Resolution Of September 4, 2015, The General Direction Of The Treasury, By Which Updates Annex 1 Of The Resolution Of July 31, 2015, Of The General Directorate Of The Treasury And Financial Policy, Which Defines The Principle Of...

Original Language Title: Resolución de 4 de septiembre de 2015, de la Dirección General del Tesoro, por la que se actualiza el anexo 1 de la Resolución de 31 de julio de 2015, de la Secretaría General del Tesoro y Política Financiera, por la que se define el principio de...

Read the untranslated law here: http://www.boe.es/buscar/doc.php?id=BOE-A-2015-9675

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 established in its third paragraph to 'the maximum total cost of borrowing operations, including commissions and other charges except commissions mentioned in annex 3, it shall not exceed the cost of State funding in the middle of the operation term, increased in the differential that corresponds as set out in annex 3 of this resolution.

The autonomous communities and local entities that have proprietary assessment tools or independent external advice may determine at the time of the operation cost of financing from the Treasury on the basis of the methodology contained in annex 2 of this resolution.

The rest of administrations, to know the cost of each medium-term State funding, will use the table of fixed rates or the differential applicable maximum on each reference published monthly, by a decision, the General direction of the treasure. The published maximum cost shall remain in force while not publish new costs».

According to the obligation of update monthly of the cost of financing of the State to every term, is publishes a new annex 1.

Madrid, 4 September 2015.-the General Director of the Treasury, José María Fernández Rodríguez.

ANNEX 1 types of fixed and interest differentials in the cost of financing of the State for the purpose of compliance with paragraph third from the resolution of July 31, 2015, of the General Directorate of the Treasury and policy financial half-life of operation (months) fixed-rate maximum differential maximum on euribor 12 months differential maximum on euribor 6 months differential maximum on euribor 3 months maximum on euribor 1 month 1 differential - 0.09 2 3 - 0.07 - 4 4 5 - 0,02





 





 





2





9






6





0,00





 





–4





4





11






7





0,01





 





–3





5





13






8





0,02





 





–2





6





14






9





0,03





 





–1





6





14






10





0,03





 





–1





6





14






11





0,04





 





–1





7





15






12





0,04





–12





0





8





15






13





0,04





–13





–1





7





15






15





0,04





–14





–1





7





16






16





0,06





–12





1





9





18






17





0,09





–10





3





11





20






18





0,11





–8





4





13





21






19





0,12





–7





5





14





22






20





0,13





–6





6





15





23






21





0,14





–6





7





15





24






22





0,15





–6





7





16





25






23





0,16





–6





7





16





26






24





0,19





–4





10





19





28






36





0,47





15





29





39





49






48





0,74





30





43





53





64






60





1,07





48





62





72





82






72





1,33





60





73





83





94






84





1,60





73





86





96





106






96





1,82





82





96





105





116






108





2,02





89





102





112





122






120





2,11





87





100





110





120






132





2,28





95





108





117





128






144





2,40





100





113





122





133






156





2,51





105





118





127





137






168





2,57





104





118





127





137






180





2,64





106





119





128





138






192





2,69





107





120





129





140






204





2,74





109





122





131





142






216





2,80





113





126





135





145






228





2,85





116





130





139





149






240





2,91





120





133





142





153






252





2,97





124





137





146





156






264





3,02





127





140





149





160






276





3,05





130





143





152





163






288





3,09





133





146





156





166






300





3,13





136





150





159





169






312





3,16





139





152





161





172






324





3,17





140





153





162





173






336





3,18





141





154





164 174 348 3.19 142 156 165 175 ≥360 3.20 144 157 166 176 interest rates differential and fixed maximum applicable to operations whose exact half life is not posted in this table shall be found by linear interpolation between the two types or spreads closer to the average operation time.

On these differentials or fixed interest rates on euribor, differential maximums contained in annex 3 of resolution of 31 July 2015, the General Directorate of the Treasury and financial policy may be applied.