Spanish bank BSCH - BANCO SANTANDER CENTRAL HISPANO has announced that it will not be taking part in the stability pact subscribed to by the main shareholders of Italian SANPAOLO IMI, which is the second largest shareholder behind COMPAGNIA DI SAN PAOLO (16.1%). BSCH holds 7% of the Italian group, a stake that has a market value of EUR 1.5 billion. SANPAOLO IMI owns 2.8% of BSCH.