The Catalan Government has today authorised the Catalan Institute of Finance (ICF) to create the commercial company that will allow it to operate as a credit institution, in accordance with the regulations applicable to public sector entities.

This agreement is a necessary step within the procedure being carried out by the ICF to obtain the banking licence, although, before the new company is created, it will be necessary for the competent European regulatory bodies to approve the project. The ICF Governing Board approved it this July, and it will be presented to the European authorities to operate as a bank.

In the event that the necessary administrative authorisations are obtained from the regulatory bodies, the ICF will set up this new commercial company, of which it will be the sole shareholder and to which it will contribute its branch of banking activity in order to obtain a licence from the Bank of Spain to be able to operate as a credit institution.

The bank statement will allow the ICF to access more sources of financing -such as resources from the European Central Bank- and channel certain restricted aid to credit institutions. This would make it easier for the ICF to deepen the development of its mission as an instrument to promote the business and social fabric of Catalonia, especially for those projects and sectors considered strategic, such as social housing, the green transition or industry.