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Coronavirus: VW to the ECB, hurry up with emergency credit

CFO Frank Witter in an interview with FT

27 March, 11:37
(ANSA) - ROME, MARCH 27 - Volkswagen is putting pressure on the ECB to speed up the purchase of commercial paper, the very short-term debt of the companies that the ECB has decided to include in the new 'PEPP' aid program against the credit crunch due to coronavirus.

In an interview with the Financial Times, Frank Witter, CFO of the German car manufacturer that closed its factories in Europe last week, asked the ECB to send "clear signals" and move "as soon as possible" in buying the stocks of the companies that often have deadlines of six or nine months. "There is a lot of pressure on cash flows," Witter explained. "We have diversified supplies, but it's not all cash as it was before." Volkswagen has about 500,000 employees in Europe and has reduced the working hours of tens of thousands of German workers, relying on the government to compensate the lowest-paid workers.

(ANSA).

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