Conflict of interest
Credit for members of social bodies
1. Banking financial institutions may not provide credit, in any way or form, including the provision of guarantees, either directly or indirectly, to members of the administrative or supervisory or similar bodies, nor to companies or other institutions over which they exercise direct or indirect control.
2. Credit is presumed to have been granted indirectly when the beneficiary is a spouse, close relative or in-laws, of one of the members of the administrative or supervisory bodies, or a company over which they exercise direct or
3. For the purposes of this article, the acquisition by financial institutions of part of the capital of companies or other institutions referred to in the previous numbers is considered tantamount to granting credit.
4. Operations of a social nature or those arising from the personnel policy are exempted from the provisions of the previous numbers.
5. The provisions of numbers 1 to 3 of this article shall not apply when the beneficiary of the credit is a financial institution or holding company supervised on the basis of consolidated financial statements with the company in question.
6. The members of the administrative or supervisory bodies of a financial institution who are managers or owners of qualified shareholdings, in companies or institutions, other than the ones mentioned in number 1 of this article shall not take part in the evaluation and decision of extending credit to such entities, and approval requires a majority of at least two thirds of the remaining members of the administrative body and a positive legal opinion of the supervisory or equivalent body.
7. Financial institutions may not extend credit or guarantees to persons that, directly or indirectly, own qualified shareholdings in such institutions.
Credit to persons linked to institutions
The members of the administrative and supervisory bodies, directors, employees, consultants and representatives of financial institutions cannot take part in the evaluation and decision of operations in which thy themselves, or their spouses or close relatives have a direct or indirect interest, or to companies or other institutions which either one or
the other, directly or indirectly, control.