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What it is

€5 billion loan so small businesses can get financing

BOE step 7 of 7 · Passed

It is a royal decree-law. It was introduced on 12 December 2008. Introduced by: Gobierno.

Official title: Royal Decree-Law 10/2008, of 12 December, adopting financial measures to improve the liquidity of small and medium-sized enterprises, and other complementary economic measures.

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Source: Congreso de los Diputados, file 130/000009· updated 11 Nov

Automatic summary, not yet reviewed

  1. The State will lend the Official Credit Institute (Instituto de Crédito Oficial) up to €5 billion to create a new funding line for the working capital of small and medium-sized businesses that are solvent and viable but face a temporary credit squeeze.
  2. The financial terms of that loan will be set in an agreement between the Ministry of Economy and Finance and the Official Credit Institute.
  3. The Official Credit Institute's borrowing limit for 2009 is raised by an additional €15 billion.
  4. An extraordinary budget credit of €5 billion is granted for 2008, financed with public debt. In addition, for two years certain accounting losses are not counted when deciding on mandatory capital reductions or company dissolution, and the Commercial Code is amended regarding cash flow hedges.

Who it affects

  • Small and medium-sized businesses facing a temporary credit squeeze: They can request working capital financing through the new Official Credit Institute line if they are solvent and viable.
  • Official Credit Institute and Ministry of Economy and Finance: They manage the new funding line and sign the agreement setting the loan's terms.
  • Public limited companies and limited liability companies with losses: For two years, they do not count certain impairment losses when calculating losses that would force a capital reduction or dissolution.

Words worth knowing

Capital circulante (working capital)
Money a business needs for day-to-day operations: payroll, suppliers and running costs.
Línea de mediación (intermediation line)
A scheme where the Official Credit Institute lends money through banks, which pass it on to businesses.
Crédito extraordinario (extraordinary credit)
Extra money added to the State budget when an unplanned expense arises.
Pérdidas por deterioro (impairment losses)
Losses recorded in the accounts when assets such as buildings, investments or inventory are worth less than they cost.
Reducción de capital (capital reduction)
A decrease in the money shareholders have put into the company, mandatory in some cases by law when there are losses.

It summarizes the law as published in the BOE. It is written by artificial intelligence and may contain mistakes: the official text is what counts. Read the official text · How we make summaries

Where it stands

How far did it get?

It took 7 of 7 steps. It reached BOE, and today it is passed.

  1. Introduced12 December 2008Someone registers the text in the Congreso.
  2. Admitted16 December 2008The Bureau of the Congreso accepts it and, for a members’ bill, the plenary decides whether to consider it.
  3. Amendmentsno dateGroups propose changes.
  4. Committeeno dateA committee goes through the text in detail.
  5. Plenary16 December 2008All 350 deputies vote.
  6. Senateno dateThe Senate can pass it, amend it or veto it.
  7. BOEno dateIt is published in the Official State Gazette (BOE) and comes into force.
See the 4 official steps on a timeline
Dec 200811. 12 December 2008: Presentación22. 16 December 2008: Calificación33. 16 December 2008: Pleno Convalidación desde 16/12/2008 hasta 18/12/200844. 18 December 2008: Concluido - (Convalidado) desde 18/12/2008 hasta 26/01/2009

Was there a plenary vote?

We have no plenary vote linked to this law in the Congreso’s data.

What happens next

What happens now?

It is law, or will be once published in the BOE. It comes into force on the date its own text sets.

Published in the BOE: Royal Decree-Law 10/2008, of 12 December, by which financial measures are adopted to improve the liquidity of small and medium-sized enterprises, and other complementary economic measures.

Sources

Where does all this come from?

  • The data comes from the open files of the Congreso, the Senate and the BOE, unaltered.
  • Each deputy’s province is the one of their seat on the day of the vote.
  • We only say “passed” or “rejected” when the majority needed is certain; otherwise we say which side had more votes.

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