The risks associated with the loans that were made with the aim of mitigating the effects of the crisis caused by the coronavirus have not been realized, as the National Audit Office noted in the review of the implementation of measures to attack the crisis coronavirus epidemic, the Enterprise and Innovation Foundation (EISA) published today. Part of the loans were reimbursed to the public budget even early, and another 25 million euros were received in interest and commissions. A final assessment of the situation with the repayment of the crisis loans will be determined after all contractual deadlines for the repayment of the loans in 2026 year.At the beginning of the crisis caused by the coronavirus epidemic, there were scale measures with the government through the Enterprise and Innovation Fund provided businesses support, by providing them with loans amounting to 224 million euros and acting as guarantor in receiving loans from banks for 102 million euros. “According to data from the Fund for Entrepreneurship and Innovation, in together the crisis loans have been repaid better and faster, than expected, for example, the Tallink loans have been repaid, and now, according to the Enterprise and Innovation Fund, also Porto Franco. “Banks also didn’t need to require guarantees in large volumes”, said the chief controller of the National Audit Office Myart Loite. The pessimistic forecast of risk at the moment of the granting of loans, which was explained by the unpredictability of the development of the crisis,
suggested that the related losses could be up to 50%. But this did not occur. In actually, in the state at the end of the first semester of 2024 year on the base of crisis borrowed bonds in the crisis. were reimbursed 133 million euros. Received 22 million euros in interest and 1.1 million euros commissions. By the end of the first semester of the first semester, 69 of 155 businesses had fully repaid their loans. The total amount of secured bank loans was 166 million euros, of which the
secured part is 102 million euros. In as guarantee payments received 2.3 million euros, commissions were 0.3 million euros
and turned to execution of the guarantee – 0.3 million euros. The volume of loans overdue more than 60 days is 4 million euros, and written loans for 2 million euros. Anti-crisis measures in 2020 year were allocated 850 million euros, of which 550 million for loans and 300 – for guarantees. The money was allotted with a reserve, so it would be clear
that the government would come to help. Later it became clear that the anti-crisis measures taken in an emergency order in
the time of
the unpredictable caused coronavirus crisis, were not necessary in that scale to rescue the economy. Overview of the implementation of measures to control the crisis caused by the coronavirus epidemic, the Enterprise and Innovation (EISA) (pdf, in Estonian language) Information on theme In June 2021 the year the National Audit Office published report “Consideration in KredEx of loans for public significant projects”, and in November 2020 year
the report “Emergency KredEx measures to mitigate the impact of the coronavirus crisis“.
In view of the large impact of loans and securities related to coronavirus, on
the public budget the National Audit Office then examined in more detailed the
stateofaffairsinthepart of therepaymentofloansandreceiptsofincome.25.11.2020-EmergencymeasuresKredExtomitigatetheimpactofthecoronaviruscrisis11.06.2021-ConsiderationinKredExofloansforpublicsignificantprojectsStateofDevelopmentinpartofcrisisloansandguaranteesas30.06.2024.