Sareb is subject to strict supervision by three entities: the Monitoring Committee, the Bank of Spain and the National Securities Market Commission (CNMV). This is established in the provisions of the legislation that led to the creation of Sareb and which established the guidelines of our activities. And this was reflected in our Articles of Association.
Entities responsible for supervising Sareb and the functions they perform
The Monitoring Committee is the main external supervisory committee, responsible for verifying the fulfilment of Sareb’s objectives. In this regard, it analyses our business plan and any possible deviations and carefully monitors our asset divestment plan (the loans and real estate in our portfolio) and our senior debt repayment plan (guaranteed by the State for our formation).
The Monitoring Committee is made up of the Ministry of Economy, the Treasury Department, the Bank of Spain and the National Securities Market Commission (CNMV). It may also request the additional supervision of other national or supranational public entities, as is the case of the European Central Bank (ECB), which participates as observer in its meetings.
Bank of Spain
As well as forming part of the Monitoring Committee, the Bank of Spain’s Directorate General of Banking Supervision observes the fulfilment of Sareb’s sole corporate purpose, its potential deviations, the transparency of its activities and the composition of the governing bodies.
National Securities Market Commission (CNMV)
The National Securities Market Commission (CNMV) is the entity responsible for the supervision, inspection and transparency of securities markets. Accordingly, with regard to Sareb, the repayment of senior debt, as well as the issuance of fixed income (bonds) and FAB (Fondo de Activos Bancarios [Banking Asset Funds]) are subject to the control and review of the CNMV.