About Instituto de Crédito Oficial
The birth of the ICO took place in 1971 as the entity responsible for coordinating the public banks existing at that time. Its structure and operation were regulated in Law 13/1971, of June 19, on the Organization and Regime of Official Credit.
The 1988 Law on General State Budgets modified the legal nature of ICO, and the Institute went from being an Autonomous Body to become a State Company considered a credit institution, assuming ownership of the official Public Bank, which was integrated at that time by: the Banco de Crédito Industrial, Banco de Crédito Agrícola, Banco de Crédito Local and Banco Hipotecario de España, also having a significant shareholding of the Banco Exterior de España. From then on, it stopped receiving exclusive financing from the Treasury and began to finance itself mainly in the capital markets… Continue reading about Instituto de Crédito Oficial here.
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