Bankinter will pay unemployment benefits early, on 4 May, as part of its shock plan to mitigate the impact of COVID-19

The bank will pay this subsidy as well as state temporary redundancy assistance one week early.

Bankinter will again be paying unemployment benefits early. The bank will make payment to eligible customers a week in advance on 4 May. This measure is included in the shock plan the bank has been implementing to attempt to reduce the effect of the coronavirus situation on households’ finances.

The bank will also pay out state assistance in place for those affected by a temporary redundancy scheme (ERTE) owing to the effect of COVID-19 on their companies. May will be the first month eligible recipients will be able to collect this subsidy.

Normally, the bank pays unemployment benefits on the 10th of each month; however, it has ordered that this payment be made seven days early in both April and May. In March, the bank paid it to 15,115 people.

This measure is part of others determined by the bank a month ago. Last week, the bank activated a procedure to grant a moratorium on consumer credit loans, in the terms set out in the Royal Decree approved by the Spanish government, so that customers can default on principal and interest payments and get an extension on their loans for three months.

Furthermore, the bank already has an internal procedure in place for customers on furlough, sole traders and entrepreneurs whose business has decreased or discontinued, to withdraw funds from their pension plans or EPSV. They can take out the same amount as the income they lost due to economic fallout from COVID-19.

In addition to these measures, Bankinter has approved others like paying pensions five days in advance and maintaining salary account conditions even if customers fail to meet minimum income requirements. Measures also include a four-month payment holiday on mortgage principals (extendable to 12 months) for customers affected by the current situation who are not eligible for the mortgage moratorium enacted by two Royal Decrees, which the bank is also facilitating.

Furthermore, Bankinter has also proposed a set of measures for companies (especially SMEs) and sole traders in order to help minimise the effects of the current situation.