Article 94 of Law 47/2003, of November 26, General Budget, states that the creation of State Debt shall be authorized by law. Article 50 of the Law of 23 December, of 23 December, of the General Budget of the State for the year 2009, authorizes the Minister of Economy and Finance to increase the State's debt in 2009 with the limitation that the at 31 December 2009 does not exceed the corresponding balance as at 1 January 2009 at more than 50,246,574,55 thousand euro.

Article 98 of the General Budget Law attributes to the Minister of Economy and Finance the competence to authorize the issuance or contraction of the State's Debt, giving it the right powers for the issuance, placement and management of the same. In addition, Article 94.2 enables the Minister of Economy and Finance to arrange for the creation of State Debt during the month of January of the following year.

It is appropriate to incorporate into this Order the fundamental content of the EHA/15/2008 Order of 10 January, which provides for the creation of State Debt during the year 2008 and January 2009, and is delegated powers in the Director-General of the Treasury and Financial Policy, while introducing the necessary amendments to adapt it to the State Budget Law for 2009.

The main novelty of this Order is that it allows the issuance of Bonds and Obligations of the State whose capital and/or interests are referenced to an index, thus extending the modalities of debt that can issue the Directorate General of the Treasury and Financial Policy. In addition, the maximum nominal value, up to EUR 300 million, of the non-competitive claims that the Salarial Guarantee Fund, the Deposit Insurance Fund in banking establishments, the Guarantee Fund of the European Community, the Guarantee Fund of the European Community, will be able to present. Deposits in savings banks, the Deposit Insurance Fund in credit unions, the Social Security Reserve Fund, the Investment Guarantee Fund, or any public entity or public holding company that determines the Director-General of the Treasury and Financial Policy.

By virtue of the above, and in order to implement State Debt financing during 2009 and January 2010, I have been willing to:

Article 1. Amount of Debt to Issue.

1.1 The Directorate General of the Treasury and Financial Policy will issue during the year 2009, on behalf of the State and by my delegation, Debt of the State according to what is available in the later articles of this Order, by the a nominal amount which is advisable in the light of the State's financing situation, the subscription requests received, the conditions of the subscription and the general market conditions, in such a way as to add to or January 2009, in accordance with the provisions of the Order of the European Union for the European Union (EHA/15/2008.10). creation of State Debt during the year 2008 and January 2009, the Debt that is issued or contracted by the State during the entire year in progress in all the modalities of Debt of the State does not exceed the limit of increase that for the living balance of the Debt establishes Article 50 of the Law of 23 December of 23 December of the General Budget of the State for the year 2009.

1.2 According to the provisions of Article 94.2 of Law 47/2003 of 26 November, General Budget, the authorization to issue or contract debt of the State contained in the previous article will be extended to January 2010 up to the limit of 15 percent of the authorized for the year 2009, computing the amounts thus issued within the limit that authorizes for the year 2010 the Law of State General Budgets for that year.

Article 2. Formalization of Debt to Issue.

Without prejudice to the provisions of Article 7 of this Order, the Directorate-General of the Treasury and Financial Policy shall issue State debt in euro in the following manner: Treasury bills, State Bonds and Obligations of the State. Bonds or Obligations of the State whose capital and/or interests are referred to an index in the form that sets its emission standard may also be issued.

2.1 The State Debt will receive the denomination of Treasury Letters when it is issued at the discount and no longer than twenty-four months.

2.2 The State Debt will receive the denomination of State Bonds or State Obligations when its issuance period is between two and five years or higher than this period, respectively. The redemption value of the Bonds and Obligations of the State shall be the same, except that in the Resolution of the Directorate-General of the Treasury and Financial Policy for which the issue is available, a different value is set, without prejudice to the Early amortizations by repurchase or exchange can be purchased the values for a different price at par. The Director-General of the Treasury and Financial Policy is authorized to group the State Bonds and the State Obligations under the denomination of Treasury Bonds or another that is advisable to identify Debt of those characteristics, of agreement with the practice of national or international markets.

2.3 To facilitate the management of amortisation operations and the aggregation of Treasury bills, Bonds or State Obligations, the time limit for the issuance of these securities may differ from the exact years or months cited above. in the preceding paragraphs in the days that is necessary, without necessarily changing the name of the paragraph.

Article 3. Representation of the Debt.

The State Debt in securities denominated in euro that is put into circulation under the provisions of Article 2 of this Order shall be represented exclusively by means of an account.

Article 4. Other features.

4.1 Emission and amortization dates.

4.1.1 The Debt to be issued will have the dates of issuance and amortization determined by the Director-General of the Treasury and Financial Policy in the resolution to which the issue is available.

4.1.2 Likewise, the Director may establish, in the resolution at issue, one or more dates on which the State, the holders, or one and the other, may demand the repayment of the Debt before the date of issue. fixed for definitive depreciation, in such a case as to fix the price at which the debt is to be valued for the purposes of depreciation on each of those dates, and the procedure and, where appropriate, the conditions for the exercise of that option in the the case that the same is attributed to the forks.

4.1.3 In securities debt the exercise of the right to early repayment by the State shall be exercised, unless the issue has a special and own more favourable procedure for the holder, as set out in continuation:

(a) The Resolution of the Directorate-General of the Treasury and Financial Policy providing for the early repayment of a State Debt issue shall be published at least two months in advance of the date of that the reimbursement must take place. The submission of invoices for reimbursement will be made within the time limits and by the usual procedures.

(b) In the area of the corresponding agreement, the Banco de España will make public the identification data of the debt whose early repayment has been arranged, in a way analogous to the results of the debt repayment draws Public.

(c) Pursuant to Article 102 (5) of the General Budget Law, the procedure laid down in subparagraphs (a) and (b) above shall apply for the exercise of the option of amortisation. In the case of the State in which the debt is assumed to be the same as the financial burden, unless the method of exercise of the option set out in the original regulation of the issue is more favourable to the holder. Likewise, the conclusion and publication of the results of the redemption draws of the said Deures shall be in accordance with the debt issued by the State, without prejudice to the fact that, where appropriate and no rights of the holders, the procedure applied before the assumption by the State is maintained.

4.2 Issue Procedure. The issuance of State Debt shall be made by the Directorate-General of the Treasury and Financial Policy by one of the following or a combination of the following:

4.2.1 By auction, which will be developed according to the rules made public before the conclusion of the same, among the general public, between authorized colocers or among a restricted group of these that acquire special commitments in respect of the placement of the debt or the functioning of its markets.

4.2.2 By any other technique deemed appropriate according to the type of operation concerned. In particular, it may cede part or all of an issue at an agreed price to one or more financial institutions to ensure their placement. It may also carry out a simple sale or a repurchase agreement of new issues or extensions of existing emissions or securities that the Treasury has on its securities account.

To this end, the Director-General of the Treasury and Financial Policy may formalize with the entity or entities selected or awarded the relevant agreements and contracts. The procedures for the award shall be determined in the same way as those described in Articles 5.4.2. to 5.4.8., as well as the form and extent to which they are applied to the affixing of these emissions as provided for in Article 5 (4). Articles 5.1 and 5.2. and how much is necessary to bring the issue to an end. Also, if it deems appropriate, it may select Entities Agents on the basis of financial criteria, commercial capacity or the strengthening of the debt markets, whose functions will end, pro rata included in their case, with the income of the amount of the issue in the Treasury account at the Banco de España at the date fixed.

4.3 Interest rate and coupon payment.

4.3.1 Treasury bills will be issued at the discount, with their issue price determined either by auction or by the Director General of Treasury and Financial Policy.

4.3.2 State Bonds and Obligations shall be issued with the nominal interest rate determined by the Director-General of the Treasury and Financial Policy. The resolution of the Treasury and Financial Policy Directorate-General for which the issue is available may also provide for the interest rate to be referenced to an index.

The quoted Director General will set the payment dates for each of the interest coupons. In particular, the accrual period of the first post-payable coupon may be increased or reduced in the days necessary for the remaining coupon periods to be complete and the maturity of the last coupon periods to coincide with the date of redemption. final.

The Director-General of the Treasury and Financial Policy may also provide that these securities adopt the form of zero coupon or single coupon or incorporate any special characteristics, such as lots or other occasionally used in these markets. The denomination of the securities may be modified to account for such special forms or characteristics.

The Director-General of the Treasury and Financial Policy may also establish the method of updating both interest and capital in the case of issues referenced to an index.

Article 5. Public subscription procedure for the State Debt.

Without prejudice to the provisions of Article 4.2. precedent:

5.1 Under the relevant Convention, the Banco de España will act as a Public Treasury Agent in the subscription of the State Debt.

5.2 With the exceptions provided for in the Resolutions of the Directorate-General of the Treasury and Financial Policy for which the auctions are to be called, as well as the specific rules governing the activity of figures with a qualified participation in the Public Debt Market, such as the Public Debt Market Creators of the Kingdom of Spain, any natural or legal person may make requests for subscription of the Debt of the State whose issuance is has.

The requests will be considered firm commitments to the acquisition of the requested debt, in accordance with the conditions of the issue, and its non-payment in full on the dates established for this purpose in the regulations of the issue give rise to the requirement of the corresponding liability, or, where appropriate, to the loss of the quantities which are required as collateral, in the form provided for in Article 5.4.8.4.e.)

Requests shall be submitted by participating in the auctions as provided for in Articles 5.3 and 5.4. below or by acquiring the securities in the periods and under conditions to be determined by the Director-General of the Treasury and Financial in accordance with the provisions of Article 4.2.precedent, in any event, the rules established for this purpose are observed.

5.3. Auction calendar.

5.3.1 The Directorate-General of the Treasury and Financial Policy will draw up an annual auction calendar to be published in the Official State Gazette before 1 February of the current year.

They shall have the consideration of ordinary auctions to be held with the periodicity set out in the annual calendar.

5.3.2 Without prejudice to Article 5.3.1. prior to the development of emissions during the year or to the desirability of putting into circulation new forms of State debt or instruments at different time limits within the framework of the rules of procedure, in the light of market conditions, (i) existing, the Director-General may convene special auctions not included in the annual calendar or cancel any of the scheduled ordinary auctions.

5.4 Development of auctions.

5.4.1 Unless the Director-General of the Treasury and Financial Policy establishes a special procedure in the auction call, the procedure to be followed is the procedure laid down in Articles 5.4.2. 5.4.8. next.

5.4.2 The auctions will be convened by Resolution of the Directorate General of the Treasury and Financial Policy, which will be published in the "Official State Gazette".

5.4.3 In both ordinary and special auctions, extensions of previous emissions or new emissions may be put on offer.

5.4.4 Offering classes. -The following offer classes can be formulated:

5.4.4.1 Competitive offerings. They are those in which the price is indicated, expressed as a percentage of the nominal value, which is willing to pay for the debt or the interest rate as the percentage that is requested.

In Treasury bills the price or interest rate shall be expressed as a percentage of three decimal places, the last of which may be any number between zero and nine, both included.

In the auction of Bonds and Obligations of the State the price shall be expressed as a percentage with two decimal places, the last of which may be any number between zero and nine, both included.

In the competitive bids submitted to the auction of Bonds and Obligations of the State, the price that is prepared to be paid for the debt requested will be made excuse, that is, deducted, if any, the amount of the Accrued coupon, and the price to be paid for the debt that is requested shall be the result of adding to the price entered in the offer the amount of the run coupon expressed as a percentage and rounded to two decimal places.

The Director-General of the Treasury and Financial Policy may vary the way the price or the interest rate is expressed in the auctions when it is appropriate because of the time of the asset or because another circumstance so advises. In addition, in the Resolutions for which the Treasury bills are convened, it will be determined whether competitive bids should be expressed in terms of price or interest rate.

Competitive offers that do not specify the price or interest rate, as appropriate, will be considered null and void for all purposes. The Director-General of the Treasury and Financial Policy may limit the number and maximum amount of competitive bids that each participant may present at the auction, as well as set a minimum price or a maximum interest rate to have them for validly submitted to it.

5.4.4.2 Non-competitive bids: These are those in which no price or interest rate is indicated. As a general rule, the maximum nominal amount of the non-competitive claims submitted by each bidder shall not exceed EUR 1 million. The Salarial Guarantee Fund, the Deposit Insurance Fund in banking establishments, the Deposit Insurance Fund in savings banks, the Deposit Insurance Fund in credit unions, the Reserve Fund of the Social security, the Investment Guarantee Fund or any public entity or public holding company determined by the Director-General of the Treasury and Financial Policy, submitting non-competitive petitions for a maximum nominal value of EUR 300 million.

5.4.5 Minimum value of offers.-The minimum nominal amount of offers, competitive or non-competitive, will be EUR 1,000. Requests for higher amounts must be multiples of the minimum amount quoted.

The Director-General of the Treasury and Financial Policy may modify the amounts referred to when appropriate for the period of the asset or when any other circumstances so advise.

5.4.6 Presentation and content of the offerings.

5.4.6.1 Any natural or legal person may submit tenders in the auctions with the exceptions provided for in the Resolutions of the Directorate General of the Treasury and Financial Policy the auctions, as well as the specific regulations governing the activity of figures with a qualified participation in the Public Debt Market, such as the Public Debt Market Creators of the Kingdom of Spain.

5.4.6.2 With the exceptions provided for in the Resolutions of the Directorate-General of the Treasury and Financial Policy for which the auctions are called and the specific rules governing the activity of figures with a qualified participation in the Public Debt Market, such as the Public Debt Market Creators of the Kingdom of Spain, both competitive and non-competitive petitions will be presented at the Banco de España, directly or to through any of the following persons or entities operating in Spain: Banks, Savings Banks, Credit Unions, Companies and Securities and Notaries Agencies. In addition, the Management Companies of Collective Investment Institutions or of Pension Funds and the Management Societies of Carberas registered in the corresponding Official Records may submit requests for subscription of the Debt for the Collective Investment Institutions, Pension Funds or the portfolios they administer.

The entities that receive debt subscription orders will be responsible for carrying out all the necessary formalities at the Banco de España, and must act in the same power at the date and time indicated in the Resolution by the Bank of Spain. that the auction was called. No tenders submitted subsequently shall be admissible.

The host of the requests will observe the procedures that you have established or establish the Banco de España.

5.4.6.3 The tenders shall include the name or social name of the offeror, the number of his national identity or tax identification document, as established, as well as his full address.

5.4.6.4 The bids shall specify the total nominal amount requested in subscription and, in the case of the competitive ones, the price to be paid for the debt or interest rate requested, as indicated in Articles 5.4.4 and 5.4.5 precedents.

5.4.6.5 In the offers presented directly to the Banco de España by natural and legal persons resident in Spain, who are not authorized to operate in the Public Debt Market in Annotations, it will be obligatory as institution would deposit "Banco de Espana-Entidad Gestora de Debt del Estado" with acknowledgement of receipt of the petitions submitted.

5.4.6.6 The requests of the subscribers who are not entitled to account to be filed in the offices of the Banco de España for whom it is not Entity Gestora or Holder of Accounts in the Market of Public Debt in Annotations shall be accompanied by a proof of proof that they have deposited at least 2 per 100 of the nominal requested. In any event, the 2 per 100 of the nominal total requested in all the petitions submitted directly shall be considered as a guarantee within the meaning of Article 5.4.8.4.e. The income must be made in cash, by order of debit in cash flow in the branch of the Banco de España receiving the offer or by cheque, either bank or against current account, extended in favor of the Treasury Public or the Bank of Spain. The income by cheque will be made in advance sufficient time for the Banco de España, with the compensation systems it has established, to be able to verify the good end of the same before the day of the auction resolution, and only when it is The offer shall be given for validly submitted.

The deposits mentioned will be made available to the Director General of the Treasury and Financial Policy and will form part of the payment in the event that the offer is accepted. If the auction is declared deserted or if the offer is not accepted, the previously constituted deposit will be returned to the petitioner. The refund shall be ordered by the Bank of Spain on the first working day following that of the auction resolution, and the entities concerned shall be made available as soon as possible by credit to the current account or savings account specified in the effect.

5.4.7 Minimum content for auction calls.

5.4.7.1 The Resolutions of the Directorate-General of the Treasury and Financial Policy for which auctions are to be held shall determine at least:

a) The issuance and amortization dates of the State Debt that is issued.

b) The date and time limit for filing petitions in the Banco de España's offices.

c) The auction resolution date.

d) The date and time limit for payment of the State Debt awarded in the auctions.

e) The nominal amount of the Debt offered at auction, when the market is wanted to communicate such information before the market, the quantity offered for an auction or for several auctions of the same or different may be established instruments.

(f) The minimum nominal value of bids, when the Director-General of the Treasury and Financial Policy makes use of the powers conferred on it in Article 5.4.5. precedent.

g) The possibility or impossibility of presentation of uncompetitive requests.

h) The special character of the auction, if any.

5.4.7.2 When auctions that are called State Bonds or State Obligations, the Resolutions will determine, if applicable, in addition:

a) Annual nominal interest rate and coupon payment dates.

b) Who and on which date they will have, where appropriate, early repayment option.

(c) The amount of the accrued coupon, if applicable, to the date of disbursement and entry into circulation of the securities, expressed as a percentage and rounded to two decimal places.

d) In the case of either Bond or State Obligations referenced to any index, the applicable index and method of update shall be indicated.

5.4.7.3 In the case of Treasury Letters it must be specified whether competitive bids are formulated in terms of price or interest rate.

5.4.7.4 Resolutions may specify additional conditions, including the validity of offers for compliance.

5.4.8 Resolution of the auctions and publicity of the results.

5.4.8.1 Competition.-The resolution of the auctions will be carried out by the Director General of the Treasury and Financial Policy, on the proposal of a Commission composed of two representatives of the Directorate General of the Treasury and Policy Financial and two representatives of the Banco de España. The first shall include a representative of the Delegated Intervention of the Directorate-General cited.

5.4.8.2 Subscription procedure, criteria, and price.

(a) Applications received and the deadline for submission of requests for each auction, the Director-General of the Treasury and Financial Policy, on a proposal from the Commission referred to in Article 5.4.8.1. above, determine, once the competitive requests of the largest at least price offered, the nominal or effective volume that you want to issue in the auction and the minimum price accepted. For the auctions of Treasury Letters in which tenders are made in terms of interest rates, the classification of tenders shall be made from the lowest to the highest interest rate requested, determining the Director-General the nominal or cash to be issued and the maximum interest rate accepted.

All requests whose offered price is equal to or greater than the accepted minimum or, if they have been formulated in interest rates, those in which the requested interest rate is equal to or less than the accepted maximum, will remain automatically awarded, unless for that minimum price or maximum interest rate it was decided to limit the award. In the latter case, once the nominal amount free of prorate is fixed, a proportional distribution shall be made to the nominal non-exempt of each of these requests.

(b) In the auction of petitions in terms of price, the weighted average price, expressed as a percentage of the nominal value rounded to three decimal places, shall be determined with the accepted competitive bids. If the requests have been formalised in terms of interest rate, the resulting weighted average interest rate shall be determined, expressed as a percentage rounded by default to three decimal places.

(c) The price of the award of the securities shall be determined as follows:

1. Auctions in terms of price. For all requests for which the price offered is equal to or greater than the weighted average price, the award price shall be that average price plus the amount of the coupon referred to in Article 5.4.7.2 (c). of this Order. For all requests for which the price offered is less than the weighted average price and above or equal to the minimum price accepted, they shall be awarded at the price offered, plus the amount of the coupon.

2. Auctions of Treasury Letters made in terms of interest rate. In this case, all requests whose interest rate is less than or equal to the weighted average interest rate shall be awarded at the price equivalent to that average interest rate. Requests where the requested interest rate is greater than the weighted average interest rate and less than or equal to the accepted maximum shall be awarded at the price equivalent to the interest rate requested. For the calculation of the price to be paid for each of the requests awarded, the prices equivalent to the requested interest rates and the weighted average shall be applied to all decimal places, and only for the purposes of publication of the results of the the auctions shall be expressed with three decimal places.

The Director-General of the Treasury and Financial Policy may determine, on a proposal from the Commission referred to in Article 5.4.8.1. that, for the exclusive purposes of calculating the price and the weighted average interest rate, no account is taken of those competitive claims which are manifestly not representative of the market situation in order not to distort competition. result of the auction.

In both types of auctions non-competitive requests will be accepted in full, provided that some competitive request has been accepted, and the price of the award of the securities corresponding to this class of petitions shall be the weighted average price increased by the amount of the coupon or the price equivalent to the weighted average interest rate, as appropriate.

Notwithstanding the foregoing, the Director-General of the Treasury and Financial Policy may establish in the Resolution calling for the auction, an alternative procedure to determine the price of the award of the securities. In particular, it may be used to award the securities to the price corresponding to each offer, increased by the amount of the coupon, or at the price equivalent to the interest rate requested.

Uncompetitive requests, as in the usual auction procedure, will be accepted in full, provided that some competitive request has been accepted, and will be awarded to the weighted average price increased in the amount of the coupon, or the price equivalent to the weighted average interest rate.

5.4.8.3 Advertising of the results of the auction.

(a) The outcome of the auction resolution will be published by the Banco de España and the Directorate General of the Treasury and Financial Policy through the means that are timely determined. The immediate dissemination of results will be carried out in accordance with the procedures which guarantee the highest level of access to them for the usual market operators, in accordance with the usual techniques in the financial markets. The results of the auctions will also be made public through the Resolution of the Directorate General of the Treasury and Financial Policy published in the "Official Gazette of the State".

(b) The publication of the results of the auction shall include at least the nominal amount requested, the nominal amount awarded, the minimum price accepted, the weighted average price of the accepted claims and the interest rate the equivalent cash and the domestic return corresponding to the weighted average and minimum prices accepted from the auctions of Treasury and State Bonds or State Obligations, respectively. The auctions of Treasury Letters in terms of interest rates shall be made public with the nominal amount requested, the nominal amount awarded, the maximum interest rate accepted, the weighted average interest rate of the accepted claims and the prices equivalent to those interest rates.

(c) In Treasury Letters auctions, the equivalent annual cash interest rates and rates shall be calculated by means of the formula:

Here are several images in the original. See the official and authentic PDF document.

provided that the Letters were issued within a period of not less than one calendar year.

When Treasury Letters are issued in excess of a calendar year, the formula will apply

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In both, P is the percentage price corresponding to the offer, the minimum accepted or the weighted average, as the cases, d is the number of days missing until the maturity of the Letters and i is the annual effective interest rate expressed by one.

d) The internal performance corresponding to the accepted minimum price and weighted average price of the State Bond and Obligations auctions shall be determined using the following expressions:

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Where P is the minimum accepted price or weighted average price expressed as a percentage and excusable; R is the annual internal performance corresponding to the minimum accepted and weighted average prices expressed as a percentage; r is the type of performance corresponding to the accrual period of coupons (annual, semi-annual, quarterly, etc.) for such prices, expressed as per one; n is the number of postpayable coupons existing in one year (their value will be 1 in zero or issued coupon issues); Fi is the amount as much per cent of each due interest and/or amortisation; m is the number of interest and/or amortisation maturities up to the end of the amortisation date; qi is the number of full periods of coupon accrual between the date of disbursement and the date of the due date (if this is a zero coupon issue or issued at the discount will be considered annual periods); di is the number of days from the date of disbursement to the date resulting from the subtracting qi periods from coupon to the due date that is computed; the number of days between this date that results from subtracting the coupon periods and the one obtained from subtracting the same a coupon period and C is the run coupon expressed as a percentage and rounded to two decimal places, which shall be calculated according to the following formula:

Here are several images in the original. See the official and authentic PDF document.

Where C is the amount of the coupon run, I is the gross amount of the coupon expressed as per cent, dc are the days from the start of accrual of the coupon to the date of disbursement and dt are the days of the accrual period of the coupon.

Due dates shall be the notional amounts shown in the terms of the issuance, except for the interest and amortisation maturity corresponding to the final redemption date of the issue to be taken as a date. the actual payment date is due.

In the Resolution of the Directorate General of the Treasury and Financial Policy that provides for the issuance of Bonds or Obligations of the State referenced to an index, these formulas may be adapted to the particularities of these values. in accordance with the usual practices in the financial markets.

5.4.8.4 Payment of nominal awarded at auction.

(a) If the presentation was made directly by the offeror at the Banco de España, the payment must be made by entering into the Treasury account in that Bank the difference between the subscription price and the amount entered into account. The income may be made by the means indicated for the minimum income of 2 per 100, before the date and time fixed in the auction call.

(b) If the filing was made by or through the entities or persons referred to in Article 5.4.6.2., the effective amounts of the requests awarded shall be due on the date of disbursement in the current accounts. of cash designated as addresses or, in another case, the presenters will have to enter into the Public Treasury both the amount of their own subscriptions and those of third parties that have been channeled before the date and time indicated for this purpose. on the auction call.

(c) The presenters referred to in Article 5.4.6.2. shall deliver to those who have carried out by their mediation the submission of accepted tenders, at least the amount subscribed by their nominal value and the effective amount to be entered into the Public Treasury account.

d) Another will be done by the Banco de España with respect to the subscribers who made the presentation directly and will place the corresponding notes on the debt awarded to the third-party account of the Bank of the Spain.

e) Any accepted offer which on the date referred to in (a) and (b) above has not been effectively made in its entirety shall be deemed to be cancelled, with a loss of 2 per 100 of the nominal entered as a guarantee of such offer.

Also, all offers made at the auction by the same bidder will be cancelled, with a loss of 2 per 100 for each. The amount of such guarantees shall be entered into the Treasury account.

Article 6. Other rules.

6.1 Prorrating.

6.1.1 When, once the minimum price accepted at the auction is fixed, the total nominal amount of the tenders submitted at or above the price exceeds the amount fixed by the Director-General of the Treasury and Policy Financial for the same, it will be carried out pro-rata. This will only affect the offers made at the minimum price accepted. The same procedure will be followed for offers made in terms of interest rate, affecting the prorating in this case only to offers made at the maximum accepted rate.

6.1.2 They shall be exempt from prorate, in all cases, except in the second round of the auctions, the subscription requests as soon as their nominal amount does not exceed 10,000 euros, which will be reduced, if any, in the amount necessary to ensure that the total amount issued does not exceed the amount set by the Director-General of the Treasury and Financial Policy in the resolution of the auction.

6.1.3 When the application of the pro-rata coefficient to a request the resulting amount is not a multiple integer of the minimum amounts set out in Article 5.4.5 of this Order, it shall be adjusted by rounding by defect.

6.1.4 The Director-General of the Treasury and Financial Policy may amend the pro-rata system described in the preceding Articles where the characteristics of the emission procedure to which it is to be applied are not use that system.

6.1.5 When the pro-rata is necessary, without prejudice to the provisions of Article 4.2 of this Order, the Bank of Spain shall do so. If the procedure for the creation of the Debt prevents the use of the system described in Articles 6.1.2. and 6.1.3. precedents and the Director-General of the Treasury and Financial Policy has not established another one, the Bank shall carry out the pro-rata applying as soon as possible the principle of proportionality between the nominal requested and awarded.

6.2 Following instructions from the Directorate General of the Treasury and Financial Policy, the Banco de España will disseminate the content of the Resolutions establishing the conditions for the emissions from the auction of the of the Treasury, of State Bonds or of State Obligations, as well as of the result thereof, by means of advertisements in the media, or dissemination of information to the markets and in their own offices. The cost of the same will be charged as an issue cost, giving up your account in the form established and in conjunction with the remaining expenses. The Directorate-General may itself carry out the dissemination in the aforementioned media and in the Official Gazette of the State, in which case the Banco de España would limit the dissemination it will carry out to its own resources. In any case, the use of means which, within the necessary agility, will facilitate the equal access of operators to the information shall be sought.

6.3 Payment of interest and repayments for amortization.

6.3.1 Payment for amortisation of Treasury Letters, including implied interest, shall be made in accordance with the provisions of the first, second and third items of the Order of the Ministry of Economy and Finance July 19, 1985. The procedure laid down in general in Article 15 of the Order of the Ministry of Economic Affairs and Finance of 19 May 1987 shall therefore not apply.

6.3.2 The payment of interest and the repayment of the Bonds and Obligations to be issued shall be carried out in accordance with the procedure laid down in Article 15 of the Order of 19 May 1987.

6.4. Accounting for operations and expenses.

6.4.1 The income and expenses incurred by the issuance and repayment of the State Debt to which this Order relates and other related items shall apply to the State Budget as provided for in Article 96 of the Law. General Budget. The expenditure shall apply to the budget in force for the programmes 951M and 951N.

6.4.2 The Banco de España will account for the operations and expenses incurred on behalf of the Public Treasury, as long as its Agent in the negotiation and management of the State Debt, duly justifying it to the Directorate General of the Treasury and Financial Policy.

Article 7. Delegation of powers.

Be delegated to the Director-General of the Treasury and Financial Policy:

7.1 The power to agree, dispose and make all expenses, including advertising and promotion, that originates the issuance of Debt authorized by this Order or that may be issued or contracted under the the powers delegated to it, and the relevant power of recruitment, irrespective of the amount, without prejudice to the functions which correspond to the Board of Contracting of the Central Services of the Ministry of Economic Affairs and Hacienda as set out in Order EHA/332/2004, which sets up the Single Procurement Bureau and the Contracting Board of the Central Services of the Ministry of Economy and Finance.

7.2 The powers granted to the Minister for Economic Affairs and Finance by Articles 63.1 and 95 of the General Budget Law, as regards the appropriations of Section 06 "Public Debt".

The General Budget Directorate will be given the credit modifications authorized in use by this delegation.

7.3 The powers granted to the Minister for Economic Affairs and Finance by Articles 94, 98, 99 and 102 of the General Budget Law as soon as they relate to State debt instruments in euro and foreign currency, within and in the In the case of the issue of securities, the provision of loans or other operations, without prejudice to the provisions of Order EHA/2393/2006 of 14 July 2006 governing the procedures for the coordination of the credit and other short-term financing operations as well as medium and long-term loans on the part of the of the Directorate General of the Treasury and Financial Policy. In the case of operations on Treasury Letters and Bonds and Obligations of the State, this Order will be included in this Order.

7.4 The powers to authorise the concessionaires of national toll motorways to pay for emissions and the concertation of loans, as provided for in clauses 32 and 33 of the specification for the concession, conservation and exploitation of motorways under concession, approved by Decree 215 /1973 of 25 January.

7.5 The powers granted to the Minister of Economy and Finance by Article 52 of the State General Budget Law for 2009, concerning the debt assumption of the Public Ente Radiotelevisión Española.

Article 8. Authorizations.

8.1 According to the provisions of Article 108.2 of Law 47/2003, of 26 November, General Budget, in order to facilitate the management of the treasury of the State, the General Directorate of the Treasury and Policy is authorized Financial to perform double and double sales operations, also called simultaneous.

These simultaneous transactions must be performed on securities entered in the accounting record managed by "Sociedad de Gestión de los Sistemas de Registro, Compensation y Liquidación de Valores, S.A. Unipersonal" and whose valuation it shall be the same as that applied by the Banco de España in its intervention operations at an equivalent time limit.

Such double sales transactions shall be awarded through auctions which shall be regularly convened by the Directorate-General of the Treasury and Financial Policy by means of a Resolution in which at least the following shall be determined: extremes:

a) The requirements that the entities must meet in order to formulate requests at the auction.

(b) The debt securities of the State which may be the subject of simultaneous transactions at each auction. However, the other securities referred to in Article 108.2 of Law 47/2003 of 26 November of 26 November, General Budget, shall also be the subject of the other securities referred to in the Resolution by which the auction is convened, the Director-General of the Treasury and Financial Policy determine that the high balances foreseen in the Treasury account at the Banco de España, the shortage of State Debt available on the market and/or market circumstances will recommend it.

c) The deadline for concurrent operations to be performed.

These simultaneous operations shall be formalised with the financial institutions which have been awarded at the auctions, without prejudice to the possibility of the provision of services to be agreed in the framework of such operations. the management of guarantees on behalf of the public treasury by central counterparties or the like.

8.2 According to the provisions of Article 108.2 of Law 47/2003 of 26 November, General Budget, in order to facilitate the management of the treasury of the State, the General Directorate of the Treasury and Policy is authorized Financial to carry out other operations with repurchase agreements and, in general, temporary acquisition of assets, as well as operations supported by financial guarantee agreements, under the regulations of other European Union States, that have by High quality securities traded on regulated markets.

These operations shall be awarded through auctions to be convened by the Treasury and Financial Policy Directorate-General by means of a Resolution in which at least the following shall be determined:

(a) The requirements that the entities must meet in order to make requests at the auction. Such entities shall in any event have the status of Treasury Letters Market Creators.

(b) The values on which such operations may be performed. The Directorate-General of the Treasury and Financial Policy may require conditions to ensure the solvency and liquidity of these securities, such as a minimum credit rating granted by the principal rating agencies and/or a balance in minimum circulation of the reference on regulated markets.

The operations referred to in this paragraph shall be formalised with the market Creators of Treasury Letters which have been awarded to the auctions, without prejudice to the fact that they can be agreed, in the framework of those auctions, the provision of services for the management of guarantees on behalf of the public treasury by central counterparties or the like.

8.3 With the same purpose as the one mentioned in the previous articles, the General Directorate of the Treasury and Financial Policy is authorized to carry out active lending operations. These operations may be contracted with other States of the European Union or with entities that enjoy the express guarantee of those, or with the group of Treasury Letters Market Creators. In these operations, this Directorate-General shall take appropriate measures to diversify and control the counterparty risk, and may establish minimum solvency requirements.

Where appropriate, the operations shall be awarded through auctions to be convened by the Directorate-General of the Treasury and Financial Policy by means of a Resolution in which the terms and conditions of the operations are to be determined.

8.4 Moreover, in accordance with Article 108.3 of Law 47/2003 of 26 November, General Budget, the assets provided for in Article 108.2 that would have been the subject of a guarantee in favour of the Banco de España, The provisions of the additional provision in the sixth of Law 13/1994 of 1 June 1994 of the Autonomy of the Banco de España may be applied temporarily by the holders of the active lending operations of the Directorate-General of the Treasury and Financial policy of the State implemented through the Banco de España. To this end, the conditions laid down in that Article 108.3 must be met.

8.5 The Directorate-General of the Treasury and Financial Policy is authorized to negotiate and formalize the relevant contracts with the entities mentioned in the foregoing articles, and may agree to submit to arbitration or to the referral to foreign legislation or courts, in accordance with the rules and clauses customary in the financial markets, provided that the provisions of Article 23 of Law 47/2003 of 26 November, General Budget, are observed.

The expenses relating to the State treasury management operations that are authorized will be dealt with under Section 06 "Public Debt" of the State Budget in force.

Single end disposition. Authorizations.

The Directorate-General of the Treasury and Financial Policy is hereby authorized to adopt the measures and resolutions required by the implementation of this Order.

Repeal provision. Effects.

This Order shall have effect from the day following that of its publication in the Official Gazette of the State. From that date, the Order of 10 January 2008 will be without effect, with the creation of State Debt in 2008 and January 2009 and certain powers delegated to the Director General of the Treasury and Policy. Financial, except as regards the issuance of State Debt during January 2009.

Madrid, December 29, 2008. -Deputy Prime Minister of the Government and Minister of Economy and Finance, Pedro Solbes Mira.