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What it is

Reform of Spanish savings banks: governance, capital and taxes

BOE step 7 of 7 · Passed

It is a royal decree-law. It was introduced on 13 July 2010. Introduced by: Gobierno.

Official title: Royal Decree-Law 11/2010, of July 9, on governing bodies and other aspects of the legal regime of Savings Banks.

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Source: Congreso de los Diputados, file 130/000034· updated 11 Nov

Automatic summary, not yet reviewed

  1. Participative quotas (titles issued by savings banks) can now give their holders political rights, meaning a voice in the bank's governing bodies, proportional to their stake and capped at 50% of the entity's equity.
  2. Quotas offered to the general public must be listed on organized secondary markets, and any limit on how many quotas a single person or group may hold is removed.
  3. The professionalism of savings banks' governing bodies is strengthened: commercial and professional integrity is required, being an elected political official or senior public officer is incompatible with membership, and the representation of public administrations is capped at 40% (previously 50%).
  4. New mandatory committees are created: one for Remuneration and Appointments, which oversees pay and appointments, and one for Social Work, which ensures the savings bank fulfills its charitable mission.
  5. Savings banks must publish an annual corporate governance report with details on pay, related-party transactions and conflicts of interest, and send it to the National Securities Market Commission.
  6. Savings banks get two new organizational options: running their financial business through a bank they control with at least 50% of voting rights, or becoming a special foundation that keeps the social work and transfers the banking business to another credit institution.
  7. A special tax regime is set for banking restructurings and institutional protection systems, allowing deferral of Corporate income tax The personal income tax (IRPF in Spain): what people pay on what they earn from work, business or savings. and exemptions from the Transfer Tax, seeking tax neutrality across models.
  8. The FROB Fund for the Orderly Restructuring of Banks: a public fund created to help restructure and strengthen the capital of Spanish banks. (the public bank rescue fund) may, exceptionally, buy securities from individual solvent entities that need to strengthen their capital, always subject to a recapitalization plan approved by the Bank of Spain.

Words worth knowing

Cuotas participativas (participative quotas)
Titles issued by Spanish savings banks to raise money. Buyers receive a share of the bank's profits but traditionally had no voting rights.
Sistema institucional de protección (institutional protection system)
An agreement under which several credit institutions pool part of their results and solvency while keeping their own legal identity.
FROB
Fund for the Orderly Restructuring of Banks: a public fund created to help restructure and strengthen the capital of Spanish banks.
Obra benéfico-social (social and charitable work)
Social and charitable activity that savings banks must fund with part of their profits in their territories.
Fundación de carácter especial (special foundation)
The figure a savings bank can become: it loses its status as a bank and devotes itself to its social work while managing shares in the bank that received its business.
income tax
The personal income tax (IRPF in Spain): what people pay on what they earn from work, business or savings.

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 July 2010Someone registers the text in the Congreso.
  2. Admitted19 July 2010The 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. Plenary19 July 2010All 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
Jul 201011. 13 July 2010: Presentación22. 19 July 2010: Calificación33. 19 July 2010: Pleno Convalidación desde 19/07/2010 hasta 21/07/201044. 21 July 2010: Concluido - (Convalidado) desde 21/07/2010 hasta 03/09/2010

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 11/2010, of July 9, on governing bodies and other aspects of the legal regime of Savings Banks.

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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