The Inter-Ministerial Commission created by Article 16 of Royal Decree 437/2010 of 9 April, implementing the regulation of the process on the securitisation of the deficit of the electricity system, at its meeting on 26 October. 2011 adopted an Agreement developing the regulation of the process of securitisation of the deficit of the electricity system on the delegation of powers of that inter-ministerial committee to the Monitoring Committee.

For the purposes of giving publicity to the said agreement and having regard to the provisions of Article 13.3 of Law 30/92, of the Legal Regime of Public Administrations and of the Common Administrative Procedure, the publication is available. in the 'Official State Gazette' of the said agreement, the text of which is inserted below.

Madrid, 4 November 2011.-The President of the Inter-Ministerial Commission, Fabrizio Hernández Pampaloni.

AGREEMENT OF 26 OCTOBER 2011, OF THE INTER-MINISTERIAL COMMISSION SET UP BY ARTICLE 16 OF ROYAL DECREE 437/2010 OF 9 APRIL, IMPLEMENTING REGULATION OF THE PROCESS OF SECURITISATION OF THE SYSTEM DEFICIT ELECTRIC, ON DELEGATION OF POWERS OF THE INTER-MINISTERIAL COMMISSION IN THE MONITORING COMMITTEE

The Royal Decree 437/2010 of 9 April, for which the regulation of the process of securitization of the deficit of the electricity system is developed, creates in its article 16 an Inter-Ministerial Commission that has as its general objective ensure that the conditions under which the tasks assigned to the Management Society of the Electrical System Deficit-Titling Fund are to be executed are properly complied with. Article 18 of the Royal Decree lists the functions which correspond to this Inter-Ministerial Commission for the fulfilment of its purposes and points out that the general function of ensuring the proper fulfilment of these conditions is exercise, through a Follow-up Committee, by establishing, in addition, the possibility of delegating part of its tasks to that committee, which shall be established by ministerial order.

For its part, Order PRE/2037/2010 of 26 July, establishing the Monitoring Committee for the Deficit Securitisation of the Electrical System, sets out in Article 3 the functions corresponding to it, by assigning to it also those which, where appropriate, may be delegated to it by the Inter-Ministerial Commission from among those listed as susceptible to delegation, as provided for in Article 18 of Royal Decree 437/2010 of 9 April 2010, for which the Regulation of the process of securitisation of the electricity system deficit.

In the "Official State Gazette" of 11 October 2011, the Royal Decree 1307/2011 of 26 September 2011, which amends Royal Decree 437/2010 of 9 April, has been published, introducing the possibility of carrying out the issue of the financial instruments of the Fund of Entitlement through simple sale of securities and empowering the Inter-Ministerial Commission to approve the price of such transactions and to select the relevant entities Subscribers. The first of these functions is incorporated into the cast of article 18 of Royal Decree 437/2010, while the second one is regulated in the new wording given to article 12.2, in which, expressly, it is stated that the " Inter-Ministerial Commission may delegate this role to the Monitoring Committee. "

The Inter-Ministerial Commission considers it appropriate and appropriate, in the light of the eminently technical nature of these tasks and in the interests of the greater operability in the securitisation process, to delegate its exercise to the Committee of Follow-up, under the provisions of Articles 12.2 and 18, in fine, of Royal Decree 437/2010, of 9 April.

Therefore, in accordance with the provisions of Article 13 of Law No 30/1992 of 26 November 1992 on the Legal Regime of Public Administrations and the Common Administrative Procedure, the Inter-Ministerial Committee has agreed:

First.

Delegate the following competencies to the Follow-up Committee:

1. Carry out, individually, the selection of the subscribing entities in the simple sales operations.

2. Approve the price of financial instruments in simple sales operations.

Second.

The Monitoring Committee shall report to the Inter-Ministerial Committee on the exercise of the powers referred to in this Agreement.

Third.

In the resolutions adopted in use of the delegation contained in this Agreement, this circumstance shall be expressly stated.

Fourth.

To instruct the President of the Commission to carry out the appropriate actions for the publication of this Agreement, thus giving compliance to the provisions of Article 13.3 of Law 30/1992 of 26 November 1992, of the Legal Regime of Public Administrations and of the Common Administrative Procedure.

Madrid, October 26, 2011. -President of the Inter-Ministerial Commission, Fabrizio Hernández Pampaloni.