CaixaBank, Kutxabank, Cajasur Banco, Abanca, Unicaja Banco, Ibercaja Banco, Liberbank, Caixa Ontinyent and Colonya Pollença adhere to this voluntary Code
The Code of Good Practices provides solutions to viable self-employed workers and companies with guaranteed financing (usually by the ICO) whose financial situation has deteriorated as a result of the pandemic
CECA's member entities adhere to the "Code of Good Practices for the renegotiation framework for customers with guaranteed financing," which was approved on 11 May by Cabinet. The aforementioned entities are: CaixaBank, Kutxabank, Cajasur Banco, Abanca, Unicaja Banco, Ibercaja Banco, Liberbank, Caixa Ontinyent and Colonya Pollença.
Today CECA's Board of Directors analysed the Code of Good Practices, approved by Royal Decree-Law 5/2021 of 12 March. The main purpose of the measures included is to provide financial solutions to self-employed workers and viable companies that have suffered a deterioration in their financial situation as a result of the pandemic, and that have debt which is guaranteed by the Official Credit Institute (ICO) and other public bodies.
The adherence of credit institutions is voluntary and implies the commitment to adopt, among others, the following measures:
– Extend the maturity period of transactions with a public guarantee in the event that the debtor meets certain requirements.
– Assess the conversion of publicly guaranteed debt into non-convertible equity loans.
– Assess the reduction of the outstanding principal.
These measures will be implemented in accordance with the entities' internal risk management policies and procedures.
Furthermore, a coordination mechanism is also established between financial institutions that have dealings with the same self-employed worker or company, in order to ensure uniform treatment.
The holders of the 342.236 ICO loan and guaranteed credit that CECA entities have granted up to 30 April 2021 could benefit from this plan. These entities account for aggregate funding of €37,439 million.
Objective: preserve the solvency of businesses
This is a new example of public-private sector collaboration in which CECA plays a key role in supporting businesses that are continuing to recover from the pandemic.
CECA entities have once again demonstrated their commitment and determination to contribute to the recovery of our country's productive network by their adhesion to this code. Other sector-specific initiatives to mitigate the effects of the pandemic through public-private collaboration are: the sectorial agreement for the moratorium on loans and the advance payment of public benefits (especially those relating to the ERTE scheme).