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Information for customers

Bulletin board

Information to be included in accordance with that stipulated in Bank of Spain Circular 5/2012, of the 27 June, on transparency in banking services and responsibility when granting loans: CECABANK, S.A. is a credit institution subject to the supervision of the Bank of Spain that is registered with Code 2000 in the Register of Institutions of the Bank of Spain, and in the Commercial Registry of Madrid in Volume 30,405, Book O, Page 57, Section 8, Sheet M-547,250, Registration Entry 1. Its registered office is located at Calle Alcalá 27, MADRID (28014) and its Tax Identification Number is A-86436011.

Exchange and Discount rates:

In compliance with the provisions of article 13 of Law 18/2014, of 15 October, on the approval of urgent measures for growth, competitiveness and efficiency, amended by Law 22/2014, of 12 November, and Bank of Spain Circular 1/2015, of 24 March, amended in turn by Bank of Spain Circular 1/2016, of 29 January, information is hereby provided on quarterly exchange and discount rates.

Exchange Rates

Discount rates

Code of Good Practice Royal Decree-Law 5/2021

Customer service

In accordance with Order ECO/734/2004, of 11 March, on the Customer Service Offices or Departments and Customer Ombudsman of financial institutions, the customers or users of Cecabank, S.A. (hereinafter, CECABANK) are hereby informed that CECABANK's Customer Service Department, is located at Calle Alcalá 27, 28014, Madrid.

E-mail: servicioatencionalcliente@cecabank.es

Customer service forms

The Bank is obliged to process and resolve all claims or complaints, submitted directly or through representation, by any private individual or legal entity, Spanish or foreign, that meets the condition of user of CECABANK financial services, provided that such complaints and claims refer to their legally recognised interests and rights, whether they derive from contracts, from regulations governing transparency and consumer protection or from financial good practice within a time frame of two months.

Notwithstanding the above, if Customer Service has not issued a ruling within one month, consumers may turn to the Financial Supervisors Claims Service.

In the case of claims filed by payment service users, the Customer Service period for issuing a ruling is reduced to fifteen business days. In exceptional situations, if a response cannot be offered within fifteen business days for reasons beyond the control of the payment service provider, this party must send an interim response that clearly indicates the reasons for the delay in response to the claim and specifies the period within which the payment service user will receive the final reply, which in any case will not exceed one month. if Customer Service has not issued a ruling within fifteen business days, payment service users may turn to the Financial Supervisors Claims Service.

For resolution of claims or complaints made by Customer Services, or if the two-month period has lapsed without any satisfactory resolution by Customer Services, such claims or complaints can be resubmitted to any of the Financial Supervisors Claims Services:

Bank of Spain Complaints Department, Calle Alcalá 48, 28014 Madrid.

Investor Relations Office of the National Securities Market Commission, at Calle Edison 4, 28006 Madrid.

Directorate-General for Insurance and Pension Funds Complaints Department, at Paseo de la Castellana, 44, 28046 Madrid.

The Customer Service Department is regulated by CECABANK's Customer Protection Regulation, which can be found alongside this notice, and is made available to CECABANK users or customers.

Notice:

Customer services will attend solely to claims or complaints submitted by customers or users of financial services specific to CECABANK. Any claims or complaints from customers or users of Savings Banks or any other entities associated with CECA should be submitted to the respective Customer Services Departments belonging to the Savings Banks or other companies associated with CECA.

The following legal texts can be cited as basic mandatory regulations for the purposes of transparency and customer protection in financial services:

Customer Service and Customer Protection:

Act 44/2002, of 22 November on Financial System Reform Measures.
Order ECHO/734/2004, of 11 March, on customer service departments and services and the customer's ombudsman of financial institutions.
Sustainable Economy Act 2/2011 of 4 March.
Order ECC/2502/2012, of 16 November, governing the procedure for presenting claims to the Bank of Spain, and CNMV (The Spanish National Stock Exchange commission), and the Directorate-General for Insurance and Pensions Funds complaints services.
Act 7/2017, of 2 November, incorporating into the Spanish legal system Directive 2013/11/EU of the European Parliament and the Council, of 21 May 2013, on the alternative dispute resolution for consumer disputes.

Transparency of operations and customer protection and other customer protection regulations:

Act 22/2007, of 11 July, on distance marketing of financial services to consumers.
Legislative Royal Decree 1/2007, of 16 November, which approves the consolidated text of the General Law for the Protection of Consumers and Users, as well as supplementary laws.
Order EHA/2899/2011, of 28 October, on transparency and consumer protection in banking services.
Circular 5/2012, of 27 June of the Bank of Spain, regarding credit institutions and payment service providers, regarding the transparency of banking services and responsibility when granting loans.
Royal Decree-Law 6/2013, of 22 March, on protecting holders of certain savings and investment products and other financial products.
Act 10/2014, of 26 June, on the organisation, supervision and solvency of credit institutions.
Royal Decree 84/2015, of 13 February, which implements Law 10/2014, of 26 June, on the regulation, supervision and solvency of credit institutions.
Royal Decree-Law 1/2017, of 20 January, on urgent measures to protect consumers regarding floor clauses.
Royal Decree 536/2017, of 26 May, creating and regulating the Commission of monitoring, controlling and evaluating as established in the Royal Decree-Law 1/2017, of 20 January, on urgent measures to protect consumers regarding floor clauses.
Order ECE/228/2019, of 28 February, on basic payment accounts, the process of switching payment accounts and requirements affecting price comparison websites.
Order ECE/482/2019, of 26 April, amending Order EHA/1718/2010, of 11 June, on the regulation and control of the advertising of banking products and services, and Order EHA/2899/2011, of 28 October, on transparency and protection for customers of banking services.
Law 4/2022, of 25 February, on the protection of consumers and users in situations of social and economic vulnerability.

Mortgage loans:

Act 2/1994, of 30 March, on the subrogation and modification of mortgage loans.
Act 41/2007, of 7 December, amending the Law 2/1981, of 25 March, of the mortgage market and other regulations related to the mortgage and finance systems and regulation of reverse mortgages.
Act 2/2009, of 31 March, regulating the contracting with consumers of loans or mortgage loans and brokering services for loan or credit agreements.
Royal Decree-Law 6/2012, of 9 March, of protection of mortgagors without resources.
Royal Decree-Law 27/2012, of 15 November, of urgent measures to strengthen the protection of mortgagors.
Act 1/2013, of 14 May, regarding measures to strengthen the protection of mortgage debtors, debt restructuring and social renting.
Law 5/2019, of 15 March, regulating real estate credit agreements.
Royal Decree 309/2019, of 26 April, partially implementing Law 5/2019, of 15 March, regulating real estate credit contracts and adopting other financial measures.

Consumer credit:

Act 16/2011, of 24 June, on consumer credit contracts.

General contracting conditions:

Act 7/1998, of 13 April, on General Contracting Conditions.
Order EHA/1717/2010, of 11 June, on the regulation and control of the advertising of investment products and services.
Order EHA/1718/2010, of 11 June, on the regulation and control of banking products and services advertising.
Order ECC/2316/2015, of 4 November, regarding information and financial product classification obligations.
Bank of Spain Circular 4/2020, of 26 June, on the advertising of banking products and services.

Payment services:

Regulation (EU) 260/2012, of the European Parliament and Council, of 14 March, which establishes technical and business requirements for transfers and direct debits transactions made in euros, and amends Regulation (EC) 924/2009.
Royal Decree-Law 19/2017, of 24 November, of basic payment accounts, transferring payment accounts and comparability of fees.
Royal Decree-Law 19/2018, of 23 November, on payment services and other urgent financial measures.
Royal Decree 736/2019, of 20 December, on the legal framework for payment services and payment institutions.
Order ECE/1263/2019, of 26 December, on transparency in the conditions and information requirements applicable to payment services, which modifies Order ECO/734/2004, of 11 March, on the Customer Service departments and services and the consumer ombudsman of financial institutions, and Order EHA/2899/2011, of 28 October, on transparency and protection of banking service customers.

Investment services:

Royal Decree 217/2008, of 15 February, on the legal regime of investment services companies and of other companies that provide investment services.
Circular 7/2011, of 12 December, of the Comisión Nacional del Mercado de Valores (The Spanish National Stock Exchange Commission), regarding the prospectus of rates and charges and content of standard contracts.
Legislative Royal Decree 4/2015, of 23 October, approving the revised text of the Securities Market Act.
Order ECC/2316/2015, of 4 November, regarding information and financial product classification obligations.
Royal Decree-Law 21/2017, of 29 December, on urgent measures to adapt Spanish law to European Union securities market legislation.

Owners of foreign exchange establishments:

Bank of Spain Circular 6/2001, of 29 October, on the owners of foreign exchange establishments.

Deposit Guarantee Fund:

Royal Decree 2606/1996, of 20 December, on deposit guarantee funds for credit institutions.
Royal Decree 628/2010, of 14 May, amending Royal Decree 2606/1996, of 20 December, on the deposit guarantee funds of credit institutions, and Royal Decree 948/2001, of 3 August, on investor compensation schemes.
Royal Decree-Law 16/2011, of 14 October, creating the Deposit Guarantee Fund for Credit Institutions.

Prevention of money laundering

Our company, in order to avoid money laundering practices, financing terrorism, handling proceeds from drug trafficking, terrorism, and other serious crimes carried out by armed groups and organised crime groups, must comply with a number of obligations imposed by current regulations, and with the regulations and internal procedures developed in order to meet such obligations.

Regulations

Our banking practices, in this area, are governed by the current regulations in Spain on the prevention of money laundering and the financing of terrorism, which you can view through the following link: http://www.sepblac.es/espanol/legislacion/norma-blanqueo.htm

Obligations

Below are the obligations which financial institutions and other relevant bodies must comply with under the aforementioned money laundering and financing terrorism prevention regulations:

Confirm and verify customer identity;
Identify genuine account holder;
Due diligence measures;
Assess customer risk in relation to prevention of money laundering and financing terrorism.
Examine in detail any transactions which could be linked to money laundering or proceeds of drug trafficking (regardless of the amount);
Monthly reporting of transactions by Systematic Reporting to Executive Services;
Reporting of transactions suspected to be involved in money laundering or the financing of terrorism;
Document retention;
Collaborate with Executive Services of the Commission for the Prevention of Money Laundering and Monetary Offences;
Duty of confidentiality;
Establish adequate procedures and internal monitoring and communications bodies;
Staff training;

Monitoring

We are supervised by a special authority for the Prevention of the Money Laundering: the Executive Service of the Commission for the Prevention of Money Laundering and Monetary Offences, reporting to the Bank of Spain.

International cooperation

Spain has been part of the Financial Action Task Force since 1990.

Spain has signed and ratified the United Nations Convention against the illicit traffic of narcotic drugs and psychotropic substances of 20 December 1988 and the European Council Convention concerning laundering, search, seizure and confiscation of the proceeds from crime; Strasbourg 1990.

Spain is part of the Egmont Group. The Egmont Group is an informal international network promoting cooperation between Financial Intelligence Units (FIUs) to improve information sharing, especially relating to the financing of terrorism.

Procedures and internal monitoring and communications bodies

Our rigorous, detailed internal regulations for the prevention of money laundering and the financing of terrorism have been in place since 1993 and have been updated when required.

We release monthly communications on transactions via Systematic Reporting, and also have procedures in place to analyse and detect suspicious activity. An internal body is responsible for the analysis, monitoring, and communication of all relevant information on transactions or activity suspected to be related to money laundering: Prevention of Money Laundering and Financing of Terrorism Committee.

Lastly, our Regulatory Compliance Department is responsible for ensuring the relevant regulations are adhered to, to revise and implement internal procedures and internal regulations relating to the prevention of money laundering, and assist with training in this area to be given to managers and employees.

Customer information forms

Deposit guarantee fund

Pursuant to the provisions of Article 5.4 of Royal Decree 2606/1996, of 20 December, on deposit guarantee funds in credit institutions, amended by Royal Decree 628/2010, of 14 May, and Royal Decree-Law 16/2011, of 14 October, Cecabank, S.A. customers are hereby informed of the following:

Cecabank, S.A. is a member of the Spanish Deposit Guarantee Fund of Credit Institutions

whose contact details are below:

Registered address: C/. José Ortega y Gasset 22, 5th floor, 28006 Madrid
Telephone: +34 91 431 66 45 – Fax: +34 91 575 57 28
Email: www.fgd.es
Correo electrónico: fogade@fgd.es

Investment services policies

To meet consumer protection objectives outlined by the applicable regulations relating to the provision of investment services, Cecabank has developed a series of policies (internal standards) which aim to meet the necessary obligations with our customers' best interests in mind.

Download documents to see our policies in detail.

Standard contracts

The company's standard contract has been fully adapted to that stated in CNMV Circular 7/2011, of 12 December, on informative fees leaflets and the content of standard contracts.

Notice to Cecabank S.A. customers with international securities.

Cecabank, S.A. operates in international markets that demand the use of global accounts. The attached file contains all the relevant information relating to such operations.

Official interest reference rates

Interest rates

Official interest reference rates are established in Article 27 of Order EHA/2899/2011, of 28 October, and outlined in Regulation 14 and Annex 8 of the Bank of Spain Circular 5/2012.

Pursuant to the provisions of the above Order and Circular the official interest reference rates are:

1. One-year interbank reference (euribor).

2. One-year interbank rate (mibor).

3. Rate of internal yields in the secondary market of public debt.

(4-digit) Rate of mortgages of more than three years granted by all credit institutions.

5. Average rate of mortgages between one and five years, for the acquisition of free-market housing, granted by credit institutions in the eurozone.

6. Five-year Interest Rate Swap (IRS).

These rates are published in the Official State Gazette and on the Bank of Spain website.

Other previous official reference rates for the mortgage market

Three interest rates are not included in the official rates of Article 27 of Order EHA/2899/2011, and are therefore no longer official for new transactions carried out since this Article came into effect (29 April 2012), but they continue to be considered for variable interest rate loans which used them as reference rates when the loan was formalised before this date.

In accordance with the provisions of the sole transitional provision of that Order, and the second transitional provision of Circular 5/2012, they are:

1. Rate of mortgages of more than three years granted by banks.

2. Rate of mortgages of more than three years granted by savings banks.

3. Reference asset rate of savings banks (CECA indicator, asset rate).

With effect as from 1 November 2013, the Bank of Spain has stopped publishing these official rates, applicable to loans or mortgages compliant with the Fifteenth additional provision («Transitional arrangement for the phasing out of indicators or interest reference rates») of Act 14/2013, of 27 September, on support for entrepreneurs and support for internationalisation.

FATCA

FATCA (Foreign Account Tax Compliance Act) is a U.S. regulation that seeks to obtain fiscal information on nationals with the objective of subjecting them to the tax regime they should be operating under with any earnings gained internationally. With that goal in mind, the United States of America has signed various inter-governmental agreements (IGA) with several European Union countries. In Spain, it has a Model 1 IGA agreement, obliging Spanish credit institutions to identify all customers of US nationality and send information relating to them to the AEAT (Spanish Tax Agency) who will in turn send information to the IRS in the USA. Cecabank, S.A. has committed to meet all FATCA requirements and has duly registered on the IRS website with the following status details: SINGLE REGISTERED DEEMED-COMPLIANT FFI (REPORTING FFI UNDER A MODEL 1 IGA). Our GIIN is: HRQNYM.99999.SL.724 Cecabank requests that the above-mentioned status be considered in all dealings.