On May 5, 1888, a second royal decree was issue, officializing the creation of the "Banco Español de Puerto Rico", which received a charter validity of 25 years. This grant of authority was awarded to Enrique Vijande y Loredo, José Caldas y Caldas and Pablo Ubarri, the members composing this partnership. The bank wasn't established immediately, this was because the currency being used in Puerto Rico was Mexican silver, which created problems and delayed the establishment date until early 1890. Until this point, the "Sociedad Anónima de Crédito Mercantil de Puerto Rico" continued in service, before disappearing in April.