Executive to subject ICO loans to companies vulnerable to pandemic and crisis “closely scrutinized”

Nadia Calviño, Vice President of Economic Affairs and Digital Transformation, gave a speech to Congress this Wednesday. “close surveillance” over loans guaranteed with public money to companies in the most affected sectors “more susceptible” to the pandemic or to the price crisis.

This was expressed in his speech before the Congressional Economic Affairs and Digital Transformation Commission, and he presented before him the annual report of the Macro Prudential Authority Financial Stability Council (Amcesfi) for 2021.

“Obviously, we will be keeping a close eye on certain loans in the coming months, particularly to companies in the sectors most affected by the pandemic, with public guarantees or which are currently more responsive to the development of energy and raw materials prices,” he said.

In every situation, stressed the “positive impact” of the measures envisaged in the economic response plan to the price crisis, He said with a new guarantee line of up to 10,000m euros “as they ease the financial pressure on companies”.

Prioritize the economic consequences of war

On the other hand, the first vice-president of the Government stated that the Government has commissioned Amcesfi to prioritize monitoring the effects on financial stability of the situation after the Russian invasion of Ukraine.

Another competency acquired in 2021 is to report on the advisability of extending the maturity of covered bond issues in Spain in a situation of instability in the financial markets.

Regarding its activities, Calviño stressed that Amcesfi has issued its first advisory opinion to positively evaluate the Bank of Spain’s view on Caixabank, with the aim of gradually increasing the necessary capital buffer after the absorption of Bankia.

Source: Informacion

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