Bank of Spain
Established in 1829 as the Bank of San Fernando. Initially, the bank only enjoyed privileges in Madrid or where it had branches. The Act of 1856 extended the bank’s privileges to all parts of Spain. A further Act in 1874 gave the bank exclusive right to issue notes and all the existing provincial banks of issue were required to liquidate their circulation and transfer it to the Bank of Spain. The bank was reorganised under the banking law of 31 December 1946, which reinforced its
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