 After this the banks became autonomous with a governing board of six to 20 principals (working pro bono) holding responsibility for the strategic direction and overall affairs of the banks.Both in Portugal and Spain the most common source of the set-up fund was the local Mount of Piety.These Mounts of Piety (a literal translation from "Montes de Piedad") were early modern charitable institutions where advances were made against some kind of collateral in pawn (usually, jewellery or clothes).