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What it is

Spain buys new shares in the European Bank for Reconstruction and Development

BOE step 7 of 7 · Passed

It is a government bill. Introduced by the Government. It was introduced on 30 November 1998. Introduced by: Gobierno.

Official title: Government bill authorizing Spain's participation in the capital increase of the European Bank for Reconstruction and Development (EBRD).

Follow this law

Source: Congreso de los Diputados, file 121/000152· updated 11 Nov

Automatic summary, not yet reviewed

  1. The Government may subscribe, on behalf of Spain, 34,000 new shares in the European Bank for Reconstruction and Development, worth 10,000 euros each. The capital increase doubles the Bank's capital and Spain keeps its current 3.4% stake.
  2. Of the 34,000 shares, 7,650 are payable and 26,350 callable. The payable shares are paid in eight equal annual installments, the first before December 31, 1999, for a total of €76,499,980.62 through 2010. 60% of each payment is made in euro-denominated promissory notes that earn no interest.
  3. The Bank of Spain acts as depositary of the funds, the promissory notes and the titles representing the shares.
  4. The Ministers of Foreign Affairs and of Economy and Finance may take the measures needed to apply the Law, which enters into force the day after its publication in the Official State Gazette (BOE).

Who it affects

  • The Spanish Government: It is authorized to subscribe the 34,000 new shares on behalf of Spain.
  • The Bank of Spain: It serves as depositary of the funds, promissory notes and share titles.
  • The Ministers of Foreign Affairs and of Economy and Finance: They may take the measures needed to carry out the Law.
  • Spanish companies investing in the region: Spain's stake in the Bank is kept, supporting investment in the countries where they operate.

Words worth knowing

Ampliación de capital (capital increase)
Issuing new shares of a company or entity to raise more money.
Acciones pagaderas y exigibles (payable and callable shares)
Payable shares are paid gradually in installments; callable shares are paid only if the Bank requests it.
Pagaré (promissory note)
A document promising to pay a sum of money on a specific date.
Emitirse a la par (issued at par)
The shares are sold at their face value, with no premium or discount.
Consejo de Gobernadores (Board of Governors)
The Bank's body where the main decisions, such as the capital increase, are made.

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. Introduced30 November 1998Someone registers the text in the Congreso.
  2. Admitted9 December 1998The Bureau of the Congreso accepts it and, for a members’ bill, the plenary decides whether to consider it.
  3. Amendments14 December 1998Groups propose changes.
  4. Committee4 February 1999A committee goes through the text in detail.
  5. Plenary10 February 1999All 350 deputies vote.
  6. Senate18 February 1999The Senate can pass it, amend it or veto it.
  7. BOE24 March 1999It is published in the Official State Gazette (BOE) and comes into force.
See the 9 official steps on a timeline
Nov 1998Dec 1998Jan 1999Feb 199911. 30 November 1998: Presentación22. 9 December 1998: Comisión de Economía, Comercio y Hacienda Publicación desde 09/12/1998 hasta 14/12/199833. 9 December 1998: Calificación44. 14 December 1998: Comisión de Economía, Comercio y Hacienda Enmiendas desde 14/12/1998 hasta 04/02/199955. 4 February 1999: Comisión de Economía, Comercio y Hacienda Informe desde 04/02/1999 hasta 09/02/199966. 9 February 1999: Comisión de Economía, Comercio y Hacienda Dictamen desde 09/02/1999 hasta 10/02/199977. 10 February 1999: Pleno Aprobación desde 10/02/1999 hasta 18/02/199988. 18 February 1999: Senado desde 18/02/1999 hasta 24/03/199999. 24 March 1999: Concluido - (Aprobado con modificaciones) desde 24/03/1999 hasta 11/05/1999

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:

Published in the BOE: Act 12/1999, of April 21, authorizing Spain's participation in the capital increase of the European Bank for Reconstruction and Development (EBRD).

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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