Collection
José Ramón Álvarez-Rendueles
- 1985
- Oil on canvas
- 130 x 97 cm
- Cat. P_322
- Comissioned from the artist in 1985
The portrait of Álvarez-Rendueles is the first by a woman in the Gallery of Governors of the Banco de España. The same painter is also linked to the Bank via to other work, such as the decoration to adapt the Sert canvases to the wall panels of the Barcelona branch. This portrait is in one of the most important rooms of the Bank’s headquarters in Madrid, the Goya Hall, where the portraits by Goya commissioned by the Banco de San Carlos hang. This setting highlights artistic value well away from a conventional office environment. The artist has captured the sitter taking a break from his daily activities at the Bank. He is standing up, resting one arm on an armchair and the other on a table, on which there is a small notebook bearing a signature. The painting also shows part of the room, including the meta-pictorial detail of paintings within a painting, as two of Goya’s portraits of directors of the Banco de San Carlos – Francisco Javier de Larumbe and Miguel Fernández Durán – can be seen. This links Rendueles to the illustrious origins of the institution and suggests genealogy dating back two centuries. The accuracy of the depiction, the forceful presence of the figure, the transparency of the atmosphere and the precision of the brushstrokes are all signs that this is the finest Spanish realist painting of its time.
Commentary updated by Carlos Martín.
Governor of the Banco de España 1978 - 1984
José Ramón Álvarez-Rendueles Medina has a PhD in Economic Sciences and graduated in Law from the Complutense University of Madrid. He has been a member of the Corps of Spanish State Economists and Trade Experts since 1964 and a full professor of Public Finance since 1972 in Bilbao and at the Autonomous University of Madrid.
Álvarez-Rendueles was Secretary of State for Economic Affairs in 1977 and 1978 under Minister Francisco Fernández Ordóñez. This gave him a key role, in which he witnessed the signing of the Moncloa Pacts (1977), which sought to provide stability in the process of transition to democracy and lay the foundations for a more prosperous economy. As Governor of the Banco de España from March 1978 to July 1984 he had to deal with the biggest banking crisis of the 20th century, which affected over fifty banks at a time marked by recession and sluggishness in the Spanish economy. In 1980 legislation was passed that regulated the governing bodies of the Banco de España. This was in force until 1994, when it was repealed as a result of the new legislation applied by the European Union to the central banks in the European Monetary System. Álvarez-Rendueles had previously been a technical secretary and under-secretary at the Finance Ministry (1973-1976).
He was Chairman of Banco Zaragozano and of Aceralia in the private sector. He has broad experience in the industrial sector, particularly in the steel industry.
He is a trustee of several foundations and was Chairman of the Princesa de Asturias Foundation (1998-2006), of which he is currently a life trustee.
Other works by Isabel Quintanilla