Contenido

Direct Accounts

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• Guarantee deposits
• Transactions
• Pros and cons
• Commissions
• Features
• Opening a Direct Account

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•  Investors who maintain their Treasury Securities registered in a Direct Account at the Bank of Spain will be asked to make a deposit of 2% of the nominal amount of the requested securities when they submit their bids through the Bank of Spain.
  
  
•  The payment of the guarantee deposit has to be made by bank transfer -through a debit order in the account of the Bank of Spain's office having received the request- or by cheque. The payment by cheque will have to be made sufficiently in advance so that the Bank of Spain is able to make sure of its validity before the end of the subscription period -this verification usually takes two working days-.
  
  
•  The deposits will be established at the disposal of the Treasury.
  
  
•  The deposited amount will be considered as a payment guarantee in case the bids are accepted. As a result, this amount will be deducted from the total payment to be made by the investor for the requested securities.
  
  
•  The accepted bids which are not made effective for their complete amount before the date and hour set by the notification of the auction will be cancelled. The Bank of Spain will keep the 2% deposit guarantee of those investors not having fulfilled their payments, except in cases of force majeure.
  
  
•  If the bid is not accepted, the deposit will be inmediately reimbursed to the investor. The reimbursement will be ordered by the Bank of Spain on the first working day after the auction, and will be made effective as soon as possible by crediting this amount in the account specified by the investor.
  
  
•  Guarantee Deposits Investors who maintain their Treasury Securities registered in a Direct Account at the Bank of Spain will be asked to make a deposit of 2% of the nominal amount of the requested securities when they submit their bids through the Bank of Spain. The payment of the guarantee deposit has to be made by bank transfer -through a debit order in the account of the Bank of Spain's office having received the request- or by cheque. The payment by cheque will have to be made sufficiently in advance so that the Bank of Spain is able to make sure of its validity before the end of the subscription period -this verification usually takes two working days-. The deposits will be established at the disposal of the Treasury. The deposited amount will be considered as a payment guarantee in case the bids are accepted. As a result, this amount will be deducted from the total payment to be made by the investor for the requested securities. The accepted bids which are not made effective for their complete amount before the date and hour set by the notification of the auction will be cancelled. The Bank of Spain will keep the 2% deposit guarantee of those investors not having fulfilled their payments, except in cases of force majeure. If the bid is not accepted, the deposit will be inmediately reimbursed to the investor. The reimbursement will be ordered by the Bank of Spain on the first working day after the auction, and will be made effective as soon as possible by crediting this amount in the account specified by the investor. The Bank of Spain also offers the possibility of paying the total amount of the requested Treasury Securities at the time of the presentation of the subscription request; by doing this, the investor avoids the risk of delay of payment due to oversight or other circumstances, which, had he/she made only the 2% deposit, would lead to the loss of this deposit. If the investor makes use of this possibility, then any excess of his/her deposit over the amount of his/her accepted bids will be returned immediately after the auction.
  
  
•  Offices of the Bank of Spain