Regulatory Alerts2004-12-22
Circular 5/2004 of the Bank of Spain, of December 22, to Credit Institutions, on the Repeal of Circulars 22/1992, 1/1993, 2/1997 and 12/1998
The Bank of Spain issued Circular 5/2004 to formally repeal four previous circulars (22/1992, 1/1993, 2/1997, and 12/1998) that had become obsolete due to the introduction of the euro and the completion of specific bilateral agreements. The repeal of Circular 22/1992 addresses the radical shift in the foreign exchange market from a local peseta-based system to a European framework managed by EU institutions. Additionally, the other repealed circulars are nullified because the Colombian payment agreement has been fully liquidated and all Bank of Spain deposit certificates have been amortized.
Share