Commission disburses €17 billion under SURE to Italy, Spain and Poland
The European Commission has disbursed a total of €17 billion to Italy, Spain and Poland in the first instalment of financial support to Member States under the SURE instrument. As part of today's operations, Italy has received €10 billion, Spain €6 billion, and Poland €1 billion. Once all SURE disbursements have been completed, Italy will receive a total of €27.4 billion, Spain €21.3 billion and Poland €11.2 billion.
This support, in the form of loans granted on favourable terms, will assist these Member States in addressing sudden increases in public expenditure to preserve employment. Specifically, they will help cover the costs directly related to the financing of national short-time work schemes, and other similar measures they have put in place as a response to the coronavirus pandemic, in particular for the self-employed.
The SURE instrument can provide up to €100 billion in financial support to all Member States. The Council has so far approved €87.9 billion in financial support under SURE to 17 Member States, based on the Commission's proposals. The next disbursements will take place over the course of the months ahead, following the respective bond issuances.
The disbursements follow last week's inaugural social bond issuance by the Commission, marked by very strong investor interest, to finance the instrument.
Members of the College said:
President Ursula von der Leyen said:
“The first disbursements under the SURE instrument are important milestones in our push to preserve jobs and livelihoods. They clearly demonstrate Europe's solidarity with citizens in Spain, Italy and Poland affected by this unprecedented crisis. We remain committed to protecting people and jobs across Europe. SURE will play an important role in achieving this objective.”
Johannes Hahn, Commissioner in charge of Budget and Administration, said:
“With the Sure instrument we have managed to live up to our citizens' expectation regarding quick delivery of support in times of crisis. I am glad to see that citizens and enterprises in Spain, Italy, Poland will be the first to benefit. 17 Member States have already declared their interest in receiving support from SURE and we will follow-up on this still this year. This is solidarity in action.”
Paolo Gentiloni, Commissioner for Economy, said:
“Today marks an important milestone for European solidarity as the first financing flows to our Member States: 17 billion euros to support workers in Italy, Spain and Poland. This is only the beginning. As Europe prepares to face a difficult winter, let's remember that last week's SURE Social Bonds issuance was more than a successful market operation - it was a huge vote of confidence in the European Union's recovery plan and in our common economic future.”
Latest News from
Cybersecurity of connected devices – Council adopts conclusions03/12/2020 16:33:00
Connected devices, including machines, sensors and networks that make up the Internet of Things (IoT), will play a key role in further shaping Europe’s digital future, and so will their security.
Sudan: EU steps up aid following humanitarian visit03/12/2020 15:25:00
As refugees from Ethiopia cross into Sudan following the recent outbreak of conflict in the Tigray region, Commissioner for Crisis Management, Janez Lenarčič, is visiting the border areas in Sudan and the capital Khartoum to re-emphasise EU humanitarian support as well as underline the EU's continued commitment to supporting Sudan's political transition.
EU-US: A new transatlantic agenda for global change03/12/2020 14:33:00
The European Commission and the High Representative yesterday put forward a proposal for a new, forward-looking transatlantic agenda.
Coronavirus: Commission presents “Staying safe from COVID-19 during winter” strategy03/12/2020 13:25:00
The Commission yesterday adopted a strategy for sustainably managing the pandemic over the coming winter months, a period that can bring a risk of increased transmission of the virus owing to specific circumstances such as indoor gatherings.
Commission renews its commitment to strengthen fundamental rights in the EU03/12/2020 12:48:00
The European Commission yesterday presented a new Strategy to strengthen the application of the Charter of Fundamental Rights in the EU.
Council and Parliament reach provisional political agreement on cohesion policy rules03/12/2020 11:33:00
The German Presidency of the Council and the European Parliament reached a provisional political agreement on the updated rules governing the structural funds which underpin EU policy for economic, social and territorial cohesion.
Deal on new rules for EU regional, cohesion and social funds over next 7 years03/12/2020 10:38:00
On Tuesday, EU legislators reached a provisional political agreement on how EU countries will be able to spend EU regional, cohesion and social funds for 2021-2027.
Asylum: MEPs call for more solidarity among EU member states03/12/2020 09:25:00
The Dublin Regulation does not share responsibility fairly among member states nor secure swift access to asylum procedures, say Civil Liberties Committee MEPs.
Human rights and decent work in global supply chains: the Council approves conclusions02/12/2020 16:33:00
The Council approved conclusions calling on member states and the Commission to promote human rights in global supply chains and decent work worldwide.