ICO Green and Social Bonds
150
Instituto de Crédito Oficial
140
120
100
80
80
60
60
40
40
20
20
0
ICO counter-cyclical role
ICO, in its capacity as a national promotional bank, has traditionally worked countercyclically
through the macroeconomic phases in the Spanish economy. ICO serves to mitigate "credit
crunches" through increased credit production during economic downturns.
Financing mobilized by Government
guarantee line ICO Covid-19 (total, bn €)
ICO lending (€ bn) vs economic activity (GDP %)
141
20
15
107
10
5
0
-5
-Guarantee received (bn €)
-Financing mobilized (bn €)
-10
Mar-20Jun-20 Sep-20 Dec-20Mar-21 Jun-21 Sep-21 Dec-21Mar-22Jun-22
Source: ICO
-15
GDP growth (real %) Ihs
-----ICO new business (€ bn) + guarantees covid-19 rhs
2001
2002
2003
2004
2005
2006
2007
2008
Source: ICO, INE
2009
2010
2011
2012
2013
30
5.5
20
10.0
10
2014
2015
2016
2017
2018
2019
2020
2021
2022
0
-10
-20
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