ICO International Guarantee Programme
The International Guarantee Programme consists of ICO granting a bank guarantee to a company to enable it to participate in international bidding processes and to formalise contracts awarded abroad that require the provision of guarantees.
The requests are directly processed by ICO through the International Funding Department.
Customers: Spanish companies with a turnover of over 50 million euros and total assets of over 43 million euros may be customers. Vehicle companies may also be customers provided that they have a Spanish company as a counterguarantor that has the characteristics mentioned previously.
Method: ICO may issue guarantees of the following kinds, whatever its designation:
- Bid bond
- Performance bond
- Advance payment/progress payment
- Warranty guarantee
Activities excluded: areas in which ICO risks its reputation according to compliance policy.
Minimum value of operations that can be accepted by the programme: 6 million (or the equivalent in the corresponding currency) per transaction for corporates and EUR 10 million for financial institutions.
Currency: ICO may issue the guarantee in any currency, although payment by ICO will only be done in euros or USD.
ICO commissions: These shall be fixed for each operation in relation to the time frame. Always under market conditions.
Guarantees required from the client: The guarantees required from each client will be analysed and negotiated for each operation.