In a medium saucepan warm 1 tablespoon of the oil and fry the bread over a medium heat on both sides until golden brown. Remove from the heat, chop and set aside.
Into the same pan, pour the remaining oil and add the finely chopped garlic, onion and jamón ibérico and let it fry for 10 minutes.
Sprinkle in the sweet pimenton and the flour and let it toast for 1 minute. Pour the vinegar and form a roux, or thick paste, with it.
Bring the heat to its highest and stir or whisk constantly while slowly pouring the chicken stock so that the roux dissolves in the stock without forming lumps. Add the bay leaf, frozen peas, season with salt and pepper and let it boil all together for 6 minutes.
Ladle the soup into warmed bowls then top with the crispy bread and some slices of jamón Ibérico on top.