- The two institutions have signed a new agreement, similar to the one signed in July 2017, which includes the exchange of information, continuous staff training plans and joint research projects
The Independent Authority for Fiscal Responsibility, AAI (AIReF) and the Bank of Spain have signed a new four-year agreement to continue their collaboration on regular exchanges of information, continuous staff training plans and joint research projects. This agreement, published on Wednesday September 19th in the Official State Gazette (OSG), seeks to offer continuity to the collaboration that began when they signed the first agreement on this matter on July 4th, 2017, which has been extended on several occasions.
According to the agreement, and with the aim of AIReF using the information on the financing of Spanish public sector entities, the Bank of Spain provides quarterly information electronically on the debt of the General Government sub-sectors and public enterprises not classified within the GG sector, including the breakdown of the debt of each Autonomous Region, the Large City Councils and the Local Governments. The Bank of Spain also provides the financial accounts of each General Government sub-sector on a quarterly basis.
The exchange of information under this agreement takes place because AIReF, in the normal course of its functions, requires regular information on the financing of Spanish public sector entities, carried out under the principles of cooperation and collaboration established in the Public Sector Legal Regime Act 40/2015. At any event, the secrecy obligation of the Bank of Spain provided for in the Organisation, Supervision and Solvency of Credit Institutions Act 10/2014 is respected.
Training and research
Furthermore, according to the agreement, AIReF and the Bank of Spain will study the possibility of promoting staff training initiatives for both institutions, including ones that seek to facilitate opportunities for the staff at each institution to acquire the experience required in these complementary areas through stays and/or exchanges for a certain period of time at the other institution. These initiatives will, at any event, be subject to specific agreements.
In addition, as part of the work programmes at each institution, AIReF and the Bank of Spain will study the possibility of promoting joint research projects in areas of common interest, with the scope, definition and division of work agreed for each specific project.
The agreement does not imply any form of economic consideration; each institution assumes its own respective costs for the actions to be undertaken.