Specialised lending institutions
These are credit institutions providing credit in a specific area, such as consumer credit, mortgage credit, credit cards, guarantees, leasing (finance leases with the option to purchase), factoring (assignment of a loan portfolio)
They are regulated by Law 5/2015, of April 27 2015 (in Spanish) which incorporates similar starting up conditions to banks, but with lower capital requirements. Legislation takes into account the peculiarities of these institutions such as:
- Their specialised business, which is limited to the performance of various forms of credit operations, management or issuance of credit cards, and the granting of guarantees.
- The fact that they do not need to join a Deposit Guarantee Fund as they are not authorised to take deposits from the public.
Their activity is subject to a regulatory regime monitored by the Banco de España similar to that of banking institutions.
FREQUENTLY ASKED QUESTIONS
Is the money in a deposit account or time deposit safe if the bank goes bankrupt?Read answerabout
Is the money in a deposit account or time deposit safe if the bank goes bankrupt?
Are all lenders supervised by the Banco de España?Read answerabout
Are all lenders supervised by the Banco de España?