JUAN CARLOS I King of Spain to all those who present it to join together and act.
Know: That the Cortes Generales have approved and I come in to sanction the following law.
Exposition of reasons law 13/1994 of 1 June, forward the adaptation of the legal status of the Bank of Spain to provisions of the Treaty on European Union, giving it a regime of full autonomy in the development and implementation of monetary policy with the ultimate aim of achieving price stability.
The law 66/1997, of 30 December, measures fiscal, administrative and Social order, in its additional provision vigesimocuarta joined the Spanish legal independence of the Bank of Spain requirements required by article 107 of the Treaty of the European Community.
However, it is necessary to amend the law 13/1994 of the autonomy of the Bank of Spain, to ensure the full integration of the Bank of Spain in the European system of central banks, beginning reporter basic institution in the third stage of the Economic Union and monetary.
To satisfy this need, this law is exclusively limited to ensure the integration of the Bank of Spain in the European system of central banks, recognizing, among other ends, the powers of the European Central Bank in the definition of the monetary policy of the euro area--and its execution by the Bank of Spain-, and the powers of the European Community in relation to the exchange rate policy.
In accordance with article 108 of the Treaty of the European Community, at the latest at the date of establishment of the European system of central banks, each Member State shall ensure that its national legislation, including the statutes of its National Central Bank, is compatible with the Treaty and with the Statute of the European system of central banks.
The first article. Modifications in chapter I of the law of autonomy of the Bank of Spain.
The following changes are introduced in chapter I of the law 13/1994 of 1 June, autonomy of the Bank of Spain: one. Article 1 of the law 13/1994 of 1 June, autonomy of the Bank of Spain, is worded as follows: «article 1. Nature and specific legislation.
1. the Bank of Spain is an entity of public law with its own legal personality and full capacity of public and private. In the development of its activity and the fulfilment of its purposes will act with autonomy regarding the General Administration of the State, performing his duties pursuant to the provisions of this law and in the rest of the legal system.
2. the Bank of Spain will be subjected to the consultancy management, unless he acts in the exercise of administrative powers conferred by this or other laws. In the exercise of such administrative powers it will be applicable to the Bank of Spain the law 30/1992, of 26 November, legal regime of public administrations and common administrative procedure.
They will have in any case nature administrative acts issued by the Bank of Spain in the exercise of the functions to which referred to article 7.6 and article 15.4.
The Bank of Spain will not be subject to the provisions contained in law 6/1997, of 14 April, organization and functioning of the General Administration of the State.
3. the Bank of Spain is an integral part of the European system of central banks (hereinafter, ESCB) and will be subject to the provisions of the Treaty of the European Community (hereinafter Treaty) and the Statute of the ESCB.
«In the exercise of the functions arising from their status as an integral part of the ESCB, the Bank of Spain shall be subject to the guidelines and instructions issued by the European Central Bank (hereinafter ECB) pursuant to those provisions.»
Two. Article 2 of the law 13/1994 of 1 June, autonomy of the Bank of Spain, is worded as follows: 'article 2. Regime of challenge.
1 the administrative acts issued by the Bank of Spain in the exercise of the functions provided for in section 1.a and section 15 of chapter II of this law, as well as sanctions are imposed as a result of the application of these rules, where appropriate, will put end to the administrative procedure.
2. the administrative acts issued by the Bank of Spain in the exercise of other functions, as well as the penalties imposed, will be subject to ordinary appeal to the Minister of economy and finance.
3. without prejudice to the competence of the Court of Justice of the European Community, the room of the contentious-administrative of the High Court will meet in single instance of resources against acts not subject to administrative appeal dictated by the Bank of Spain and from decisions of the Minister of economy and finance that meet ordinary appeals against acts by the Bank of Spain.»
3. Article 3 of the law 13/1994 of 1 June, autonomy of the Bank of Spain, is worded as follows: «article 3. Provisions issued by the Bank of Spain.
1. without prejudice to provisions of article 1.3 the Bank of Spain may issue precise rules for the exercise of functions provided for in article 7.3(a) developed in section 1.a and section 15 of chapter II of this law, which will be called irculares currency ".
Also, for the appropriate exercise of the rest of their competencies, you can dictate the precise arrangements for the development of provisions that expressly enabled him to effect. Such provisions are referred to as irculares ".
2. ones and other provisions will be published in the State official dvances "and shall enter into force in accordance with the provisions of the paragraph first of article 2 of the Civil Code. Be developed, previous legal and technical reports that must be mandatorily issued the competent services of the Bank and those of other reports and assessments deemed it appropriate to request. They will not apply the provisions of article 24 of the Law 50/1997, of 27 November, the Government, while, in the case of the irculares ", must be heard the sectors concerned.
The provisions issued by the Bank of Spain will be susceptible to direct contestation before the contentious-administrative of the High Court.»
Four. Article 4 of the law 13/1994 of 1 June, autonomy of the Bank of Spain, is worded as follows: «article 4. Economic regime.
1 shall apply to the Bank of Spain law governing the regime budget, heritage and recruitment of public organisms dependent or related to the General Administration of the State, unless they have expressly otherwise.
(2. the proposed budget for operating expenditure and investments of the Bank of Spain, once approved by its Governing Council, according to article 21.1. g), will be forwarded to the Government, which will move it to the Cortes Generales for adoption. The budget of the Bank of Spain shall be estimated and not subject to consolidation with other budgets of the State public sector.
The Government, on the proposal of the Minister of finance, shall approve the balance sheet and accounts of the financial year of the Bank, which will be submitted to the Cortes Generales for your knowledge. Without prejudice to the provisions of article 27 of the Statute of the European system of central banks, the Bank of Spain will be subject to external control of the Court of Auditors, in accordance with the provisions of the organic law 2/1982, of May 12, the Court of Auditors. In the report accompanying the balance and accounts for the financial year are they analysed, according to their nature, different operations or headings of the balance sheet of the Bank. «In particular, the contributions made by the Bank to deposit guarantee funds, as well as loans or other operations in favour of any other entities or persons who have not entered into on market terms will be detailed or which in any other way, involves profit or loss for the Bank, specifically considering that in such cases the amount of the eventual profits or losses.»
Second article. Changes in chapter II of the law 13/1994 of 1 June, autonomy of the Bank of Spain.
The following changes are introduced in chapter II of the law 13/1994 of 1 June, autonomy of the Bank of Spain: one. Article 7 of the law 13/1994 of 1 June, autonomy of the Bank of Spain, is worded as follows: «article 7. General principles.
1 it will be up to the Bank of Spain the performance of the duties provided for in this law, as well as the of which can charge other laws.
2. without prejudice to the objective of maintaining the stability of prices and the performance of the functions of Member of the ESCB as exercised in the terms of article 105.1 of the Treaty, the Bank of Spain will support the Government's general economic policy.
3 the Bank of Spain will participate in the development of the following basic functions assigned to the ESCB: to) define and implement the monetary policy of the community.
(b) performing currency exchange that are consistent with the provisions of article 109 of the Treaty.
(c) hold and manage the official reserves of the currencies of the Member States. However, the Government may have and manage funds of maneuver in foreign currency, as provided in article 105.3 of the Treaty.
(d) to promote the proper functioning of the payment system.
(e) to issue legal tender banknotes.
(f) other functions arising from their status as an integral part of the ESCB.
4. without prejudice of the provisions of article 1.3, in the performance of the duties provided for in point 3 of the present article, developed in sections 1.a, 2.a and 4(a) of chapter II, but in these recent cases only when rule on issues resulting from the functions of the European system of central banks, the Government , or any other national or Community body may give instructions to the Bank of Spain, or it may obtain them or accept them.
5 respecting the provisions in paragraph 2 of this article, the Bank of Spain will also exercise the following functions: to) own and manage currencies and precious metals reserves not transferred to the European Central Bank.
((b) to promote the smooth functioning and stability of the financial system and, without prejudice to the provisions in number 3, d) above, of the national payment systems.
(c) put in circulation the coins and, on behalf of the State, to perform such other functions entrusted to him about it.
((d) provide the services of Treasury and financial agent of the public debt, pursuant to the provisions of section 3.a e) advising the Government, as well as reports and studies resulting from.
(f) develop and publish statistics related to their duties and assist the ECB in the collection of the statistical information necessary for the fulfilment of the tasks of the ESCB.
(g) exercise the other powers that the law attributed to him.
6. the Bank of Spain should monitor, in accordance with the provisions in force, the reliability, performance and compliance with specific regulations of the credit institutions and of financial markets and any other entities whose oversight has been attributed him, without prejudice to the role of prudential supervision carried out by the autonomous communities in the field of competences and of cooperation with the Bank in the exercise of such autonomous powers of supervision.
7. the Bank of Spain may be the precise actions for the exercise of their functions, as well as those relating to their own administration and its staff.
8. the Bank of Spain may establish relations with other central banks, with authorities in financial supervision and financial institutions in other countries, as well as with international financial and monetary organizations.
Equally, you can interact with financial institutions of a public character and financial supervision of the autonomous authorities.»
Two. Article 8 of the law 13/1994 of 1 June, autonomy of the Bank of Spain, is worded as follows: «article 8. Opening of accounts to entities.
In order to carry out its operations, the Bank of Spain may open accounts to credit institutions, public entities and other market participants, as well as accept collateral assets.»
3. Article 9 of the law 13/1994 of 1 June, autonomy of the Bank of Spain, is worded as follows: «article 9. Instruments of monetary policy.
1 in order to achieve the objectives of the ESCB and to carry out its functions, the Bank of Spain may perform all kinds of financial transactions, in accordance with the General principles and instruments established by the ECB, and, in particular, the following: to) operate in the financial markets by buying and selling cash and term or Covenant of repurchase; lend or borrow securities and other financial instruments denominated in any currency or unit of account, as well as precious metals.
(b) operations of credit with credit institutions and other participants in the market, basing them on adequate guarantees.
2 able to stay on the Bank of Spain immobilized funds derived from the stable foundation of minimum reserves imposed under provisions laid down in accordance with the Statute of the ESCB.'
Four. Article 10 of the law 13/1994 of 1 June, autonomy of the Bank of Spain, is worded as follows: «article 10. Information and control in the field of monetary policy.
1. the Bank of Spain will report regularly to the Cortes Generales and to the Government of the objectives and implementation of monetary policy, without prejudice to the provisions of article 107 of the Treaty and the rules on professional secrecy of the ECB.
To this end, the Governor of the Bank may be convened, in accordance with regulations parliamentarians, to any of the committees of the Congress or the Senate or mixed of both houses, as well as be summoned to attend for such purpose to the meetings of the Council of Ministers or the of its delegate Committee for Economic Affairs.
2. in addition, the Governor of the Bank of Spain may be summoned to meetings of the Council of Fiscal policy and financial of the autonomous communities concerning article 3 of the organic law 8/1980, of 22 September, financing of the autonomous communities, so that, in order to facilitate the exercise of the tasks of financial coordination attributed to the aforementioned Council «, report concerning matters within the competence of the Bank.»
5. New title is given to section 2.a of the law 13/1994 of 1 June, autonomy of the Bank of Spain, which will be as follows: «Foreign operations».
6. The following wording is given to article 11 of the law 13/1994 of 1 June, autonomy of the Bank of Spain: «article 11. Exchange rate policy.
Without prejudice to the competence of the European Community, the Government will consult the Bank of Spain in matters relating to exchange rate policy.»
7. The following wording is given to article 12 of the law 13/1994 of 1 June, autonomy of the Bank of Spain: «article 12. Realization of foreign operations.
Without prejudice to the provisions of article 1.3, the Bank of Spain may be external operations which it deems appropriate and, in particular, the following: to) own, manage or acquire and sell spot or term all kinds of assets denominated in foreign currency or units of account, as well as precious metals.
(b) carry out any type of banking transactions with national or foreign entities or international organizations, including the concession and borrowing operations».
8. Article 15 of the law 13/1994 of 1 June, autonomy of the Bank of Spain, is worded as follows: «article 15. Issuance of tickets.
1 will correspond to the Bank of Spain, prior authorisation from the ECB, the exclusive Faculty of ticketing in pesetas, which, without prejudice to the legal regime applicable to the metal currency, will be the only means of payment of legal tender within the Spanish territory, with discharge power full and unlimited, as long as there is the issuance of banknotes in euro by the ESCB.
2. the Bank of Spain will decide the names and characteristics of the tickets in pesetas, which will be published in the State official dvances ".
3 when the Bank of Spain agreed withdrawal from circulation or Exchange tickets in pesetas from a particular series or class, must publish the corresponding announcement in the dvances officer of the State ", in which designated the redemption period. After that period, not redeem tickets in pesetas will cease to be legal tender, lose their discharge power as a legal means of payment and will cause a decrease in the liabilities of the Bank. However, the Bank of Spain will proceed to Exchange even if they are presented after the period laid down for that purpose.
4. the realization of advertising using in whole or in part notes or coins which are or have been legal tender, or their facsimiles, reproductions must be authorised by the Bank of Spain, in the terms and with the regulations set out requirements in each case prior.
Dependents will not require authorization public administrations or entities of public right to them.
The Bank of Spain may, subject to the regulations of the disciplinary procedure applicable to subjects operating in the financial markets, impose fines of up to 100 million pesetas to physical and legal persons, and to the administrators of these, carrying out advertising without authorization or non-compliance with the conditions laid down therein.'
Third article. Modifications in chapter III of the law 13/1994 of 1 June, autonomy of the Bank of Spain.
The following changes are introduced in chapter III of the law 13/1994 of 1 June, autonomy of the Bank of Spain: one. Article 18 of the law 13/1994 of 1 June, autonomy of the Bank of Spain, is worded as follows: «article 18. Powers of the Governor.
It will be up to the Governor of the Bank of Spain: to) direct the Bank and preside over the Governing Council and the Executive Committee.
b) hold the legal representation of the Bank for all purposes and, in particular, in the courts of Justice, as well as authorize contracts and documents, and perform other activities that are accurate for the performance of the tasks entrusted to the Bank of Spain.
(c) representing the Bank of Spain at the institutions and international bodies in which their participation is provided.
(d) membership of the Council of Government and the General Council of the European Central Bank hold.»
Two. Article 21 of the law 13/1994 of 1 June, autonomy of the Bank of Spain, is worded as follows: «article 21. Powers of the Governing Council.
1 it will be up to the Governing Council:
(a) approve the General guidelines of action of the Bank for the fulfilment of the tasks entrusted to it.
(b) discuss questions related to monetary policy and monitor the contribution of the Bank to the implementation of the monetary policy of the Eurosystem carried out by the Executive Committee, all respect the guidelines and instructions of the ECB and the independence and obligation of secrecy by the Governor as a member of the governing bodies of the ECB.
(c) approve, on the proposal of the Executive Committee, the annual report of the Bank and, where appropriate, other reports that should raise the Bank of Spain to the Cortes Generales, the Government or the Minister of economy and finance.
d) approving the monetary irculares "and the irculares" of the Bank.
e) raise to the Government proposals for separation referred to in the letter d) issue 4 of article 25.
The adoption of such decisions will lack voting member of the Council to which refers the proposal of separation.
(f) approve the rules of procedure of the Bank, on the proposal of the Executive Committee.
(g) approve the proposed budgets of the Bank, as well as formulate their annual accounts and the proposal for distribution of profits.
(h) approve the guidelines for personnel policy and ratify the appointment of the Directors-General.
(i) impose sanctions whose adoption should be competence of the Bank of Spain.
(j) approve proposals to sanction the Bank of Spain to raise the Minister of economy and finance.
(k) resolve resources or claims brought against decisions of the Bank of Spain, when their knowledge corresponds to this.
(l) adopt any other precise agreements for the performance of the tasks entrusted to the Bank of Spain by this law that are not the exclusive competence of the Executive Committee, and may delegate in the Governor, the Deputy Governor or the Executive Committee powers and duties it deems appropriate. Expressly establish cases in which possible sub-delegation.
2. the Presidency of the Council of Government will be in this order: 1 the Governor.
2D to the Deputy Governor.
3rd the older not born counselor.
3. the Governing Council shall meet at least ten times a year and always the Governor to convene it.
The Governor of the Bank, as President of the Council, agreed the call and set the agenda of the session.
The members of the Governing Council may request your call, which must occur whenever the application had been formalized, at least by two counselors. The request shall expressly indicate the agenda of the special call.
4. the Governing Council shall be validly constituted with the presence of at least five of its members, excluded the ex officio, and its Secretary. Agreements shall be taken by majority vote and in the event of a tie the vote of the Chairman will decide."
3. Article 23 of the law 13/1994 of 1 June, autonomy of the Bank of Spain, is worded as follows: «article 23. Powers of the Executive Committee.
1 will be up to the Executive Committee, subject to the guidelines of the Governing Council: to) contribute to the implementation of monetary policy developed by the ESCB in accordance with provisions of article 21.1. b).
b) resolving on the administrative authorisations which should give the Bank of Spain.
(c) organize the Bank and make the appointment of general managers and personnel, setting their remuneration in accordance with provisions concerning the rules of procedure of the Bank and with the General guidelines adopted by the Governing Council. In any case, this body must ratify the appointment of the Directors-General.
(d) submit to the Governing Council the proposals whose resolution or approval within this.
(e) perform the tasks that had expressly delegated it the Governing Council.
f) precise requirements and recommendations to ask credit institutions, as well as agree regarding them and their bodies of administration and management the initiation of disciplinary proceedings and measures of intervention, replacement of their administrations, or any other measures injunctions envisaged in the legal system which has been entrusted to the Bank of Spain.
Precautionary measures to take the Executive Commission in the exercise of this jurisdiction will notice, at the earliest, to the Governing Council.
(g) managing the Bank in the sphere of private law and dispose of their property.
(h) agree other operations or transactions to be carried out by the Bank for the performance of its functions, by delegating to committees or persons it deems relevant.
2. the Executive Committee shall meet whenever the Governor to convene on its own initiative or at the request of two members.
Agreements shall be made by majority vote. In the event of a tie, it shall decide the vote of the President.'
Four. Article 26.2 of the law 13/1994 of 1 June, autonomy of the Bank of Spain, is worded as follows: «the counselors not practise during his term professional activities related with credit institutions, either that is his nature, with stock markets and private financial institutions. The post of Director of the Bank of Spain is compatible with the development of the teaching function and research.»
Sole additional provision. Modification of the law 10/1975 of 12 March, on regulation of the metal currency.
The following wording is given to the first paragraph of article 4 of law 10/1975 of 12 March, on regulation of the metal coin: ' pursuant to the approval of the Central Bank European in terms of the volume of issuance, provided for in article 105.A.2 of the Treaty, the Ministry of economy and finance agreed the minting of coins and» «, in particular: ' sole transitional provision. Application of the rules on the coefficient of box.
Still, as provided for in the provision repealing this law, rules concerning the coefficient of box contained in law 26/1988, of July 29, on discipline and intervention of the credit entities, and, in particular, the articles 4.n) and 5.g) and 10.b) shall apply to offences committed prior to the entry into force of this provision. In these cases, the competence to instruct and resolve cases will correspond to the Bank of Spain.
Sole repeal provision.
1 are repealed the following precepts of law 26/1988, of July 29, on discipline and intervention of the credit entities: the letter n) of article 4.
The letter g) of article 5.
The letter b) of article 10.
2. the second additional provision of law 33/1987, of 23 December, from the State budget for 1988 is repealed.
3. Article 18 of legislative decree 18/1962, of 7 June, nationalization and reorganization of the Bank of Spain is hereby repealed.
First final provision. Amendment of article 18 of the law on discipline and intervention of the credit institutions.
Article 18 of law 26/1988, of July 29, on discipline and intervention of the credit institutions, shall be worded as follows: «article 18.
Without prejudice to the provisions of article 42 of this law, the competition for the instruction of the records referred to in this title and for the imposition of sanctions, shall be governed by the following rules: to) will be competent for the instruction of the Bank of Spain records.
(b) the imposition of sanctions for major and minor infractions will be up to the Bank of Spain.
(c) the imposition of penalties for very serious offences shall fall to the Minister of economy and finance, on the proposal of the Bank of Spain, except for the revocation of the authorization, to be imposed by the Council of Ministers.'
Second final provision. Benefits of the Bank of Spain.
Regulations will determine the regime of entry into the public Treasury of the benefits of the Bank of Spain.
Third final provision.
This law shall enter into force from the date of participation of Spain in the third stage of economic and Monetary Union, if Spain is not a Member State received a derogation, as referred to in article 109.K) of the Treaty, therefore, I command all the Spaniards, private individuals and authorities, which observe and do keep this law.
Madrid, 28 April 1998.
JUAN CARLOS R.
The Prime Minister, JOSÉ MARÍA AZNAR LÓPEZ