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EXPLANATORY STATEMENT

Organic Law 2/2012, of 27 April, of budgetary stability and financial sustainability, provides, in its first provision, that the Autonomous Communities and Local Corporations may ask the State for access to extraordinary liquidity support measures.

In the framework of this provision, the present Royal Decree-Law creates a mechanism to support the liquidity of the Autonomous Communities, of a temporary and voluntary nature, that allows the maturity of the debt of the Communities to be met. Autonomous, as well as obtaining the necessary resources to finance the indebtedness permitted by the regulations of budgetary stability.

This additional funding mechanism for the Autonomous Communities is designed on the basis of the principles of competition, effectiveness, operability and cooperation between the public administrations involved.

For these purposes, it is worth noting the relevance of the adjustment plan as an instrument in which the agreement between the central and autonomous administrations is concrete to ensure that the objectives of stability are met. budget and for the financial sustainability of the Autonomous Communities.

The adjustment plan is unique and dynamic in time, because it must adapt to the different commitments made by the Autonomous Community and to the evolution of its revenues and expenses. Some Autonomous Communities already have an adjustment plan in place, as a consequence of having adhered to other liquidity support mechanisms implemented by the State. Therefore, if they now also decide to access this new mechanism, they will need to make the necessary modifications to their adjustment plan to ensure compliance with the new commitments they acquire.

In any case, the adjustment plan and the other plans that the Autonomous Community may have as the economic-financial plan, the rebalancing plan or the economic-financial plans for rebalancing in force in accordance with the Previous legislation on stability should be coordinated and consistent in such a way as to allow for the simultaneous compatibility and achievement of the various objectives.

For an adequate monitoring of the plans, periodic obligations for the remission of economic, financial, budgetary and treasury information are established in order to avoid deviations in the content of the adjustment plan. Where appropriate, the mechanism that is regulated is intended to encourage decision-making in accordance with the objectives of fiscal consolidation and the implementation of corrective measures in the shortest possible time.

Effectiveness requires the availability of truthful information about the parameters that condition the compliance of the adjustment plan. In this sense, the internal control body of the Autonomous Community assumes, among other functions, the assessment of the validity and adequacy of the adjustment plan, the provision of information for the monitoring and analysis of the risks to the achievement of the objectives.

Additionally, the effectiveness of the model is reinforced with the possibility that the Ministry of Finance and Public Administration will propose the modification of the plan or that it is entrusted to the General Intervention of the Administration the exercise of control missions in the event of the detection of risks of non-compliance or non-compliance with the measures of the adjustment plan. These actions are set up on the basis of the collaboration between the central and regional authorities and are aimed at ensuring the achievement of the objectives of budgetary stability.

Likewise, it is anticipated that, in view of the report in which the outcome of the mission of control is collected, the Minister of Finance and Public Administrations may adopt the measures that correspond in accordance with the 25 and 26 of the Organic Law on Budgetary Stability and Financial Sustainability.

The actual decree-law consists of sixteen articles, five additional provisions, a transitional provision, a derogation provision, four final provisions and an annex, and is structured in four chapters. Chapter I (general provisions) determines the object, the method of adherence to the mechanism and the principle of temporality governing the same.

Chapter II (financial and fiscal conditions) establishes the requirements for access to the liquidity facility as well as the fiscal and financial conditions that the Autonomous Communities will have to meet once they have acceded to the itself. Among others, it limits the financial instruments that they will be able to use for their financing outside the mechanism developed in this royal decree-law, and requires the referral of an adjustment plan whose degree of execution must be reported in a manner periodic. This adjustment plan shall include a cash flow plan and details of the live debt transactions, which shall facilitate the monitoring of the liquidity situation of the Autonomous Communities at any time. In this chapter, the reporting obligations of the Autonomous Communities, as well as their monitoring and control by the various responsible bodies, are determined in this chapter.

Chapter III (Autonomous Liquidity Fund) establishes that liquidity will be managed by a fund without legal personality, whose management will be responsible for the Institute of Official Credit. The resources to be managed by the Fund will come from the State funding programme. The Fund shall be allocated to the General Budget of the State through an extraordinary appropriation of EUR 18 billion.

Chapter IV (credit operations) defines the operations in which the liquidity provision will be used for the Autonomous Communities, in the form of loans from the Autonomous Liquidity Fund. The financial conditions for these credits will be determined later by the Government's Delegation for Economic Affairs Agreement. The provisions of the said appropriations shall be subject to compliance with the financial and fiscal conditions laid down in Chapter II. In addition, the repayment of the appropriations will be ensured by the retention of the resources of the financing system of each Autonomous Community. The Official Credit Institute shall act as a payment agent for the Fund's operations.

In the additional provisions the extension of the financing mechanism for the payment to the local entities providers to the local entities of the Basque Country and Navarre is collected and the budgets of the Fund are approved Autonomous Liquidity. Furthermore, the fifth additional provision introduces a number of measures which are essential to enable the European financial assistance process to be set up for the recapitalisation of Spanish credit institutions. required, requested on June 25.

Among the final provisions deserves to be highlighted the first, which introduces a modification in Law 2/2012, of June 29, of General State Budgets for the year 2012, in order to incorporate the regulation of the aspects essential to the economic obligations arising from the issuance of bonds and obligations of credit institutions, the essential requirements and formalities for their granting and the commissions associated with such guarantees. This amendment makes it possible for the granting of these guarantees to be started again and immediately, once the extension of their scheme has been authorised by the Decision of the European Commission of 29 June 2012, thereby facilitating access to them. credit institutions for the liquidity and financing they need as long as they are able to obtain the aforementioned European financial assistance. The remaining three final provisions identify the competitive titles under which this royal decree is issued, enable the Ministers of Finance and Public Administrations and the Economy and Competitiveness to dictate the rules necessary for the implementation and development of the provisions of this royal decree-law and have its entry into force on the day following that of its publication in the Official Gazette of the State.

The extraordinary situation of pressing needs for the financing of the Autonomous Communities and their growing problems of access to credit justify the need to urgently implement a mechanism that will allow alleviate these needs, address the debt maturities of the Autonomous Communities immediately and prevent their financial sustainability from being put at risk.

In the whole and in each of the measures that are adopted, the circumstances of extraordinary and urgent need that Article 86 of the Spanish Constitution requires as budgets are, by its nature and purpose, enabling for the approval of a royal decree-law.

In its virtue, making use of the authorization contained in article 86 of the Spanish Constitution, on the proposal of the Ministers of Finance and Public Administrations and of Economy and Competitiveness, after deliberation of the Council of Ministers, at their meeting on 13 July 2012,

DISPONGO:

CHAPTER I

General provisions

Article 1. Object.

This royal decree-law aims to create a mechanism to support the liquidity of the Autonomous Communities, of a temporary and voluntary nature, that will enable the financial needs of the Autonomous Communities to be met.

Financial needs, for the purposes of this real decree-law, the maturities of the public debt of the Autonomous Communities, shall be understood in the terms provided for in Article 4.2 of this royal decree, as well as the additional amounts needed to finance the indebtedness.

Article 2. Accession to the mechanism.

1. The accession to this mechanism will require the prior acceptance by the Ministry of Finance and Public Administrations of the application made by the Autonomous Community, which will be granted on the basis of the financial situation of the same.

2. The Autonomous Community shall adopt an agreement of its Governing Council or competent body, stating its willingness to accede to the mechanism and the commitment to comply with the provisions of this royal decree and in the Agreements of the Fiscal and Financial Policy Council, of the Government's Delegation for Economic Affairs, as well as the provision of any provision that will develop this financing mechanism.

The accession to the mechanism will imply acceptance of the financial and fiscal conditions provided for in the additional provision of the Organic Law 2/2012 of 27 April, of budgetary stability and sustainability. Financial, and those fixed in this royal decree-law.

Article 3. Principle of temporality.

1. The application for accession to this mechanism shall be submitted by the Autonomous Community to the Ministry of Finance and Public Administrations before 31 December 2012, except as per Agreement of the Government Delegation for Economic Affairs Economic decisions to extend this deadline.

2. This mechanism will address the financial needs defined in Article 1 as long as difficulties of access of the Autonomous Communities to financial markets persist, corresponding to the Government's Delegation for Economic Affairs Economic assessment, on an annual basis, of such a circumstance.

CHAPTER II

Financial and tax conditions

Article 4. Financial conditions.

Accession to this mechanism will result in acceptance by the Autonomous Community, as well as by its bodies or public entities that are classified within the general government sector according to the definition and delimitation. of the European System of Accounts, of the following financial conditions:

1. The Autonomous Community shall be subject to the principles of financial prudence as set out in the Resolution of the General Secretariat of the Treasury and Financial Policy.

2. The liquidity provided with this mechanism should be used to address:

(a) maturities corresponding to the securities issued;

(b) the maturity of loans granted by European institutions from which Spain is a member;

(c) operations which may not, where appropriate, be refinanced or novated by the Autonomous Communities themselves in accordance with the criterion of financial prudence defined by the General Secretariat of the Treasury and Policy Financial;

d) the financing needs of the public deficit.

3. They may not carry out transactions in securities or credit operations abroad, except on the express authorisation of the General Secretariat of the Treasury and Financial Policy without prejudice to the mandatory authorisation of the Council of Ministers, in accordance with Article 14 of the Organic Law 8/1980 of 22 September, on the Financing of Autonomous Communities.

4. The financial conditions of all the credit operations of the Autonomous Community, both in the short and long term, which are not subject to authorization under the Organic Law 8/1980 of 22 September of the Communities ' Financing Autonomous, and the Organic Law 2/2012, of 27 April, of budgetary stability and financial sustainability, must be communicated to the General Secretariat of the Treasury and Financial Policy. Such communication shall be accompanied by the certificate of the General Intervention of the Autonomous Community or equivalent unit on the fulfilment of the financial conditions.

5. The State shall, in the name and on behalf of the Autonomous Community, manage, by the credit granted, the payment of the public debt maturities of the Autonomous Community, through the payment agent designated for that purpose.

6. The resources of the system of financing of each Autonomous Community of common regime shall be liable to the obligations contracted with the State on the occasion of the use of the regulated mechanism in this royal decree-law.

7. The Autonomous Community shall enter into the relevant credit operation with the State in accordance with the terms of Article 14.

Article 5. Tax conditions.

Accession to this mechanism by an Autonomous Community will result in acceptance of all the following conditions:

1. Within 15 calendar days of the approval of the agreement provided for in Article 2, the Autonomous Community shall submit and agree with the Ministry of Finance and Public Administration an adjustment plan to ensure compliance with the the objectives of stability and public debt, as well as the reimbursement of the amounts contributed by the Autonomous Liquidity Fund regulated in Chapter III of this royal decree-law.

If the Autonomous Community has already approved an adjustment plan, as a result of the access to other additional mechanisms established by the State as provided for in the additional provision of the Organic Law, 2/2012, of 27 April, of budgetary stability and financial sustainability, the Ministry of Finance and Public Administrations will have to agree with the modifications that are necessary for the fulfillment of the new commitments acquired.

2. Forward to the Ministry of Finance and Public Administrations, through its general intervention or equivalent unit, as part of the adjustment plan, a treasury plan and details of the operations of living debt, according to standard model, with the next information:

a) Treasury Schedule and Budget containing your monthly collections and payments by headings including the forecast of your monthly minimum cash flow.

b) Monthly revenue forecast.

c) Living debt balance.

d) Impact of planned savings measures and measures of expected revenue and expected calendar of impact on budget.

e) Monthly short-and long-term debt payments.

f) Calendar and amounts of borrowing needs.

g) Evolution of the balance of the outstanding outstanding obligations for both the current and previous years.

h) The debt maturity profile of the next ten years.

i) Any other economic-financial information deemed necessary by the Ministry of Finance and Public Administrations.

In the first five working days of each month, the Autonomous Community shall send to the Ministry of Finance and Public Administrations any updates corresponding to the information contained in the treasury plan.

3. Allow access to and refer to the Ministry of Finance and Public Administration the information provided for in Article 6. Sending and capturing this information will be done through standard models or bulk data loading systems.

4. Subject to the supervision by the Ministry of Finance and Public Administrations of the adoption and implementation of the measures provided for in the adjustment plan as set out in the following Articles.

5. The adjustment plan, which shall be unique regardless of the mechanism to which it brings, shall be updated at least once a year in accordance with the budget presented by the Autonomous Community.

In any event, if the Autonomous Community has an economic-financial plan or a rebalancing plan in place, the annual update of the adjustment plan will coincide with the updating of the aforementioned plans, according to corresponds, with which you must also keep the due consistency.

6. The lack of referral, or the unfavourable assessment of the adjustment plan, will lead to the admission of the accession to the mechanism. In addition, the above assumptions or the non-compliance with that plan will result in the application of the provisions of paragraph 5 of the first provision of the Organic Law 2/2012 of 27 April 2012 on budgetary stability and sustainability. Financial.

Article 6. Remission of information about the adjustment plan.

1. The Autonomous Community shall send monthly, through its general intervention or equivalent unit, to the Ministry of Finance and Public Administrations updated information on the implementation of its adjustment plan for at least the following items:

a) Monthly budget execution of expenditure and revenue chapters.

b) Adequation to the reality of the plan of adjustment and assessment of the measures in progress.

(c) Assessment of short and medium-term risks in relation to the fulfilment of the objectives pursued with the implementation of the adjustment plan. In particular, the liquidity forecasts and borrowing requirements will be analysed.

d) Analysis of deviations that occurred in the execution of the adjustment plan.

(e) Recommendations, where appropriate, to amend the adjustment plan with the aim of meeting the objectives of budgetary stability and financial sustainability.

f) Updated information on your treasury plan and details of live debt operations.

2. In any event, the Autonomous Communities shall take care of any other information requirement which, for these purposes, is formulated by the Ministry of Finance and Public Administrations.

Article 7. Track adjustment plans.

1. The Ministry of Finance and Public Administrations will follow up the adjustment plans.

2. The internal control body of the Autonomous Community shall ensure the proper implementation of the adjustment plan in accordance with the terms laid down in Article 5, for which it shall carry out any necessary action and, where appropriate, leave no evidence of its failure. adoption or non-compliance in the relevant monitoring reports to be sent to the Ministry of Finance and Public Administrations.

These reports will be taken into account by the Ministry of Finance and Public Administrations when drawing up follow-up reports on adjustment plans.

3. In the event that the Ministry of Finance and Public Administrations detects risks of non-compliance or non-compliance with the measures of the adjustment plan, it will propose its modification with the adoption of new measures or the alteration of its schedule. execution, and may request the General Intervention of the State Administration to agree on the necessary actions to carry out a mission of control.

In any event, compliance with the proposed measures will condition the granting of the successive loan tranches without prejudice to the provisions of Article 14.

If the risk identified outside possible non-compliance with the payment of the maturity of the public debt, will be carried out in accordance with the provisions of the Organic Law 2/2012 of 27 April, of budgetary stability and sustainability Financial.

Article 8. Control of adjustment plans.

1. When the General Intervention of the State Administration sends a mission of control, it will be aimed at making concrete the diagnosis of the financial situation of the Autonomous Community in the framework of the commitments made in the plan of adjustment, applying the control techniques and methodologies that are deemed appropriate.

2. The internal control body of the Autonomous Community shall provide all the assistance and assistance necessary for the mission of the General Intervention of the State Administration, which shall have access to all the documentation of the Community. Autonomous, for the good performance of its functions.

3. Within one month of the commencement of the control mission, the General Intervention of the State Administration shall issue a report on the financial adequacy of the forecasts contained in the adjustment plan in force and the defaults or risks of non-compliance with the same.

4. That report shall be forwarded to the Minister of Finance and Public Administrations for the purposes of applying Articles 25 and 26 of the Organic Law 2/2012 of 27 April 2012 on budgetary stability and financial sustainability.

CHAPTER III

Autonomic Liquidity Fund

Article 9. Creation and validity of the Autonomous Liquidity Fund.

1. The Autonomous Liquidity Fund, as a mechanism to support liquidity in the future, is created, with a background nature without legal personality as provided for in 2.2 of Law 47/2003 of 26 November, General Budget, with the the purpose of providing the Autonomous Communities with liquidity. The Fund shall be attached to the Ministry of Finance and Public Administrations through the Secretariat of State of Public Administrations, and its financial management shall be carried out by the Institute of Official Credit.

2. Credit operations shall be carried out by the Fund in favour of the Autonomous Communities to meet their financial needs.

3. The Council of Ministers, once the credit operations with the Autonomous Communities have been wound up and after the report of the Government's Delegation for Economic Affairs, will be able to agree on the liquidation and extinction of the Fund.

Article 10. Resources of the Autonomous Liquidity Fund.

1. The Autonomous Liquidity Fund shall be allocated to the General Budget of the State for the financial year 2012, amounting to EUR 18 billion.

2. For the purposes set out in the previous paragraph, an extraordinary appropriation is granted to the budget in force of Section 15 'Ministry of Finance and Public Administrations', Service 22 'General Secretariat for Autonomous and Local Coordination', Programme 922N "Coordination and financial relations with the Territorial Authorities", Chapter 8 "Financial assets", Article 87 "Capital contributions", concept 879 "Equity contribution to the Autonomous Liquidity Fund", amounting to 18,000 Millions of euros.

The extraordinary credit that is granted in this section will be financed with Public Debt.

3. Returns of any nature generated by the Fund, after deduction of the Fund's own management costs, shall be paid annually to the Treasury.

4. The expenditure incurred by the Fund may be covered by the Fund's appropriations.

Article 11. Fetching the resources.

The State funding program will incorporate the amounts derived from the borrowing operations required to finance the Fund's credit operations provided for in this royal decree-law.

Article 12. Economic-financial regime of the Autonomous Liquidity Fund.

1. The budgetary, economic and financial system, accounting and control arrangements for this Fund shall be as provided for in Law 47/2003 of 26 November, General Budget, for funds lacking legal personality, the allocation of which shall be The majority of the general budget of the State referred to in Article 2.2 of the Law.

2. The formulation, provision, approval and accountability of the Autonomous Liquidity Fund is the responsibility of the Secretariat of State of Public Administrations.

Article 13. Management of the Autonomous Liquidity Fund.

1. The financial management of the Fund is the responsibility of the Official Credit Institute. In its virtue, among other functions, the Institute of Official Credit will formalize, in the name and representation of the Spanish Government, and on behalf of the State, the corresponding loan policies to subscribe with the Autonomous Communities, by virtue of the mandatory instruction of the Government's Delegation for Economic Affairs, on a proposal from the Ministry of Finance and Public Administration. It shall also provide the services of technical instrumentation, accounting, box, paying agent, monitoring and, in general, all financial services relating to the operations authorised by the Liquidity Fund. Autonomic, without prejudice to the powers of control established in Law 47/2003, General Budget and other regulations in force.

2. On the instructions of the Ministry of Finance and Public Administrations, and as the financial agent of the Fund, the Official Credit Institute may contract with the Fund the technical assistance related to the operations covered by the Fund. this command will be required. The procurement procedure shall be in accordance with the specific regulatory provisions concerning the recruitment of the Institute.

3. Each year, under the Fund and prior to the authorization of the Government's Delegation for Economic Affairs, the Institute of Official Credit shall be compensated for the costs incurred in the development and execution of the function which is commends it, by paying the corresponding economic compensation.

CHAPTER IV

Credit operations

Article 14. Credit operations concertation.

1. The State shall carry out credit operations under the Autonomic Liquidity Fund, with each of the Autonomous Communities joining the mechanism for an amount which may not exceed the resources necessary to meet the maturity of the financial debt by the Autonomous Community and its dependent entities which are classified within the general government sector, in accordance with the definition and delimitation of the European System of Accounts, as well as the amounts necessary for to finance the indebtedness permitted by the rules of budgetary stability, with the limits to be established by the Government's Delegated Commission for Economic Affairs Agreement.

2. The financial conditions applicable to these credit operations shall be established by agreement of the Government Delegated Commission for Economic Affairs, on a proposal from the Ministry of Finance and Public Administrations and the Ministry of Economy and Competitiveness. These conditions shall ensure the impact of the financial costs and other costs incurred by the Autonomous Liquidity Fund.

3. The State, in the name and on behalf of the Autonomous Community, shall manage, by the credit granted, the payment of the public debt maturities of the Autonomous Community, through the Institute of Official Credit as a designated payment agent. effect.

4. The provisions of the Autonomic Liquidity Fund in favour of the Autonomous Communities attached to the mechanism, in order to meet their additional financial needs, will be adjusted to a timetable in instalments. The disbursement of each tranche shall be conditional upon compliance with the fiscal and financial conditions, after reporting by the Ministry of Finance and Public Administrations.

Article 15. Retention of the resources of the system of financing of the Autonomous Communities of the common system.

The resources of the system of financing of the Autonomous Communities of the common regime that adhere to this mechanism will respond to the obligations contracted with the State, by means of retention, in accordance with the provisions of the Additional provision of the Organic Law 8/1980 of 22 September of the Financing of the Autonomous Communities. All this is without the fulfilment of the obligations arising from borrowing operations with multilateral financial institutions to be affected.

Article 16. Payment agent.

It will be up to the Official Credit Institute to manage and manage credit operations that are designed under this royal decree-law.

Additional disposition first. Accessions of the Autonomous Communities of the Basque Country and Navarre.

Accession to this mechanism of the Autonomous Communities of the Basque Country and Navarre will require prior to the signing of an agreement with the State in the framework of the Joint Commission of the Concert and the Coordinating Committee, respectively, which affects resources in guarantee of the credit operation that is formalized.

Additional provision second. Application to the local authorities of the Autonomous Communities of the Basque Country and Navarre of the financing mechanism for payment to providers of local entities.

1. The local authorities of the Basque Country and Navarre, which are included in the model of participation in state taxes, may be applied by the payment mechanism to providers referred to in the Royal Decree-Law 4/2012 of 24 February, by The establishment of a financing mechanism for the payment of the payment to the suppliers of the local authorities, and the Royal Decree-Law 7/2012 of 9 March establishing the Fund for the payment of information and procedures necessary for the establishment of the Fund for the financing of payments to suppliers, for which they will be required to corresponding agreements between the General Administration of the State and the Foral Diputations of the Basque Country or the Autonomous Community of Navarre, as appropriate.

2. In the agreements to be signed, the ultimate guarantee of the participation of those local entities in the agreed or agreed state taxes must be considered, in accordance with the provisions of the respective Economic Concerts with the Country. Basque and Economic Convention with the Community of Navarra.

The procedure and obligations laid down in the rules referred to in paragraph 1 shall also be taken into account in those conventions. However, in these Conventions, the provisions on information obligations and procedures of the financing mechanism for payment to suppliers which, where appropriate, are applicable in the Basque Country and Navarre shall be established.

Additional provision third. Budgets of the Autonomous Liquidity Fund.

The budgets of the Autonomous Liquidity Fund are approved, which are attached as an Annex.

Additional provision fourth. Negative liquidations 2008 and 2009.

The debt to be financed by the mechanism governed by this Royal Decree-Law will include the indebtedness provided for in the Agreements of the Fiscal and Financial Policy Council to finance the annuity that is required to be satisfied in the current financial year to pay the negative liquidations in application of the provisions of the fourth additional provision of Law 22/2009 of 18 December 2009 governing the system of financing the Communities Autonomous common rules and cities with autonomy status and certain rules are amended tax.

Additional provision fifth. European financial assistance for the recapitalisation of Spanish financial institutions.

1. The information that the Banco de España has to provide to the European Commission, the European Central Bank, the European Banking Authority, the International Monetary Fund, the European Financial Stabilisation Facility and, where appropriate, the Facility European Stability in the framework of financial assistance for the recapitalisation of Spanish financial institutions shall be exempt from the duty of secrecy provided for in Article 6 of Royal Decree 1298/1986 of 28 June 1986 on Adaptation of the law in force in the field of credit institutions to that of the Communities European, to the extent that such information is necessary for the performance of the tasks which those institutions have attributed in relation to that financial assistance.

2. In the same framework, the Fund for Bank Ordered Restructuring is authorized to subscribe to the agreements and contracts that are necessary for the formalization and making available to the State and the Fund for the Orordered Restructuring of the Bank. financial assistance, without the financing provided by the Bank Ordered Restructuring Fund, directly or indirectly through the State, in cash or in debt securities, in the context of such financial assistance to be taken in consideration for the purposes of the limits provided for in the second paragraph of Article 2.5 of the Royal Decree-law 9/2009 of 26 June on the restructuring of banks and the strengthening of the own resources of credit institutions.

3. In the context of the recapitalisation processes provided for in Royal Decree-Law 9/2009 of 26 June 2009, the Bank Ordered Restructuring Fund may anticipate in the form of a loan, in cash or in debt securities, the amount of the support the financial institutions involved in such processes. The decision to grant this advance shall be conditional on the existence of circumstances which, in the view of the Banco de España, may determine that the entity in question is subject to liquidity strains which may affect its stability during the period. the period necessary for the effective subscription and disbursement of the support of the Fund for Banking Ordered Restructuring in the terms and with the requirements demanded by the Royal Decree-Law 9/2009, of June 26.

The advance referred to in the preceding paragraph shall be offset as a credit to the institution at the time the subscription and disbursement of the representative own resources instruments take place. corresponding. In the event that such subscription and disbursement did not finally take place because of any of the requirements required by Royal Decree-Law 9/2009 of June 26, or for any other cause, the entity will be obliged to reimburse immediately to the Bank Ordinary Restructuring Fund the totality of the cash or securities delivered on loan. Also, where the amount of financial support formalised is less than the amount of the advance, the institution shall immediately reimburse the excess.

The provisions of this provision shall be without prejudice to compliance with the rules on the protection of competition and State aid.

4. In the area of its functions to strengthen the solvency of credit institutions, and taking into account the benefit of the system as a whole, the Credit Entities Deposit Insurance Fund may adopt measures to facilitate the implementation of European financial assistance for the recapitalisation of Spanish credit institutions. In any event, the cost of these measures will be lower than the disbursements that the Credit Entities Deposit Guarantee Fund would have had to make in accordance with its regulatory regulations, in the context of the the orderly restructuring and strengthening of the own resources of credit institutions provided for in Royal Decree-Law 9/2009 of 26 June 2009.

To this end, the Credit Entities Deposit Insurance Fund may commit its assets to the provision of guarantees that may be required in the area of such financial assistance.

Such a commitment and guarantees may be assumed by the credit institutions in the framework of the recapitalisation plans approved by the Banco de España.

Single transient arrangement. Means of information remission.

As long as the means provided for in Article 5 are not available, the information shall be forwarded to the Ministry of Finance and Public Administrations by the electronic means referred to by the Ministry of Finance.

Single repeal provision. Regulatory derogations.

The entry into force of this royal decree-law is repealed as many provisions of equal or lower rank are opposed to the provisions in it.

Final disposition first. Amendment of Law 2/2012, of 29 June, of General Budget of the State for the year 2012.

Law 2/2012, of 29 June, of the General Budget of the State for the year 2012, is amended as follows:

One. Article 52 (2) (b) and (c) shall be worded as follows:

" (b) 55,000,000 thousand euros for the granting of guarantees to the economic obligations arising from the issuance of bonds and new bonds issued by credit institutions resident in Spain with an activity significant in the domestic credit market, and which are regulated in Article 52a.

(c) EUR 3,000,000 thousand for guarantees to guarantee fixed income securities issued by asset-backed securitisation funds as referred to in Article 53. "

Two. A new Article 52a is inserted, with the following wording:

" Article 52a. Guarantees to guarantee bond issues and credit institutions ' obligations.

One. The General Administration of the State may grant guarantees until 15 December 2012, for a maximum amount of EUR 55,000,000 thousand, to the economic obligations arising from the issuance of new bonds and bonds. credit institutions with registered offices in Spain and which, in the opinion of the Banco de España, are solvent and present short-term liquidity needs.

In order to obtain the endorsement of the General Administration of the State, the requesting entity must also, individually or jointly with the other entities in its consolidated group, reach a quota of at least one per thousand. of the total of heading 2.4. " Loans and loans. Other sectors " corresponding to Residents in Spain of the last stage EMU 1 (Summary balance sheet. Business in Spain) published in the Statistical Bulletin of the Banco de España. Similarly, in the case of credit institutions with registered offices in Spain which have transferred the management of their liquidity in the interbank market in a systematic way to another entity with which they have a contractual netting agreement, request the endorsement of the entity that is assigned that management.

Within each consolidable group, the endorsement of the General Administration of the State shall be granted, where appropriate, to the operations performed by the requesting entities.

Two. Prior to the granting of the guarantee, the Bank of Spain will be asked to report on compliance with the requirements set out in the previous paragraph. The grant shall be conditional upon the existence of a limit of the guarantee limit at the time of submission of the application.

The endorsement will be granted with the waiver of the benefit of excusing article 1830 of the Civil Code and irrevocable and unconditional character, in the terms that establish the grant orders. The endorsement will guarantee the principal of the issue and the ordinary interests.

Three. In the event of the execution of the guarantee, provided that the guarantee is instated within 5 calendar days following the date of expiry of the guaranteed obligation, the State shall satisfy the legitimate holders of the securities guaranteed, without prejudice to the amounts to be paid under the guarantee. The amount of this compensation shall be the amount resulting from the application of the payment in respect of the execution of the guarantee of the interest rate Euro Over Night Index Average published by the Banco de España or the one that, if appropriate, determines the Minister of Economy and Competitiveness, on the day of the expiration of the guaranteed obligation for the number of days between this date and the cash payment by the guarantor, on the basis of a 360-day year.

The General Secretariat of the Treasury and Financial Policy will communicate the execution of the guarantee to the Banco de España in case of any of the measures contained, among other provisions, in Law 26/1988, of July 29, on Discipline and Intervention of Credit Entities.

Four. The endorsements granted by the General Administration of the State shall bear the following commissions in favour of it:

(a) The grant of the guarantee shall be made by a commission of 0,5% of the total granted, which shall be settled by the General Secretariat of the Treasury and Financial Policy, and the payment of which shall be credited by the institution prior to the formalisation of the endorsement by the Minister of Economy and Competitiveness.

(b) Each issue covered by bonds or bonds shall be issued by an issuing commission, the payment of which shall be credited by the issuing institution prior to the issuance. The amounts satisfied as a guarantee commission shall be deducted in full from this emission commission. The criteria for the calculation of the emission commissions shall be established by resolution of the General Secretariat of the Treasury and Financial Policy in accordance with the guidelines for the calculation of the price of guarantees collected in the Communication from the European Commission of 1 December 2011 on the implementation, as from 1 January 2012, of the State aid rules for support measures for banks in the context of the financial crisis.

Five. Applications may be submitted to the General Secretariat of the Treasury and Financial Policy before 5 December 2012. The General Secretariat of the Treasury and Financial Policy shall approve the application model by resolution. "

Final disposition second. Competitive titles.

This royal decree-law is dictated by the provisions of Article 149.1.11. and 14. of the Spanish Constitution, which attribute to the State exclusive competence on the basis of the management of credit, banking and insurance and General Finance and State Debt, respectively.

Final disposition third. Regulatory enablement.

The Ministers of Finance and Public Administrations and the Economy and Competitiveness are hereby authorized to lay down the rules necessary for the implementation and development of the provisions of this royal decree.

Final disposition fourth. Entry into force.

This royal decree-law will enter into force on the day following its publication in the "Official State Gazette".

Given in Madrid, July 13, 2012.

JOHN CARLOS R.

The President of the Government,

MARIANO RAJOY BREY

ANNEX

Autonomic Liquidity Fund Budget

Fund for autonomic liquidity

) Other assets and liabilities at fair value with imputation on results.

		Miles EUR
Operating Budget:
"Heritage Economic Result Account"
	. Transfers and grants received:
) Of the exercise.
b) Imputation of grants for current and other assets.
2. Other ordinary management revenue.
3. Excess provisions:
A) Total ordinary management revenue (1 + 2 + 3)
4. Transfer and grants granted
5. Other ordinary management expenses	-
) Supplies and external services.
b) Other	-
B) Total ordinary management expense (4 + 5)	-
I. Result (saving or saving) from ordinary (A + B)	-
6. Other non-ordinary items.
) Revenue.
b) Expenses.
II. Result of financial operations (I + 6)	520,5
7. Financial Revenue	520,5
) Equity equity holdings.
a.1) In entities in the group, multigroup, and associated.
a.2) In others entities.
b) Values
b.1) On entities in the group, multigroup, and associated.
	b.2) Other	520,5
	8. Financial expenses.
) For debts to group, multigroup, and associated entities.
	) Other.
. Fair value valuation on financial assets and liabilities.
) Financial derivatives.
c) Imputation to the exercise result by financial assets available for sale.
	. Change differences.
11. Impairment of value, casualties, assets and financial liabilities.
) Of entities in the group, multigroup and associated.
b) Other.
III. Result of financial operations (7 + 8 + 9 + 10 + 11)	520,5
IV. Result (saving or saving) net of exercise (II + III)