Direct the Bank and preside over the Governing Council and Executive Commission;
Take primary responsibility for the Bank's lawfully fulfilling its responsibilities. The Governor has ultimate responsibility authorizing bank contracts and other legal documents and for representing the Bank at justice tribunals;
Represent the Bank in international institutional dealings;
Function as a member of the Governing Council of the Bank and as a member of the General Council of the European System of Central Banks.
The Deputy Governor, designated by the national Government on the recommendation of the Governor of the Bank, should meet all of the official qualifications for the governorship. The current Deputy Governor of the Bank of Spain is :es:Margarita Delgado Tejero|Margarita Delgado. The Deputy Governor substitutes for the Governor in cases of vacancy, absence or illness, both as director of the Bank and as its representative. Further responsibilities of this office are a matter internal to the Bank, and are delegated by the Governor. Six Bank Counsellors are named by the national Government, on the proposal of the Minister of Economy and Finance, with the involvement of the Governor of the Bank. They must be Spanish citizens recognized for their competence in economics or law. The Deputy Governor is in charge of seven directorates:
General Banking Supervision
General Cash and Branches
General Economics, Statistics and Research
General Financial Stability, Regulation and Resolution
General Operations, Markets and Payments Systems
The Executive Commission consists of:
The Governor, who presides;
The Deputy Governor;
The directors general of the Bank attend the meetings of the Executive Commission, with voice but without vote. The Secretary of the Bank functions as secretary of the Executive Commission, but without voice or vote. The two Counsellors who serve as members of the Executive Commission are designated by the Governing Council, after nomination by the Governor, from among their own members. The Governing Council consists of:
The Deputy Governor;
The director general of the treasury and of financial policy;
The vice president of the Comisión Nacional Nacional del Mercado de Valores.
Council meetings are also attended by the directors general of the Bank and by a representative of bank personnel, both with voice, but without vote. The Minister of Economy and Finance or the Secretario de Estado de Economía may also attend those meetings of the Governing Council which will deal with matters relevant to their portfolios. They may also submit a motion for consideration by the Council. "The Secretary of the Bank functions as secretary of the Executive Commission, with voice, but without vote."
Banco de España's functions are:
Defining and implementing the Eurosystem's monetary policy, with the principal aim of maintaining price stability across the euro area'
Conducting currency exchange operations consistent with the provisions of Article 109 of the Treaty on European Union, and holding and managing the State's official currency reserves;
Promoting the sound working of payment systems in the euro area;
Issuing legal tender banknotes;
The holding and management of currency and precious metal reserves not transferred to the European Central Bank;
The promotion of the sound working and stability of the financial system and, without prejudice to the functions of the ECB, of national payment systems;
The supervision of the solvency and compliance with specific rules of credit institutions, other entities and financial markets, for which it has been assigned supervisory responsibility, in accordance with current provisions;
Circulating coins and performing on the State's behalf all functions entrusted to it in this connection;
Preparing and publishing data relating to its functions, and assisting the ECB in compiling statistical information;
Providing treasury services and acting as financial agent for government debt;
Advising the government, preparing appropriate reports and studies as required.