Spain | Lending - following the rhythm of COVID-19 and public aid

Summary

Unlike in previous crises, lending has not slowed down during the pandemic—at least not in all segments— with a fall in household loans, but a big increase in corporate lending.

Key points

• Key points:
• Total financing increased by around 3% in 2020—after over 10 years of deleveraging—thanks to corporate funding which, driven by ICO loans, ended the year up 8%.
• The most recent data available (through to June), shows growth in mortgage lending of 0.3% yoy and the new flows continue to pleasantly surprise us.
• Similarly, consumer lending—after last year's dip—has reached a turning point and is recording positive growth rates.
• Finally, corporate lending has stabilized in the last few months, following its strong growth last year.

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