Bank of Spain

The Bank of Spain is the central bank of Spain. Established in Madrid in 1782 by Charles III, today the bank is a member of the European System of Central Banks and is also Spain's national competent authority for banking supervision within the Single Supervisory Mechanism. Its activity is regulated by the Bank of Spain Autonomy Act.

Originally named the Banco Nacional de San Carlos, it was founded in 1782 by Charles III in Madrid, to stabilize government finances through its state bonds following the American Revolutionary War in which Spain gave military and financial support to the Thirteen Colonies. Although it aided the state, the bank was initially owned privately by stockholders. Its assets included those of "Spanish capitalists, French rentiers, and surprisingly, several treasuries of Indian communities in New Spain" . Its first director was French banker François Cabarrus, known in Spain as Francisco Cabarrús.

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