O ICO: O FINANCIAMENTO CON FONDOS PÚBLICOS EN TEMPOS DE CRISE

Abstract

In the present socioeconomic context where the economic crisis, the financial instabi-lity and the political distrust dominate financial markets , the flow of credit to the productive system has been reduced to the minimum. The need for private credit was growing exponen-tially, not only in order to favour investment, but also to guarantee the normal functioning of the cycle of exploitation. As consequence, public financing turns into an urgenc. Without it, access to credit by firms would be practically annulled. Within the frame that regulates public financing in Spain, is the Institute of Official Credit (ICO) who plays a significant role, (provides more than 40 % of the public total financing and of 65 % in case of the Central Administration, in 2011), It is not possible to understand the productive investment without taking into consideration the action of the Institute, which offers its funds on preferential conditions. However, in spite of the advan-tage that represents obtaining financing from ICO, it does not reach swiftly the final beneficiary (the firm) with the necessary efficiency. We must then analyse and check permanently the way in which the Institute commercializes and manages its activity of financial mediation.