Spain Tells Banks to Comply With Extension of State-backed Loan Scheme

Spain on Tuesday ordered banks to comply with a six-month extension of a state-backed loan scheme to June next year, designed to help companies struggling with the impact of the coronavirus pandemic, Reuters reported. Economy minister Nadia Calvino told a news conference bank clients who have no overdue payments can request these loans. Banks should also provide these loans with longer maturities and grace periods if customers ask for them, the minister said. “These measures are aimed at addressing potential solvency problems that may start arising and prevent viable companies from shutting down,” Calvino said. Spain has already provided 108 billion euros ($128.27 billion) in state-guaranteed loans to its companies, she said. Read more