Governing Bodies

The Governing Bodies and ICO management are described in Royal Decree 706/1999, of 30 April, adapting the Instituto de Crédito Oficial to Law 6/1997 of 14 April, on the organisation and functioning of the General State Administration and the approval of its Articles of Incorporation.

The Governing Bodies of the Institute are the General Board and the Chairman.

General Board

The Instituto de Crédito Oficial is governed by a General Board, which is responsible for its management and administration.

The General Board comprises the Chairperson of ICO, who is also the Chairperson of the Board, and ten members, and is supported by the Secretary and, when necessary, the Deputy Secretary.

The members of the General Board act at all times in the interests of ICO in the exercise of their duties.

The Spanish cabinet is responsible for appointing and dismissing members of the General Board, at the proposal of the Ministry of Economy and Business. Members are selected based on their professional renown and competence in the scope of ICO's activities.

Four of the ten members of the General Board are independents. To this effect, independents are understood to be individuals who are not public servants.

Independent members are appointed for a term of three years and may only be re-elected once.

The grounds for termination of membership of the General Board are as set down in law, as is the legal system to which individuals sitting on the General Board are subject.

Each of the independent members has two votes solely for resolutions relating to the financial asset and liability transactions that form part of ICO's core business


  • The General Board is responsible for representing and managing the Institute and is attributed the following powers, amongst others:
    • Approving the Institute's annual accounts.
    • Adopting rules and decisions following basic Government policies for implementing certain economic measures.
    • Approving co-operation or collaboration agreements with other national and international organisations or institutions.
    • Approving ICO's creation of or participation in finance companies related to its activity.
    • Deciding on the activities addressed by the Institute and the particular terms and, specifically, agreeing to, modifying and resolving credit operations, as well as authorising the issue of securities, granting loans and bank endorsements or guarantees.


  • ICO Chairman
  • Board Members:
    • Jaime Iglesias Quintana. Director General of Budgets. Treasury. Read more
    • María del Carmen García Franquelo. General Director of Economic Programming and Budgets Ministry of Transport, Mobility and Urban Agenda  Read more
    • Elena Aparici Vazquez, Director General of Economic Policy of the Ministry of Economic Affairs and Digital Transformation. Read more
    • César Veloso Palma. Member of the Cabinet of the Minister. Treasury. Read more
    • Ignacio Mezquita Pérez-AndújarDeputy General Director of Foreign Investments at the MINCOTUR . Read more
    • Judith Arnal Martinez, Director of the Technical and Financial Analysis Cabinet of the Ministry of Economic Affairs and Digital Transformation Read more
    • José Manuel Reyero García. Independent member. Read more
    • Silvia Iranzo Gutiérrez. Independent member. Read more
    • Clara García Fernández-Muro. Independent member. Read more
  • Secretary of the Board:
    •  Assistant Director for Legal Counsel to the Instituto de Crédito Oficial (ICO).


The Chairman of ICO is appointed by agreement of the Council of Ministers, following suggestions from the Minister of Economy and BusinessSome of the functions within his/her remit include:

  • Directing the Institute's actions, ensuring compliance with the applicable regulations and the basic guidelines set forth by the Council of Ministers, the Delegate Committee for Economic Affairs and the Ministry of Economy and Business.
  • Implementing the agreements adopted by the General Board.
  • Appointing and dismissing the Director Generals and Assistant Directors of the Institute, the Secretary of the Board and the Deputy Secretary of the Board if applicable.
  • Representing ICO and its General Board before any type of institution or individual.
  • Presenting the Institute's action, investment and funding programme to the Government for their approval.