Spain

Banco de España adds new instruments to national set-off system

Cristina Avello, Clifford Chance, Madrid

The Banco de España (Bank of Spain) has issued a circular (Circular 9/2000) providing for the inclusion of a number of new instruments to the national electronic set-off system ( Sistema Nacional de Compensación Electrónica ). These instruments, including cheques and promissory notes ( pagarés ), were previously excluded from the set-off system.