INSTITUTIONAL PRESENTATION. December 2015
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1 INSTITUTIONAL PRESENTATION December 2015
2 Background The Instituto de Crédito Oficial (ICO) was founded in 1971 as the institution responsible for coordinating and controlling Spain s state-owned banks. In the late 1980s, ICO took over ownership of these banks (which were later privatised) and began to raise funds on the financial markets. ICO is currently a State-owned bank with its own legal status, equity and cash assets. It is self-governing and is attached to the Ministry of Economic Affairs and Competitiveness through the State Secretariat of Economic Affairs and Enterprise. ICO has the legal status of a credit institution and is classified as the Government s Financial Agency. ICO follows market banking practices under the same rules and regulations as any private bank: International Financial Reporting Standards (IFRS), Basel prudential standards, Bank of Spain circulars and other Spanish and European regulations (banking, taxation, etc.). None of the information displayed constitutes an offer of securities for sale, or recommendation to purchase, to hold or sell any securities in the U.S.A. or in any other jurisdiction in which such offer or recommendation is not authorized. ICO has not registered, and does not intend to register, any of its securities (nor the guarantee thereof has been or will be registered) under the U.S. Securities Act of 1993 (the Securities Act) or any applicable US State Securities Laws or to conduct a public offering of securities in the U.S.A. ICO is complying with rules concerning the exemption from the registration of its securities under the Securities Act, by which those securities will be offered only for sale to qualified institutional buyers (QIBs) pursuant to rule 144A. This information is not directed at and may not be distributed to any person in any jurisdiction in which the access to this information is legally limited (v gr. USA -except QIBs- Canada, Japan, Australia). 2
3 Status By law (Royal Decree 706/1999), all ICO s liabilities have an explicit, irrevocable, unconditional and direct guarantee from the Spanish State. ICO is characterised by its prudent management: Operating in line with the best practices of private credit institutions. Maintaining low structural risks in its balance sheet (interest rates, exchange rates and asset-liability management, ALM) 3
4 Financial Autonomy ICO does not finance its activities through the State Budget but raises funds primarily through the capital markets. ICO s balance sheet is not consolidated with Central Government (ESA95). However, when appropriate, the State may contribute to increasing ICO s capital so as to improve its core capital ratio. Such contributions will be duly budgeted for in the State Budget and will be used to increase ICO s lending capacity. 4
5 Purposes and Functions ICO s purpose is to support and foster economic activities which contribute to the growth and the improved distribution of national wealth. ICO performs a dual function in order to achieve these aims: (1) State-owned Bank (2) The State s Financial Agency (1.1) Second-floor facilities (2.1) Economic policy (1.2) Direct financing (1.3) Capital and Quasi Capital instruments 17/03/2016 (2.2) Management of State Funds 5
6 1. State-owned Bank Outstanding Credit Balance (at 30/12/15) Direct Domestic Financing Second floor facilities (domestic) Direct International Financing Second floor facilities (international) 2,35% 36,05% 57,95% 3,65% Total Outstanding Credit Balance: 44,472 million euros 6
7 1. State-owned Bank 1.1. Second-Floor Facilities Designed to support Spanish enterprises by financing their productive investments and working capital. Loans are granted through private credit institutions, which assume the credit risk associated with each operation. Conditions of loans are established by ICO in transparent terms. Main ICO Facilities for 2016: - Companies and entrepreneurs - International and Exporters ICO FACILITIES DISBURSMENTS (DECEMBER 2015) ICO- INTERNATIONAL 1,77% ICO-CINEMA PRODUCTION ICAA 0,08% Features: - Long repayment terms. - Grace periods. - Preferential interest rates. - Accessibility, simple paperwork and subsequent accountability. ICO-EXPORTERS 30,34% ICO-MUTUAL GUARANTEE 0,26% Investment 40.9% ICO- COMPANIES & ENTREPENAURS ,50% ICO-BONDS & COMMERCIAL PAPER 0,04% 7
8 1. State-owned Bank 1.2. Direct Financing Corporate and structured financing of large-scale projects, either public or private, for productive investments by Spanish companies in Spain or abroad. ICO evaluates and grants the loans, and assumes the credit risk. Preferably in cooperation with other national, international or multilateral public or private financial institutions. Priority sectors: infrastructure, energy, transport, telecommunications, environment, industry, tourism, R&D+i. Characteristics: - Tailored Financing. - Long repayment terms. - Grace periods. - Minimum amount: 10 million 8
9 2. ICO as the State s Financial Agency 2.1. Economic Policy Implementation of economic support measures approved by the Spanish Government. It follows the Government s specific instructions in the provision of financing to victims of serious economic crises, natural disasters and other similar circumstances Management of public funds Internationalisation financial aid (FIEM, CARI) Development Aid (FONPRODE) Fund for financing supplier payments (FFPP) Regional Liquidity Fund (FLA) 9
10 Key figures Million euros and percentages (*) Total Assets 52,970 60,360 77,866 94, , ,203 83,999 62,173 Equity and Reserves (2) 2,867 3,147 3,308 3,646 4,294 4,720 4,934 5,302 Gross revenue Pre-tax profit Solvency ratio (1) 11.2% 11.8% 11.8% 12.2% 14,5% 19,8% 23,9% 32,8% Non-Performing Loan ratio 1.9% 2.9% 4.5% 2.7% 3,7% 5,3% 7% 8,8% Provision coverage ratio 206.8% 149.5% 100.0% 172.0% 137,4% 131,6% 141% 134,4% (*)Note: figures at not audited Figures from individual balance sheet and income statement (1) According to the Forty-ninth Additional Provision of Act 42/2006 on the Central Government Budget Act, this ratio may not fall below 9.50%. (2) ICO Equity and Rerserves are the highest quality (equity and reserves built endogenously). No hybrid debt instruments (neither prefered stocks nor subordinated debt) have been issued by ICO. 10
11 Total Assets Asset evolution TOTAL ASSET (mill. EUR) (*) Figures at December
12 ICO as part of the Spanish Financial System Santander Assets volume (Nov-15) bn 514 BBVA 402 Caixa Bank 321 Bankia 214 Sabadell Popular ICO Bankinter Ibercaja Abanca (NCG) Kutxabank Catalunya Bank B Mare Nostrum Unicaja Liberbank Ceiss Source: AEB, CECA & ICO Source: AEB,CECA and ICO 12
13 Funding ICO funds its activities on the international capital markets on a recurrent basis. Debt ceilings are governed by the annual State General Budget Law. Deposits are not received from the general public. Debt instruments issued by ICO: Are backed by a direct, explicit, irrevocable and unconditional guarantee from the Spanish State Are 0% risk-weighted Credit rating: AGENCY RATING Moody's Baa2 (last report March 15) Fitch Ratings BBB + (last report March 15) Standard & Poor's BBB + (last report Oct 2015) DBRS A (Low) (last report April 2015) 13
14 Borrowing profile December 2015 Central Banks & Official Institutions 17% Type of investor Fund Managers 16% Insurance and Pension Funds 5% Banks 62% Country Scandinavia Rest of Europe 3% 9% Asia&ME 4% Benelux 8% Spain 7% Germany 13% France 7% US/ Americas 46% United Kigdom 3% 14
15 Relations with other international institutions MEMBERSHIPS OF ASSOCIATIONS AND THINK TANKS BILATERAL AGREEMENTS AND INTERNATIONAL RELATIONS NEFI (Network of European Financial Institutions) EIB (European Investment Bank) EIF (European Investment Fund) ELTI (European Association of Long-term investors) KFW (Kreditanstalt für Wiederaufbau) CDC (Caisse des Dépôts et Consignations) CDP (Cassa Depositi e Prestiti) ALIDE (Latin American Association of Development Financing Institutions) IDB (Inter-American Development Bank) CAF (Development Bank of Latin America) CABEI (Central American Bank for Economic Integration) LTIC (Long Term Investors Club) BRUEGEL (European Think Tank specializing in Economics, on behalf of Fundación ICO) EUROFI (European Think Tank dedicated to financial regulation and supervision Encouragement Bank (Bulgaria), Société Tunisienne de Banque (Tunisia), Russian Bank for Development (Russia), Export Import Bank (India), Swedish Export Credit Corporation (Sweden), Finnvera (Finland), Black Sea Trade and Development Bank, Bancomext (Mexico), JBIC (Japon), BNDES (Brazil), NAFIN (Mexico), BANOBRAS (Mexico) CDG, (Morocco) COFIDE (Peru), BANCOLDEX (Colombia) CDG/Finéa (Morocco) BPIfrance (France) IFD (Portugal) 15
16 Total Assets Latest available audited figures (million euros) EUROPEAN DEVEPMENT BANKS European Investment Bank Kreditanstalt für Wiederaufbau (Germany) Caisse des Dépôts et Consignations (France) Cassa Depositi e Prestiti (Italy) Nordic Investment Bank (Sacandinavia countries) Asian Development Bank Inter-American Development Bank MULTILATERAL BANKS International Finance Corporation European Bank for Reconstruction and Development African Development Bank 16
17 Fundación ICO Not-for-profit public foundation created in 1993 as part of the Spanish Official Credit Institute. Its mission is to support and contribute to the development of society by promoting culture and knowledge in its different areas of activity: Art: management and conservation of ICO Collections and Management and implementation of an annual programme of temporary exhibitions for the ICO Museum. Education: strengthening of economic and social relations between China and Spain through the Scholarships in China Programme. Funding for education and research activities. Self-employment: support to support ICO's funding strategies for entrepreneurs and SME. Studies and Publications: dissemination of relevant studies on finance and economics. Forums: development of initiatives to foster debate on areas that complement the ICO's activities. 17
18 AXIS Participaciones Empresariales Venture capital firm created in 1986 and wholly owned by ICO. Provides businesses with capital and quasi-capital instruments to finance long-term growth, always based on financial criteria, supporting the entrepreneur / management team. Oldest operator in the sector in Spain, with investments totalling nearly 400 million euros in around 150 companies. Funds: FOND-ICO Global: with the aim of promoting the creation of venture capital funds managed by private managers covering the investment in Spanish companies within all their development stages. FOND-ICOpyme (SMEs): provides backing for companies with long-term growth and expansion plans through direct or indirect investment through funds. FOND-ICOinfraestructuras: investment in transport, energy and environment, and social infrastructure projects. Features of Axis financing: flexibility of its investment horizon in the company and of the financing instrument; provides stability for the company as a long-term shareholder and adaptation to business needs. 18
19 Other Investee Companies 20.31% Capital investment and financial support for viable private-sector projects carried out in developing countries. Provided some Spanish interest is present % Underwrites or provides partial coverage of risk assumed by SGRs (Reciprocal Guarantee Companies) with SMEs requiring additional guarantees. Links: Cofides CERSA 19
20 For more information: 20
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