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 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") (a) of 20 September 2011 amending Guideline ECB/2000/7 of 31 August 2000 on the instruments and procedures of the Eurosystem monetary policy (ECB/2011/14), agrees:

First.

Give the following wording to Section 2 of General Clause II of the aforementioned "General Clauses applicable to the Bank of Spain's Monetary Policy Operations", approved by Resolution of the Executive Board of the Bank of Spain of Spain of 11 December 1998:

" 2. In particular, the Bank of Spain shall conduct monetary policy operations with institutions that meet the following requirements:

To be a credit institution, or another entity subject to the maintenance of minimum reserves, established in Spain. An entity is considered to be established in Spain if it has its head office or a branch authorised to operate on Spanish territory.

To be financially solvent and subject to harmonised supervision by national authorities at the level of the European Union or the European Economic Area.

Given their special institutional nature in the law of the European Union, institutions within the meaning of Article 123 (2) of the Treaty which are solvent and are eligible as counterparties may also be accepted as counterparties. they are subject to scrutiny comparable to the supervision by the competent national authorities. Solvent entities that are subject to non-harmonised supervision by national authorities, comparable to harmonised supervision at the level of the European Union or the European Economic Area, may also be accepted as counterparties.

Meet the operational requirements set by the Banco de España.

The Bank of Spain shall also establish the minimum requirements for entities to be required for the procurement of certain categories of monetary policy operations.

In rapid auctions and bilateral procedures, the Banco de España will operate with counterparties included in its counterparty group for adjustment operations. However, both in one case and in another case the operations may be executed with a wider variety of counterparties.

If, for operational reasons, the Banco de España could not negotiate with all the entities in one or more of the transactions mentioned in the preceding paragraph, the Banco de España will follow a rotating call that ensure equitable access between entities.

Entities shall be required to meet and comply with all obligations imposed on them by the rules on the prevention of money laundering and terrorist financing. "

Second.

Include a new paragraph at the end of Section 2.1 of the General Clause VI of the "General Clauses applicable to the Bank of Spain's Monetary Policy Operations" with the following wording:

" 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. "

Third.

Give the following wording to General Clause VIII number 4 of the above "General Clauses applicable to the Bank of Spain's Monetary Policy Operations":

" 4. The Bank of Spain may exclude, limit or suspend the counterparty from access to monetary policy operations (open market operations and permanent facilities) referred to in these General Clauses by the reasons for prudence or in the event of a case of non-compliance referred to in Section VII above. These measures shall be duly justified and shall be applied and calibrated in accordance with the principles of proportionality and non-discrimination. '

Fourth.

The amendments contained in the first, second and third points above shall apply from 1 January 2012.

Madrid, 18 October 2011.-The Secretary General of the Banco de España, Francisco Javier Priego Pérez.