Resolution Of March 5, 2015, Of The General Directorate Of The Treasury And Financial Policy, By Which Updates Annex 1 Included In The Of 5 Of February 2015, Which Defines The Principle Of Financial Prudence, Applicable To The Operat...

Original Language Title: Resolución de 5 de marzo de 2015, de la Secretaría General del Tesoro y Política Financiera, por la que se actualiza el Anexo 1 incluido en la de 5 de febrero de 2015, por la que se define el principio de prudencia financiera aplicable a las operac...

Read the untranslated law here: http://www.boe.es/buscar/doc.php?id=BOE-A-2015-2387

Resolution of February 5, 2015, of the General Directorate of the Treasury and financial policy, which defines the principle of financial prudence, applicable to operations of indebtedness and derived from local authorities, and of the autonomous communities which accept the Fund's financing autonomous sets in its third article that 'the maximum total cost of borrowing operations including commissions and other expenses, except the committees referred to in paragraph 3 of this article, it shall not exceed the cost of financing of the State the term of operation, increased in the differential that corresponds according to the type of administration, defined in the following section.

The autonomous communities and local entities that have proprietary assessment tools or independent external advice, determined 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 local entities, to know the cost of financing of the State each term, used the table of fixed rates or the differential applicable maximum on each reference published monthly, by resolution, the General Directorate of the Treasury and financial policy. The published maximum cost shall remain in force while not publish new costs».

In accordance with the obligation of monthly update of the cost of financing of the State each time, publishes a new annex 1 which shall replace annex 1 included in the resolution of February 5, 2015.

Madrid, 5 March 2015.-the General Directorate of the Treasury and financial policy, Rosa María Sánchez-Yebra Alonso.

Annex 1 types of interest differential cost of State funding for the purpose of compliance with paragraph third from the resolution of 5 February 2015, the General Directorate of the Treasury and policy financial half-life operation (months) and fixed maximum fixed rate 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 0.03 5 2 0.02 5 3 0.02 - 1





5






4





0,02





 





 





–1





5






5





0,04





 





 





1





6






6





0,05





 





–6





2





8






7





0,06





 





–5





3





9






8





0,06





 





–4





4





10






9





0,06





 





–4





5





10






10





0,07





 





–3





5





11






11





0,07





 





–3





6





11






12





0,08





–16





–2





6





12






13





0,09





–13





0





8





13






14





0,11





–10





2





10





16






15





0,13





–9





3





11





17






16





0,13





–8





3





12





17






17





0,13





–8





4





12





18






18





0,14





–7





4





13





18






19





0,15





–6





5





13





19






20





0,16





–6





6





14





20






21





0,17





–5





7





15





21






22





0,17





–4





7





16





21






23





0,18





–3





8





16





22






24





0,19





–2





9





17





23






36





0,31





5





16





24





30






48





0,45





13





24





33





38






60





0,62





22





34





42





47






72





0,78





30





41





49





55






84





0,94





37





48





56





62






96





1,11





46





57





65





71






108





1,25





51





62





70





76






120





1,37





55





66





74





80






132





1,47





58





69





77





83






144





1,58





64





75





83





89






156





1,69





70





81





89





94






168





1,77





73





84





93





98






180





1,86





78





89





97





102






192





1,91





80





91





99





105






204





1,95





81





92





100





106






216





1,99





83





94





102





107






228





2,04





85





96





104





110






240





2,09





88





99





107





113






252





2,14





91





102





110





115






264





2,19





93





104





112





118






276





2,21





94





105





113





119






288





2,23





95





106





114





120






300





2,25





96





107





115





120






312





2,28





97





108





116 122 324 2.31 99 110 118 124 336 2.33 101 112 120 126 348 2.35 103 114 122 127 ≥ 360 2.38 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.
Fixed interest rates and differential applicable maximum for 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 article 3, paragraph 2, of the resolution of 5 February 2015, the General Directorate of the Treasury and financial policy may be applied.