On Monday, the Country Manager of BBVA in Spain, Peio Belausteguigoitia, held a virtual meeting with the team from bank’s entire business area in Spain (more than 20,000 people) to offer support and update them on the bank’s current situation. The director reported that the bank has managed to adapt to the new situation in record time.
Lending institutions belonging to the Spanish Banking Association (AEB) and the Spanish Federation of Savings Banks (CECA) are joining forces to announce a new voluntary measure to help mortgage customers affected by the COVID-19 outbreak, according to a statement from both entities. People with a mortgage on their first home who are affected economically by the coronavirus outbreak may apply for a deferral of up to 12 months in the capital repayment. Likewise, principal repayments on personal consumer loans are to be deferred for up to six months. This means that these customers will only pay the interests on the mortgage loan, which will reduce considerably the amount they were paying until now.
Thanks to initiatives by BBVA employees, the bank has donated 175 external cell phone batteries to the new IFEMA hospital and 210 blankets to the Alcalá de Henares hospital, both in Madrid.
BBVA’s has increased its initial €25 million commitment to €35 million to be used in to fight the coronavirus pandemic in the countries within its operating footprint. BBVA Group Executive Chairman Carlos Torres Vila recently explained that the bank must “step up” and use everything in its power and all its resources “to save lives, alleviate the economic impact, and help others overcome these difficult times.”
The Spanish Banking Association (AEB) welcome the implementation of the first €20 billion of a €100-billion government financing guarantee line, which is part of the banking industry’s commitment to guaranteeing the liquidity and credit required so that businesses and the self-employed can weather the challenges caused by the COVID-19 health crisis.
BBVA’s Turkish franchise is launching new measures to protect the health of employees, customers and society, while tackling the possible economic challenges generated in Turkey by coronavirus.
True to its commitment to customers and clients, shareholders and employees and in compliance with its fiscal transparency pledge, BBVA has released its Total Tax Contribution report, as it voluntarily does every year since 2011. BBVA’s fiscal strategy is aligned with the OECD/G20 Base Erosion and Profit Shifting (BEPS) Project and the UN Sustainable Development Goals and the protection of Human Rights.
The spread of coronavirus to several countries has led to a very charged reaction in the markets. The World Health Organization’s declaration of a global COVID-19 pandemic led to a number of immediate actions from the central banks and, concretely, the European Central Bank (ECB), as well as governments and other authorities in Europe. In a note, BBVA Research indicates that “the adoption of these measures is positive.” However, it feels that the monetary policy measures should be accompanied by a coordinated fiscal response from the European Union, which has already begun to materialize in Europe with similar stimulus plans between different countries.