Transparency and control
- The operations carried out by the FROB are regulated by Law 9/2012 of 14 November 2012.
- On a quarterly basis, the Chairman of the Governing Committee of the FROB will appear before the Parliamentary Economic Affairs and Competitiveness Committee to report on the activities of the FROB, including the key elements of its economic and financial activities.
- In addition, the Chairman of the Governing Committee of the FROB will appear on such terms as the Parliamentary Economic Affairs and Competitiveness Committee may determine to report specifically on the restructuring and resolution measures implemented by the FROB.
- The Governing Committee will submit to the Minister of Finance and Public Administration and to the Minister of Economic Affairs and Competitiveness a quarterly report on the management and activities of the FROB, including, inter alia, its most far-reaching measures of an economic and budgetary nature during the period. The Minister of Economic Affairs and Competitiveness will give a copy of this report to the Parliamentary Economic Affairs and Competitiveness Committee.
- The FROB is subject to external auditing by the Tribunal de Cuentas, in accordance with the provisions of Organic Law 2/1982 of 12 May 1982.
- The internal rules on its economic and financial management are subject to ongoing financial control by the National Audit Office.
- The Governing Committee, following good governance best practice, has set up an Audit Committee with three members, the majority of whom cannot perform executive or management functions in the FROB. This Committee is a permanent internal body of the Governing Committee, the purpose of which is to inform and advise the same on matters that come within the scope of its activities.
- Also, the Governing Committee of the FROB has appointed an external auditor to issue an independent professional view of its annual accounts. Following the relevant competitive procedure an audit firm of international repute was appointed as external auditor.
- The Annual Accounts and Management Report of the FROB for each financial year are available in thesection of this website.