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 the Autonomy of the Banco de España; in Article 66.1 (a) and (i) of the Rules of Procedure of the Banco de España, and in 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 on the occasion of the adoption by the European Central Bank of the Guideline ("Guideline") On 12 March 2014, amending Guideline ECB/2011/14 of 20 September 2011 on the instruments and procedures of the Eurosystem monetary policy (ECB/2014/10), agrees:

First.

Include in the "General clauses applicable to the monetary policy operations of the Banco de España" approved by Resolution of the Executive Board of the Banco de España on 11 December 1998 (hereinafter referred to as "Clauses"). ') the following amendments:

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1. The following wording is given to the number 2.1 of the general clause VI:

" 2.1 Eligible assets.-The assets that the Banco de España can accept as collateral for its operations are those included in the single framework of collateral (also known as the single list) prepared by the Eurosystem for use in credit operations. This framework consists of marketable and non-marketable assets proposed by the National Central Banks and which meet the common minimum requirements that the Eurosystem makes public. The ECB prepares, maintains and publishes a list of eligible marketable collateral assets, but not for non-marketable assets. The Eurosystem shall only disclose to counterparties its views on the eligibility of an asset as a collateral asset of the Eurosystem, in the case of previously issued marketable assets or non-marketable assets. (a) to be used as collateral. Opinions on the eligibility of assets prior to their issuance shall not be provided.

The Banco de España may accept collateral issued in other States of the European Economic Area, in accordance with the following number 2.2.

Guarantee assets, which meet the requirements set out in this clause VI, shall be disclosed by the means of dissemination established by the Bank of Spain, the European Central Bank or the Central Banks.

(a) national Eurosystem.

The Banco de España will provide counterparties with information that is precise regarding the legal instruments and procedures for carrying out these operations in each of the Member States of the European Union. euro zone.

In order to implement monetary policy, and in particular for the control of compliance with the rules on the use of eligible assets as regards the regime of close links, the Eurosystem shares internally information on participation in the capital provided by the supervisory authorities for that purpose. Such information is subject to the same confidentiality rules as those supervisory authorities apply.

The Banco de España may at any time communicate the exclusion, limitation or suspension of assets that have previously been admitted to the list of guarantee assets. Such exclusion shall be justified by considerations of insufficient financial solvency. In particular, the exclusion, limitation or suspension of instruments issued or guaranteed by credit institutions (and those with close links to it) may be considered, where they are expressly excluded, limited or suspended. of their access to the Eurosystem's monetary policy operations for reasons of prudence.

Also, the Banco de España, acting in accordance with the Eurosystem's rules, reserves the right to determine, at any time and on the basis of any information it deems relevant, whether an issue, an issuer, a the debtor or a guarantor has the required solvency level in accordance with its provisions on the collateral for Eurosystem monetary policy operations. As a result of this study, the Banco de España may refuse or limit the use of certain assets or apply additional cuts. These measures may also be applied to specific counterparties on prudential grounds and in particular if the credit quality of the counterparty in question appears to have a high correlation with credit quality. of the guarantee assets provided by the same. Where the refusal of a particular asset or a counterparty is based on information of a prudential nature, the use of such information shall be strictly in accordance with the principles of proportionality and necessity for the compliance with the Eurosystem ' s role in the implementation of monetary policy.

The Bank of Spain may also agree, in accordance with the rules on the Eurosystem, including the urgency procedure, the exclusion or suspension of certain assets admitted to the list of collateral assets, motivated by events that significantly and substantially alter the conditions of negotiation or transmissibility of those. They may also be excluded from the list of eligible assets, assets issued or guaranteed by institutions: (1) subject to freezing means of funds or to other measures restricting their use, imposed by the European Union of an agreement with the provisions of Article 75 of the Treaty or by a Member State, or (2) for which the Eurosystem has taken a decision to suspend, limit or exclude its access to its open market operations or facilities; permanent.

All discretionary measures referred to in the preceding paragraphs that are required to ensure prudent risk management shall be applied and calibrated in accordance with the principles of proportionality and non-discrimination. The discretionary measures to be taken in relation to a specific counterparty shall be duly justified. "

2. The following wording is given to the first paragraph of section 2.2.1 of the general clause VI:

" The Banco de España may accept securities or other marketable assets held and liquidated in the name or on behalf of the counterparty in a centralised system of clearing and settlement of securities, as collateral. meets the following conditions:

Operating in another euro zone state.

That is qualified for the clearing and settlement of securities for Eurosystem monetary policy operations. "

3. A new fourth paragraph is included in the number 2.2.1 of the general clause VI:

"Where there is a tripartite agent (hereinafter" TPA ") providing tripartite services for the management of collateral for its cross-border use in the Eurosystem, the Central Bank of that Member State The State shall act as the Central Bank for Central Banks of other Member States whose counterparties have applied for the use of the services. The TPA must have been assessed positively by the Eurosystem. Tripartite services for the management of collateral for cross-border use in the Eurosystem allow counterparties to increase or reduce the amount of collateral they provide to the Central Bank from which they are counterparties (the "global amount"). "

4. The following wording is given to the number 2.2.2 of the general clause VI:

" The cross-border use of collateral may be made through the existing links between the different clearing and settlement systems of the European Economic Area. Prior to the use of these links for the provision of collateral in Eurosystem credit operations, the links will have to be assessed and approved by the Eurosystem in accordance with the standards and procedures. of valuation as described in the Eurosystem User Assessment Framework. "

5. A new number 2.2.3 is added in the general clause VI, with the following wording:

" Counterparties may also make use of the direct or indirect links referred to in the previous number 2.2.2 in combination with the correspondent model described in the number 2.2.1 for the cross-border use of collateral assets.

When the use of links between clearing systems and securities settlement in combination with the correspondent model is made, the counterparties shall keep the collateral issued in the settlement system and an issuer's clearing and settlement account, directly or through a custodian, in an account of the settlement system. In the case of indirect links, a third settlement and clearing system may act as an intermediary system.

Guarantee assets may be issued in a country of the European Economic Area not belonging to the euro area, in which case the link between the clearing and settlement system and the system of settlement and investor compensation shall be assessed positively by the Eurosystem in accordance with the assessment standards and procedures described in the Eurosystem User Assessment Framework. '

6. A new number 4.1.3 is added in the general clause VI, with the following wording:

" When the use of tripartite services for the management of collateral is made, the process of valuation of assets shall be delegated to the TPA which shall carry out such valuation on the basis of the information provided to it by the Bank. Central correspondent. "

7. The following wording is given to Section 7.1 in General Section VI:

" In the case of foreign-located guarantee assets, usable through the correspondent model, they will be valued according to the price that the Central Bank that proposed the inclusion of the assets for each asset. assets in question.

The margins, cuts and other risk control measures applicable to securities or other assets guarantees, when they are located outside Spain, and are usable through the corresponding model, The Central Bank will be established by the Central Bank. Those risk control measures for the securities and assets indicated shall be disclosed to the counterparty and applied by the Banco de España.

When the use of tripartite services for the management of collateral for cross-border use is made, the process of valuation of assets will be delegated to the relevant TPA which will carry out such valuation on the the information provided to you by the Central Bank Correspondents. "

Second.

The amendments contained in paragraphs 1, 2, 4 and 5 of the first subparagraph shall apply from 26 May 2014. The amendments referred to in paragraphs 3, 6 and 7 of the first subparagraph shall apply from 29 September 2014.

Madrid, 14 May 2014.-The Secretary General of the Banco de España, Francisco Javier Priego Pérez.