Payment of the nominal value allocated at auction

In the case of bids entered directly at the Bank of Spain, the nominal amount allocated shall be paid by crediting the difference between the subscription price and the deposit made in the Treasury's account at the central bank. Payment can be by the same means as those described for the 2% deposit, and should be made prior to the date and time limits set in the auction call.

In the case of bidders submitting through a Management Institution (Entidad Gestora), the corresponding amounts will be duly debited on the payment date in the current accounts specified for billing. Alternatively, the Management Institution may deposit at the Treasury the amount corresponding to its own and third-party subscriptions. And finally, the Management Institution must furnish the subscribers whose bids they channelled with a certificate setting out the nominal amount subscribed and the cash sum to be deposited in the Treasury's account.

Likewise, the Bank of Spain must furnish subscribers whose bids it received directly with a certificate accrediting the nominal amount subscribed and the cash amount to be paid to the Treasury, and make the entries corresponding to the Debt allocated in the third-party accounts of the Management Institution stipulated by the bids' presenter.