About Bank of Spain
The Banco de España is the national central bank and, within the framework of the Single Supervisory Mechanism (SSM), the supervisor of the Spanish banking system along with the European Central Bank. Its activity is regulated by the Law of Autonomy of the Banco de España.
The Banco Nacional de San Carlos was founded on 2 June by a Royal Warrant signed by King Carlos III. The Bank was based on a project submitted by the Count of Cabarrús to the prime minister, the Count of Floridablanca.
Its objectives were: to provide financial support to the State, facilitating the circulation of vales reales (government debt) and converting them into cash; to supply provisions and uniforms for the armed forces; to meet the Crown’s payments abroad; to combat usury, and to provide credit to commerce and industry.
It was a modern institution for its time. Its capital was private and was divided into shares. It paid out dividends and the Shareholders’ Meeting was sovereign over individual shareholders, including the King himself… Continue reading about Bank of Spain here.