The Council of Ministers has approved a new nine-month moratorium for the payment of mortgages and consumer loans today, as well as for the return of credits to the economic sectors of tourism and transport, within the framework of the 'social shield' to alleviate the effects of the Covid-19 pandemic.
The Government had already extended the mortgage moratorium on people’s homes and on consumer loans from July to September 29th of last year, in both cases for a duration of three months, although since then its recovery has been studied.
Now having the results of that study, the Executive is extending them for a further 9 months and is including mortgages and loans that were approved at the time for companies in the tourism and transport sector.
According to the latest data from the Bank of Spain, at the end of December, Spanish financial institutions granted almost 1.4 million moratoriums to those affected by the coronavirus crisis, with an outstanding settlement balance of 54.2 billion euros.
In detail, at the end of December 261,320 requests for mortgage moratorium had been received, of which 222,000 have been processed, whose outstanding balance is 19.97 billion euros.
There have also been 411,038 requests registered within the framework of the legislative moratorium on credit contracts without mortgage guarantee, of which 363,176 have been processed, with an outstanding balance of the suspended loans of 2.68 billion euros.
