Banco Santander Breaks Three Decades Of Relationship Between CNMV And BBVA

After 33 years holding the accounts of the CNMV, BBVA has been displaced by Banco Santander, which has been the entity chosen by the National Securities Market Commission to provide the banking services of the supervisory body for an estimated amount of 108,072 euros ( without VAT).

The duration of the contract will be two years , although this term may be extended up to a maximum of five years, as set out in the administrative clauses.

BBVA land since 1988
Two other entities, Bankinter and BBVA , have attended this tender . It is precisely this last entity that has been providing banking services for the CNMV since 1988, when the supervisory body was founded.

Specifically, the CNMV detailed in the justifying report of the tender that the provision of these services “has been carried out since the creation of the CNMV by the entity Banco Bilbao Vizcaya Argentina (BBVA) in its successive historical meanings (Caja Postal, Argentaria and the current BBVA), with prior authorization from the General Directorate of the Treasury and Financial Policy “.

However, Banco Santander has finally been the winner of the service as it is the best valued offer. To call this tender, the CNMV recalls that the entry into force of Law 9/2017 , of November 8, on Public Sector Contracts “has introduced significant changes in the form and content of public procurement, obliging both the public sector as well as those administered to modify the processes involved in this contracting system “.

The CNMV pays negative rates
Initially, the base bidding budget for contracting the service amounted to 221,900 euros for the initial period of the contract, which is two years, an amount that the CNMV obtained by multiplying the figure of 15.85 million euros ( the average balance in the supervisor’s accounts in 2020) for the maximum admitted negative interest rate (-0.7%).

Finally, the CNMV indicates that “considering the value of the Euribor published on the last day of submission of offers and the average balance in the CNMV accounts in 2020, the estimated cost of the contract amounts to 108,072.00 euros (VAT exempt) “.

Average balances between zero euros and four million euros will be exempt from the application of the annual interest rate, of 0.2 plus the 12-month Euribor .

Among the requirements that the CNMV required of the entities, was the condition that the successful bidder have a bank office located less than four kilometers away from the CNMV offices in Madrid, Barcelona and Bilbao; a free internet banking service; or provide a free cash and currency delivery service at the supervisor’s offices.

Sam Brad

The Great Writer and The Passionate Poet As Well, He Graduated from University Of Florida in Journalism and Brad have around 12 years of experience in news and media section.

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