Resolution Of 18 September 2015, Of The General Directorate Of The Treasury And Financial Policy, Amending The Annex 3 Of The Resolution Of 31 July 2015, Which Defines Applicable Financial Prudence To The...

Original Language Title: Resolución de 18 de septiembre de 2015, de la Secretaría General del Tesoro y Política Financiera, por la que se modifica el anexo 3 de la Resolución de 31 de julio de 2015, por la que se define el principio de prudencia financiera aplicable a las...

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Read the untranslated law here: http://www.boe.es/buscar/doc.php?id=BOE-A-2015-10085

Resolution of 31 July 2015, of the General Directorate of the Treasury and financial policy which defines the principle of prudence finance applicable to the operations of debt and derivatives of the autonomous communities and local entities, points out in point 4 of annex 3, "in the case of operations implemented in values, the maximum differential permitted shall be fixed each operation by a report of the General Directorate of the Treasury and financial policy taking into account the market situation and the characteristics of the operation. In the case of issuances of the autonomous communities, the report will be incorporated into the mandatory report that, according to the agreement of the Council of 6 March 2003 financial, and Fiscal policy must be issued by the General Directorate of the Treasury and financial policy for all those operations that require authorization of borrowing by the State, according to article 14 of law 8/1980 «, of 22 September, financing of the communities ".

However, it has been confirmed that, in some cases, the required authorization of borrowing by the State referred to in the preceding paragraph and which materializes through the corresponding agreement of Council of Ministers, forwards turn to «resolution of 5 September 2014, of the General Directorate of the Treasury and financial policy by which the principle of prudence finance, applicable to operations of indebtedness of the common regime autonomous communities and cities with statute of autonomy which will accept the line of funding direct ICO-CCAA 2012 and the regional liquidity Fund and the regulations which, in his case, the substitution is defined.

Since the aforementioned resolution of 5 September of 2014, has been replaced by a new resolution dated July 31, 2015, it is necessary to modify the latter in order to realize the maximum differential allowed for short term borrowing operations implemented in values.

For all of the above, the General Secretariat has resolved: unique article. Modification of resolution of 31 July 2015, of the General Directorate of the Treasury and financial policy, which defines the principle of financial prudence, applicable to the operations of debt and derivatives of the autonomous communities and local entities.

Amending Annex 3 of the decision of July 31, 2015, of the General Directorate of the Treasury and financial policy, which defines the principle of financial prudence on the operations of debt and derivatives of the autonomous communities and local entities, which is worded as follows: "annex 3 differential maximum on the cost of financing of the State and other financial conditions applicable to the operations of indebtedness of autonomous communities and local entities

1. for autonomous regions, differential maxima on the cost of financing of the State will be: a. for the autonomous communities attached to the financing fund to autonomous communities: i. operations not implemented in securities whose maturities are covered by the Fund's financing to autonomous communities: 20 basis points.

II. operations whose maturities are not covered by the Fund's financing to autonomous communities: 30 basis points.

b. for not adhering to the financing fund to autonomous communities autonomous communities: i. operations in the long run not instrumented values: 40 basis points.

II. operations in the short term: 30 basis points.

2. for local entities, differential maxima on the cost of financing of the State will be: i. operation not implemented in securities whose maturities are covered by the Fund's financing to local authorities: 20 basis points.

II. operation not implemented in securities whose maturities are not covered by the Fund's financing to local authorities: a. operations organised by local entities that fulfil the conditions of eligibility to the bottom of economic momentum: 40 basis points.

b. operations organised by local entities which do not meet the conditions of eligibility to the Fund's economic boost: 75 basis points.

3. for the autonomous communities and local entities, in the case of operations of indebtedness with a half-life exceeding 10 years, maximum differentials set out in points 1 and 2 above, is may increase in a basic point per additional year, up to a maximum of 15 additional basis points.

4. in the case of operations in the long run instrumented values, maximum differential shall be fixed in each operation by a report of the General Directorate of the Treasury and financial policy taking into account the market situation and the characteristics of the operation. In the case of issuances of the autonomous communities, the report will be incorporated into the mandatory report that, according to the agreement of the Council of 6 March 2003 financial, and Fiscal policy must be issued by the General Directorate of the Treasury and financial policy for all those operations that require authorization of borrowing by the State, according to article 14 of law 8/1980 , 22 September, financing of the communities.

5 average less than or equal will have consideration of short-term operations those with a life to 12 months.

6. to the maximum rates described in points 1, 2 and 3 above, may be accompanied by only the following commissions: a. Commission of non-availability of credit policies, limited to no more than 0,10% annual.

b. Agency Commission for unionized operations, with a maximum of €50,000 per year.

7 interest on late payments shall not exceed the operation more interest rate surcharge of 2% a year.»

Sole final provision. Efficiency.

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

Madrid, 18 September 2015.-the General Directorate of the Treasury and financial policy, Rosa María Sánchez-Yebra Alonso.