Logo Guide to Business in Spain

2Financial institutions

The main operators in the Spanish financial system can be classified as follows:

Central BankBank of Spain
Credit institutionsSpanish and foreign banks.
Official Credit Institute (Instituto de Crédito Oficial, ICO).
Savings Banks. Spanish Confederation of Savings Banks (Confederación Española de Cajas de Ahorro, CECA).
Credit Cooperatives.
Financial auxiliariesCredit Financial Establishments.
Payment Institutions.
Electronic Money Institutions.
Mutual Guarantee and Counter-guarantee Societies.
Valuation Companies.
Collective investment SchemesInvestment Funds:

  • Financial.
  • Non-financial.
Investment Companies:

  • Financial.
  • Non-financial.
Management Companies of Collective Investment Schemes.
Investment FirmsBroker-Dealers.
Portfolio Management Companies.
Financial Advisory Firms.
Closed-ended type Collective Investment Entities Venture Capital Entities, including SME.

Venture Capital Entities.
Closed-ended type collective investment entities.
European venture capital funds.
European social entrepreneurship funds.
Management companies of Closed-ended type Collective Investment Entities.
Insurance and reinsurance companies and insurance intermediariesInsurance and Reinsurance Companies.
  • Insurance Intermediaries.
    • Insurance Agents.
    • Insurance Brokers.
    • Reinsurance Brokers.
Pension Plans and FundsPension Plans.
Pension Funds.
Management Companies of Pension Funds.
Securitization vehiclesSecuritization Funds1.
Securitization Fund Management Companies.

The key features of the financial system operators are described below.

1Until the promulgation of Law 5/2015 of April 27, 2015 on the Promotion of Business Financing ("Law 5/2015"), which has brought changes to the regime governing securitization funds in Spain, a distinction was drawn between mortgage securitization funds and asset securitization funds. This distinction has been eliminated in the new Law, which now refers to securitization funds as a single concept (without prejudice to those mortgage securitization funds and asset securitization funds created prior to Law 5/2015 and which remain in existence).