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The Resolution of 31 July 2015, of the General Secretariat of the Treasury and Financial Policy, defining the principle of financial prudence applicable to the operations of indebtedness and derivatives of the communities (a) the extent of the total cost of borrowing operations, including fees and other expenditure, except the fees referred to in Annex 3, shall not exceed the cost of financing the Status of the average time of the transaction, increased by the corresponding differential as per set out in Annex 3 to this Resolution.
The Autonomous Communities and Local Entities that have their own valuation tools or independent external advice will be able to determine at the time of the transaction the cost of Treasury financing on the basis of the methodology contained in Annex 2 to this Resolution.
The rest of the Administrations, in order to know the cost of financing the State in each medium term, will use the table of fixed rates or the applicable maximum differentials for each reference that I publish monthly, by means of Resolution, the Directorate-General of the Treasury. The maximum published costs shall remain in force for as long as no new costs are published. "
According to that obligation to update the cost of State funding on a monthly basis, a new Annex 1 is published.
Madrid, October 28, 2015. -Director General of the Treasury, José María Fernández Rodríguez.
ANNEX 1
Fixed and differential interest rates on the cost of State financing for the purposes of compliance with the third paragraph of the Resolution of 31 July 2015, of the General Secretariat of the Treasury and Financial Policy
|
Life - (Months) | Fixed Type maximum | Maximum differential over Euribor 12 months | Maximum differential over Euribor 6 months | Maximum differential over Euribor 3 months | Maximum differential over Euribor 1 month | ||
|---|---|---|---|---|---|---|---|
|
1 | -0.17 |
|
|
| 1 | ||
| 3 | - 0.17 |
|
| - 7 | 1 | ||
| 4 | -0.12 |
|
| -2 | 6 | ||
|
5 |
|
|
|
9 | 9 | ||
| -0.08 |
| -8 | 2 | 10 | |||
| 7 | -0.08 |
| - 6 | 4 | 13 | ||
| 8 | -0.07 |
| -4 | 6 | 15 | ||
| 9 | -0.07 |
| -3 | 7 | 16 | ||
| 10 | - 0.07 |
| -3 | 7 | 16 | ||
|
11 | -0.06 |
| -3 | 7 | 16 | ||
| 13 | -0.06 | -16 | -1 | 9 | 18 | ||
|
14 | - 0.05 | -14 | 0 | 10 | 19 | ||
|
15 | -0.05 | -13 | 1 | 11 | 20 | ||
| 16 | -0.04 | -12 | 2 | 12 | 20 | ||
| 17 | -0.03 | -11 | 2 | 12 | 21 | ||
| 18 | -0.02 | -11 | 3 | 13 | 21 | ||
| 19 | -0.02 | -10 | 3 | 13 | 22 | ||
| 20 | -0.01 | -9 | 4 | 14 | 23 | ||
|
21 | 0.00 | - 9 | 5 | 15 | |||
| 22 | 0.01 | -7 |
| 25 | |||
| 23 | |||||||
| 0.03 | -5 | 8 | 18 | 27 | |||
| 24 | 0.05 | - 4 | 10 | 20 | 28 | ||
|
36 | 0.20 | 6 | 20 | 30 | 39 | ||
| 48 |
15 | 29 | 39 | 49 | 49 |
||
| 60 | 0.63 | 27 | 41 | 51 | 62 | ||
| 72 | 0.86 | 51 | 62 | 62 |
72 | ||
| 84 |
| 48 | 61 |
82 | 82 |
||
| 96 | 1.30 | 56 | 69 | 79 | 90 | ||
| 108 | 1.48 | 62 | 75 | 85 | 95 | ||
|
120 | 1.58 | 62 | 75 | 84 | 94 | ||
| 132 | 1.72 | 67 | 80 | 90 | 100 | ||
| 144 | 1.84 | 71 | 84 | 94 | |||
| 1.96 | 75 | 88 | 98 | 108 | |||
| 168 | 2.03 | 76 | 89 | 98 | 109 | ||
| 2.12 | 79 | 92 | 101 | 111 | |||
| 192 | 2.16 | 80 | 93 | 102 | 112 | ||
| 204 | 2.22 | 81 | 94 | 103 | 114 | ||
|
216 | 2.28 | 84 | 98 | 107 | 117 | ||
| 228 | 2.34 | 88 | 101 | 110 | 121 | ||
|
240 | 2.40 | 91 | 104 | 114 | 124 | ||
| 252 | 2.46 | 95 | 108 | 117 | 127 | ||
| 264 | 2,50 | 97 | 110 | 119 | 130 | ||
|
276 | 2.53 | 99 | 112 | 121 | |||
| 288 | |||||||
| 2.55 | 101 | 114 | 123 | 133 | |||
| 300 | 2.59 | 103 | 116 | 126 | 136 | ||
| 312 | 2.63 |
120 | 130 | 140 | |||
| 324 | 2.65 | 109 | 122 | 131 | 142 | ||
| 336 | 2.67 | 111 | 124 | 133 | 143 | ||
| 348 | 2.69 | 112 | 125 | 135 | 145 | ||
|
2.70 | 114 | 127 | 136 | 146 |
Fixed interest rates and maximum applicable differential rates for operations whose exact average life is not published in this table shall be subject to linear interpolation between the two most different types or spreads. close to the average time of the operation.
On these fixed or differential interest rates on Euribor, the maximum spreads contained in Annex 3 of the Resolution of 31 July 2015, of the General Secretariat of the Treasury and Financial Policy, may be applied, as amended by the Resolution of 18 September 2015, of the General Secretariat of the Treasury and Financial Policy, amending Annex 3 to the Resolution of 31 July 2015 defining the principle of financial prudence applicable to debt transactions and derivatives of the autonomous communities and local entities.
