Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Spain 02 02 - Credit creation EUR 153,220,000,000 169,491,150,442
Spain 02A 02A - Financial sector lending/funding EUR
Spain 02B 02B - Support policies for long-term lending EUR Organisation for Economic Co-operation and Development (OECD). http://www.oecd.org/coronavirus/en/ (accessed 30 April 2020); International Monetary Fund (IMF). https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 16 July 2020).

No amount/estimate: (i) April 21, Authorized the Insurance Compensation Consortium to act as a reinsurer of credit insurance risks to strengthen the channelling of resources to commercial credit; (ii) June, the Bank of Spain will apply to the banks it supervises the flexibility provided by the legal system in relation to the setting of transition periods and the intermediate minimum requirements for own funds and eligible liabilities (MREL) targets; and banks will be allowed to apply expert judgement for the credit-risk classification of forborne exposures.

Spain 02C 02C - Loan guarantees EUR 153,220,000,000 169,491,150,442 OECD. http://www.oecd.org/coronavirus/en/ (accessed 14 May 2020, 21 May 2020); European Commission. https://bit.ly/2NfaZ7Q (accessed 25 May 2020); Ministry of Economic Affairs and Digital Transformation. https://bit.ly/3dy8loe (accessed 25 June 2020); La Moncloa. https://www.lamoncloa.gob.es/lang/en/gobierno/councilministers/Paginas/2020/20200703council-extr.aspx (accessed 12 July 2020); La Moncloa. https://www.lamoncloa.gob.es/lang/en/presidente/news/Paginas/2020/20200618tourism-plan.aspx (accessed 12 July 2020); Ministry of Transport, Mobility, and Urban Agenda. https://www.mitma.gob.es/el-ministerio/sala-de-prensa/noticias/mar-07072020-1430 (accessed 20 July 2020); Third Government Vice Presidency - Ministry of Economic Affairs and Digital Transformation. https://www.mineco.gob.es/portal/site/mineco/menuitem.ac30f9268750bd56a0b0240e026041a0/?vgnextoid=5b686ae35d493710VgnVCM1000001d04140aRCRD&vgnextchannel=864e154527515310VgnVCM1000001d04140aRCRD (accessed 30 July 2020).

(i) March 17, EUR100 billion in Instituto de Crédito Oficial (ICO), Spain's official financial agency, credit guarantee programs for companies and the self-employed, both for refinancing and new credit. The first tranche is up to EUR20 billion, divided into the following subtranches: (a) EUR10 billion for renewals and new loans granted to the self-employed and small and medium-sized enterprises (SMEs) and (b) EUR10 billion for renewals and new loans granted to companies that do not to qualify as an SME. The second tranche of guarantees (EUR 20 billion) for SMEs and self-employed only, for whom the guarantee will cover 80% of new loans and renewals. May 5, Third tranche (EUR24.5 billion) of the EUR100 billion ICO guarantee: EUR10 billion for SMEs and self-employed, EUR10 billion for other companies, EUR 4 billion for the issue of promissory notes of NFCs in fixed income markets, and EUR0.5 billion for CERSA. May 19, Fourth tranche, at EUR20 billion, which is part of the EUR100 billion guarantees via ICO in item (i), for SMEs and the self-employed only. June 16, Fifth tranche, at EUR15.5 billion earmarked as follows: (a) EUR7.500 billion to guarantee loans from SMEs and the self-employed and 5,000 million for the rest, (b) EUR2.5 billion to boost tourism sector by guaranteeing loans to SMEs and the self-employed for liquidity or investments; and (c) EUR500 million to boost the automotive sector; (ii) March 17, EUR2 billion in guarantees through the Spanish Export Insurance Credit Company; (iii) March 31, Allocate EUR1.2 billion from the existing loan guarantee line to the guarantee of loans for tenants; (iv) March 31, Compania Espanola de Reafianzamiento (CERSA) will assume around EUR1 billion of risk that will allow mobilizing EUR2 billion benefiting some 20,000 SMEs and the self-employed; (v) April 21, No amount/estimate: Expand the coverage of the previously announced guarantee line to Alternative Fixed Income Market commercial paper; (vi) Strengthen counter-guarantees granted by CERSA to increase the capacity of regional mutual guarantee entities; (vii) May 6, To guarantee the liquidity of companies in the culture sector, the government injected EUR20 million to CREA to guarantee loans of up to EUR880 million; (viii) July 3, Creation of a new guarantee for lines of credit from ICO for EUR40 billion, designed to boost investment activity and promote it in areas that create the greatest added value, based on two main cornerstones - environmental sustainability and digitalisation. This is within the framework of the Agreement on Economic Reactivation and Employment; (ix) July 7, The Royal Decree on the economic reactivation measures to face the impact of COVID-19 in the areas of transport and housing includes a provision to increase debt capacity of Renfe (national rail transport) to EUR1 billion (contingent liability) in order to compensate for the drop in demand and boost the recovery of services; (x) July 28, The Government launches the new line of guarantees, amounting to EUR8 bllion, of which EUR5 billion will be used to guarantee investments by the self-employed and SMEs, and EUR3 billion from other companies. The State guarantee covers 80% of new self-employment and SME loans, and 70% for other companies. The guarantee line will be managed by ICO.

Spain 02 02 - Credit creation EUR 104,220,000,000 115,287,610,619
Spain 02A 02A - Financial sector lending/funding EUR
Spain 02B 02B - Support policies for long-term lending EUR
Spain 02C 02C - Loan guarantees EUR 104,220,000,000 115,287,610,619 Organisation for Economic Co-operation and Development (OECD). http://www.oecd.org/coronavirus/en/ (accessed 18 April 2020).

(i) March 17, EUR100 billion in Instituto de Crédito Oficial (ICO), Spain's official financial agency, credit guarantee programs for companies and the self-employed, both for refinancing and new credit. The first tranche is up to EUR20 billion, divided into the following subtranches: (a) EUR10 billion for renewals and new loans granted to the self-employed and small and medium-sized enterprises (SMEs) and (b) EUR10 billion for renewals and new loans granted to companies that do not to qualify as an SME. The second tranche of guarantees (EUR 20 billion) for SMEs and self-employed only, for whom the guarantee will cover 80% of new loans and renewals. May 5, Third tranche (EUR24.5 billion) of the EUR100 billion ICO guarantee: EUR10 billion for SMEs and self-employed, EUR10 billion for other companies, EUR 4 billion for the issue of promissory notes of NFCs in fixed income markets, EUR0.5 billion for CERSA; (ii) March 17, EUR2 billion in guarantees through the Spanish Export Insurance Credit Company; (iii) March 31, Allocate EUR1.2 billion from the existing loan guarantee line to the guarantee of loans for tenants; (iv) March 31, Compania Espanola de Reafianzamiento (CERSA) will assume around EUR1 billion of risk that will allow mobilizing EUR2 billion benefiting some 20,000 SMEs and the self-employed.