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Direct Accounts

Direct Accounts allow investors to:
Reinvest the amount of maturing Treasury Securities in new Treasury Securities. If the investor holds Letras del Tesoro in the Direct Account, reinvestment is particularly easy: on the maturity day of his/her Letras, new Letras will be issued, so that reinvestment is immediate.
In addition, in order to facilitate these reinvestments, the Bank of Spain, well in advance, mails the reinvestment form to the holders of Direct Accounts. The form can then be returned by mail if the investor wants to reinvest.
To exercise the exchange options offered on the Treasury Securities registered in the account.
To use their holdings of Treasury Securities as a guarantee to any public or private entity, by ordering to the Bank of Spain to block the securities registered in the account of the investor.
To transfer the securities to another "Entidad Gestora". This transaction has to be made if the investor wants to sell the securities registered in a Direct Account before maturity. The selling order would then be executed by this "Entidad Gestora".
An alternative way to sell Treasury Securities registered in a Direct Account before maturity is to effect the sale of the securities in the stock market; in this case, the operation will be made through a stock broker, to whom the Bank of Spain will transfer the securities. The cash amount resulting from the sale will then be credited to the bank account of the investor.
Offices of the Bank of Spain