The Bank of Spain (, ) is the
national central bank for
Spain
Spain, or the Kingdom of Spain, is a country in Southern Europe, Southern and Western Europe with territories in North Africa. Featuring the Punta de Tarifa, southernmost point of continental Europe, it is the largest country in Southern Eur ...
within the
Eurosystem
The Eurosystem is the monetary authority of the eurozone, the collective of European Union member states that have adopted the euro as their sole official currency. The European Central Bank (ECB) has, under Article 16 of its Statute, . It was the Spanish
central bank
A central bank, reserve bank, national bank, or monetary authority is an institution that manages the monetary policy of a country or monetary union. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the mo ...
from 1874 to 1998, issuing the
peseta. Since 2014, it has also been Spain's national competent authority within
European Banking Supervision
European Banking Supervision, also known as the Single Supervisory Mechanism (SSM), is the policy framework for the prudential supervision of banks in the euro area. It is centered on the European Central Bank (ECB), whose supervisory arm is re ...
. It was originally established by
Charles III
Charles III (Charles Philip Arthur George; born 14 November 1948) is King of the United Kingdom and the 14 other Commonwealth realms.
Charles was born at Buckingham Palace during the reign of his maternal grandfather, King George VI, and ...
in
Madrid
Madrid ( ; ) is the capital and List of largest cities in Spain, most populous municipality of Spain. It has almost 3.5 million inhabitants and a Madrid metropolitan area, metropolitan area population of approximately 7 million. It i ...
in 1782, as the ''Banco Nacional de San Carlos'', and took its current name in 1856. Its activity is regulated by the Bank of Spain Autonomy Act. The bank doesn't translate its name to English but uses its Spanish name in all English communications.
The Bank of Spain holds 9.1 million troy ounces of gold (around 283 tons) (2019), which are stored in its own vaults and in various institutions in
London
London is the Capital city, capital and List of urban areas in the United Kingdom, largest city of both England and the United Kingdom, with a population of in . London metropolitan area, Its wider metropolitan area is the largest in Wester ...
and
New York
New York most commonly refers to:
* New York (state), a state in the northeastern United States
* New York City, the most populous city in the United States, located in the state of New York
New York may also refer to:
Places United Kingdom
* ...
. According to IMF data, Spain ranks 20th among the 40 largest gold reserves in the world (as of July 2015).
In January 2021, the snowstorm "Filomena" caused the clock at the Bank of Spain to freeze for the first time in 130 years. This occurred at 11:35 a.m. on Saturday, 9 January.
History

Originally named the ''Banco Nacional de San Carlos'', it was founded in 1782 by
Charles III
Charles III (Charles Philip Arthur George; born 14 November 1948) is King of the United Kingdom and the 14 other Commonwealth realms.
Charles was born at Buckingham Palace during the reign of his maternal grandfather, King George VI, and ...
in Madrid, to stabilize government finances through its state bonds (''vales reales'') following the
American Revolutionary War
The American Revolutionary War (April 19, 1775 – September 3, 1783), also known as the Revolutionary War or American War of Independence, was the armed conflict that comprised the final eight years of the broader American Revolution, in which Am ...
in which Spain gave military and financial support to the
Thirteen Colonies
The Thirteen Colonies were the British colonies on the Atlantic coast of North America which broke away from the British Crown in the American Revolutionary War (1775–1783), and joined to form the United States of America.
The Thirteen C ...
. Although it aided the state, the bank was initially owned privately by stockholders. Its assets included those of "Spanish capitalists, French rentiers, and several treasuries of Indian communities in
New Spain
New Spain, officially the Viceroyalty of New Spain ( ; Nahuatl: ''Yankwik Kaxtillan Birreiyotl''), originally the Kingdom of New Spain, was an integral territorial entity of the Spanish Empire, established by Habsburg Spain. It was one of several ...
" (colonial Mexico). Its first director was the French banker
François Cabarrus, known in Spain as Francisco Cabarrús.
Following the Napoleonic invasion of Spain during the
Peninsular War
The Peninsular War (1808–1814) was fought in the Iberian Peninsula by Kingdom of Portugal, Portugal, Spain and the United Kingdom of Great Britain and Ireland, United Kingdom against the invading and occupying forces of the First French ...
between 1808 and 1813, the bank was owed more than 300 million
reales by the state, placing it in financial difficulty. Treasury Minister Luis López Ballesteros created a fund of 40 million reales in 1829 against which the bank could issue its own notes at Madrid. It did so after renaming itself (the name of the king of Spain was
Fernando VII).
In 1844 the competing
Banco de Isabel II and were established, followed in 1846 by the . In 1847, after overexposure in the failing property market of Madrid, the Banco de Isabel II merged with Banco de San Fernando and retained the latter name.
Under the guidance of
Ramón Santillán in the 1850s, the bank extended its operations to the cities of
Alicante
Alicante (, , ; ; ; officially: ''/'' ) is a city and municipalities of Spain, municipality in the Valencian Community, Spain. It is the capital of the province of Alicante and a historic Mediterranean Sea, Mediterranean port. The population ...
and
Valencia
Valencia ( , ), formally València (), is the capital of the Province of Valencia, province and Autonomous communities of Spain, autonomous community of Valencian Community, the same name in Spain. It is located on the banks of the Turia (r ...
and took the name, . Requiring financial support from the bank to back its civil and colonial wars, the government of Spain granted the Banco de España a monopoly on the issuance of Spanish bank notes in 1874. Construction of the bank's
headquarters building began in 1884 at the crossing of the
Calle de Alcalá
Calle de Alcalá is among the longest streets in Madrid. It starts at the Puerta del Sol and goes on for , to the northeastern outskirts of the city. Henry David Inglis described it in 1837 as "long, of superb width, and flanked by a splendid rang ...
and the
Paseo del Prado
The Paseo del Prado is one of the main boulevards in Madrid, Spain. It runs north–south between the Plaza de Cibeles and the Plaza del Emperador Carlos V (also known as Plaza de Madrid Atocha railway station, Atocha), with the Plaza de Cánov ...
in Madrid.
In 1936, 510
tonne
The tonne ( or ; symbol: t) is a unit of mass equal to 1,000 kilograms. It is a non-SI unit accepted for use with SI. It is also referred to as a metric ton in the United States to distinguish it from the non-metric units of the s ...
s of
gold
Gold is a chemical element; it has chemical symbol Au (from Latin ) and atomic number 79. In its pure form, it is a brightness, bright, slightly orange-yellow, dense, soft, malleable, and ductile metal. Chemically, gold is a transition metal ...
reserves were transferred to the Soviet Union (in an event known as
Moscow gold) corresponding to 72.6% of the total
gold reserves
A gold reserve is the gold held by a national central bank, intended mainly as a guarantee to redeem promises to pay depositors, note holders (e.g. paper money), or trading peers, during the eras of the gold standard, and also as a store of v ...
of the Bank of Spain. That gold remained there during the
Spanish Civil War
The Spanish Civil War () was a military conflict fought from 1936 to 1939 between the Republican faction (Spanish Civil War), Republicans and the Nationalist faction (Spanish Civil War), Nationalists. Republicans were loyal to the Left-wing p ...
.
In 1946, the government of
General Franco placed the bank under tight control. It was formally
nationalised
Nationalization (nationalisation in British English)
is the process of transforming privately owned assets into public assets by bringing them under the public ownership of a national government or state. Nationalization contrasts with ...
in 1962. After the restoration of democracy in the late 1970s, the bank began a series of transformations and modernisations which continue to today.
On Spain's entry into the
Economic and Monetary Union of the European Union
The economic and monetary union (EMU) of the European Union is a group of policies aimed at converging the economies of member states of the European Union at three stages.
There are three stages of the EMU, each of which consists of progressi ...
in 1994, the Banco de España became a member of the
European System of Central Banks
The European System of Central Banks (ESCB) is an institution that comprises the European Central Bank (ECB) and the national central banks (NCBs) of all 27 member states of the European Union (EU). Its objective is to ensure price stability ...
. The Bank of Spain holds 8.84% of the
ECB's capital.
Governing structures
The governing structures of the Bank is divided among four branches:
* The Governor.
* The Deputy Governor.
* The Governing Council.
* The Executive Commission.
The
Governor of the Bank of Spain is formally appointed after the
Prime Minister of Spain
The prime minister of Spain, officially president of the Government (), is the head of government of Spain. The prime minister nominates the Spanish government departments, ministers and chairs the Council of Ministers (Spain), Council of Mini ...
has designated him/her by the
Spanish monarch
The monarchy of Spain or Spanish monarchy () is the constitutional form of government of Spain. It consists of a Hereditary monarchy, hereditary monarch who reigns as the head of state, being the highest office of the country.
The Spanish ...
. The Governor must be a Spanish citizen recognized for his or her competence in monetary or banking matters. When a new Governor is named, the Minister of Economy and Finance, in accord with procedure established by the
Congress of Deputies
The Congress of Deputies () is the lower house of the , Spain's legislative branch, the upper house being the Senate of Spain, Senate. The Congress meets in the Palacio de las Cortes, Madrid, Palace of the Parliament () in Madrid.
Congress has ...
, informs the competent parliamentary commission. The current Governor is
José Luis Escrivá.

The tasks of the Governor include:
* Direct the Bank and preside over the Governing Council and Executive Commission;
* Take primary responsibility for the Bank's lawfully fulfilling its responsibilities. The Governor has ultimate responsibility authorizing bank contracts and other legal documents and for representing the Bank at justice tribunals;
* Represent the Bank in international institutional dealings;
* Function as a member of the Governing Council of the Bank and as a member of the General Council of the European System of Central Banks.
The Deputy Governor, designated by the national Government on the recommendation of the Governor of the Bank, should meet all of the official qualifications for the governorship. The current Deputy Governor of the Bank of Spain is
Margarita Delgado. The Deputy Governor substitutes for the Governor in cases of vacancy, absence or illness, both as director of the Bank and as its representative. Further responsibilities of this office are a matter internal to the Bank, and are delegated by the Governor.
Six Bank Counsellors are named by the national Government, on the proposal of the Minister of Economy and Finance, with the involvement of the Governor of the Bank. They must be Spanish citizens recognized for their competence in economics or law.
The Deputy Governor is in charge of seven directorates:
* General Banking Supervision
* General Cash and Branches
* General Economics, Statistics and Research
* General Financial Stability, Regulation and Resolution
* General Operations, Markets and Payments Systems
* General Service
* General Secretariat
The Executive Commission consists of:
* The Governor, who presides;
* The Deputy Governor;
* Two Counsellors.
The directors general of the Bank attend the meetings of the Executive Commission, with voice but without vote. The Secretary of the Bank functions as secretary of the Executive Commission, but without voice or vote.
The two Counsellors who serve as members of the Executive Commission are designated by the Governing Council, after nomination by the Governor, from among their own members (other than ''ex officio'' members). The Governing Council consists of:
* The Governor;
* The Deputy Governor;
* Six Counsellors;
* The director general of the treasury and of financial policy;
* The vice president of the ''Comisión Nacional Nacional del Mercado de Valores'' ("Stock Market National Commission").
Council meetings are also attended by the directors general of the Bank and by a representative of bank personnel (elected by a means determined by the Bank's internal rules), both with voice, but without vote.
The Minister of Economy and Finance or the ''Secretario de Estado de Economía'' ("Secretary of State for the Economy"
may also attend (with voice, but without vote) those meetings of the Governing Council which will deal with matters relevant to their portfolios. They may also submit a motion for consideration by the council.
"The Secretary of the Bank functions as secretary of the Executive Commission, with voice, but without vote."
Functions
Banco de España's functions are:
* Defining and implementing the Eurosystem's monetary policy, with the principal aim of maintaining price stability across the euro area'
* Conducting currency exchange operations consistent with the provisions of Article 109 of the Treaty on European Union, and holding and managing the State's official currency reserves;
* Promoting the sound working of payment systems in the euro area;
* Issuing legal tender banknotes;
* The holding and management of currency and precious metal reserves not transferred to the European Central Bank;
* The promotion of the sound working and stability of the financial system and, without prejudice to the functions of the ECB, of national payment systems;
* The supervision of the solvency and compliance with specific rules of credit institutions, other entities and financial markets, for which it has been assigned supervisory responsibility, in accordance with current provisions;
* Circulating coins and performing on the State's behalf all functions entrusted to it in this connection;
* Preparing and publishing data relating to its functions, and assisting the ECB in compiling statistical information;
* Providing treasury services and acting as financial agent for government debt;
* Advising the government, preparing appropriate reports and studies as required.
Building
The building houses 280 tonnes of the Spanish gold reserve. This gold reserve is protected by a complex mechanism and is placed 37 meters underground. The security system includes three armored doors, a trench with a one-person wide bridge, and a water-flooding system that uses the water from two adjacent rivers that go below the
Cibeles fountain, located next to the bank's building.
The building was to be used as a film location for the third season of the Spanish series
Money Heist, but due to the bank's security system, filming moved into the
Spanish Ministry of Development.
See also
*
Comisión Nacional del Mercado de Valores
*''
Money Heist'', a television series in which the Bank of Spain is robbed.
*''
The Vault'', a movie about a robbery in the Bank of Spain.
*
List of central banks
This is a list of central banks.
Central banks by alphabetical order
This is a list of central banks. Countries that are only partially recognized internationally are marked with an asterisk (*).
Major central banks by currency allocation p ...
References
External links
* Official site of Banco de Españ
(in Spanish)
*
Ley 13/1994, de 1 de junio, de Autonomía del Banco de España.
Boe.es ank of Spain Autonomy Act*
{{authority control
Bank of Spain
Financial regulatory authorities of Spain
Spain
Spain, or the Kingdom of Spain, is a country in Southern Europe, Southern and Western Europe with territories in North Africa. Featuring the Punta de Tarifa, southernmost point of continental Europe, it is the largest country in Southern Eur ...
Spain
Spain, or the Kingdom of Spain, is a country in Southern Europe, Southern and Western Europe with territories in North Africa. Featuring the Punta de Tarifa, southernmost point of continental Europe, it is the largest country in Southern Eur ...
Spain
Spain, or the Kingdom of Spain, is a country in Southern Europe, Southern and Western Europe with territories in North Africa. Featuring the Punta de Tarifa, southernmost point of continental Europe, it is the largest country in Southern Eur ...
Banks established in 1782
Companies based in the Community of Madrid
1782 establishments in Spain
Government agencies of Spain
Banks based in Madrid
Spain
Spain, or the Kingdom of Spain, is a country in Southern Europe, Southern and Western Europe with territories in North Africa. Featuring the Punta de Tarifa, southernmost point of continental Europe, it is the largest country in Southern Eur ...