There is where the old Town Hall was situated – it has recently moved to the old Post Office at Cibeles.
The statue is that of Álvaro de Bazán, the greatest Spanish naval commander. He played a key role in the Holy League’s victory at Lepanto in 1571, won the Azores from Portugal, and was never defeated. He was intended to command the Armada in 1588, but fell out with Philip II and died before the Armada set sail. English history might have been very different if he had lived a little longer!