The Court of Auditors (TdC) identified 1.174 billion euros in Savings and Treasury Certificates that were expired or at risk of prescription and recommended communication and data updating measures to the IGCP to protect families. The warning is contained in the opinion on the 2024 State General Account. According to news coverage, the amount could revert to the State if timely measures are not taken.
What’s at risk
According to the TdC, 603 million relate to instruments associated with 16,782 deceased holders or with fixed balances; 494 million correspond to 56,759 accounts without information cross-referenced with the IRN. There are still amounts under IGCP custody that do not reach the beneficiaries.
The court warns that, without targeted measures, these balances will remain in the IGCP until prescription, and will then pass to the Public Debt Regularization Fund.
Mandatory conversion and deadlines
The dematerialization of series A, B and D takes place between January 5, 2026 and November 29, 2029. The procedure requires the delivery of titles on paper and confirmation of the holder’s data, in the channels defined by the IGCP.
If the conversion of series A and B does not occur by November 29, 2029, there will be automatic redemption and interest accrual will cease from that date, with the amount being transferred to the holder’s account.
Changes to the rules and who may be affected
With this process, the figure of the mover is eliminated from January 5, 2026; Acts on the certificates are now carried out by the holder or by an attorney with powers. The TdC highlights increased risks for elderly savers, those with low literacy or emigrants if there is no effective communication.
Limitation period and heirs
The limitation period for perpetual certificates (series A and B) was extended to 20 years after the death of the holder. Without qualifying heirs within the deadline, the values expire.
In practice, anyone holding certificates must check whether the Aforro/AforroNet Account data is up to date, confirm IBAN and contact details, gather identification documents and, in the case of heirs, obtain the respective qualification; for series A and B, it is prudent to schedule the conversion and delivery of paper titles before November 29, 2029, which can be done at CTT or other branches indicated by the IGCP, using a power of attorney when the holder is unable to do so.
The IGCP recommends a targeted communication strategy and the relaxation of some requirements of the conversion process, namely when the account and the holder’s data are updated, to reduce interest losses due to procedural failures and encourage the updating of information.
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