The umbrella of mortgage and consumer credit moratoriums It also seems to have reached highs after a 2020 marked by thousands of requests of families and companies to take advantage of these deferrals of their debts with the banks, given the impossibility of facing them due to the effects of the crisis. In January, the number of applications that citizens have made to benefit from this measure has remained practically stable compared to the end of December.
Not even the current context, that of the third wave of the virus, has caused an increase in these requests. For now, it does not appear that restrictions much of the economic activity, nor the increase in the number of unemployed January nor the usual weak prospects to start the recovery have taken a toll on finances. Or, at least, they have not done so in a greater amount of the damage they already suffered since the pandemic began in March.
Until the end of January, financial entities 1.38 million moratoriums have been granted mortgage and non-mortgage loans to those affected by the coronavirus crisis, with an outstanding balance pending payment of 54,114 million euros, according to updated data from the Bank of Spain
This amount includes both the moratoriums approved by the Government in its plan of measures to mitigate the impact of the coronavirus, as well as the agreements made between clients and the banks themselves, without the mediation of the plan of the Ministry of Economy, thanks to the initiative of the employers’ associations (AEB and CECA) of the financial entities as a complementary measure to the legislative moratoriums of the Executive.
The number of requests and concessions of some type of moratorium has been reduced very slightly compared to the previous note due to the adjustments made by some entities on the information previously submitted.
After having reached this peak, banks are now facing a new scenario, in which they have to face that these defaults become defaults. The executives of the main Spanish financial institutions have highlighted in the last round of presentation of results that They do not see danger in non-payment in families, although they do see insolvencies among companies. At least they anticipate it for the next few months if a public aid plan does not arrive in this period.
As for the Government’s legislative moratorium, until the end of January, 261,370 requests for mortgage moratorium had been received, of which 221,932 have been processed, whose outstanding balance pending amortization is 19,955 million euros.
There have also been 411,015 requests registered within the framework of the legislative moratorium on credit contracts without mortgage guarantee (basically, personal and consumer loans), of which 362,007 have been processed, with a balance pending amortization of the suspended loans of 2,679 million euros.
The largest volume of moratoriums requested and granted has been framed in the banking sector agreement, whose conditions were more flexible than those of the Government programs, with 820,551 requests, of which 796,125 have been processed, with a balance pending amortization of suspended loans situated at 31,480 million euros.
More than 70% of the beneficiary debtors and guarantors of the three types of moratorium are salaried, while the breakdown into self-employed workers shows that the main sectors benefiting from the moratorium are commerce, hospitality and other services, followed at a certain distance by professional, scientific and technical activities, transport and construction (these sectors account for almost 80% of the total moratoriums for the self-employed that have been implemented).
Minimum data for the tourism sector
At the beginning of July, two new moratoriums were approved by royal decree, referring to the tourism sector and the sector of public freight transport and discretionary passengers by bus, which do not refer only to natural persons, such as the three previous moratoriums, but also They are applicable to legal persons. But data from the Bank of Spain show that the number of requests and concessions has been much less for these two types of moratoriums.
The number of requests for legislative moratorium on real estate mortgage loans corresponding to a tourist activity has stood at 1,582, of which 1,372 have been processed, with a balance pending amortization of the suspended loans exceeding 2,000 million euros.
On the other hand, requests for a legislative moratorium on transportation have amounted to 1,851, having proceeded to 1,665, reaching the outstanding balance of these suspended loans reaching 125 million euros.
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