The Banco de España supervises other institutions whose authorisation is the responsibility of the Ministry of Economy, Trade and Business, through the Ministry's General Secretariat of the Treasury and International Financing, following a report by the Banco de España and the Executive Service of the Commission for the Prevention of Money Laundering and Monetary Offences.
Specialised lending institutions
These institutions typically engage in arranging loans and credits, guarantees and reverse mortgages, along with leasing and factoring, but they are not allowed to take deposits or other repayable funds from the public. They may also provide payment or electronic money issuance services if they are authorised as a payment institution or a hybrid electronic money institution. Their legal framework is basically included in Title II of Law 5/2015 of 27 April 2015
on the promotion of business financing.
The authorisation specifications of specialised lending institutions are similar to those of banks, albeit with requirements proportionate to their size, complexity, business profile and specific features, in particular lower minimum capital. Their legal framework is currently regulated by Royal Decree 309/2020 of 11 February 2020 on the legal regime of specialised lending institutions.
The procedure for applying for authorisation can be found on the website of the General Secretariat of the Treasury and International Financing of the Ministry of Economy, Trade and Business.
Mutual guarantee companies and reguarantee companies
Mutual guarantee companies are open-end companies specialising in providing guarantees to their members, which must be small and medium-sized enterprises (by guarantee or any other accepted means, except suretyship insurance), and can be used to obtain financing in more favourable conditions than if they were to approach a credit institution themselves.
Reguarantee companies are financial corporations whose corporate purpose is to provide counter-guarantees for guarantee transactions performed by mutual guarantee companies.
The legal framework envisaged for both types of companies is included in Law 1/1994 of 11 March 1994 on the legal framework for mutual guarantee companies and its implementing regulations approved by Royal Decree 2345/1996 of 8 November 1996 on the administrative authorisation and solvency requirements of mutual guarantee companies.
The procedure for applying for authorisation can be found on the website of the General Secretariat of the Treasury and International Financing of the Ministry of Economy, Trade and Business.
