As of May 15, Spanish banks have deferred loan payments for 111,242 clients, holding operations for an outstanding capital amount of 6,615 million euros, since they voluntarily agreed last April to implement a sectoral moratorium to help individuals economically affected by the coronavirus crisis.
This suspension of payments applies to both mortgage loans, which account for 53% of the total, and consumer loans (the remaining 47%), and represents more than 70% of the 153,813 deferral requests submitted by clients since the support measure for the most vulnerable groups was articulated.
This voluntary sectoral moratorium is the result of an agreement reached between the entities and the AEB, complementing the legal moratorium established by the Government by extending both the payment deferral period and the group of potential beneficiaries.
Specifically, this initiative by the banks allows clients to defer payment of the capital portion of the loan installment for a period of up to 12 months for mortgage loans and up to 6 months for personal loans.
Individuals holding loans who have been economically affected by becoming unemployed or subject to a temporary employment regulation file (ERTE), or by facing a cessation or reduction of their economic activity or other equivalent circumstances as a result of COVID-19, may avail themselves of this payment suspension.
