 In 1927 saw the construction of the rear half of the Bank of Spain ("Banco de España"), which is situated on Calle Alaclá, demolishing the Casas-Palacio (known as Santamarca) for its completion.The Plaza de Cibeles was the main location for various political celebrations, such as the proclamation of the Second Spanish Republic on 14 April 1931, when the flag of the Second Republic was raised on the façade of the Palacio de Comunicaciones.The first remodelling was undertaken, adding two further floors to the management building.