The Resolution of 31 July 2015, of the General Secretariat of the Treasury and Financial Policy, defining the principle of financial prudence applicable to debt transactions and derivatives of the Communities Autonomous and Local Entities, points out in point 4 of Annex 3 that, " in the case of transactions in securities, the maximum differential allowed shall be fixed in each operation by means of a report by the General Secretariat of the Treasury and Financial taking into account the market situation and the particularities of the transaction. In the case of issues of securities of the Autonomous Communities, this report shall be incorporated in the report which, according to the Agreement of the Fiscal and Financial Policy Council of 6 March 2003, is to be issued by the General Secretariat of the Treasury and Financial Policy for all operations that require the authorization of debt by the State, according to Article 14 of Organic Law 8/1980, of 22 September, of financing of the Communities ".

However, it has been found that, in some cases, the mandatory debt authorisation by the State referred to in the preceding paragraph, and which materializes through the corresponding Agreement of Council of Ministers, in turn refers to the " Resolution of 5 September 2014, of the General Secretariat of the Treasury and Financial Policy, defining the principle of financial prudence, applicable to the borrowing operations of the Autonomous Communities of common rules and cities with Autonomy Statute to be attached to the line of direct financing ICO-CCAA 2012 and the Fund for Autonomic Liquidity and in the rules which, if applicable, replace it. "

Since the aforementioned Resolution of 5 September 2014, has been replaced by a new Resolution dated 31 July 2015, it is necessary to modify the latter in order to achieve the maximum permitted differential for short-term borrowing operations that are instrumented in securities.

For all of the above, this General Secretariat has resolved:

Single item. Amendment of the Resolution of 31 July 2015, of the General Secretariat of the Treasury and Financial Policy, defining the principle of financial prudence applicable to debt transactions and derivatives of communities Local authorities and entities.

Annex 3 to the Resolution of 31 July 2015, of the General Secretariat of the Treasury and Financial Policy, defining the principle of financial prudence applicable to borrowing and lending operations is hereby amended. derivatives of the autonomous communities and local entities, which is worded as follows:

" ANNEX 3

Maximum spreads on the cost of State financing and other financial conditions applicable to the borrowing operations of Autonomous Communities and Local Entities

1. For the Autonomous Communities, the maximum differentials on the cost of State funding will be:

a. For the Autonomous Communities attached to the Fund for the Financing of Autonomous Communities:

i. Non-performing transactions in securities whose maturities are covered by the Financing Fund for Autonomous Communities: 20 basis points.

ii. Operations whose maturities are not covered by the Fund for Autonomous Communities: 30 basis points.

b. For the Autonomous Communities not attached to the Fund for the Financing of Autonomous Communities:

i. Non-instrumented long-term operations: 40 basis points.

ii. Short-term operations: 30 basis points.

2. For Local Entities, the maximum differentials on the cost of State funding will be:

i. Non-instrumented transactions in securities whose maturities are covered by the Local Entities Financing Fund: 20 basis points.

ii. Non-instrumented transactions in securities whose maturities are not covered by the Financing Fund to Local Entities:

a. Concerted operations by Local Entities that meet eligibility conditions to the Economic Boost Fund: 40 basis points.

b. Operations concerted by Local Entities that do not meet eligibility conditions to the Economic Impulse Fund: 75 basis points.

3. For the Autonomous Communities and Local Entities, in the case of debt transactions with an average life of more than 10 years, the maximum differentials set out in points 1 and 2 above may be increased at a basic point. for additional year, up to a maximum of 15 additional basis points.

4. In the case of long-term transactions in securities, the maximum permitted spread shall be fixed in each operation by means of a report by the General Secretariat of the Treasury and Financial Policy taking into account the market situation and the particularities of the operation. In the case of issues of securities of the Autonomous Communities, this report shall be incorporated in the report which, according to the Agreement of the Fiscal and Financial Policy Council of 6 March 2003, is to be issued by the General Secretariat of the Treasury and Financial Policy for all operations that require the authorization of debt by the State, according to Article 14 of Organic Law 8/1980, of 22 September, of financing of the Communities.

5. They shall be considered for short-term operations with an average life of less than or equal to 12 months.

6. For the maximum rates described in points 1, 2 and 3 above, only the following commissions may be added:

a. Commission of non-availability in credit policies, limited to a maximum of 0.10% per year.

b. Agency commission for syndicated operations, with a maximum of 50,000 € per year.

7. Interest on late payment may not exceed the interest rate of the operation plus a surcharge of 2% per year. '

Single end disposition. Effectiveness.

This resolution will produce effects from the day of its publication in the "Official State Gazette".

Madrid, September 18, 2015. -Secretary General of the Treasury and Financial Policy, Rosa María Sánchez-Yebra Alonso.