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||EUR104,220,000,000||USD115,287,610,619|
|02A - Financial sector lending/funding info_outline|
|02B - Support policies for long-term lending info_outline||
No amount/estimate: 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.
|02C - Loan guarantees||EUR104,220,000,000||USD115,287,610,619||
(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 [update]; (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 pape; (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.
|03 - Direct long-term lending info_outline||EUR10,200,000,000||USD11,283,185,841|
|03A - Long-term lending info_outline||EUR10,200,000,000||USD11,283,185,841||
(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.
|03B - Forbearance||
(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.
|04 - Equity support info_outline|
|05 - Government support to income/revenue||EUR70,143,842,000||USD77,592,745,575|
|05A - Health||EUR4,316,000,000||USD4,774,336,283||
(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 centres to 0%, in line with the EU.
|05B - Non-health||EUR65,827,842,000||USD72,818,409,292||
(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 solution (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 [update]; (xxix) June 18, The government announced the Tourism Sector Promotion Plan (EUR4.25 billion, of which EUR2.5 bilion is for credit guarantees - see Measure 2C), which is still for approval [update]; (xxx) No estimate/amount: Planned extension of ERTE salary support to 2 million workers [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|
|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) (EUR 250 million); (ii) June 14, Planned aid package for the automobile sector, at EUR2.6 billion to promote the value chain of the automotive industry. EUR650 million has been approved, while the rest is still to be confirmed [update].
|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); (ix) May, Ban on entry from outside the Schengen area extended to June 15. Internal border controls to remain in place until June 15 ; (x) May 24-27, All of Spain will be at least be in Phase 1, while some areas will be in Phaze 2. The government also announced that it would reopen to international tourists and lift the two-week quarantince for overseas arrivals in July; (xi) May 31, Lockdown extended until June 21; (xii) June 8, 52% of Spain will be in phase 3 while 48% will be in phase 2 of the COVID de-escalation process; (xii) June 14, Spain will reopen its borders on June 21 to visitors from the European Union and the open-border Schengen area.