Transparency
Transactions undertaken by the Fund for Orderly Bank Restructuring will be governed by this Royal Decree-Law 9/2009 and by its implementing regulations. The rules governing private legal trade will be of secondary application.
These transactions will be notified, if applicable, to the European Commission or to the National Competition Commission, for the purposes of the rules on protection of competition and State aid.
Parliamentary Control
- Every quarter, the Secretary of State for the Economy will appear before the Committee for the Economy and Treasury of the Congress of Deputies for the purpose of reporting on the aggregated credit evolution of lending in the aggregate, the situation of the banking sector and evolution of the activities of the Fund for Orderly Bank Restructuring.
- In addition, the Chairman of the Governing Committee of the Fund for Orderly Bank Restructuring will appear, on the conditions established by the Committee for the Economy and Treasury of the Congress of Deputies and within the period of 30 days after each transaction has been undertaken by this Fund, in order to report on it.
- The Governing Committee will out before the Ministry of Economy and Finance a four-monthly report on the management of the Fund for Orderly Bank Restructuring.