Official Credit Institute
The Official Credit Institute (ICO by its Spanish acronym) is a state-owned bank under the aegis of the Ministry of Economy and Enterprise.
The bank is funded on national and international markets, having the legal structure of a public sector company, issuing bonds and debt securities. The funds obtained this way are later used for lending through credit institutions.
Its main functions are:
- To help mitigate the economic impact of serious economic crises, natural disasters or similar events.
- To serve as a mechanism for the execution of certain economic policy measures following the basic guidelines laid down by the Spanish Government.
The ICO conducts its operations through other financial institutions acting as intermediaries, for example, and through collaboration agreements, and usually extends credit to other banking institutions, so that they can use it to finance SMEs.
You can find more information on its website www.ico.esAbre en ventana nueva