The Council of Ministers, at its meeting of 27 July 2012 and on a proposal from the Ministers for Economic Affairs and Competitiveness and Industry, Energy and Tourism, has adopted an Agreement establishing the regulatory framework for loans for the "Inversion-Emprendetur Empresas 2012" funding tranche under the "ICO Investment 2012" line.

Your publication is generally available as an annex to this order.

Madrid, 3 August 2012. -Government Vice President and Minister of the Presidency Soraya Saenz de Santamaria Anton.

ATTACHED

Agreement establishing the regulatory framework for loans under the "Inversion-Emprendetur Empresas 2012" financing tranche within the "ICO Investment 2012"

The current crisis context in the financial markets has resulted in a global structural crisis that has negatively affected the tourism sector, both international travel demand, affecting our The main issues of the market are the main issues, such as our tourism offer, making it difficult to access financing routes, and slowing down the necessary modernisation of facilities and equipment for our tourist establishments, and the introduction of new quality technologies and systems that make it increasingly competitive and profitable to our companies and destinations.

In 2009, the Renove Plan for tourist infrastructure was launched, which was followed by the Futuré plans 2009, 2010 and 2011 for the financing of investments in the tourism sector that would bring improvements to the environmental sustainability, especially in the field of energy efficiency, energy and water saving and the introduction of new technologies.

Two factors have been subtracting impact on the above mentioned plans. The first of these was the fact that in the FuturE plans the eligible investments were limited to those in which environmental and technological advances were made, which excluded some projects from the financing. The second factor was the progressive reduction in interest rate subsidies to market rates in order to prevent the State from taking over an excessive financial burden and thereby increasing the public deficit, as already happened in the first few years. Renove and FuturE plans.

In the framework of the strategy recently approved in the National and Integral Tourism Plan, and assuming the imperative to reduce the public deficit, it is necessary to reformulate the lines of credit for tourism companies until now developed, offering financing through types that are closer to the market, and expanding the assumptions of investments in tourist infrastructure that are eligible for funding, thus aiming to increase the potential demand for lines.

The main objective of the line approved by this Agreement is the progressive renewal of the tourist infrastructure of our country, as well as the generation of direct and induced employment, both tourist and other Article 149.1.13 of the Spanish Constitution, which provides for state competence on the basis and coordination of the general planning of economic activity.

In the short term the stretch Emprendetur Companies 2012 pursues the increase in the productive activity of the sectors of the construction and the technological sector by the realization of the financial investments, in addition to the impact in other economic sectors through the demand for productive inputs from these sectors.

In the medium term, the investments financed by the Emprendetur Empresas 2012 section are aimed at improving and increasing the physical and technological capital of Spanish tourist establishments. Once the new endowment is built, it will provide direct benefits to the establishment's activity, as well as intangibles to the rest of the productive inputs. These benefits will be reflected in an increase in production capacity, increases in the productivity of the services offered, improvements in the quality of the services offered, and the operation of new services and products.

In the long term, the objective of the measure is to increase the Gross Value Added, the employment and the stock of physical and technological capital of our tourism sector.

The Emprendetur Empresas 2012 section will be articulated with the collaboration, among others, of the Instituto de Crédito Oficial (ICO), which will act as a financial intermediary in charge of managing the funds transferred by the Ministry of Finance. Industry, Energy and Tourism under its Chapter VIII, which are intended to finance loans or leasing to be granted by the financial institutions to the clients of the Plan.

Law 2/2012, of 29 June, of the General Budget of the State for the year 2012, establishes in its additional provision the 40th fifth that except express authorization of the Minister of Finance and Public Administrations loans and advances may be granted at the interest rate lower than the debt issued by the State in instruments with similar maturity.

This forecast complies with the regulations approved by this agreement for the "Inversion-Emprendetur Empresas 2012" Financing Tramo under the "ICO Investment 2012" Line, when it is established as the interest rate of the ICO to financial institutions different fixed rates, corresponding to five different tranches according to the repayment term of the loan or leasing, with reference in the different instruments of issuance of the debt of the Treasury of maturity similar.

By virtue of this agreement, the specific rules applicable to the loans or leasing items mentioned are laid down, collecting aspects such as the requirements and obligations of the clients, the (a) the procedure for granting, the general principles, etc., and the ICO is instructed to instruct the Financing Tramo, which will be financed from the budgets of the Ministry of Tourism in the Ministry of Energy and Tourism.

This agreement has been reported at the meeting of the Government's Delegation for Economic Affairs on July 26, 2012.

In its virtue, the Council of Ministers of 27 July, on a joint proposal of the Ministers of Economy and Competitiveness, and Industry, Energy and Tourism, has adopted the following

AGREEMENT

First.

The applicable rules-which are listed as an annex to this agreement-are approved for loans or leasing which are granted under the terms of the financing scheme of the Ministry of Energy and Tourism "Inversi-Emprendetur Companies 2012" within the "ICO Investment 2012" Line.

Second.

The legislation approved by this Agreement shall enter into force on the day following that of its publication in the "Official State Gazette".

ANNEX

Regulations applicable to loans or leasing that are granted through the financing tranche "Inversion-Emprendetur Empresas" within the "ICO Investment 2012" line, for businesses and the self-employed in the tourism sector

First. Object and purpose.

By this Annex, the financing operations constituting the tranche of loans for the realisation of investments in productive assets by companies and self-employed in the tourism sector (the Emprendetur section) are regulated. Companies 2012) of the Ministry of Industry, Energy and Tourism, which will assume the financing of the funds made available to the financial institutions for the granting of loans or leasing, as well as the management commission in favor of the Institute Official Credit (ICO).

Second. Intervening subjects.

1. These companies and self-employed persons with registered office and permanent establishment in Spain may be the borrowers of this Financing Tramo. They will be able to carry out their activities within the Spanish tourism sector. investments listed in the third rule of this agreement.

2. The Institute of Official Credit (ICO) will be the financial intermediary through which the Ministry of Industry, Energy and Tourism, in accordance with the Convention of Collaboration that between the ICO and the Ministry of Industry, Energy and Tourism subscribe to the effect, channel funds to financial institutions to assist in the granting of loans or lease to clients under the Plan.

3. Companies and self-employed owners may be clients or may operate:

a) Hotel establishments, tourist apartments, tourist camps and rural accommodation.

b) Restore settings.

c) Travel agencies.

d) Additional tourist offer facilities.

For the purposes of this agreement, additional tourist offer means those companies, establishments or service activities that complete the basic tourist offer of each tourist destination (without encouragement (a) comprehensive, museums, spas and thermal stations, theme parks, cultural events, the benefit of which is directly intended for consumption by tourists.)

4. All financial institutions may be partners of the Tramo, in accordance with the provisions of the scheme and the appropriate financing contracts to be concluded with the ICO.

Third. Bankable investments.

1. Investments in fixed production assets materialized in infrastructure and/or equipment.

Productive assets are those assets that, directly or indirectly, enable the principal activity of the company or the self-employed. It is assets that are purchased from a third party, which will be justified with the documentation and corresponding invoices.

Common maintenance investments are excluded; investments in construction or acquisition of buildings, except for the exceptions provided for in this paragraph; investments in vehicles, except for the acquisition of electric vehicles intended for the transport of customers; and restructurings of liabilities or refinancing.

2. Such investments shall have as their purpose any of the following, and may be carried out by the companies and self-employed persons listed in paragraph 2. 3 of this Regulation except where a more restricted subjective scope is indicated:

(a) Investments aimed at facilitating the accessibility and removal of architectural barriers for persons with physical or sensory disabilities in tourist establishments by ensuring the application of the tools Methodology included in the Decalogue of Good Practices in Tourist Accessibility.

(b) Reforms of establishments for the production of a category higher than that currently recognised by the competent tourism administration, or those investments involving an increase in the value added of the product.

c) Investments to improve the sustainability of establishments by implementing or improving systems to promote energy and water saving, conservation and improvement of the environment (non-polluting energies, purification, recycling of waste, reduction of noise or light pollution, or greenhouse gas emissions), and any other investments with positive effects similar to the previous ones.

d) Investments to improve fire safety, safety for people and food hygiene.

e) Investments aimed at the implementation of quality systems (Q of Spanish Tourism Quality; ISO 9001; ISO 14001; EFQM, etc.) that allow us to advance in the improvement of its products and services as a competitive factor and sign differentiator in national and international markets, or environmental management systems with certifications recognised by accredited certification bodies (EMAS, European Ecolabel, ISO 14.001, etc.).

f) Reform and modernization aimed at the implementation of new technologies in the process or in the product and systems of organization related to the improvement of the systems of management and direct marketing. Investments aimed at tourism innovation, improving the technological capacity and efficiency of the processes that take place in the provision of the tourism product or service.

g) Investments aimed at the specialization and differentiation of the tourist offer of the establishment for the acquisition of a specific niche or market segment, as they may be, in a non-limiting way: facilities sports and complementary offer linked to tourism products; facilities for health care; business centers, convention and congress centers and meeting rooms. Investments made by undertakings and self-employed persons listed in point (c) of paragraph 2 (c) of this Regulation shall not be eligible for this purpose.

h) Creation, improvement and extension of the entrance area to the establishment, facades, social rooms for general and common use of the clients, as well as facilities of kitchens, restaurants, cafeterias, canteens and bars.

i) Creation of parking areas for the exclusive use of clients on the same farm where the tourist establishment is located. Investments made by undertakings and self-employed persons listed in point (c) of paragraph 2 (c) of this Regulation shall not be eligible for this purpose.

j) Investments in working capital with the limit of 10% of total funding formalised in the "Inversion-Emprendetur Empresas 2012" Financing Tramo.

3. Construction and acquisition of buildings in areas of priority interest to the Secretary of State for Tourism.

Only investments in the acquisition or construction of buildings can be financed from the "Inversion-Emprendetur Empresas" Financing Tramo when all of the following requirements are met:

(a) That the applicant companies or self-employed persons are some of those listed in Section 2. 3 of this Regulation.

b) That the real estate has the nature of productive assets affected by the principal activity of the undertaking or self-employed applicant for the credit.

c) That the buildings are located in one of the municipal terms of the zones of priority interest to the Secretary of State of Tourism, which are as follows:

1. Plan Qualifica Costa del Sol: Torremolinos, Benalmadena, Fuengirola, Mijas, Marbella, Estepona, Casares and Manilva.

2. Plan for the Improvement and Beautification of the Playa de Palma: Palma de Mallorca and Llucmajor.

3. Plan for the rehabilitation of the tourist infrastructure of Puerto de la Cruz: Puerto de la Cruz.

4. Plan for the rehabilitation of the tourist infrastructures of San Agustín, Playa del Inglés and Maspalomas: San Bartolomé de Tirajana.

5. Program of Special Actions for the Island of El Hierro 2012: Valverde, Frontera and El Pinar.

d) That the investments carried out by the companies or self-employed applicants in one of the municipalities mentioned above are also located in the area of the Comprehensive Rehabilitation Plan approved by the public manage the Plans referred to in numbers 1, 2, 3 and 4 of point (c) above.

4. Implementation of the investments financed.

Financing investment may not be longer than the date of entry into force of this Regulation, and shall be fully materialised within a maximum of 24 months from the date of signature. of the financing agreement with the financial institution. This latter period may be increased by twelve (12) months longer in those cases where the delay derives directly from obtaining the administrative licences which are compulsory for the performance of the investments. In the event of an increase in the time limit for the completion of the investment, the request for deferral shall be processed by the client directly with the Secretary of State of Tourism, corresponding to the latter decision.

Made the investments foreseen in the project, the client will communicate to the financial institution mediator, within the maximum period of 30 calendar days and by written signed by person with enough power in the company, the completion of the funded project ("Certificate Completion of the Project"). The financial institution shall keep the certificate in place for a period of six years from the end of the Financing Scheme.

Fourth. Characteristics of the loans.

1. Duration: From the date of signature of the Convention between the ICO and the MINETUR and the cession of budgetary funds to the ICO and until 17 December 2012 or until the exhaustion of the economic endowment of the Tramo of Financing, although it will maintain its effects during the period of implementation of the financing contracts that are concluded under the terms of the contract.

2. Maximum funding: Up to 100% of the investment project, including VAT or similar tax.

3. Contract Mode: Loan/Leasing.

4. Repayment term for the borrower:

The customer may opt for any of the following amortization periods:

• 3 years without a shortage for the principal payment.

• 5 years, no shortage or 1 year of absence for the principal payment.

• 7 years, with no shortage or 1 year of absence for the principal payment.

• 10 years, no shortage or 2 years of lack for the principal payment.

5. Maximum amount per customer:

The maximum cumulative client financing amount, in one or more operations, will be € 10,000,000.

6. Interest rate of transfer to financial institutions: the interest rate applied by the ICO to the financial institution (type of transfer) shall be fixed for the duration of the Financing Scheme and shall be established on the basis of the period of the operation of the funding:

6.1 Loans to 3 years: fixed at 5,122%.

6.2 5-year loans: fixed at 6,488%.

6.3 Loans to 7 years: fixed at 6.726%.

6.4 10-year loans: fixed at 6,457%.

7. Intermediation margin for financial institutions:

7.1 Up to 1.80% for non-core operations.

7.2 Up to 1.65% for main-lack operations.

8. Interest rate for the customer: the maximum interest rate applied by the financial institution to the customer will be fixed for the duration of the Financing Tramo and will be established on the basis of the deadline for the financing operation:

8.1 Non-deficiency 3-year loans: fixed up to 6.922%.

8.2 Non-deficiency 5-year loans: fixed up to 8,288%.

8.3 5-year loans with 1 year of absence: fixed up to 8,138%.

8.4 Non-deficiency 7-year loans: fixed up to 8.526%.

8.5 7-year loans with 1 year of absence: fixed up to 8,376%.

8.6 10-year loans without shortage: fixed up to 8,257%.

8.7 10-year loans with 2 years of absence: fixed up to 8,107%.

9. Management Committee: The Ministry of Industry, Energy and Tourism will pay the ICO a management fee of 25 basis points for each provision of funds.

10. Optional early cancellation: The client may make optional early redemptions of all or part of the amount due, which shall not be subject to any penalty, on the dates and terms agreed with the institution financial in the financing contract.

11. Risk: The risk of the transactions is fully assumed by the collaborating financial institutions and may therefore require the applicant to guarantee the necessary guarantees, except for the endorsement of a Reciprocal Guarantee Society.

12. De minimis aid: This loan scheme is subject to the condition of de minimis aid from the European Union, which is governed by Regulation (EC) No 1998/2006 of 15 December 2006 and is compatible with the aid received from the European Communities. Autonomous or other institutions, having to respect the ceilings set by the European Union.

The ICO acts as a financial agent, with all matters relating to the aid scheme exclusive to the Ministry of Industry, Energy and Tourism.

Fifth. Financing of loans.

1. The budget of the Ministry of Industry, Energy and Tourism for the financial year 2012 includes the items needed to meet the commitments under this Agreement.

In the financial year 2012 the Financing Tramo will have an initial allocation of 266 million euros under sub-concept 833.02 ("Financing lines for tourism sector companies") of the expenditure budget of the Secretary of State for Tourism. This appropriation may be extended on the basis of the budgetary resources available under the Convention between the ICO and the Ministry of Industry, Energy and Tourism.

2. The initial annuity for 2012 shall be limited and binding as long as it is not extended. Its enlargement will require the signing of an addendum to the Convention with the ICO, and the existence of budgetary appropriations to finance it. Continuous monitoring of the Financing Tramo shall be carried out to avoid concessions exceeding the expected amount.

In relation to the funding of the Financing Tramo for the financial year 2012, the Ministry of Industry, Energy and Tourism will make it available to the ICO to finance all lending operations that are formalise under the scope of the scheme covered by this legislation. In no case will the ICO advance its own funds to the Financial Entities. The Ministry of Industry Energy and Tourism and the ICO will formalize an agreement to implement the management of the Tramo, and in which the bookings and the conditions and requirements for making them will be realized.

The ICO will make available to the financial institutions, under the conditions that will be collected in the Financing Contracts to subscribe between the ICO and these, the economic envelopes that will be used the financing of lending or leasing operations.

The ICO will send to the Ministry of Industry, Energy and Tourism fortnightly a report on the evolution of the Financing Tramo, including information on the geographical distribution.

3. The management costs of the ICO will be financed from the corresponding concept 359 ("Other financial expenses") of the expenditure budget of the Secretary of State of Tourism. The cost of managing the ICO amounts to 25 basis points (FLAT) for each provision of funds.

4. Once the term for the "Inversion-Emprendetur Empresas 2012" Tramo funds provision is in place, the ICO will inform the MINETUR of the balance of the account and liquidate the balance resulting from the remainder, the early cancellations, write-downs, interest and other products, by making the corresponding refund to the corresponding account of the Treasury.

Later, on an annual basis, the ICO will liquidate the corresponding amounts received from the financial institutions of the Tramo "Inversion-Emprendetur Empresas 2012" for early cancellations, write-downs, interest and other products, by making the corresponding refund to the corresponding account of the Treasury.

In addition, the ICO will communicate the movements of the account to the MINETUR on an annual basis.

Sixth. Procedure and resolution of requests.

1. Those interested in taking advantage of a loan/leasing provided for in the Emprendetur Enterprises section shall submit to the contributing financial institution the application accompanied by the documentation that each contributing financial institution deems necessary. to study the operation.

In any case, the following documentation must include the following:

(a) Customer identification and declaration of other aid, in which the client shall declare all public aid already granted or requested for the same project. In the event that a customer has requested other assistance on this call, you must expressly indicate it in the application.

For the case of the de minimis aid declaration, the financial institutions shall require the clients, prior to the grant of the financing, to sign an Annex for the declaration of de minimis aid received by them. during the relevant financial year and the two preceding financial years, and shall verify that the grant of financing does not exceed the de minimis aid limits, as laid down in Regulation (EC) No 1998/2006, of December 15, 2006.

The financial institutions shall also be required to take the necessary measures to ensure compliance by their customers with Regulation (EC) No 1998/2006 of 15 December 2006 on the application of the Articles 87 and 88 of the Treaty on de minimis aid, and to take any action which the Ministry of Industry, Energy and Tourism considers necessary or which is instructed to the Ministry of Energy and Tourism by the Ministry of Finance and Public administrations to ensure compliance with that Regulation.

b) Economic budget broken down, detailed location and project execution period.

c) Supporting project memory with the following minimum content:

c.1) Technical description of the project containing the objectives of the project, expected results and expected period of recovery of the investment, as well as the plans and plans necessary for the complete definition of the project.

c.2) Relationship of the necessary concessions, permits and licenses, with indication of the already requested and of the obtained ones.

d) The applicant's responsible statement to be in charge of its tax obligations and in the face of social security.

2. The financial institution shall verify that the data subject complies with the requirements of the Plan. Subsequently, it shall analyse, in accordance with its own methodology, the risk of the lending or leasing operation and decide the approval or refusal of such a request. The risk of default of the loan or leasing is fully assumed by the financial institution.

3. If the application is approved, the loan or leasing operation will be formalized and the financial institution will request the funds from the ICO for application to the formalized financing operation.

4. In the event of refusal of the application, the person concerned may turn to another contributing financial institution and initiate the procedure.

5. Clients must be able to credit the funded investment, by committing themselves to provide invoices, letters of payment, projects, writings or any other document that can serve as proof of the investment made. If the purpose of the financing is not met, the mandatory early repayment of the principal of the obligation, plus 2% (FLAT) on the amount disposed of and which does not meet the requirements laid down, shall be made.

In the case of acquisition of immovable property, in addition to the supporting documents referred to in this paragraph, a duly accredited and registered independent appraiser must be provided in the relevant register official.

The ICO will include in the contracts with the Mediating Financial Entities that join the Tramo the obligation of these to communicate to the Customers that they will have to present to the Financial Entity the necessary documentation to justify in front of the ICO, in front of the Ministry of Industry, Energy and Tourism, or any agency they appoint, the realization of the investments under financing, as well as the obligation of the Financial Entities to obtain such Customer's documentation and to protect the customer for a minimum period of 6 years from the end of the duration of the financing scheme, in order to ensure the control of the management of public aid. The invoices must have been submitted by the Customers to the Entities within the maximum period of materialization of the investment.

Seventh. Deadline and validity.

The time limit for applying for financing operations shall commence at the time when the ICO declares the Financing Tramo open on its website (www.ico.es) and shall end on 17 December 2012, unless it is exhausted by prior to that date, the funds of the Financing Tramo endowed with the budget for financing, in which case it shall end on that date.

Eighth. Resolution.

1. The customer may make optional early amortisation of all or part of the amount due, which shall not entail any penalty, on the dates and terms agreed with the financial institution in the financing contract, except in the cases of non-compliance provided for in the following paragraph.

2. Customers must be reimbursed in advance of the financing granted within the time limits to be determined, in the case of non-application of the funds, failure to comply with the purpose of the financing, or of falsehood, inaccuracy or insufficient justification in the documentation provided. In all cases of non-compliance, compulsory pre-payments shall entail that the customer must pay, in respect of the quantities laid down and which do not comply with the requirements laid down, a 2% flat in the interest of the money and penalty.

All without prejudice to the obligation to return the principal of the financing operation that is incumbent on the financial institutions.