Emblem of the

Select your language

Direct Accounts

Direct Accounts have several important advantages for investors:
They reduce the costs of investing in Treasury Securities to a minimum
FThey facilitate the transfer of Treasury Securities from the Direct Account at the Bank of Spain to other "Entidades Gestoras" or viceversa
Reinvestments are easy
Inconvenients:
As regards drawbacks of Direct Accounts, the main one is that the Bank of Spain, as opposed to other "Entidades Gestoras", never trades in the secondary market on behalf of its clients. Therefore, if the investor wants to sell his/her securities before maturity, these must be transferred to an "Entidad Gestora", which will sell them in the market. Otherwise, the order has to be channelled through the Stock Exchange system. Similarly, if an investor wants to purchase Treasury Securities in the secondary market, the transaction has to be made through an "Entidad Gestora" and then -if the investor wants- securities may be transferred to a Direct Account at the Bank of Spain.esea vender los valores antes de vencimiento, éstos deben traspasarse a una Entidad Gestora para que realice la operación, o bien canalizar la operación a través de la Bolsa. Análogamente, si se desea comprar en el mercado secundario, la operación deberá hacerse a través de una Entidad Gestora, que luego -según los deseos del inversor- puede traspasar los valores a una Cuenta Directa en el Banco de España.
Offices of the Bank of Spain