, the situation of the banking sector and the development of the activities of the Banking Restructuring Fund. In addition, the President of the Rectoring Commission of the Fund for Banking Restructuring will appear in the conditions to be determined by the Economic and Finance Committee of the Congress of Deputies and within 30 days of the the implementation of each operation by that Fund, to report on the Fund.

Chapter II addresses the processes of restructuring credit institutions.

The first phase of the restructuring process involves the search, by a credit institution, of a private solution that will report a strengthening of its solvency for what is a non-regulated or non-default phase. normatively. In the absence of this solution, the default and orderly restructuring process, covering the last two phases, which are those referred to in Chapter II, would be put in place.

The second phase involves the adoption of measures to address weaknesses that could affect the viability of credit institutions with the performance of the Sectoral Deposit Guarantee Funds. It is, therefore, a similarly private but orderly and watered-down solution.

The assumption of this second stage is that there are weaknesses in the economic-financial situation of an entity that could put the viability at risk and determine the appropriateness of undertaking a process of restructuring. In these cases, either on the initiative of the institution or on the initiative of the Banco de España, an action plan must be presented to overcome the situation. The plan has to be approved by the Bank of Spain, which will be able to modify it as needed. The Plan may include three actions: strengthening the equity and solvency of the entity, its merger or absorption or the total or partial transfer of the business or units thereof.

The measures that can be taken are the preventive and sanitation measures in charge of the Sectoral Deposit Guarantee Fund provided by Royal Decree 2606/1996, of 20 December, of the Deposit Insurance Fund of Entities. of Credit, although the Fund for Banking Restructuring could grant funding, under market conditions, to the Deposit Guarantee Funds so that they can undertake the functions of financial support for the action plans.

If the situation of weakness persisted and a number of assumptions were produced, the third phase would be entered into the intervention phase of the Banking Ordered Restructuring Fund.

In this case the replacement of the entity's administrators by the Banco de España that will appoint an administrator to the Fund of Ordered Restructuring is produced that must prepare a situation report and submit to the The Bank of Spain approved a restructuring plan. Since the appointment of the Bank Ordered Restructuring Fund as an administrator and, as long as the restructuring plan is drawn up, the Fund could, temporarily, provide the financial support to be specified in accordance with the the principle of the most efficient use of public resources.

The restructuring plan aims either at the merger of the entity or the total or partial transfer of the business through the global or partial disposal of assets and liabilities by means of procedures that ensure competition, as, among others the auction system.

The plan may include financial support measures (granting of guarantees, loans, subscription or acquisition of securities representative of own resources, etc.) and management measures (organization and procedure and control). entity). I would also consider two key elements:

First of all, in the case of the Savings Banks, if the Orderly Restructuring Fund acquired participative quotas, it would acquire a right of representation in the General Assembly of the Fund equal to the percentage that the quotas represent on the net worth of the Box. In other words, it would give political rights to the participative quotas subscribed by the Fund. This right of representation is conceptualised as an exceptional right which can only be maintained while the Bank Ordered Restructuring Fund retains ownership of these securities and is in no case transmissible to subsequent securities. (i) acquiring the quotas. It is, in short, possible to make it possible in this case to use a traditional restructuring tool such as the acquisition of shares in banking entities.

Secondly, the approval by the Banco de España of a restructuring plan will determine that the concrete merger operations of credit institutions, either by absorption or by the creation of a new entity of credit institutions, will credit, or a global or partial division or transfer of assets and liabilities contained therein, as well as any acquisitions of significant shareholdings resulting from its execution and the statutory amendments which, where appropriate, are produce as a result of those operations do not require any administrative authorisation (a) further in the field of credit and banking management, except those required by the law on the defence of competition. However, prior to the adoption of the corresponding plan, the Banco de España must, in a precept, request a report from the competent authority of the Autonomous Community (in the case of savings banks) or the Minister for Economic Affairs and Hacienda (in the case of banks) or corresponding to them according to the scope of action if it were a credit union.

It should not be forgotten that it tries to deal with an absolutely exceptional situation. Hence, the technical specialization of the Banco de España determines that the credit management not only corresponds to the Legislator and the Government but also to the Banco de España itself in its consideration of guarantor of good functioning and stability. of the financial system.

In fact, the Constitutional Court (STC 235/1999, of 16 December), in the thread of the functions of the Deposit Guarantee Funds, has come to recognize that the basic character of the functions is derived from the current legislation The Bank of Spain has been exercising its powers to preserve the solvency of credit institutions. This is because the safeguarding of this solvency transcends the individual cases and protects a supra-regional interest, which is the stability of the financial system as a whole, which is adversely affected by the insolvency situations in which the This is the case for a third party, which is the subject of the law of the European Parliament, which is the subject of the law of the European Parliament. involve the whole of the credit institutions.

The Constitutional Court has also determined that the suspension and intervention of an entity in a difficult situation affects the financial system as a whole and invades supra-regional interests that determine the reserve the State of the full legal cycle: legislation, regulatory development and enforcement, with the latter being attributed to the Banco de España.

The investments made by the Bank Ordered Restructuring Fund in the execution of a restructuring plan are applicable to the exemption of certain limitations or legal obligations such as limitations. the right to provide assistance to the General Boards or the right to vote in respect of the actions which the Fund acquires or underwrite or the limitations on the holding of participative quotas provided for in Article 7 (7) of the Law 13/1985, of 25 May, of Investment Coefficient, Own Resources and Obligations of Information from Financial Brokers.

Title II of this royal decree-law deals with the so-called strengthening of own resources by the Bank Ordered Restructuring Fund.

In addition to the function related to the processes of restructuring of credit institutions, this royal decree-law also provides for the possibility that the Fund of Ordered Restructuring Banking support processes of integration between credit institutions aimed at improving their efficiency in the medium term. The transitional capitalisation of credit institutions which, without being in a situation requiring a restructuring process such as those described above, initiate an integration process is necessary in a context such as: the current one, characterized by the considerable difficulty of obtaining own resources in the wholesale markets that can hinder the onslaught of operations that could suppose a breakthrough in the rationalization of the productive structure in the degree of efficiency of the measure, which would ultimately contribute to increasing the strength and solvency of the system as a whole. Such processes may include, inter alia, the so-called "institutional protection systems" whose objectives are comparable to those generated in a merger process with regard to the way in which they operate, the determination and execution of the policies and strategies of the participating entities and the establishment and exercise of their internal controls and risk management.

To this end, it is anticipated that the Fund of Ordered Restructuring Banking can acquire the concrete titles, as referred to this royal decree-law, issued by the credit institutions resident in Spain immersed in the process integration. The entities in question would then draw up an integration plan that provides for integration processes that involve, among other elements, an improvement in their efficiency, the rationalization of their administration and management, as well as a In order to improve its future prospects, it will be able to improve its productive capacity. This plan must be approved by the Banco de España, under the principle of the most efficient use of public resources.

The securities that may be acquired by the Fund for Ordered Restructuring are preferred shares convertible into shares, in equity shares or in contributions to the share capital. The issuance of such securities is considered exceptional and must be carried out in such a way as to take into account, in any event, the time and risk of the transaction, the need to avoid the risk of a competitive distortion, as well as the ensuring that such acquisition facilitates and encourages the execution and implementation of the integration plan. The terms and conditions of the remuneration for these preference shares shall, in any event, take into account the principles set out by the European Commission. In addition, issuers should commit to repurchasing them as soon as they can in the terms committed in the integration plan. After five years from the disbursement without the preference shares having been repurchased by the institution, the Bank Ordered Restructuring Fund could request its conversion into shares, in participative shares or in social contributions of the issuer. Notwithstanding the above, the issuance agreement shall also include the convertibility of the preferred shares at the request of the Bank Ordered Restructuring Fund if, before the end of the five-year period, the Bank of Spain will consider the buy-back unlikely. The conversion would mean that, in the case of participative quotas, the Banking Ordered Restructuring Fund would acquire that exceptional right of representation in the General Assembly of the savings bank.

The divestment by the Bank Ordered Restructuring Fund of the subscribed securities will be made by its repurchase by the issuing entity or its disposal to third parties. Where the divestiture of such securities or of those resulting from their conversion takes place through their disposal to third parties, it shall be carried out through procedures which ensure competition and within a period not exceeding five years. from the date of compliance with the integration plan, the time limit which shall not be applicable in the case of the application of paragraph 8 of this Article to the entity.

In addition, intense monitoring and control mechanisms for the implementation of the integration plans are foreseen.

It should be stressed that, with regard to the control of the use and destination of public resources, the Fund for Ordered Restructuring is expected to have to raise the Minister of Economy and Finance with an economic memory the financial impact, either from the restructuring plan or from the eventual acquisition of securities in an integration process, on the funds provided by the General Budget of the State. The Minister for Economic Affairs and Finance may object in a reasoned manner.

The royal decree-law contains three additional provisions establishing, on the one hand, the legal status of guarantees formed in favour of the Bank Ordered Restructuring Fund or the Deposit Insurance Funds. in Credit Entities and the guarantee scheme of the guarantee of the economic obligations payable to the Fund of Bank Ordered Restructuring. On the other hand, there is a provision for insolvency law.

Finally, a number of final provisions are contained, including the one amending, on the one hand, the Law of 23 December of 23 December on the General Budget of the State for the year 2009, and for reasons of The Court of Justice held that the Court of Justice held that the Court of Justice and the Court of Justice held that the Court of Justice held that the Court of Justice held that the Court of Justice held that the First, the possibility, already in force, that the Deposit Guarantee Fund or other entities in the sector of savings banks, previously authorized by the Banco de España, can exceed the limit of 5 per 100 of participative quotas. issued by a Savings Bank in situations of exceptional gravity, the figure of the Bank Ordered Restructuring Fund is added, so the latter could also exceed the said holding limit. Furthermore, it is added that in all of these cases the limit on the volume of participative shares in circulation cannot exceed 50% of the equity of the Fund.

Secondly, it is currently established that the competent body to agree on each issue of participatory quotas is the General Assembly, which may delegate this competence to the Board of Directors of the savings. To this end, it is added that such jurisdiction shall in any event be construed as delegated to the provisional administrators designated by the Banco de España under the provisions of Title III of Law 26/1988 of 26 July on Discipline and Intervention of the Credit Entities.

In any case, all these new measures will have a transitory character linked to the evolution of the financial crisis.

The adoption of these measures requires recourse to the Royal Decree-Law procedure, fulfilling the requirements of Article 86 of the Spanish Constitution in terms of its extraordinary and urgent need. The urgency of the approval of this royal decree derives from the need to address the process of orderly restructuring of the banking sector in Spain as soon as possible, so that the necessary instruments are available to make in better conditions to the potential difficulties.

By virtue of the urgency of the adoption of the measures, to allow for their immediate effectiveness, by making use of the authorization contained in Article 86 of the Constitution, on the proposal of the Second Vice President of the Government and Minister for Economic Affairs and Finance and prior deliberation of the Council of Ministers at its meeting on 26 June 2009,

DISPONGO:

TITLE I

Credit Entity Restructuring Processes

CHAPTER I

The Banking Orderly Restructuring Fund

Article 1. Purpose and constitution.

1. The actual decree-law is intended to regulate the legal regime of the Fund for Banking Ordered Restructuring, the processes of restructuring of credit institutions and the strengthening of their own resources.

2. The Fund for Banking Restructuring is set up, which will aim to manage the processes of restructuring of credit institutions and to contribute to the strengthening of their own resources, in the terms set out in this real decree-law.

3. The Fund for Banking Restructuring will enjoy its own legal personality and full public and private capacity for the development of its purposes.

4. The legal system under which the Fund for Bank Ordered Restructuring will be carried out will be the content in this royal decree and in the rules that are dictated in its development, being of application the regime applicable to the Deposit Insurance Funds in Credit Entities. It shall not be subject to the provisions of Law 6/1997 of 14 April of the Organization and the Functioning of the General Administration of the State, nor shall it be subject to the rules governing the budgetary, economic and financial system, accounting, contracting and control of public bodies that are dependent on or linked to the General Administration of the State, except as regards the external audit of the Court of Auditors, in accordance with the provisions of the Law Organic 2/1982 of 12 May of the Court of Auditors. The Fund for Ordered Restructuring Banking will not be subject to the provisions of Law 33/2003, of 3 November, of the Heritage of Public Administrations.

5. The staff of the Bank Ordered Restructuring Fund will be linked to this by a labour law relationship.

6. The Orderly Restructuring Fund will have, for tax purposes, the same treatment as the Deposit Guarantee Funds in Credit Entities.

7. The operations carried out by the Fund for the Orordered Restructuring of Banking will be regulated by the present decree-law and its development regulations. In addition, the rules governing private legal traffic will apply. Such operations shall be communicated to the European Commission or to the National Competition Commission, as appropriate, for the purposes of the rules on competition and State aid.

8. The Bank Ordered Restructuring Fund may agree with the Deposit Insurance Funds or contract with third parties for the performance of any material, technical or instrumental activities that are necessary for the purposes of the the proper performance of their functions

Article 2. Endowment and funding.

1. The Fund for Ordered Restructuring has a mixed allocation from the General Budget of the State and from the contributions of the Deposit Guarantee Funds in Bank Establishments, Savings Banks and Credit Unions. in the terms set out below.

2. The allocation of the Bank Ordered Restructuring Fund is EUR 9 billion, of which a third party must be disbursed at the time of the formalisation of its constitution, which shall be understood at the time when the appointed the members of its Rectoring Commission, and the remainder shall be disbursed within a time limit to be determined by the Fund's Rectoring Committee.

3. The amount of the budget allocated to the general budget of the State will be EUR 6.75 billion. The allocation of the equity contribution to the Banking Ordered Restructuring Fund will be financed from the credit 15.16.931M.879, for which the budgetary changes will be made, in accordance with the provisions of the Law 47/2003 of 26 November, General Budget.

4. The amount of the contribution from the Deposit Guarantee Funds shall be EUR 2,250 million. This amount shall be distributed between the Deposit Insurance Fund in Banking Establishments, the Deposit Insurance Fund in Savings Banks and the Deposit Insurance Fund in Credit Cooperatives according to the percentage that represent the existing deposits in the entities assigned to each of them at the end of the financial year 2008 in respect of the total deposits in credit institutions at that date. This contribution from the Deposit Guarantee Funds may be increased by law.

5. In addition, for the purposes of its purposes, the Fund for Orderly Restructuring will be able to attract financing in the securities markets by issuing fixed income securities, receiving loans, applying for the opening of loans and making any other borrowing operations.

The foreign resources obtained by the Fund for Bank Ordered Restructuring, whatever the method of its implementation, must not exceed the amount of 3 times the amount that exists at each moment. However, the Minister for Economic Affairs and Finance, after 1 January 2010, may authorise that limit to be exceeded, without, in any event, the financing of the Bank's Ordered Restructuring Fund more than 10 times its endowment.

6. The non-committed assets of the Fund shall be in the form of public debt or other high liquidity and low risk assets. Yields of any nature that generate the Fund's assets will be integrated into their endowment. The costs incurred by his management shall also be borne by his staff. The cash service of the Bank Ordered Restructuring Fund will be carried out by the Bank of Spain with which it will sign the appropriate agreement.

Article 3. Government of the Bank Ordered Restructuring Fund.

1. The Fund for Bank Orordinate Restructuring will be governed and administered by a Rector Commission composed of eight members appointed by the Minister of Economy and Finance, of which five will be proposed by the Bank of Spain, and also one in representation of the Deposit Insurance Fund in Bank Establishments, another in representation of the Deposit Insurance Fund in Savings Banks and another in representation of the Deposit Insurance Fund in Credit Union.

Attend the sessions of the Committee with a voice but without a vote a representative of the General Intervention of the State Administration appointed by the Minister of Economy and Finance on the proposal of the Financial Controller General.

One of the members appointed on a proposal from the Bank of Spain will be its Deputy Governor, who will hold the Presidency of the Rector Commission. In the event of the President's absence, he will be replaced by another of the members appointed on a proposal from the Bank of Spain elected by a majority of the members of the Rector Committee attending the session. The members of the Rectoring Commission shall appoint from among those who are on a proposal from the Bank of Spain to whom it will perform the duties of the Secretary of the Rectoring Commission.

The representatives of the Deposit Insurance Funds shall be appointed among the members of their respective management commissions who have the status of representatives of the credit institutions attached, by agreement. majority of these.

By the same procedure, two alternate representatives of the ones proposed by the Banco de España and one for each Deposit Guarantee Fund will be appointed, which will replace the holders in case of vacancy, absence or illness. In the case of representatives of the Deposit Insurance Fund, they shall also be replaced when the Rector Commission is to deal with issues directly affecting an entity or group of entities with which it is linked as administrator, manager or under a labor, civil or commercial contract or any other relationship that may impair the objectivity of your decisions.

The term of office of the members of the Rectoring Commission shall be four years being such a renewable term for the same period of time.

Representatives of the Deposit Insurance Funds shall cease to be responsible for the following reasons:

a) Expiration from the term of your term as a member of the Rector Commission.

b) Renunciation accepted by the Minister of Economy and Finance.

(c) Separation agreed by the Minister of Economy and Finance for serious non-compliance with her obligations, permanent incapacity for the exercise of her function, or conviction for criminal offence.

(d) Expiration of the term of office as a member of the managing commission of the Deposit Insurance Fund that designated it.

The Eesc Agreement will be adopted by the Minister of Economy and Finance on a proposal from the Bank of Spain. Where the eesc is concerned by a member of the Governing Board which is representing a Deposit Insurance Fund, it shall, in advance, be heard by its management committee which, for these purposes, shall form its will by majority agreement of the representatives of the credit institutions attached, without intervention by the representatives of the Banco de España.

2. The Rectoring Commission shall meet each time it is convened by its President, either on his own initiative or at the request of any of its members. It shall also be empowered to establish its own system of calls.

3. The Rectoring Commission shall determine the rules of its own operation and may agree to the delegations or proxies it deems appropriate for the proper exercise of its functions.

4. In addition to the functions provided for in other precepts of this royal decree, the Rectoring Commission shall have the following:

(a) Approval of the implementation of the financing operations provided for in Article 2 (5).

(b) Approval of the accounts which the Bank Ordered Restructuring Fund will have to pay annually to the Minister for Economic Affairs and Finance, as well as the report which, in accordance with Article 4, must be raised to the Minister for Economic Affairs and Finance for its referral to the Economy Committee of the Congress of Deputies.

(c) Adoption of the preventive and sanitation measures provided for in Articles 6 and 7.

(d) Adoption of measures to strengthen the own resources provided for in Article 9.

5. For the valid constitution of the Governing Commission of the Fund for Banking Restructuring for the purposes of the holding of meetings, deliberations and adoption of agreements, at least half of its members will be required to attend voting rights. Their agreements shall be adopted by a majority of their members.

6. The members of the Rectoring Commission shall be obliged to keep secret of the information they know by virtue of their participation in the tasks of the Fund, not being able to make use of it for purposes other than the performance of the functions entrusted to the Bank Ordered Restructuring Fund.

Article 4. Parliamentary control.

1. On a quarterly basis, the Secretary of State for Economic Affairs will appear before the Economic and Finance Committee of the Congress of Deputies, in order to report on the aggregate development of the credit, the situation of the banking sector and the evolution of the activities of the Banking Ordered Restructuring Fund.

In addition, the President of the Rectoring Commission of the Fund for Banking Restructuring will appear in the conditions to be determined by the Economic and Finance Committee of the Congress of Deputies and within the days following the completion of each operation by that Fund, to report on it

2. The Rector Commission will raise a four-monthly report on the management of the Bank Ordered Restructuring Fund to the Minister for Economic Affairs and Finance.

Article 5. Extinction of the Bank Ordered Restructuring Fund.

The extinction and liquidation of the Orderly Restructuring Fund will require the corresponding rule with the rank of Law, which will determine the rules to be followed in the distribution of the remaining assets among its promoters.

CHAPTER II

Credit Entity Restructuring Processes

Article 6. Adoption of measures to address weaknesses that may affect the viability of credit institutions.

1. Where a credit institution or a group or sub-group of credit institutions can consolidate present weaknesses in their economic and financial situation, which, depending on the development of market conditions, may endanger their feasibility and determine whether a restructuring process, the entity or the entity required of the consolidated group or sub-group, as the case may be, will inform the Bank of Spain immediately.

The entity in question will present within 1 month an action plan setting out the actions envisaged to overcome this situation, which must be aimed at ensuring the viability of the entity, either by strengthening its assets and solvency, either by facilitating their merger or absorption by another of a recognised solvency or by the total or partial transfer of their business or units from the same to other credit institutions. The plan shall also specify the time limit for the commencement of its implementation, which may not exceed 3 months, unless the Bank of Spain expressly permits it.

The Corresponding Deposit Guarantee Fund, as provided for in its regulatory regulations, shall support the plan submitted by the institution concerned by adopting the preventive and sanitation measures it considers appropriate.

The Fund for Banking Restructuring, guided by the principle of the most efficient use of public resources, will be able to grant financing, under market conditions, to the Deposit Guarantee Funds in Credit institutions, savings banks or credit unions in order to enable them to carry out the functions of financial support for the action plans of credit institutions referred to in this paragraph.

In any event, the Banco de España shall ensure that the credit institution or group or consolidated group of credit institutions does not have any deficiencies in its organisational structure, internal control mechanisms or its internal control mechanisms. administrative and accounting procedures, including those relating to the management and control of risks, attributable to persons exercising administrative positions, applying the disciplinary measures which may, where appropriate, be carried out.

2. When the Banco de España, in view of the deterioration of the assets of a credit institution, group or consolidated group of credit institutions, of its own resources, of its own resources, of its capacity to generate recurring or of the external confidence in its solvency, concludes that it presents weaknesses in its economic and financial situation which, depending on the development of the market conditions, could endanger its viability and determine the appropriateness of the that it undertakes a restructuring process without the entity in question having submitted the plan referred to in the preceding paragraph, shall inform it thereof, requiring that within 1 month it shall submit the plan required.

3. The plan referred to in paragraphs 1 and 2 shall require the approval of the Banco de España, which may include any amendments or additional measures it deems necessary to ensure that the situation of difficulty faced by the Bank is overcome. entity. After a period of one month from the date of its submission without express delivery, the action plan shall be deemed to have been approved.

Article 7. Restructuring processes with the intervention of the Banking Ordered Restructuring Fund.

1. The orderly restructuring of a credit institution with the intervention of the Bank Ordered Restructuring Fund should, if the situation described in paragraphs 1 and 2 of the previous Article persist, be given any of the following: assumptions:

(a) within the period referred to in paragraphs 1 and 2 of the previous Article, the institution concerned shall not present the plan there required or have indicated to the Bank of Spain the impossibility of finding a viable solution for its situation;

(b) the plan submitted was not viable, in the view of the Banco de España, in order to overcome the situation of difficulty faced by the institution or, the modifications or additional measures included by the Bank of Spain would not be accepted. Spain or, subject to the intervention of a Deposit Insurance Fund in terms of a terms which the Fund would not have accepted;

(c) the execution period or the specific measures referred to in a plan referred to in paragraphs 1 and 2 of the previous Article previously approved by the Bank of the Bank of the European Central Bank (ECB) have been seriously breached by a credit institution. Spain in such a way as to jeopardise the achievement of its objectives; or

(d) a serious breach by a credit institution of any of the specific measures referred to in a plan referred to in Article 75 of Royal Decree 216/2008 of 15 February 2008 on the own resources of the institutions financial, previously approved by the Bank of Spain in such a way as to jeopardise the achievement of its objectives.

The orderly restructuring of a credit institution with the intervention of the Banking Ordered Restructuring Fund shall be carried out in accordance with the rules laid down in the following paragraphs.

2. In the cases provided for in the preceding paragraph, the Banco de España shall agree to the temporary replacement of the administrative or management bodies of the institution concerned and any other precautionary measures it deems appropriate under this Regulation. of the provisions of Law 26/1988 of 29 July on Discipline and Intervention of Credit Entities and other rules that are applicable. These measures shall be maintained until such time as the measures in which the restructuring plan referred to in paragraph 3 is completed are carried out. The precautionary measure of temporary replacement of the administrative or management bodies shall result from the application of the arrangements provided for in Title III of Law 26/1988 of 29 July on Discipline and Intervention of Credit Institutions, with the following specialties:

(a) The Bank of Spain shall appoint as interim administrator the Bank Ordered Restructuring Fund.

(b) Within one month of its designation, the Banking Ordered Restructuring Fund shall draw up a detailed report on the assets situation and the viability of the institution and submit to the Bank of Spain a the restructuring plan of the institution which allows the situation of difficulty in which it is found to be overcome by its merger with another or other entities of recognised solvency or the partial or total transfer of its business to another entity or other entities to through the global or partial disposal of its assets and liabilities by means of procedures to ensure the competition, such as, inter alia, the auction system. At the request of the Bank of Spain, the Bank of Spain will be able to extend the term to a maximum of 6 months. At the same time, the Bank's Ordered Restructuring Fund will provide the Minister of Economy and Finance with an economic memory detailing the financial impact of the restructuring plan presented on the funds provided by the Bank. the General Budget of the State. The Minister for Economic Affairs and Finance may, in a reasoned manner, object within 10 days of the date of such memory being lifted.

From the time of his appointment as a provisional administrator of a credit institution and as long as the restructuring plan referred to in point (b) above is drawn up, the Banking Ordered Restructuring Fund may, temporarily, to provide the financial support needed in accordance with the principle of the most efficient use of public resources.

3. The restructuring plan will detail the support measures in which the intervention of the Banking Ordered Restructuring Fund will be concretized, and may be, inter alia, the following:

(a) financial support measures, which may include, inter alia, the granting of guarantees, loans on favourable terms, subordinated financing, acquisition of any type of assets appearing on the balance sheet entity, subscription or acquisition of any securities representative of own resources and any other financial support intended to facilitate merger or absorption processes with other entities of recognised solvency or total transfer or partial of the business to another entity as well as the adoption by the organs corresponding to the entity concerned with the necessary arrangements for that purpose; and

(b) management measures that improve the organization and the systems of procedure and internal control of the entity.

4. The Banking Orderly Restructuring Fund shall also be entitled to give up all or part of the current or current account deposits made up of an entity administered by the Bank to another or other credit institutions, (a) it is satisfied that the amount and subrogating it is legally in the position of its holders vis-à-vis the transferor, without the consent of the latter being required.

Also, the Fund for Ordered Restructuring Banking, after the National Securities Market Commission report, may immediately arrange for the transfer of the securities deposited in the entity managed by the same institution. on behalf of its clients to another entity that is enabled to carry out this activity, even if such assets are deposited in third entities in the name of the entity providing the deposit service.

The transferor entity shall provide the access of the credit institution to which deposits or the custody of the securities are to be transferred to the accounting and accounting records and records necessary to make the transfer effective.

5. Where the measures referred to above provide for the acquisition of assets by the Bank Ordered Restructuring Fund, the Fund may maintain its management or entrust it to a third party. In case of a decision to dispose of it, the same must be done through procedures that ensure competition.

6. The investments carried out by the Bank Ordered Restructuring Fund in implementation of a restructuring plan shall not be subject to the legal constraints or obligations applicable in the case of aid in charge of the Guarantee Fund. Deposits in Credit Entities, including, in any case, the following:

(a) the statutory limitations of the right of assistance to the General Boards or the right to vote in respect of the actions that the Fund acquires or subscribes;

(b) the limitations on the holding of participative shares as provided for in Article 7 (7) of Law 13/1985 of 25 May, of Investment Coefficient, Own Resources and Information Obligations of the Intermediaries Financial;

(c) limitations on the acquisition of contributions to the social capital of credit unions by legal persons;

d) the limitations that the Law establishes to the computability of own resources with respect to the values that the Fund acquires or subscribes;

e) the obligation to present a Public Offering of Acquisition in accordance with the securities markets.

7. The acquisition of shares or participative shares by the Banking Orderly Restructuring Fund will require that the abolition of the right of preferential subscription of existing shareholders or members at the time of adoption is agreed upon. of the capital increase or quota issue agreement.

8. When the Fund for Banking Restructuring acquires participative quotas of a Savings Bank, it will enjoy a right of representation in the General Assembly equal to the percentage that those who assume on the net worth of the cash station. The said exceptional right of representation shall be maintained only as long as the Bank Ordered Restructuring Fund maintains the ownership of the securities, not being transmissible to subsequent acquirers thereof.

9. Where the Bank Ordered Restructuring Fund subscribes or acquires contributions to the social capital of a credit union, its right to vote in the Assembly shall be proportional to the amount of such contributions in respect of the capital of the cooperative.

Article 8. Competences relating to corporate transactions in the process of restructuring of credit institutions.

1. The approval by the Bank of Spain of the plan referred to in Article 7 above shall determine that the specific merger operations of credit institutions, either by absorption or by the creation of a new credit institution, or a division or a division of credit institutions. the total or partial disposal of assets and liabilities contained therein, as well as any acquisitions of significant holdings resulting from their execution and the statutory amendments which, if appropriate, are produced as (a) any subsequent administrative authorisation in the field of the operation of the said operations is not required credit and banking management, except those required by the law on the defence of competition.

2. The Bank of Spain, prior to the adoption of the corresponding plan, shall request the Minister for Economic Affairs and Finance or the competent bodies of the Autonomous Communities in which the savings banks have their domicile and, where appropriate, the credit unions involved. Such reports shall be submitted within 10 days.

TITLE II

Strengthening the own resources of credit institutions

Article 9. Financial instruments for the strengthening of the own resources of credit institutions

1. The Fund for the Orordered Restructuring of Banks may acquire the securities referred to in paragraph 3 of this article issued by credit institutions resident in Spain which, without incurring the circumstances set out in the article 6 of this royal decree-law, they need to strengthen their own resources for the exclusive purpose of carrying out integration processes and so request.

Such processes must involve, among others, an improvement in their efficiency, the rationalization of their management and management as well as a resizing of their productive capacity and all of this in order to improve their future prospects.

To this end, the entities in question will draw up an integration plan which must detail the specific measures and commitments aimed at achieving this objective and which must be approved by the Banco de España, under the the principle of the most efficient use of public resources. The acquisition must take into account, in any event, the time limit and the risk of the operation, the need to avoid the risk of a competitive distortion and the fact that such acquisition facilitates the execution and fulfilment of the plan. of integration and shall be chaired by the principle of the most efficient use of public resources.

2. Prior to the effective acquisition of these securities, the Fund for Banking Restructuring will raise an economic memory to the Minister of Economy and Finance, in which the financial impact of this acquisition on the funds provided by the General Budget of the State. The Minister for Economic Affairs and Finance may object, in a reasoned manner, within 10 days of the date of such memory being lifted.

3. The securities referred to in paragraph 1 shall be preferred shares convertible into shares, in equity shares or in contributions to the share capital, which shall be governed by the provisions contained in the additional provision. Second, Law 13/1985 of 25 May 1985 on investment coefficients, own resources and information obligations of financial intermediaries, with the following specialties.

(a) The issue shall be exceptional and shall only be agreed upon and for the purposes of the provisions of this royal decree-law. The issuing institutions shall approve, at the time of the adoption of the agreement on the issue of the preference shares provided for in this Article, the arrangements necessary for the extension of the capital, the issuance of participative shares or the subscription of capital contributions in the amount necessary. The terms and conditions of the remuneration of the preference shares shall, in any event, take into account the principles set out by the European Commission.

(b) The acquisition of convertible preference shares by the Banking Orderly Restructuring Fund will require that the abolition of the right of preferential subscription of shareholders or members is agreed upon. existing at the time of the adoption of the emission agreement.

(c) The issuing entities will have to commit to repurchase the securities subscribed by the Bank Orderly Restructuring Fund as soon as they are in a position to do so in the terms committed in the integration. After five years from the disbursement without the preference shares having been repurchased by the institution, the Bank Ordered Restructuring Fund may request its conversion into shares, in participative shares or in social contributions of the issuer. The exercise of this right must be carried out, if appropriate, within the maximum period of six months from the end of the fifth year since the disbursement of the preference shares. Notwithstanding the foregoing, the issuance agreement shall also include the convertibility of the preferred shares at the request of the Bank Ordered Restructuring Fund if, before the end of the five-year period, the Bank of Spain considers it unlikely, in the light of the situation of the entity or its group, that the repurchase of the preferred shares can be carried out within that period.

(d) The preferred shares issued under this precept shall be computable as basic own resources. For these purposes, the limitations that the law establishes for the computability of own resources will not apply to them.

e) The agreement to issue these securities shall also be subject to the remaining conditions set out in the integration plan.

4. The disinvestment by the Fund for the Bank Orordered Restructuring of the securities subscribed to in the exercise of the functions entrusted to it in this article shall be made by its repurchase by the issuing entity or its disposal to third parties. Where the divestiture of such securities or of those resulting from their conversion takes place through their disposal to third parties, it shall be carried out by means of procedures which ensure competition and within a period not exceeding five years. years from the date of implementation of the integration plan, which shall not be applicable in the event that the entity is implementing paragraph 8 of this Article.

5. In the case of conversion of preference shares into shares, in equity shares or in capital contributions, the provisions of Article 7 (6), (8) and (9) of this royal decree-law shall apply to them.

6. On a quarterly basis, the entity designated by the entities involved in the integration process or, where appropriate, the entity resulting from the integration process, shall send to the Banco de España a report on the degree of compliance with the measures envisaged. in the approved integration plan. The Bank of Spain, in view of the content of this report, may require the adoption of the actions necessary to ensure that the integration plan is effectively completed.

7. If, as a result of the evolution of the economic-financial situation of the entity resulting from the process of integration or the development of market conditions, it was warned that the integration plan cannot be fulfilled in the the terms in which it was approved, the institution may ask the Banking Ordered Restructuring Fund to amend these terms, which may include, inter alia, an extension of the time limit for the repurchase of the securities subscribed by the Fund referred to in paragraph 3.c above, up to two years. The modification of the plan of integration agreed with the Fund of Ordered Restructuring Bank must be approved by the Banco de España.

8. If, as a result of the evolution of the economic-financial situation of the entity resulting from the process of integration or the development of market conditions, the integration plan cannot be carried out and the entity is In the situation provided for in Article 6 of this Royal Decree-Law, the provisions of Article 7 shall apply to that entity, and the plans which, in accordance with that Article, are to be approved shall be approved as appropriate in respect of the securities subscribed by the Bank Ordered Restructuring Fund.

Additional disposition first. Legal status of guarantees formed in favour of the Banking Restructuring Fund or the Deposit Insurance Fund in Credit Entities.

The legal regime established in the additional provision of Law 13/1994, of 1 June 1994, of the Autonomy of the Banco de España, will also apply to guarantees formed in favour of the Deposit Guarantee Funds. in Credit Entities or the Banking Ordered Restructuring Fund in the performance of their duties.

Additional provision second. Legal regime for the granting of guarantees in respect of the economic obligations payable to the Bank Ordered Restructuring Fund.

Under the provisions of Article 114 of Law 47/2003 of 26 November, General Budget, the General Administration of the State is authorised, subject to the limits laid down in points (a) and (b) (a) to grant guarantees in respect of the economic obligations payable to the Fund for Bank Ordered Restructuring, arising from the issuance of financial instruments, the concertation of lending and lending operations, as well as the performance of any other borrowing operations carried out by that Fund:

(a) Until 31 December 2009, the General Administration of the State may grant guarantees of a maximum amount of EUR 27 billion, from the limit laid down in Article 54. One of the Law of 23 December, of 23 December, of the General Budget of the State for the year 2009

(b) For subsequent years, the maximum amounts for the granting of endorsements shall be those determined by the corresponding State General Budget laws.

The granting of the guarantees, which will not be paid by any commission, will have to be agreed by the Minister of Economy and Finance, in accordance with the provisions of Law 47/2003 of 26 November, General Budget and will only be able to be made after the Fund has been established and until the date of its extinction.

In the event of the execution of the guarantee, provided that the guarantee is instated within 5 calendar days after the date of the expiration of the guaranteed obligation, the State will satisfy the legitimate holders of the guaranteed securities, without prejudice to the amounts to be paid under the guarantee. The amount of this compensation shall be the amount resulting from the application of the payment in respect of the execution of the guarantee of the interest rate Euro OverNight Average published by the Banco de España or the one that the Minister of Economy and Finance, if necessary, determines, on the day of the expiration of the guaranteed obligation for the number of days between this date and the cash payment by the guarantor, on the basis of a 360-day year.

The Minister of Economy and Finance is hereby authorised to establish the conditions and procedure for making this compensation effective.

The Directorate-General of the Treasury and Financial Policy is authorized to make payments for both the execution of the guarantee and this compensation through operations of Treasury under the specific concepts which are created for that purpose.

After completion, the Directorate-General of the Treasury and Financial Policy will apply to the budget of expenditure of the payments made in the financial year, the payments made in the month of December each year. year will be applied to the expense budget in the immediately following quarter.

Additional provision third. Consign situations

1. The obligation to apply for the declaration of competition shall not be required of the credit institution which, within the envisaged assumptions, has submitted any of the plans referred to in Articles 6 and 7 of this royal decree-law. In such cases, applications for tenders referred to a credit institution which may be submitted shall not be provided by the competent court.

2. In the event that the Banco de España has agreed to the temporary replacement of the administrative or management bodies of the credit institution, the legitimacy to apply for the competition will be exclusively for the Restructuring Fund. Banking order.

Single repeal provision. Regulatory derogations.

The entry into force of this royal decree-law is repealed as many provisions of equal or lower rank are opposed to the provisions in it.

Final disposition first. Amendment of Article 2.1 of Royal Decree-Law 6/2008. of 10 October establishing the Fund for the Acquisition of Financial Assets.

Article 2.1 of Royal Decree-Law 6/2008 is amended. 10 October for the establishment of the Fund for the Acquisition of Financial Assets, which is drawn up in the following terms:

" 1. The Fund for the Acquisition of Financial Assets will be provided by the General Budget of the State, for an amount of € 30 billion, which can be extended to a maximum of € 43,250 million. "

Final disposition second. Amendment of the Law of 23 December on the General Budget of the State for the year 2009.

One. The first paragraph of Article 54 (2) of the Law of 23 December 2009 on the General Budget of the State for the year 2009 is worded as follows:

" Within the total stated in the previous section, the following amounts are reserved:

a) 10 billion euros to guarantee, in accordance with the provisions of article 1.8 of the Royal Decree-Law 6/2009, of April 30, for which certain measures are adopted in the energy sector and the bond is approved (a) the economic obligations payable to the Fund for the Deficit Entitlement of the Electricity System, resulting from the emissions of financial instruments which the Fund carries out in respect of the receivables constituting the asset of the same.

(b) EUR 9 billion to ensure, in accordance with the provisions of Royal Decree-Law 4/2009 of 29 March 2009, the obligations arising from the financing provided by the Banco de España to Caja de Ahorros de Castilla-La Mancha.

c) EUR 27 billion to guarantee the economic obligations payable to the Fund for Banking Ordered Restructuring, arising from the operations provided for in Article 2.5 of Royal Decree-Law 9/2009 of 26 June 2009, on banking restructuring and the strengthening of the own resources of credit institutions.

(d) EUR 64 billion to guarantee the obligations arising from the financing operations referred to in Article 1 of Royal Decree-Law No 7/2008 of 13 October 2008 on Urgent Measures in the field of Economic-Financial in relation to the Concerted Action Plan of the Countries of the Euro Zone. "

Two. Annex II, "extensible appropriations", second. Four. (c) of the Law of 23 December 2009 on the General Budget of the State for the year 2009, is worded as follows:

" (c) Credit 15.931M.16.879, for the contribution to the Fund for the Acquisition of Financial Assets. The final credit shall not exceed the amount of EUR 43,250,000 thousand, the maximum amount provided for in Article 2 of Royal Decree-Law 6/2008 of 10 October establishing the Fund for the Acquisition of Financial Assets. '

Final disposition third. Amendment of paragraphs 7 and 8 of Article 7 of Law 13/1985 of 25 May 1985 of investment coefficients, own resources and reporting obligations of financial intermediaries.

Article 7 (7) and (8) of Law 13/1985 of 25 May 1985 on investment ratios, own resources and information obligations of financial intermediaries are amended, which are drawn up as follows: mode:

" 7. Equity shares will be listed on organised secondary markets. However, no natural or legal person or economic group may, directly or indirectly, hold participative shares in the amount of more than 5 per 100 of the total quotas in force. If it is exceeded, all the economic rights of the shares acquired by the economic person or group shall be suspended.

This is without prejudice to the possibility of the Deposit Insurance Fund, the Bank Ordered Restructuring Fund or other entities in the savings bank sector, previously authorised by the Bank of Spain, may exceed the limit of 5 per 100 of participative quotas issued by a Savings Bank in situations of exceptional gravity that endanger the effectiveness of its own resources, as well as the stability, liquidity and solvency of the issuing entity. In such cases, the limit laid down in paragraph 6 of this Article shall not apply either.

8. The body responsible for agreeing each issue of participatory quotas shall be the General Assembly, which may delegate this competence to the Board of Directors of the Fund. Such jurisdiction shall in any event be construed as delegated to the provisional administrators appointed by the Bank of Spain under the provisions of Title III of Law 26/1988, of Discipline and Intervention of Credit Entities.

The original acquisition of participative quotas by the Caja or its economic group will be prohibited. However, if a derivative acquisition may be made, provided that the nominal value of the shares held by the institution or its consolidated group does not exceed 5 per 100 of the total shares outstanding. '

Final disposition fourth. Amendment of Article 4 of Law 26/1988 of 29 July on the discipline and intervention of credit institutions.

In Article 4 of Law 26/1988 of 29 July on the discipline and intervention of credit institutions, a new letter (p) is added with the following wording:

" p) The lack of referral to the Banco de España by the administrators of a credit institution of the return plan to the fulfilment of the solvency rules or the plan referred to in Article 6.1 of the Royal Decree-Law 9/2009 of 26 June 2009 on the restructuring of banks and the strengthening of the own resources of credit institutions, where appropriate. It shall be understood that there is a lack of referral where the time limit for making the referral has elapsed, from the moment the administrators knew or had to know that the institution was in one of the situations that determine the existence of such an obligation. "

Final disposition fifth. Amendment of the second provision of Law 22/2003, of July 9, Bankruptcy.

Paragraph 2 of the second provision of Law 22/2003, dated July 9, is amended, adding a new letter k) with the following wording:

"k) Additional provision third of Royal Decree-Law 9/2009 of 26 June 2009 on bank restructuring and strengthening of the own resources of credit institutions."

Final disposition sixth. Competitive titles.

This royal decree-law is issued under the terms of Article 149.1.6., 11. and 13. of the Constitution that the State attributes exclusive competences on commercial law, bases of the management of credit, banking and insurance and bases and coordination of overall economic activity planning, respectively.

Final disposition seventh. Regulatory enablement.

The Minister of Economy and Finance is hereby authorized to lay down the rules necessary for the implementation and development of the provisions of this royal decree.

Final disposition octave. Entry into force.

This royal decree-law shall enter into force on the day following that of its publication in the Official Gazette of the State.

Given at the Embassy of Spain in Singapore, on June 26, 2009.

JOHN CARLOS R.

The President of the Government,

JOSE LUIS RODRIGUEZ ZAPATERO