Our Director of Public Policy, María Abascal, today highlighted the Spanish banking sector’s offer to channel European funds so they quickly reach businesses and thus boost economic recovery. “Banks are fully willing and able to help citizens with this major challenge,” she stated during her participation in the Fundación Alternativas webinar.
In recent years, she explained, banks have significantly strengthened their capital levels, making them more resilient to adverse situations, and have accumulated liquidity that they are now making available to families and businesses in coordination with the authorities.
“Due to their widespread presence and client knowledge, banks can now help European funds reach many companies, especially SMEs, and thus revitalize the productive fabric. This already worked with ICO loans,” said our Director of Public Policy, convinced that “the collaboration of the public and private sectors is fundamental for Spain to succeed.”
Specifically, she emphasized that banks have the infrastructure and differentiating capabilities that would accelerate and facilitate project execution. For example, she highlighted their large client base and high number of branches, their advisory capacity for companies and self-employed individuals, their agility and experience in transmitting funds, their extensive experience in analyzing project viability, and their advanced technology and digital infrastructure.
However, María Abascal explained that Spanish banks do not only aspire to be channels for the funds, but are also prepared to advance resources when necessary, to support SME and self-employed clients with investment needs that the program may not cover.
In this regard, she stressed that the banking sector has played a key role in this crisis and wants to continue to be fundamental in driving economic recovery and modernizing the productive fabric. “The banking sector has been part of the solution, not the problem. Its priority has been to work to ensure the survival of the productive fabric and protect families, with measures such as mortgage and personal loan moratoriums. And now it is ready to help reactivate the economy.”
Due to the severity of the situation, the Spanish banking sector even adopted numerous measures outside its usual operations, such as donations made for the purchase of medical supplies and the many volunteer actions carried out by bank employees.
