Other ADB Members
Sum of Measures 1—5 (Total Package)
|Measure||Amount (Local)||Amount (USD)||Details||Update||Source|
|01 - Liquidity Support info_outline|
|01A - Short-term lending info_outline|
|01B - Support policies for short-term lending info_outline|
|01C - Forex operations info_outline|
|02 - Credit creation info_outline||EUR153,220,000,000||USD169,491,150,442|
|02A - Financial sector lending/funding info_outline|
|02B - Support policies for long-term lending info_outline||
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.
|02C - Loan guarantees||EUR153,220,000,000||USD169,491,150,442||
(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 digitalization. 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 billion, 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.
|03 - Direct long-term lending info_outline||EUR12,750,000,000||USD14,103,982,301|
|03A - Long-term lending info_outline||EUR11,439,000,000||USD12,653,761,062||
(i) March 12, EUR200 million specific ICO financing facility to support, through liquidity provision, firms and self-employed workers in the tourism sector affected by COVID-19 (loans 1–4 years); (ii) March 17, EUR10 billion increase in the net borrowing limit of the ICO to increase existing lines of credit; (iii) June 18, The Tourism Sector Promotion Plan includes EUR515 million to provide loans for projects that improve the sustainability and the competitiveness of the sector; (iv) July 3, A financing system will be introduced for digitalisation and innovation projects in the tourism sector, by granting of a maximum of 1,100 loans for each financial year (EUR216 million); (v) July 9, Shock Plan for Science and Innovation is announced, which includes an allocation of EUR508 million in loans to companies.
|03B - Forbearance||EUR1,311,000,000||USD1,450,221,239||
(i) March 17, No amount/estimate: moratorium on mortgage loan payments on primary homes for those identified as economically vulnerable, facing extraordinary difficulties procuring payment as a result of the COVID-19 pandemic; (ii) March 12, No amount/estimate: Deferral of the repayment of principal and/or interest of loans received from the Ministry of Industry, Trade and Tourism; (iii) July 3, A mortgage moratorium has been approved for properties associated with tourist activity, by granting a grace period of up to 12 months for financial transactions for mortgages signed with credit institutions. The amount of moratoriums is estimated to a total of up to EUR731 million; (iv) 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 moratorium in the payment of the principal of the installments of the contracts of loans, leasing and renting of vehicles dedicated to the discretionary public transport of passengers by bus and to the public transport of goods of more than 3.5 tons of maximum authorized mass, in those cases in which they experience financial difficulties as a consequence of the health emergency. This measure would allow a deferral of up to EUR250 million for the discretionary transport of passengers and up to EUR330 million in the case of the transport of goods.
|04 - Equity support info_outline||EUR10,000,000,000||USD11,061,946,903||
July 3, Creation of a Fund to Support the Solvency of Strategic Companies. This is a new instrument with a provision of EUR10 billion that seeks to provide temporary public support to enhance the solvency of non-financial companies affected by the COVID-19 pandemic, within the framework of the Agreement on Economic Reactivation and Employment. This Fund will be attached to the Ministry of the Treasury and will be managed by the State Company for Industrial Participations (SEPI). The Fund will be structured through different instruments, such as the concession of equity loans, the acquisition of subordinated debt and the subscription of shares and other capital instruments. The amount of the dividends, interest and capital gains from these investments will be paid in to the Public Treasury. July 21, The companies benefiting from the EUR10 billion solvency support may not distribute dividends and the members of the Board of Directors will be prohibited from collecting variable premiums or remuneration. July 31, The European Commission approves the EUR10 billion Solvency Support Fund to provide debt and capital support to companies affected by the coronavirus outbreak.
|05 - Government support to income/revenue||EUR75,520,094,000||USD83,539,926,991|
|05A - Health||EUR7,064,900,000||USD7,815,154,867||
(i) March 12, Budget support from the contingency fund to the Ministry of Health (EUR1.4 billion); (ii) March 12, Advance transfer to the regions for regional health services (EUR2.87 billion); (iii) March 17, Additional funding for research related to the development of drugs and vaccines for COVID-19 (EUR46 million); (iv) No amount/estimate: April 7, Exemption of fees in procedures for the authorization of clinical trials for research for medicines related to COVID-19; (v) No amount/estimate: Reduction of value-added tax (VAT) applicable to the supply of medical equipment from national producers to public entities, non-profit organizations and hospital centers to 0%, in line with the EU; (vi) July 7, Acquisition of COVID related health material (EUR22 million); (vi) July 9, Shock Plan for Science and Innovation is announced, which includes an allocation of EUR215.9 million for Health Research and Innovation; (vii) July 17, The Ministry of Industry allocates EUR11 million in subsidies to companies that invest in the manufacture of medical devices related to COVID-19. September 9, The Ministry of Industry, Commerce and Tourism has provisionally selected 48 projects for this assistance [update] ; (viii) No amount/estimate: August 4, The Treasury extends until October 31 the 0% value-added tax on medical supplies to combat COVID-19; (ix) August 5, A framework agreement is set to acquire health material and personal protective equipment for the National Health System for a value of more than EUR2.5 billion; (x) No amount/estimate: September 16, The Government will distribute 15 million masks through the Spanish Federation of Municipalities and Provinces and social entities [update].
|05B - Non-health||EUR68,455,194,000||USD75,724,772,124||
(i) March 9, Extension of the unemployment benefit to cover workers whose contracts under trial period have been terminated since March 9, and for workers who voluntarily terminated their contract since March 1 because they had a firm job offer that has been withdrawn (EUR42 million); (ii) March 10, Increased sick pay for coronavirus infected workers or those quarantined, from 60% to 75% of the regulatory base (EUR1.4 billion); (iii) March 12, Supplemental credit of EUR25 million to cover meal allowances for vulnerable children affected by school suspension; (iv) March 12, 50% exemption from employers social security contributions, from February to June 2020, for workers with permanent discontinuous contracts in the tourism sector and related activities (EUR45 million); (v) March 12, Possibility for SMEs and self-employed workers to defer tax payments for six months without paying interest (up to EUR14 billion); (vi) March 12, Possibility for SMEs and self-employed workers to defer tax payments for six months without paying interest (lost interest, EUR8.9 million); (vii) March 12, Suspension for one year of the payment of interest and amortizations corresponding to loans granted by the Secretary of State for Tourism (lost interest, EUR0.742 million); (viii) March 12, Postponement of debts derived from customs declarations (EUR2.7 million); (ix) March 17, Changes in the temporary employment adjustment schemes (ERTEs) (EUR17.8 billion); (x) March 17, Extraordinary allowance for self-employed workers (70% of the SSC base, at least for one month) (EUR3.8 billion); (xi) March 17, Additional budgetary funds of EUR300 million for assistance to dependent persons; (xii) March 17, Additional flexibility for local authorities to use their 2019 budgetary surplus to fund social services and primary assistance to dependent persons (EUR347 million); (xiii) March 17: Extraordinary contribution measures in relation to the procedures for suspension of contracts and reduction of working hours (suspension of SS contributions, EUR2.22 billion); (xiv) March 31, Temporary allowance for temporary workers whose contracts expire during the state of emergency and have not reached the minimum contribution to receive UB (EUR17.6 million); (xv) March 31, Temporary subsidy for household employees (EUR3.1 million); (xvi) March 31, Extension of the temporary contracts of university teachers and research staff (EUR3.8 million); (xvii) March 31, Specific program for victims of gender violence, homeless people and others who are especially vulnerable to provide them with an immediate housing (EUR50 million); (xviii) March 31, Rental assistance programs and additional state contribution to the State Housing Plan 2018-21 (EUR400 million); (xix) March 31, 6-month suspension of social security contributions for the self-employed (for the period May-July) and companies (for the period April-June) without interest (EUR352 million); (xx) Deferral of SSC debts for the self-employed and companies (EUR350 million); (xxi) April 14, Extension of deadlines for filing tax returns in April to 20 May for SMEs and the self-employed (liquidity of EUR3.5 billion); (xxii) April 21, Reduction of the contributions for certain agricultural workers during periods of inactivity in 2020 and simplification of the procedure for deferring Social Security debt (EUR43 million); (xxiii) April 21, Measures to align the tax bases to the current situation (EUR1.1 billion of liquidity); (xxiv) April 21, (EUR30 million) No inclusion as days of exercise of the activity the days of the alarm state for the calculation of the fractional payments in the objective estimation method of the Personal Income Tax and the payment on account of the simplified VAT regime; (xxv) April 21, Reduction of VAT applicable to the supply of medical equipment to 0% (EUR1 billion); (xxvi) April 21, Reduction the VAT on electronic books and newspapers (EUR24 million); (xxvii) May 29, Royal Decree-Law guarantees a minimum income to 850,000 families (EUR3 billion a year). This measure was foreseen before COVID-19, although implementation has been accelerated because of COVID; (xxviii) June 16, Creation of COVID-19 fund of EUR16 billion for the regions. July 15, Congress validates the creation of the COVID fund of EUR16 billion for the autonomous communities to provide them the resources to face the impact of the pandemic and be able to provide quality public services. July 22, The Treasury approves the distribution of EUR6 billion for the first tranche; (xxix) June 18, Tourism Sector Promotion Plan at EUR4.25 billion, of which EUR2.5 billion is for credit guarantees, included in the EUR100 billion managed by ICO (see Measure 2C) and EUR300 million is the amount for grants; (xxx) June 26, extension of the ERTE and aid to the self-employed until September 30 ; (xxxi) July 3, "Renove 2020" Plan aims to stimulate demand, activate production in Spain and promote the replacement of the oldest and worst polluting vehicles (EUR250 million); (xxxii) July 7: (a) Compensations for regions for easing the impact of COVID in public transport (EUR800 million); (b) Compensation for cinema halls (EUR13 million); (xxxiii) No amount/estimate: July 7, Extension of some policies announced in March (moratorium of rent payment of vulnerable households, guarantee of utilities) to the end of September; (xxxiv) 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 EUR110 million of extraordinary contribution to State Society of Land Transport Infrastructures ( SEITTSA) so that it can meet its public works commitments in the medium term; (xxxv) July 9, The Shock Plan for Science and Innovation includes EUR523.5 million for Transformation of the Science System and attraction and retention of talent and EUR317 million for promotion of business R & D & I activities and the science industry; (xxxvi) August 3, EUR4 million aid for independent bookstores; (xxxvii) August 5, EUR275 million to finance the extraordinary deficit of public transport services provided by local entities (https://bit.ly/2C9PMub); (xxxviii) August 12, Direct grant aid for cinematographic exhibition rooms (EUR13.252 million) and aid to the production of short films made in competitive competition (EUR0.3 million); (xxxix) September 1, The Ministry of Labor and Social Economy allocates EUR16.8 million to programs to improve the employability of unemployed people [update]; (xl) September 9, The government has allocated EUR4 million to promote food products, most affected by COVID-19, in the international market [update]; (xli) September 10, The government announced the purchase of a work worth half a million euros to be made by the Museo Nacional Centro de Arte Reina Sofía as part of the extraordinary aid to contemporary Spanish art approved in the Royal Decree Law of May 5 to support to the cultural sector due to the Covid-19 pandemic [update].
|06 - Budget reallocation info_outline|
|07 - Central bank financing government|
|07A - Direct lending & reserve drawdown|
|07B - Secondary purchase: government securities|
|08 - International Assistance Received|
|08A - Swaps info_outline|
|08B - International loans/grants||
August 24, Following consultations with the EU Member States that have requested support and after assessing their requests, the EU Commission proposes to the Council to approve the granting of financial support to Spain, amounting to EUR21.3 billion.
|08B1 - Asian Development Bank|
|08B2 - Other|
|09 - International Assistance Provided|
|09A - Swaps info_outline|
|09B - International loans/grants|
|10 - No breakdown||EUR250,000,000||USD276,548,673||
(i) March 17, Support to the digitalisation of small and medium companies through grants and loans to finance investment in digital equipment or solutions for remote working conditions (programme ACELERA PYME) (EUR250 million); (ii) July 30, An Aeronautical Technology Plan, linked to the Recovery Funds of the European Union, will be managed by the Spanish Innovation Agency (CDTI) endowed with the following budget allocation: 2020-EUR25 million, 2021-EUR40 million, 2022- EUR80 million, 2023- EUR40 million.
|11 - Other Economic Measures||
(i) March 17, Economic dismissals related to COVID-19 are not allowed. Moreover, if a company reduces activity for reasons related to the COVID crisis, the maximum duration of the affected fixed-term contracts can be prolonged for the same number of months of the crisis; (ii) March 31, Prohibit evictions due to missed payments for all households until state of emergency lifted. Thereafter, evictions due to missed payments will be prohibited for a maximum of 6 months.
|12 - Non-Economic Measures||
(i) Mandated nationwide quarantine for at least 15 days since March 15, gradually extended until May 9th; (ii) Suspension of all nonessential work from March 30 to April 9, inclusive; (iii) Land borders are closed except for Spanish citizens, residents and land transportation of goods (March 16); (iv) Mar 23, Airport and port border restrictions have been introduced for 30 days, extended to May 15 (April 21); (v) March 11, Ban on direct flights from Italy, except for flights transporting Spanish citizens or residents; (vi) Closure of schools nationwide since March 12; (vii) March 26, Closure of hotels, all retail spaces, except those selling food and essential items, closure of restaurant , which will only be able to maintain food delivery services, museums, libraries, public show venues. Sport events and local celebration events have been suspended; (viii) Mandated nation-wide lockdown until May 10th. State of emergency will continue until May 24th; (ix) Plan for gradual transition: (a) Phase 0 (from May 4): Preparation phase, ability to go outside for exercise and walks, individual training for professional sportsmen, reopen small businesses that can take bookings (restaurants that offer take-way food and places, and hardware stores) and hairdressers, (b) Phase 1 (from May 10): Interregional trips not allowed until end-June but mobility within regions allowed; gatherings of up to 10 people with social distancing rules, open up sidewalk cafes (30% of capacity limit) and hotels (except common areas) and religious sites (30% capacity limit). Public transport capacity will rise to 80%, (c) Phase 2 (at least 2 weeks after Phase 1): Open up bars and restaurants with inside seating, cinemas, theatres, monuments and exhibition centers (30% capacity limit), allow cultural events such as concerts (1/3 capacity), outdoor events up to 400 people, if seated. Visit to people in homes with disabilities, but not the elderly. Schools will not open fully until September, but schools will offer classes to children under the age of six if parents require it to be able to go to work and so that students can complete their university entrance exams. Open shopping centers (except recreational areas), (d) Phase 3 (at least 2 weeks after Phase 2, likely mid-June): Relaxation of mobility restrictions further, visit senior homes (under some yet to be set conditions), open bars, cinemas and theatres (50% capacity limit), allow shoppers to enter shops (with limits on capacity of 50%, 2 meter social distancing rules), and (e) Phase 4 (the new normality stage, likely end-June): End of social and economic restrictions. Mobility across regions, public transport capacity will rise to 100%; (x) According to the gradual deconfinement plan, announced on April 28, schools will not open fully until September, but in phase 2 of the plan, schools will offer classes to children under the age of six if parents require it to be able to go to work and so that students can complete their university entrance exams; (xi) Phase 1 (from May 10 in certain regions, around 51% of the Spanish population): Interregional trips not allowed until end-June but mobility within regions allowed; gatherings of up to 10 people with social distancing rules, open up hotels (except common areas), restaurant terraces (50% capacity), places of worship (30% capacity) and museums (30% capacity). Cultural events of under 30 people indoors (30% capacity) and cultural events less than 200 people outside. Isolation of people who are diagnosed or with symptoms and those in contact with someone diagnosed or with symptoms. Timetable for taking walks and other exercises (to be set by regions). Open up small businesses less than 400 square meters (30% capacity, 2-meter social distancing rules). Educational centers and universities open for disinfection and administrative functions. Scientific seminars of less than 30 people allowed. Active and nature tourism activities allowed up to 10 people; (xii) In line with the gradual deconfinement plan, some regions entering Phase 1 are slowly opening up some public places with limited capacity, while others are still in Phase 0 (May 11, 51% of population entered Phase 1) ; (xiii) Obligatory shut down of economic activities. In line with the gradual deconfinement plan, some regions entering Phase 1 are slowly opening up economic activities, while others are still in Phase 0 (May 11, 51% of population entered Phase 1); (xiv) May, Ban on entry from outside the Schengen area extended to June 15. Internal border controls to remain in place until June 15; (xv) May 24-27, All of Spain will be at least be in Phase 1, while some areas will be in Phase 2. The government also announced that it would reopen to international tourists and lift the two-week quarantine for overseas arrivals in July; (xvi) May 31, Lockdown extended until June 21; (xvii) June 8, 52% of Spain will be in phase 3 while 48% will be in phase 2 of the COVID de-escalation process; (xviii) June 14, Spain will reopen its borders on June 21 to visitors from the European Union and the open-border Schengen area; (xix) July 1, Opened borders with Portugal. Travelers from 15 countries allowed (EU level decision); (xx) Since July, some localized restrictions have been imposed on movements or activities.Social distancing requirements, capacity limitations, and hygiene measures at workplaces remain in place, including mandatory use of masks in closed spaces and on streets when a safety distance of 1.5 meters cannot be maintained; (xxi) 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 provisions to for airport managers and airlines to implement management measures for passengers and civil aviation personnel in the face of the pandemic, minimizing the risks of contagion both in airport facilities, as well as during the different stages of the trip, including limiting access to airport terminal buildings; (xxii) July 17, Ministry of Foreign Affairs launches campaign entitled #ViajaSeguro adapted to the limitations imposed by COVID-19 (https://bit.ly/347YQeG); (xxiii) August 14, Health and the autonomous communities unanimously agree on coordinated actions to control the transmission of COVID-19 (https://bit.ly/3kVmIZ0); (xxiv) August 25, The Madrid region will delay start of classes, temporarily hire nearly 11,000 teachers, and do 100,000 coronavirus antibody tests for staff; (xxv) August 27, The government and autonomous communities have agreed that in general, the teaching activity will be face-to-face for all levels and stages of the education system. They reiterate the need to resume face-to-face educational activity, by adopting a series of prevention, hygiene and health promotion measures that guarantee safe return to classrooms; (xxvi) September 8, The Ministry of Health has launched the institutional campaign #EstoNoEsUnJuego aimed at reinforcing compliance with protection measures against COVID-19 [update]; (xxvii) September 14, New laws prohibiting social gatherings of more than six people come into effect [update].