Bankinter implements a set of new measures to support customers in the coronavirus situation

This special course of action includes credit facilities to mitigate the financial burden on affected customers and help them reinforce their finances in view of the impact of the current situation.

Measures are aimed at companies, SMEs and sole traders in industries affected by the coronavirus situation, in addition to particularly vulnerable retail customers.

Bankinter has implemented a shock plan that, in line with the measures adopted by the Government, aims to protect and support the bank’s customers who are particularly affected by the exceptional financial situation caused by COVID-19.

It is a package of measures that offer credit facilities to families in a particularly vulnerable situation, in addition to workers, sole traders and companies in industries currently whose finances are directly impacted at this time due to discontinued operations and an abrupt drop in their income. The package aims to guarantee resources for the industries that are most affected by this crisis and make sure their businesses can continue.

As part of these measures, the bank is adhering to the new ICO-COVID19 line of funding for companies and sole traders in the tourist industry and related industries such as transport, culture and leisure. This line of funding will come in the form of a loan with preferential conditions, a fixed interest rate of up to 1.5% (including fees) and a maximum term of 4 years, in addition to a grace period on the principal in the first year.

The bank is also giving all its corporate customers access to ICO  (Spanish Official Credit Institute) loans in the form of a line of public guarantees of up to 100 billion euros, according to the Royal Decree, in order to guarantee the liquidity needs of companies in all types of industries. Lending terms and conditions will be laid down in the next meeting of the Council of Ministers.

The special measures Bankinter will begin to implement also include letting certain companies use these pre-approved loans for paying taxes and social security for any other purpose in order to help manage all their payment obligations.

Lastly, companies will be able to increase or replenish the ‘multi-line funding’ limit they do not use; this is a special Bankinter product that allows companies to consolidate, in a single credit line, all their financing needs entirely online.

Given the bank’s particular focus on international trade finance for companies, it is paying close attention to the export requirements of companies. Bankinter will give its corporate customers access to an insurance coverage line for export risk of up to 2 billion euros against the Reserve Fund for Internationalisation Risks, which will be granted by Cesce and on behalf of the State.

Moratorium on mortgage payments.

For individuals, in accordance with the government ordinances, Bankinter will immediately implement moratorium measures on payments of mortgages for primary residences for people whose income has fallen due to the crises and who satisfy the requirements set out in the Royal Decree. Affected customers have until 15 days after the Royal Decree expires to apply for this moratorium. The bank will implement it for 15 days once all required documents have been submitted.

As this is an ongoing crisis situation, the bank will constantly monitor the duration of these measures as well as their appropriateness for the needs of these groups of people. It will make necessary adjustments to adapt them to the requirements of these circumstances and offer all credit facilities to customers so they will be able to reinforce their finances for as long as the current situation lasts.

In this regard, Bankinter’s chief executive officer, María Dolores Dancausa, stated in her recent speech to shareholders at the Annual General Meeting, that at the bank ‘we are fully in line with the measures adopted in the recent meeting of the Council of Ministers to mitigate the impact of the coronavirus crisis on those most affected by it’. She also stressed that all the bank’s efforts and energy are now ‘focused on three priorities: the health of our employees, jobs and customer service’.