Spain Credit Guarantee Timeline

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1	Spain Credit Guarantee Scheme Timeline
2	Usage: see latest report from the ICO		Last updated on July 28, 2020
3	Date	Action	Links

4	Tue, Mar 17, 2020	- Royal Decree Law 8/20220 (Real Decreto-Ley 8/20220) established extraordinary urgent measures for the economic impact of COVID-19 - Decree established EUR 100 billion credit guarantee scheme for companies	Royal Decree
5	Wed, Mar 18, 2020	- Royal Decree Law 8/20220 went into effect	FAQs
6	Tue, Mar 24, 2020	- First tranche of EUR 20 billion released - Under this tranche, the coverage ratio for new loans to SMEs and the self-employed was 80% and the coverage ratio for renewals of loans to SMEs and the self-employed was 70%. The coverage ratio was 60% for loans to other companies	Tranche 1
7	Fri, Apr 10, 2020	- The second tranche of EUR 20 billion was released - This tranche was specifically for only SMEs and self-employed workers - The second tranche maintained the same processing method, characteristics, and coverage ratio as the first tranche	Tranche 2
8	Tue, May 5, 2020	- Third tranche was activated (EUR 24.5 billion) - EUR 20 billion allocated to guarantee loans to the self employed, SMEs and large companies - EUR 4 billion to cover promissory notes of the Alternative Fixed Income Market (MARF) - EUR 500 million to reinforce the "reavales" granted by the Spanish Companiy of Reconfiancing (CERSA)	Tranche 3 Press Release
9	Tue, May 19, 2020	- Fourth tranche activated - EUR 20 billion for SMEs, self employed only	Tranche 4 Press Release
10	Tue, Jun 16, 2020	- Fifth and final tranche of the original EUR 100 billion activated - 15.5 billion euros total - 7.5 billion for loans to SMEs and self employed - 5 billion for the rest of companies (general) - 2.5 billion for loans to the tourism sector (SMEs and freelancers) - 500 million for the automotive sector	Tranche 5 Press Release
11	Fri, Jul 3, 2020	- Council of Ministers approved the creation of a new line of guarantees which are also channeled through the Official Credit Institute (ICO) - New scheme of EUR 40 billion for promoting new projects for business investment, specfically environmental sustainability and digitalization	Measures for Companies (pdf) Measures for Companies (website) Press Release
12	Tue, Jul 28, 2020	- First tranche of the new line of guarantees approved, EUR 8 billion total - 5 billion for SMEs and self employed (80% coverage), 3 billion for other companies (70%)	Press Release
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