Governing Bodies

The Ministry of Economy and Finance, through an Advisory Board and its Executive Committee, is responsible for Tthe administration and management of the FAAF.

 

Advisory Board

(created by Royal Decree-Law 6/2008)

Members :

Minister of Economy and Finance (President)

Secretary of State for the Economy

Secretary of State for Finance and Budget

President of the Instituto de Crédito Oficial -ICO- (Official Credit Institute)

State Controller (Abogado General del Estado)

State General Counsel (Inteventor General del Estado)

Director General of the Treasury and Financial Policy, acting as Secretary of the board, with speaking privileges but no voting rights .

Duties:

To establish the FAAF investment guidelines .

To monitor and evaluate the activity of the FAAF .

To decide on the assignment of the FAAF asset yields, as well as the product of its asset maturities or sales .

To approve the capital and operationng budgets, as well as those actions that arise from that established in the General Budgetary Law 47/2003, of 26 November 26th.

To approve the four-monthly report on the management of the FAAF.

Executive Committee

(created by Royal Decree-Law 6/2008) Its composition is established in the Advisory Board Agreement of 27 October 27th of 2008

Members :

Secretary of State for the Economy (President)

Director General of the Treasury and Financial Policy

Director General of Insurance and Pension Funds

Representative of the State General Legal Service

Representative of the Instituto de Crédito Oficial -ICO- (Official Credit Institute)

Representative of the State Financial Controller (IGAE) with speaking privileges but no voting rights.

Member of the Treasury and Financial Policy General Directorate, acting as Secretary, with speaking privileges but no voting rights.

Duties:

To carry out the transactions involving the acquisition, disposal, use and management of the financial assets of the FAAF, in accordance with the guidelines established by the Board.

To prepare the capital and operationng budgets proposal.

To approve the four-monthly report on the management of the FAAF.