Bank of San Fernando

The Bank of San Fernando (Spanish: Banco de San Fernando or Banco Español de San Fernando) was a financial institution created in Spain in 1829^[1][2] at the initiative of Finance Minister Luis López Ballesteros, replacing the old Bank of San Carlos.^[2][3] It assumed the debt of the Bank of San Carlos^[3] and increased its capital by replacing an uncollectable 77.4 million peseta government debt with 10 million in cash,^[2] with the intention of establishing Spain's first public bank, with the capacity to issue Spanish currency,^[3] although two thirds of its ownership was private.^{[citation needed]}

Among its other activities, it became a de facto financial instrument to salvage the liquidity of Spanish finances,^[2] especially during the First Carlist War during the reign of Isabella II.^{[citation needed]} It was merged in 1849 with the Bank of Isabella II (founded 1844), retaining the name Bank of San Fernando until 1856, when it became the Bank of Spain.^[3][4]