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What it is

Freedom for EU banks in Spain and control of their shareholders

BOE step 7 of 7 · Passed

It is a government bill. Introduced by the Government. It was introduced on 3 September 1993. Introduced by: Gobierno.

Official title: Government bill adapting Spanish legislation on credit institutions to the Second Banking Coordination Directive and introducing other modifications regarding the financial system.

Follow this law

Source: Congreso de los Diputados, file 121/000009· updated 11 Nov

Automatic summary, not yet reviewed

  1. Credit institutions authorized in another European Union member state may open branches in Spain without prior authorization: a communication from their supervisory authority to the Bank of Spain is enough, and the Bank of Spain may wait up to two months before starting supervision. They may also provide services in Spain without a branch.
  2. Spanish credit institutions that want to open a branch in another European Union member state must first apply to the Bank of Spain, which decides within a maximum of three months. If they want to operate without a branch in another country, they only need to notify it.
  3. A new regime is created for significant shareholdings in credit institutions: a holding is significant from 5% of capital or voting rights. Anyone who wants to acquire one, or exceed certain thresholds (10%, 25%, 50%, among others), must notify the Bank of Spain in advance, which may object within three months. If there is no notice, the votes attached to those shares are void and penalties may apply.
  4. The banking discipline law is amended: the Bank of Spain supervises and inspects credit institutions, including branches of foreign institutions, and institutions may freely open new offices in Spain. Opening a branch outside the European Union does require authorization from the Bank of Spain.
  5. Financial credit establishments (E.F.C.) are created: entities that cannot take deposits from the public but may grant loans, consumer credit, leasing, or manage credit cards. Mortgage credit companies, financing companies, and leasing companies must become E.F.C.s before January 1, 1997.
  6. The Superior Banking Council is dissolved, keeping its legal personality only until its assets are fully liquidated. Its representative functions pass to the representative bodies of the banks.

Who it affects

  • Spanish banks and savings banks: They must apply to the Bank of Spain to open branches outside the European Union and notify it if they operate without a branch in other countries.
  • Banks from other European Union member states: They may open branches in Spain or provide services without prior authorization, only with advance notice.
  • Anyone who wants to buy a significant stake in a bank or savings bank: They must notify the Bank of Spain in advance and may be barred from voting if they do not.
  • Mortgage credit companies, financing companies, and leasing companies: They must become financial credit establishments before January 1, 1997 or lose their status as financial institutions.
  • Corredores de comercio (trade brokers) and appraisal companies: They are subject to their own sanctioning regime with detailed offenses and penalties.

Words worth knowing

Entidad de crédito
A company authorized to take money from the public and grant loans, such as banks, savings banks, and credit cooperatives.
Sucursal
A branch: an office of an institution located outside its main place of business, dependent on it.
Libre prestación de servicios
Free provision of services: being able to offer services in another country without opening an office there.
Participación significativa
Significant shareholding: holding at least 5% of an entity's capital or voting rights, or enough influence over it.
Arrendamiento financiero
Leasing: a contract to use an asset in exchange for periodic payments, with an option to buy it at the end.

It summarizes the law as published in the BOE. It is written by artificial intelligence and may contain mistakes: the official text is what counts. Read the official text · How we make summaries

Where it stands

How far did it get?

It took 7 of 7 steps. It reached BOE, and today it is passed.

  1. Introduced3 September 1993Someone registers the text in the Congreso.
  2. Admitted7 September 1993The Bureau of the Congreso accepts it and, for a members’ bill, the plenary decides whether to consider it.
  3. Amendmentsno dateGroups propose changes.
  4. Committeeno dateA committee goes through the text in detail.
  5. Plenaryno dateAll 350 deputies vote.
  6. Senateno dateThe Senate can pass it, amend it or veto it.
  7. BOEno dateIt is published in the Official State Gazette (BOE) and comes into force.
See the 2 official steps on a timeline
Sept 199311. 3 September 1993: Presentación22. 7 September 1993: Calificación

Was there a plenary vote?

We have no plenary vote linked to this law in the Congreso’s data.

What happens next

What happens now?

It is law, or will be once published in the BOE. It comes into force on the date its own text sets.

The same initiative in the other chamber:

Presented before in:

Published in the BOE: Law 3/1994, of April 14, adapting Spanish legislation on credit institutions to the Second Banking Coordination Directive and introducing other modifications related to the financial system.

Sources

Where does all this come from?

  • The data comes from the open files of the Congreso, the Senate and the BOE, unaltered.
  • Each deputy’s province is the one of their seat on the day of the vote.
  • We only say “passed” or “rejected” when the majority needed is certain; otherwise we say which side had more votes.

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