The governor of the Bank of Spain,

Pablo Hernández de Cos,

asks the Government for a turn in the economic stimulus policies used to deal with the effects of the coronavirus to focus on the solvency problems that already drag thousands of companies.

"The persistence of the crisis has caused companies to be clearly in a much more indebted situation because the most used support instruments were loans guaranteed by the ICO. Today their demand prospects are still low and we cannot continue to focus on the same type instrument, but to go from supporting liquidity to alleviating solvency problems ", he explained during his speech at a meeting organized by the

Business Council Alliance for Ibero-America (Ceapi).

According to the governor, the priority objective of these aid should be to avoid further destruction of the productive fabric when the economy is already approaching the recovery phase from the heat of the vaccines.

However, De Cos recalled that the stimuli must continue to prioritize the preservation of the stability of the financial system to avoid a deeper and more persistent crisis.

"The damaging effect on banks must be minimized. That is why we defend the maintenance of stimuli towards an improvement in solvency. In the event that we are not able to avoid a strong increase in non-performing loans, it is important that in Europe we do not lose our credit. perspective that the answer is global and we do not seek solutions from a national point of view ", has answered the questions of a telematic audience made up of sector executives such as

Josep Oliu,

president of Banco Sabadell, and moderated by the president of the Unit Editorial,

Antonio Fernández-Galiano.

The governor of the Bank of Spain has also delved into the need to carry out an analysis to find out which companies will be able to adapt to the structural changes that the crisis has brought about and which ones have no future prospects and therefore should be extinguished.

Banking, supervisor and the Ministry of Economy are working on formulas to speed up the identification of these companies called 'zombies', as this newspaper has already advanced.

'Hostelera, small, young and urban': The most punished company profile

The financial regulator has published this Thursday an analysis in which it identifies the profile of the society most damaged by the outbreak of the coronavirus and offers the economic vice president

Nadia Calviño

details on where the new aid mechanism for 11,000 million euros announced should focus. by Pedro Sánchez.

The portrait made indicates a small company of

less than 10 workers,

dedicated to the

hospitality industry,

with a few years old and located in the

urban environment,

as the one most affected by the crisis.

The

Bank of Spain

confirms the asymmetric impact of the crisis by sector and by region based on the amount and duration of the sanitary restrictions approved in the last year.

In this sense, activities such as the hotel industry have seen

their average turnover reduced by 45%

and there are regions more exposed to tourism such as the

Canary Islands and the Balearic Islands

where the impact has been even greater.

But not everything is the sector or the location zone.

"The results show that, beyond the differences observed by branches of activity and by regions, the characteristic with the greatest capacity to explain the differences between companies in the impact of the health crisis is their

size,"

says the regulator based on of more than 4,000 responses to a recent survey on business activity.

Other factors that have influenced the impact are seniority - the 'younger' have suffered the most - and their presence in urban environments most affected by sanitary restrictions.

"Compared to the hospitality industry, manufacturing companies are, on average,

40% more productive

and eight years older; they are more often located in a rural setting; they have less debt, and their size, measured by the number of employees, it is higher ", explains the analysis.

According to the criteria of The Trust Project

Know more

  • Coronavirus

  • Balearics

  • Spain

  • Pedro Sanchez

  • Nadia calviño

  • Carmen Calvo

  • Europe

  • Covid 19

  • Masks

  • Lockdown

  • De-escalated

  • Unconfined

  • New normal

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