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What it is

State guarantees and bond purchases to support Spanish banks

BOE step 7 of 7 · Passed

It is a royal decree-law. It was introduced on 13 October 2008. Introduced by: Gobierno.

Official title: Royal Decree-Law 7/2008, of October 13, on Urgent Measures in Economic and Financial Matters in relation to the Concerted Action Plan of the Eurozone Countries.

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Source: Congreso de los Diputados, file 130/000006· updated 11 Nov

Automatic summary, not yet reviewed

  1. The State may guarantee new financing operations by credit institutions based in Spain, such as promissory notes, bonds and debentures, with a maximum term of five years. In 2008, guarantees of up to 100,000 million euros may be granted, and the period for granting them ends on December 31, 2009.
  2. Exceptionally, and until December 31, 2009, the Minister of Economy and Finance is authorized to buy securities issued by credit institutions that need to strengthen their own funds and request it, including preferential participations and cuotas participativas.
  3. The rule takes effect the same day it is published in the Official State Gazette (Boletín Oficial del Estado).

Who it affects

  • Credit institutions based in Spain: They can request State guarantees for their new debt issues and ask for the purchase of their securities if they need to strengthen their own funds.
  • Branches of foreign institutions: They can only access the guarantees if they carry out significant activity in Spain.
  • Minister of Economy and Finance: Grants the guarantees and buys the securities, with a prior report from the Bank of Spain for the purchases.
  • Bank of Spain (Banco de España): May propose special solvency conditions and issues a prior report on the securities purchases.

Words worth knowing

Aval
A guarantee: if the borrower does not pay, the State answers for it.
Recursos propios
The money and reserves a bank holds as its own cushion to cover losses.
Participaciones preferentes y cuotas participativas
Financial products issued by banks that count as part of that own cushion.
Real Decreto-ley
A rule with the force of law that the Government can pass urgently in extraordinary situations.

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. Introduced13 October 2008Someone registers the text in the Congreso.
  2. Admitted14 October 2008The 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. Plenary14 October 2008All 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 4 official steps on a timeline
Oct 200811. 13 October 2008: Presentación22. 14 October 2008: Calificación33. 14 October 2008: Pleno Convalidación desde 14/10/2008 hasta 20/10/200844. 20 October 2008: Concluido - (Convalidado) desde 20/10/2008 hasta 28/10/2008

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.

Published in the BOE: Royal Decree-Law 7/2008, of 13 October, on Urgent Measures in Economic and Financial Matters in relation to the Concerted Action Plan of the Eurozone Countries.

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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