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This article presents a detailed analysis of the loan moratoria. The first part of the article describes the characteristics of the five types of moratoria and how the numbers of applications made and moratoria granted have evolved to date. It then outlines the status of the existing moratoria and the classification of loans whose moratoria have expired. In the second part of the article, an econometric analysis is performed to determine the impact of borrower and bank characteristics on the probability of loans being subject to moratoria, on the type and duration of the moratoria and on the classification of loans when the moratoria have expired. The results suggest that vulnerable households, those in regions most affected by the pandemic and lower income households are generally subject to legislative moratoria for longer or are more likely to transfer to non-legislative moratoria when the former expire. They also suggest that, when the moratoria expire, these households' loans are more likely to be classified as Stage 2 (a significant increase in credit risk) or non-performing.

Artículo de revista ; The COVID-19 pandemic has significantly altered the financing of the non-financial private sector. Financing of the self-employed and businesses has risen as a consequence of both the increase in demand, stemming from greater liquidity needs and from the perceived increase in refinancing risks, and the expansion of supply, stimulated by the introduction of public guarantee programmes and by the European Central Bank's policies on the provision of liquidity to credit institutions. In contrast, new lending to individuals has fallen, largely as a consequence of the deterioration in the macroeconomic outlook, which has reduced the supply and demand for credit in this segment. The adverse impact of the COVID-19 crisis on the credit quality of deposit institutions' portfolios is currently being mitigated by the measures taken by the economic authorities and the institutions themselves (in particular, the public guarantee programme and legislative and banking sector moratoria). However, non-performing loans have increased since the start of the pandemic, both in the case of lending to non-financial corporations and to households. The non-performing loans ratio of deposit institutions has, however, held steady since March, as the expansion in lending (the denominator of the ratio) has offset the increase in the volume of non-performing loans (the numerator).