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Briefing

Amendments to the Spanish ICO guarantee scheme: In force from 19 November 2020

The Spanish Government set up two guarantee lines (líneas de avales) managed through the Spanish Official Credit Institute (Instituto de Crédito Oficial - ICO) to deal with the economic impact of COVID-19. 
 
The first ICO guarantee line, of up to EUR 100 billion, was set up by Royal Decree-law 8/2020, of 17 March covering financings granted to companies and the self-employed for working capital purposes.
 
The second ICO guarantee line, of up to EUR 40 billion, was set up by Royal Decree-law 25/2020, of 3 July covering financings granted to companies and self-employed for working capital and investment purposes.
 
On 18 November 2020 the Spanish Official Gazette published Royal Decree-Law 34/2020, of 17 November, on urgent measures to support the solvency of the business, the energy sector and on tax matters, which amends certain terms of these ICO guarantee lines and which entered into force on 19 November 2020.
 
This briefing summarises the most relevant measures of Royal Decree-Law 34/2020, of 17 November, in relation to the ICO guarantee lines.