Special Information Briefing COVID-19 (No. 25): Key details on the fifth tranche of the guarantee facility provided in RDL 8/2020 and 15/2020

Within the framework of the measures adopted to alleviate the economic effects of the COVID-19 pandemic, on 17 June 2020, the Resolution of the Spanish Council of Ministers dated 16 June 2020 was published (the “Council of Ministers’ Resolution”) which approved the implementation and the terms and conditions of:

• the fifth tranche of the Official Credit Institute’s (“ICO“) guarantee facility for an amount of EUR 12.5 billion intended to guarantee the financing (new or existing) granted to companies and self-employed individuals, by certain regulated institutions of the financial sector, of which up to EUR 7.5 billion will be distributed among SMEs and self-employed individuals and up to EUR 5 billion to companies that do not qualify as SMEs (the “Fifth Tranche”);

• a specific tranche for an amount of EUR 2.5 billion intended to guarantee the financing (new or existing) granted to SMEs and self-employed individuals operating in the tourism industry or similar areas (the “Tourism Tranche”); and

• a specific tranche for an amount of EUR 500 million intended to guarantee the new financing granted to companies and self-employed individuals for the acquisition of motor vehicles for professional use(the “Automotive Tranche”).

The entire content of the Information Briefing can be found in the PDF.