ICO was born in 1971. Its creation had its origin in what was then known as the MATESA scandal. Without going into the details of the people and events involved in that event, I think it would be good to recall a few points.

As from 1962 -driven by the economic opening of 1959- a policy of public support for certain activities -industrial and export activities- had been implemented in Spain. This support materialized through the concession of public credit lines granted at that time, among others, by the Banco de credit Industrial and the Banco Exterior de España and guaranteed -also with public support- through the insurance company credit y Caución.

That system suffered from excessive bureaucracy. Automatic mechanisms were put in place for granting loans by simply complying with certain regulatory requirements requirements . The result was the weakening of the criteria of banking prudence in the granting of many of those credits. This circumstance, together with the lack of scruples or the audacity of some, explains why in 1969 the system exploded with the aforementioned MATESA affair.

The answer came in 1971, as I have said, with a reform of the then existing public or official banking system, which came to reinforce the requirements of banking prudence -read, risk analysis associated with the operations of credit according to market criteria- in the activities carried out by the official banking system.

Among the anti-crisis measures adopted by the Royal Decree-Law C last April 9 (the one of the frustrated photo of Zurbano), the authorization to the ICO to grant loans directly to SMEs stands out. This is a measure that seeks to respond to the unsatisfied demand of credit and to the need for financing of so many small and medium Spanish companies. Undoubtedly, the lack of credit is stifling many companies and threatens to lead to the unemployment of more workers.

It is announced that the processing of these direct credits from the ICO will be semi-automatic and online. It seems interesting and efficient.

However, it is important not to forget the lessons of history. What we now want to do -with the right intentions- is perhaps too reminiscent of the system that was put in place in the 60s of the last century. Let us not forget how it ended.

On the other hand, let us remember that relegating the requirements of banking prudence to the background has been, in part, the origin of the financial crisis we are suffering.

Are public banks exempted from such requirements?

It would not be if the funds at its disposal were its own; but the public bank grants credit with the money of the citizens who pay taxes. What less than to ask it, therefore, to put all the means that banking prudence demands to give credit . Justice demands it, but also efficiency in the management of what belongs to everyone.