Credit and liquidity for households and businesses: requests for a moratorium on loans rise to 266 billion, over 570.000 applications to the Guarantee Fund for SMEs. Sace grants guarantees for 540 million, 61 requests
Applications for joining the moratoriums on loans stabilize on high volumes, 2,5 million for a value of 266 billion and the requests for guarantees for new bank loans for micro, small and medium-sized enterprises submitted to the Fund exceed 570.000. Guarantee for SMEs. Guarantees of 540 million euros were granted through Sace's 'Italy Guarantee', out of 61 requests received.
These are the main results of the weekly survey carried out by the task force set up to promote the implementation of the liquidity support measures adopted by the Government to deal with the Covid-19 emergency, which includes the Ministry of Economy and Finance, Ministry of Economic Development, Bank of Italy, Italian Banking Association, Mediocredito Centrale and Sace [1].
The Bank of Italy continues to collect from the banks, on a weekly basis, data regarding the implementation of government measures relating to the 'Cura Italia' and 'Liquidity' decrees, the sector initiatives and those offered bilaterally by the individual banks to its own customers. Based on preliminary data, as of May 29, more than 2,5 million applications or communications for a moratorium on loans were received, for 266 billion. It can be estimated that, in terms of amounts, approximately 88% of the requests or communications relating to the moratoriums have already been accepted by the banks, albeit with differences between the various measures; approximately 2% has so far been rejected; the remainder is being examined.
In more detail, 45% of the requests come from non-financial companies (against loans for 178 billion). As for SMEs, requests pursuant to art. 56 of the 'Cura Italia' Decree (1,2 million) related to loans and credit lines for 149 billion, while the adhesions to the moratorium promoted by the ABI (just over 46 thousand) concerned 9 billion of loans to SMEs.
Household applications [2] concern loans for over € 81 billion. Applications for suspension of the installments of the mortgage on the first home (access to the so-called Gasparrini Fund) continue to grow, for an average amount of approximately € 154 thousand. The moratoriums of the ABI and Assofin aimed at families have collected almost 90 thousand subscriptions, for over 370 billion loans.
Based on the weekly survey by the Bank of Italy, it is estimated that requests for access to the Guarantee Fund for SMEs received by intermediaries continued to grow in the week from 22 to 29 May, rising to over 797.000 applications for an amount of loans of nearly 50 billion. Loans disbursed increased even faster. In particular, as of May 29, almost two thirds of applications for loans of up to € 25 thousand have been granted, fully guaranteed by the Fund. The percentage of loans disbursed is growing rapidly compared to the end of the previous week, which suggests that the causes of delays in disbursements are being resolved.
The Ministry of Economic Development and Mediocredito Centrale (MCC) report that a total of 576.238 requests for guarantees were received by the intermediaries from the Guarantee Fund in the period from 17 March to 9 June 2020 to request guarantees for loans in favor of businesses, artisans and self-employed workers and professionals, for a total amount of over 28 billion euros. In particular, the applications received and relating to the measures introduced with the 'Cura Italia' and 'Liquidity' decrees are 573.112, equal to an amount of approximately 27,7 billion euro. Of these, over 522.346 refer to loans of up to 25.000 euros, with a coverage percentage of 100%, for a funded amount of around 10,6 billion euros which, according to the provisions of the standard, can be disbursed without waiting for the outcome final investigation by the Operator. As of June 8, 545.586 transactions had been accepted, of which 542.815 were admitted pursuant to the Dl 'Cura Italia' and 'Liquidity'.
The volumes of SACE guarantees under the "Italian Guarantee", SACE's tool to support Italian companies affected by the Covid-540 emergency, rise to 19 million. All guarantee requests were managed and issued within 48 hours of receipt through the dedicated digital platform, to which over 200 banks are accredited, for a total of 61 guarantee requests processed and issued in a few hours in support of Italian companies.