Key Benefits:
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, March 31, 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
|
life of operation (months) | Maximum fixed rate (percent) |
Maximum spread over euribor 12 months (basis points) | Maximum difference over euribor 6 months (basis points) | Maximum difference over euribor 3 months (basis points) | Maximum different on euribor 1 month (basis points) | ||
|---|---|---|---|---|---|---|---|
| -0.26 |
|
|
| -21 | |||
| 2 |
|
|
|
| -13 | ||
| 3 | -0.11 |
|
| -13 | -6 | ||
| 4 | -0.06 |
|
| -8 | -1 | ||
| 5 |
|
| -8 | -1 | |||
|
6 | -0.05 |
| -14 | -6 | 1 | ||
| 7 | -0.01 |
| -10 | -2 | 5 | ||
|
8 | 0.01 |
| -8 | 0 | 7 | ||
| 9 | 0.01 |
| -7 | 0 | 7 | ||
| 0.01 |
| -7 | 1 |
| |||
|
| -7 | 1 | 7 | ||||
| 12 | 0.01 | -19 | -7 | 1 |
8 | ||
|
13 | 0.02 | -18 | -6 | 1 | 8 |
||
| 14 | 0.01 | -18 | -7 |
| |||
| 0.01 | -18 | -7 | 1 |
| |||
| -17 | -17 | -6 | 2 | 9 | |||
| 17 | 0.03 | -16 | -5 | 3 | 10 | ||
| 18 | 0.04 | -15 | -4 | 4 | 11 | ||
| 19 | 0.05 | -14 | -3 | 4 | 11 | ||
| 20 | -14 | -3 | 5 | 12 | 12 |
||
|
21 | 0.07 | -13 | -2 | 6 | 13 | ||
| 22 | 0.08 | 0 | 0 | 8 |
14 | ||
|
23 | 0.10 | -9 | 2 | 9 | 16 |
||
| 24 | 0.12 | -8 | 3 | 11 | 18 | ||
| 0.26 | 3 | 14 | 21 | ||||
| 48 | 0.41 | 12 | 23 | 31 | 38 | ||
| 60 | 0.60 | 23 | 35 | 42 |
49 | ||
| 72 | 0.76 | 32 | 44 | 51 | 58 |
||
| 84 | 0.91 | 41 | 52 | 60 | 67 | ||
| 1.06 | 49 | 60 | 67 | 74 | |||
| 108 | 1,16 | 52 | 63 | 71 | 78 | ||
| 120 | 1,27 | 58 | 69 | 77 | 83 | ||
| 132 | 1.36 | 62 | 73 | 80 | 87 | ||
| 144 | 1.45 | 67 | 78 | 86 | 93 | ||
| 156 | 1.53 | 72 | 83 | 91 | 97 |
||
| 168 | 1.59 | 74 | 85 | 93 | 100 | ||
| 180 | 1.66 | 79 | 90 | 97 |
104 | ||
|
192 | 1,70 | 81 | 92 | 99 | 106 | ||
| 204 | 1.72 | 81 | 92 | 99 | |||
|
1.75 | 94 | 94 | 101 | 108 | |||
|
228 | 1.79 | 86 | 97 | 104 | 111 | ||
| 240 | 1.84 | 89 | 100 | 108 | 115 | ||
| 252 | 1.89 | 92 | 104 | 111 | 118 | ||
| 1.93 | 96 | 107 | 114 | 121 | |||
| 276 | 1.94 | 96 | 108 | 115 | |||
|
288 | 1.96 | 97 | 108 | 116 | 123 | ||
| 300 | 1.97 | 98 | 109 | 117 | 123 | ||
| 312 |
| 111 | 118 | 125 | |||
| 324 | 2.01 | 101 | 113 | 120 | 127 | ||
| 336 | 2.02 | 102 | 113 | 121 | 128 | ||
| 348 | 2.03 | 103 | 114 | 121 | 128 | ||
| ≥ 360 | 2.05 |
|
|
|
|
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.
