SPAIN ...Quant à la banque Landsbanki, la lettre du 7 octobre 2011 de la Banque Centrale d’Espagne est encore plus explicite : As for Landsbanki, the letter of 7 October 2011 from the Central Bank of Spain is even more explicit: « In reply of your letter dated September 28, 2011 we must inform you that after consulting the register of credit institutions of the Bank of Spain, the entity Landsbanki Luxembourg S.A. in suspension of payment is registered as a « representative office in Spain of foreign credit institutions” with CBE n°1281. Furthermore, under article 10 of Real Decreto 1245/1995,of the 14 July, regarding the Creation of Banks, activities, cross-frontier laws and other questions relating to the legality of Credit Establishments, representative offices may not perform operations of credit, deposits, and financial intermediation or providing any other banking services. Activities must be limited to purely informational or commercial banking issues, financial or economic. However, they may promote the channeling of funds from third parties, through credit institutions operating in Spain, to their headquarters, and provide material support for the provision of services without establishment referred to Article 54 of Law 26/1998, of July 29.
Posted on: Mon, 22 Jul 2013 11:44:37 +0000
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