Advanced Search

Resolution Of 7 July 2015, Of The General Directorate Of The Treasury And Financial Policy, By Which Updates Annex 1 Of The Resolution Of February 5, 2015, That Is Defined The Principle Of Financial Prudence, Applicable To The Ope...

Original Language Title: Resolución de 7 de julio de 2015, de la Secretaría General del Tesoro y Política Financiera, por la que se actualiza el anexo 1 de la Resolución de 5 de febrero de 2015, por la que se define el principio de prudencia financiera aplicable a las ope...

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$40 per month.

TEXT

The Resolution of 5 February 2015, of the General Secretariat of the Treasury and Financial Policy, defining the principle of financial prudence applicable to debt transactions and derivatives of entities (a) local authorities, and of the autonomous communities benefiting from the Fund for the Financing of Autonomous Communities, set out in their third article that " the maximum total cost of borrowing operations, including commissions and other expenditure, except for (a) the Commission shall, in accordance with Article 4 (3) of this Article, not exceed the cost of financing the State; the time limit for the operation, increased in the differential corresponding to the type of administration, as defined in the following paragraph.

The autonomous communities, and those local entities that have their own valuation tools or independent external advice, will determine at the time of the operation the cost of Treasury financing on the basis of the the methodology set out in Annex 2 to this Resolution. The remaining local entities, in order to know the cost of financing the State for each period, shall use the fixed rate table or the applicable maximum differentials for each reference that it publishes monthly, by Resolution, the Secretariat Treasury General and Financial Policy. 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 will be published, which will replace Annex 1 included in the Resolution of 5 February 2015.

Madrid, July 7, 2015. -Secretary General of the Treasury and Financial Policy, Rosa María Sánchez-Yebra Alonso.

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 5 February 2015, of the General Secretariat of the Treasury and Financial Policy

10

11

operation life (months)

Maximum fixed rate

Maximum different over euribor 12 months

Maximum number of Euribor 6 months

Maximum amount over euribor 3 months

Differential maximum over euribor 1 month

1

2

2

5

3

0.00

1

9

4

0.00

2

10

5

0.02

3

11

6

0.05

 

0

6

7

0.07

15

8

0.09

2

8

16

9

0.11

4

10

18

11

19

0.13

6

12

20

13

0.14

− 4

22

14

− 5

6

14

23

23

15

0.16

− 4

7

16

24

16

0.18

− 2

9

17

26

17

0

19

28

19

28

18

0.24

4

15

23

19

0.28

7

18

27

35

20

0.31

10

21

29

38

21

0.34

12

23

31

40

14

25

34

23

0.39

16

27

36

44

24

18

18

38

47

36

0.69

38

49

58

68

48

1.00

57

69

79

89

60

78

90

99

109

109

72

1.62

90

102

111

121

84

1.88

101

112

122

132

96

2.09

108

120

129

139

108

2.28

115

126

135

145

120

2.36

112

123

132

142

132

2.52

117

129

138

144

2.64

122

134

143

153

156

2.76

127

138

147

158

168

2.83

128

139

148

158

180

2.87

125

137

146

156

192

2.92

128

139

148

158

204

2.98

130

142

151

161

216

3.04

134

145

154

164

228

3.09

137

149

158

168

240

3.15

141

152

161

171

3.21

144

156

165

175

264

3.25

147

158

167

276

3.27

149

160

169

179

288

3.29

150

161

170

180

300

3.31

151

162

171

182

312

3.34

154

165

174

184

324

3.37

156

168

177

187

336

3.40

159

170

179

190

348

3.43

162

173

182

192

≥360

3.46

165

176

185

195

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.

Fixed interest rates and maximum differential rates applicable for transactions whose exact average life is not published in this table shall be subject to linear interpolation between the two closest types or spreads. the average time of the transaction. For these fixed or differential interest rates on euribor, the maximum spreads contained in Article 3 (2) of the Resolution of 5 February 2015, of the General Secretariat of the Treasury and Financial Policy, may be applied.