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Resolution Of 11 January 2016, The General Direction Of The Treasury, By Which Updates Annex 1 Included In The Resolution Of 31 July 2015, The General Directorate Of The Treasury And Financial Policy, Which Is Defined The Princip...

Original Language Title: Resolución de 11 de enero de 2016, de la Dirección General del Tesoro, por la que se actualiza el anexo 1 incluido en la Resolución de 31 de julio de 2015, de la Secretaría General del Tesoro y Política Financiera, por la que se define el princip...

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TEXT

The Resolution of 31 July 2015, of the General Secretariat of the Treasury and Financial Policy, defining the principle of financial prudence applicable to the operations of indebtedness and derivatives of the communities (a) the extent of the total cost of borrowing operations, including fees and other expenditure, except the fees referred to in Annex 3, shall not exceed the cost of financing the Status of the average time of the transaction, increased by the corresponding differential as per set out in Annex 3 to this resolution.

The Autonomous Communities and Local Entities that have their own valuation tools or independent external advice will be able to determine at the time of the transaction the cost of Treasury financing on the basis of the methodology contained in Annex 2 to this resolution.

The rest of the Administrations, in order to know the cost of financing the State in each medium term, will use the table of fixed rates or the applicable maximum differentials for each reference that I publish monthly, by means of Resolution, the Directorate-General of the Treasury. The maximum published costs shall remain in force for as long as no new costs are published. "

According to that obligation to update the cost of State funding on a monthly basis, a new Annex 1 is published.

Madrid, January 11, 2016. -Director General of the Treasury, José María Fernández Rodríguez.

ANNEX 1

Fixed and differential interest rates on the cost of State financing for the purposes of compliance with the third paragraph of the Resolution of 31 July 2015, of the General Secretariat of the Treasury and Financial Policy

of the operation

-

(Months)

7

Maximum fixed rate

Maximum different over euribor 12 months

Maximum different over euribor 6 months

Maximum Differential Over Euribor 3 Months

Maximum Differential Over euribor 1 month

1

-0.26

1

2

-0.24

2

3

-0.22

4

4

-2

8

-0.13

3

14

-0.11

-7

5

15

7

17

8

-0.09

 

-2

9

19

9

10

20

10

-0.09

-1

11

21

11

-0.08

0

12

22

12

-13

1

12

23

13

-0.06

-11

2

14

25

14

-0.05

-9

4

16

27

15

-0.03

-7

17

29

16

-0.02

-6

7

19

30

-0.01

-5

8

20

31

-0.01

-5

8

19

31

19

-0.01

-6

7

19

30

20

-0.01

-6

7

19

30

21

0.00

-5

8

19

31

22

0,00

-5

8

20

31

23

0.01

-4

9

21

32

24

0.03

-2

11

23

34

36

6

6

31

43

43

48

0.45

21

34

46

59

60

0.71

33

45

58

70

72

0.91

40

52

64

77

84

1.17

52

64

76

89

96

1.39

61

73

84

1.61

70

82

93

105

120

1.75

73

85

96

108

1.88

77

88

100

112

144

2.02

82

93

104

117

156

85

97

108

108

121

168

2.24

88

99

111

123

180

2.32

90

101

113

125

192

91

102

113

126

204

2.43

93

104

116

128

216

2.50

97

109

120

132

228

2.58

102

113

124

137

2.65

106

118

129

141

252

2.73

110

122

133

264

2.77

113

125

136

148

276

2.80

116

128

139

151

288

2.84

119

130

141

154

300

2.87

121

133

144

157

312

2.90

124

136

147

159

324

2.92

126

138

149

161

336

2.95

128

140

151

163

348

2.96

130

142

153

165

≥360

2.97

131

143

154

166

Fixed interest rates and maximum applicable differential rates for operations whose exact average life is not published in this table shall be subject to linear interpolation between the two most different types or spreads. close to the average time of the operation.

On these fixed or differential interest rates on euribor, the maximum spreads contained in Annex 3 to the Resolution of 31 July 2015, of the General Secretariat of the Treasury and Financial Policy, may be applied, as amended by the Resolution of 18 September 2015, of the General Secretariat of the Treasury and Financial Policy, amending Annex 3 to the Resolution of 31 July 2015 defining the principle of financial prudence applicable to debt transactions and derivatives of the autonomous communities and local entities.