Regulatory Alerts1981-01-09
Added · Updated
Circular 1/1981 of January 9 by the Bank of Spain: Budgets for Charitable-Social Works of Savings Banks
The Bank of Spain issued Circular 1/1981 to streamline the submission process for the charitable-social work budgets of savings banks to the Ministry of Economy and Commerce. The regulation mandates that all savings banks submit proposed distributions of surplus and budget details by February 28 each year, adhering to specific calculation coefficients and project criteria. It further requires post-approval certification of these budgets and warns that failure to meet submission deadlines will result in disciplinary measures.
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