Collateral and bank guarantees are bank instruments that irrevocably ensure the financial and commercial commitments’ fulfillment. Therefore, they guarantee the payment your company has received with regard to third parties.
The collateral or bank guarantee is an off-balance sheet exposure. Unlike a credit or a loan, it does not entail an immediate cash output from the Bank, but it might do in the future if the third party executes it. At that moment, the Bank will demand the guaranteed company to refund the executed amount.
In return for the risk taken, MoraBanc generally applies a (usually) quarterly commission based on the guaranteed amount and an opening commission upon the initial guarantee’s formalisation.
MoraBanc offers you two different kinds of collateral that can adapt to your needs.
- Guarantees or collateral that ensure the fulfillment of an economic obligation. Future supplier payment, loan or credit payments, payment of taxes…
- Guarantees or collateral that ensure financial responsibility with regard to third parties by fulfilling particular requirements. Technical guarantees (proper functioning of machinery, bidding and completion of works), advance payment guarantees…
Application resolution within a maximum period of 7 days, as long as all required documents have been provided.
In order to correctly study your credit operation’s application, your account manager will need to be provided with a minimum required documentation.
Minimum required documentation for the Collateral assessment
In the case of companies with legal entities (public limited companies, private limited companies, etc.):
- Last tax year’s income statement and balance (and provisional financial statements from the current year).
- Accounts audit in case it is mandatory for the company.
You could also be required to present the last Corporate Tax and IGI (VAT equivalent) settlements and your employees’ contributions to CASS in order to verify that the payment of those tax liabilities is up to date.
If needed, the Bank will also be able to request additional information in order to carry out a proper asset, economic and financial analysis of your company.
Additionally, in this specific case we will need information or documents that support the guarantee’s purpose.
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Information on the processing of personal data
In compliance with Law 15/2003 of 18 December on protection of personal data, the customer authorizes that the applicant’s personal data entered on this form will be incorporated into files owned and managed by MORA BANC GRUP, SA – MORA BANC, SAU (hereafter referred to as “MoraBanc”) to process the requested service and, if necessary, to comply with the contracts finally entered into, and also to ensure correct operational precedures
The applicant expressly authorises MoraBanc to send him/her commercial and promotional communications for products and services and information on the Bank itself, social or other activities, in hardcopy by post or by electronic means (among others, short messages (SMS) to mobile phones, e-mail, etc.). This consent can always be withdrawn, without retroactive effect.
The applicant authorises the data provided to be communicated or shared with third parties forming part of the MoraBanc business group, entities which are primarily active in the financial, insurance and service sectors. The applicant is considered as having been informed of this transfer of information by means of this clause. The applicant accepts that he/she may be sent information on any product or service marketed by these companies.
The data processing manager is MoraBanc. The applicant is hereby informed that the rights of access, rectification, suppression or opposition may be exercised in the terms established in current legislation.
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