In a notable leadership move, Manuel Illueca, formerly the director of the Valencian Institute of Finance (IVF) under the Generalitat, has joined the Official Credit Institute (ICO) in a senior executive role. He will assume the position of chief risk and financial control officer. The ICO, Spain’s flagship promotional bank for the economy, had opened a competitive process for this role, and Illueca was selected as the winner.
Illueca brings a diverse portfolio of expertise to the ICO. Alongside a distinguished political track record, he serves as a tenured professor of Financial Economics and Accounting at the Jaume I University and conducts research at IVIE focused on finance. His appointment places him within a government entity under the Ministry of Economy, led by José Carlos García de Quevedo, and signals a strategic move to strengthen financial oversight and risk management at the state-supported institution.
Following his departure from the IVF, Illueca spent time in the private sector, where he held a leadership role at Findango Finance. His return to the public sector underscores a broader trend of experienced public servants rejoining government leadership to guide financial policy and institutional governance.
The economic arm of political leadership
Illueca joins a growing list of public officials aligned with the Botànic administration who have recently transitioned to the national government as part of Spain’s evolving economic strategy after the regional government changes. The national government under Prime Minister Pedro Sánchez has tapped senior figures from Valencia’s economic management team to key positions in Madrid.
For instance, Rebeca Torró, formerly a regional minister and a principal facilitator in attracting Volkswagen to the Valencian Community, was appointed as Secretary of State for Industry. Arcadi España, another economist by training who previously held the regional finance portfolio, is now serving in Madrid as Secretary of State for Territorial Policy. These moves illustrate a broader shift toward centralized leadership in economic and industrial policy while leveraging the regional expertise that helped attract major investments.
Illueca’s appointment is part of a broader pattern of alignment between regional economic talent and national policy goals. The ICO position emphasizes a focus on risk assessment, financial control, and prudent governance—areas central to sustaining public investment, safeguarding public funds, and bolstering confidence among lenders and markets. The reassignment reflects the government’s aim to fortify the institutional framework that channels credit and promotes economic resilience across Spain.
As the ICO navigates a landscape characterized by evolving regulatory requirements and the need to balance public objectives with market realities, Illueca’s background in both finance and policy provides a unique blend of analytical rigor and practical governance. His career encapsulates a bridge between scholarly insight and hands-on administration, a combination that is increasingly valued in roles tasked with steering systemic financial risk and ensuring transparent, accountable management of public credit programs.
The new leadership team at the ICO is poised to influence how risk is identified, measured, and mitigated across the agency’s portfolio. By leveraging Illueca’s academic work in financial economics and his experience across public and private sectors, the ICO aims to reinforce its mandate as a pillar of public finance while continuing to support strategic investments that drive economic growth. In this role, Illueca will collaborate with senior executives to implement robust control frameworks, enhance risk reporting, and promote sustainable financial stewardship across Spain’s development finance activities.
Ultimately, the appointment reflects a broader commitment to aligning Spain’s financial institutions with modern governance practices. The convergence of regional expertise and national policy leadership signals a cohesive approach to managing risk, allocating credit, and fostering a resilient economic environment that benefits both the public sector and private markets. Through this strategic leadership, the ICO seeks to reinforce confidence in public finance and to support prudent, growth-oriented lending that underpins Spain’s long-term economic resilience.