Spanish banks welcome the implementation of the first 20,000 million in state-guaranteed financing from a total line of 100,000 million, which reflects the banks’ commitment to ensuring the liquidity and credit necessary for companies and the self-employed to overcome the difficulties arising from the health crisis caused by COVID-19.
“This first tranche of guarantees allows us to quickly launch the program, verify that the mechanism works, and understand the real scale of our clients’ liquidity and financing needs,” stated the president of the Spanish Banking Association (AEB), José María Roldán.
In order to help maintain economic activity in Spain and protect the productive fabric, banks are offering their full cooperation to the authorities to implement initiatives aimed at mitigating the effects of the coronavirus. To date, they have made more than 60,000 million euros available to the self-employed, SMEs, and companies.
“No solvent Spanish company should face liquidity or financing problems. Banks, with the help of the public guarantee program, are here to ensure the survival of companies and the self-employed affected by this health crisis. We want to and we can do it,” continued José María Roldán.
The government measures announced increase the banks’ room for maneuver to support citizens and companies during these difficult times and prevent the current situation of paralysis from becoming a structural problem.
