Resolution Of June 16, 2015, Of The General Directorate Of The Treasury And Financial Policy, By Which Establish The General Conditions Applicable To The Operations Of Placement Of Balances On Accounts Paid In Entities Dis Treasurers...

Original Language Title: Resolución de 16 de junio de 2015, de la Secretaría General del Tesoro y Política Financiera, por la que se establecen las condiciones generales aplicables a las operaciones de colocación de saldos en cuentas tesoreras remuneradas en entidades dis...

Read the untranslated law here: http://www.boe.es/buscar/doc.php?id=BOE-A-2015-6709

PREAMBLE article 108.2 from the Law 47/2003, of 26 November, General budget establishes that, in order to facilitate management Treasurer of funds from the public Treasury, the Minister of economy and competitiveness may authorize the General Directorate of the Treasury and financial policy to perform operations in the short term of placement of funds in accounts treasurers in conditions that materialize in the authorization.

In that sense, the order ECC/4/2015, of 13 January, by which the creation of government debt has during the year 2015 and 2016 January, in its article 19.3, authorizes to «the General Directorate of the Treasury and financial policy to perform operations of deposit placement of balances in accounts and term treasurers remunerated in bodies other than the Bank of Spain ".

According to it planned in them cited provisions, the present resolution sets them conditions General to which is subject them operations, as well as the procedure of them auctions for the consultation of them same, replacing to the resolution of 23 of mayo of 2014. Introduced a series of modifications that allow to adapt to the reality of the operations and the current context of markets:-the rate of interest of the operations will always be fixed.

-The bid minimum of the 10% affects only to the request with type more elevated and not to the successive.

-The date of payment of monthly interest passes to the first working day of the following month.

-15th paragraph referred to non-compliance is modified in its entirety.

On the basis of the above, the Secretary-General has resolved: first. Object.

The present resolution sets them conditions General that is apply to them operations of placement of balances in accounts treasurers paid in entities financial different of the Bank of Spain that the Secretariat General of the treasure and political financial concert with the purpose of manage their Treasury.

Also, this resolution collects the procedure by which is develop and solve them auctions that is inviting for the realization of these operations.

Conditions of operations and the second counts. Description of the operations.

The operations consist of the placement of balances on accounts paid ownership of the Treasury which will open financial institutions resulting in the corresponding auction awarded.

During the term of each operation the appropriate balance will be transferred to the accounts paid all the working days once completed the cycle of payments from the public Treasury, and must be returned the next business day by entities to the account in the Bank of Spain, designated by the General Directorate of the Treasury and financial policy.

Third party. Time of the operations.

The General Directorate of the Treasury and financial policy will determine the resolution's call for the term of operations.

Operations will start and will always expire on business day. For these purposes, will be non-working days that have this consideration in the calendar of the city of Madrid or in the calendar of TARGET2.

Room. Type of interest.

The operations are remunerated to the type of interest offered by the entities awarded.

The interest rate will be fixed.

In the event that are accepted several requests of an entity, the type of interest of the operation will be the resulting of make it half weighted of them types or differential offered in each request accepted, expressed in percentage with three decimals and rounded by equidistance to the stands (according to is sets in the paragraph eleventh of this resolution).

The interest is accrued for each elapsed calendar day and the balance placed at the end of the same, and shall be calculated according to the ACTUAL/360 rule.

Fifth. Accounts current.

To carry out the operations described in this resolution, it is necessary to keep open a current account with the NIF of the General Directorate of the Treasury and financial policy in the name of the public Treasury.

Those entities enabled for tender in the auctions that not have of such has may urge to the Secretariat General of the treasure and political financial to celebrate the contract of opening of has, that is adjusted to the model attempted by this.

The accounts used should be open in Spain and may not used another operative to the derivative of the application of the conditions laid down in this resolution and of the call for proposals of the corresponding auction.

Expired operations that have resulted in the opening of accounts, institutions will keep open accounts for future operations in the framework of this resolution.

These accounts are excluded from the right to compensation and shall be entitled to the benefit of public funds imprescriptible laid down in article 23 of the Law 47/2003, of 26 November, General budget.

In the event that so is requested by the Secretariat General of the treasure and political financial, the entities awarded will offer the service of banking electronic in mode consultation for the access to the information on balances and movements of them accounts.

Sixth procedure for the conclusion and execution of operations. Procedure.

Operations shall cooperate with the entities that awarding auctions convened by the General Directorate of the Treasury and financial policy (liquidity auctions). Resolutions call for proposals will be published in the «Official Gazette».

The agent bank functions will be exercised by the Bank of Spain, and through regular communications between the General Directorate of the Treasury and financial policy and the bidding entities will take place.

Seventh. Call.

The resolution's call for each auction will indicate: to) the date of conclusion of the auction.

(b) the period of operations.

(c) where appropriate, other additional conditions or specialties that are applicable to the auction or operations.

Eighth. Bidding entities.

They may participate in the auction all financial entities that have cash account in TARGET2-Bank of Spain payments module and which meet one of the following requirements: 1. be counterparties of the Bank of Spain in its adjustment of monetary policy operations.

2. have been authorized by the Secretariat General of the treasure and political financial, prior request, by have of a high level of solvency and of them media technical, human and capacity operational appropriate for operate in the markets of funding to short term. The Secretariat General of the Treasury and political financial seek of the Bank of Spain them reports timely on the compliance of such requirements.

Prior to the participation of entities in the auctions, the current account referred to in paragraph fifth of this resolution must be open in them.

Ninth. Communication of the offered liquidity.

Before them 10:00 of it tomorrow of the day in that have of present is them requests for each auction, the Secretariat General of the treasure and political financial will put to available of them entities that can participate in the same, information on the balance estimated offered during the period of validity of the auction.

Tenth. Requests.

Them entities that meet them requirements of the point eighth may present their requests until the 12:00 hours of the day that is indicate in the call, and must send is to the Bank of Spain through them media enabled to the effect.

Each request will indicate: 1. the amount requested that must express it in points percentage without decimal.

The bid minimum of the request with type more high that present each entity will be of the ten by one hundred. The other bids of each entity may perform is by percentages of balance lower.

2. the type of interest offered in form of type fixed or of differential expressed in points basic about the type of interest of reference applicable.

Each licitadora entity may submit up to five requests at each auction. The sum of the amounts of all requests for each entity shall not exceed 100% of the total amount auctioned.

The presentation of a petition by an institution in an auction will result in, in the event that finally is awarded, their authorization to carry out the corresponding debts referred to in the second subparagraph of thirteenth.

Eleventh. Adjudication.

The General Directorate of the Treasury and financial policy will solve the auctions, and through the Bank of Spain, informed bidding entities of the acceptance or not of your requests. In addition, each entity awarded will tell you the percentage that has been awarded, as well as the interest rate applicable to the operation, in the terms referred to in the fourth paragraph of this resolution.

In cases in which the amount requested at rates equal to or higher than the minimum accepted exceeds 100 per cent of the auctioned balance, an apportionment shall apply to accepted requests to marginal rate.

In them cases in that not is awarded the hundred by hundred of the amount offered, the Secretariat General of the treasure and political financial may convene a second turned for the quantity not awarded.

The Secretariat General of the Treasury and political financial awarded them funds depending on the types offered in each request. However, may limit the amount assigned to a certain entity to avoid an excessive risk of counterpart.

12th. Improvement.


Entities will be bound by the petitions in the terms that had been carried out at the end of the time of receipt of applications. However, the improvement of the agreement is will produce with the communication of the award to the entity. Regardless of the number of requests accepted, the operation will be unique for each entity awarded.

13th. Implementation of concerted operations.

He day of home of each operation, starting from them 14:30 hours, the Bank of Spain, by has of the Secretariat General of the treasure and political financial, will transfer them funds to them accounts of the treasure public open in the entities that have result awarded in the auction. The amount to be transferred to each entity awarded shall be rounded down to one million euros.

The replacement of them balances deposited in the accounts open in each entity awarded will have place to first hour of the day skillful immediately back. The Bank of Spain due account TARGET2-Bank of Spain of the entity awarded the corresponding amount, subsequently proceeding this to load into the public treasury account opened in the same the amount due.

Such operations will be played daily for the duration of the operation.

Without prejudice of it established in the paragraph quarter of this resolution. with regard to the accrual of them interests, its payment is held the first day business of each month natural by the amount corresponding to them interests accrued until that date, except them accrued in the last month of validity of it operation that is credited the day of completion of this.

In any case, interest payments will be carried out separately by transfer to the operating account of the Treasury in the Bank of Spain. In the event that them entities awarded so it require, these are authorized to perform the fertilizer of them interests in it has of the treasure public open in the same, and transfer them then to the Bank of Spain with cargo to this has.

Fourteenth. Updating of the information.

During the course of operations, the General Directorate of the Treasury and financial policy will be made available entities awarding information on the expected evolution of balances. Of form usual, the first day business of each week, is update the forecast of balances daily estimated for that week. This without prejudice of, whenever deemed appropriate based on facts occurred, estimates of balances are updated also.

Fifteenth. Non-compliance.

In the event that an entity not treated the funds to the account of the Treasury in the Bank of Spain, be derived the following consequences:-shall apply a penalty on the amount not returned, regardless of the entity having or balances not partial in the payment system TARGET2 which do not allow the total refund to the Treasury. The applicable interest rate will be 7%. For the purposes of the computation temporary is considered elapsed a day additional when the amount due not is has satisfied to the 8:00 hours of the first day and following until his replacement.

However, if the return is produced before the 9:00 hours of the tomorrow of the first day in that have place the breach, the penalty is would reduce in a 50%.

-The non-refunded part will continue earning interests in favor of the Treasury at the rate that had been in effect during the period agreed upon for the operation.

-New funds will not be transferred to the entity in both insofar as it does not replace the due amounts. Once returned the funds, the General Directorate of the Treasury and financial policy may be declared resolved unilaterally the agreement.

-The General Directorate of the Treasury and financial policy may prohibit the entity participation in future liquidity auctions.

16th. Repeal legislation.

Hereby repealed the resolution of May 23, 2014, of the General Directorate of the Treasury and financial policy, by which establish the General conditions applicable to the operations of placement of balances in accounts treasurers remunerated in bodies other than the Bank of Spain and by regulating the procedure for its conclusion.

Seventeenth. Effects.

This resolution shall take effect from the day following its publication in the «Official Gazette».

Eighteenth. Applicable law and jurisdiction.

The entities participating in the operations referred to in this resolution are subject to the General conditions laid down in the preceding paragraphs and the individuals that are established in resolutions call for corresponding auctions, being applicable in any case the Spanish law for how many questions or actions may arise.

For this purpose, will be competent the courts or tribunals of the city of Madrid, renouncing any other jurisdiction that may correspond to them participating institutions, and reaching an agreement as a place of fulfilment of the obligations the domicile of the General Directorate of the Treasury and financial policy.

Madrid, June 16, 2015.-the General Directorate of the Treasury and financial policy, P.S. (Royal Decree 345/2012, of 10 February), the Director General of the Treasury, José María Fernández Rodríguez.