Regulatory Alerts2014-12-09
Resolution of 28 November 2014 by the General Secretariat for the Treasury and Financial Policy updating the annex on financial prudence principles for autonomous communities' borrowing operations
The General Secretariat for the Treasury and Financial Policy issued this resolution to update the maximum borrowing cost limits for common-regime autonomous communities and cities with autonomous statute participating in the Autonomous Liquidity Fund. It establishes a new annex specifying the maximum fixed interest rates and maximum differentials over 1-, 3-, 6-, and 12-month EURIBOR benchmarks applicable to debt operations based on their average maturity. These updated caps replace the previous October 2014 annex and remain in effect until new rates are published, with unlisted maturities calculated via linear interpolation.
OFFICIAL STATE GAZETTE No. 297 Tuesday 9 December 2014 Sec. I. Page 100858 I. GENERAL PROVISIONS MINISTRY OF ECONOMY AND COMPETITIVENESS 12828 Resolution of 28 November 2014 by the General Secretariat for the Treasury and Financial Policy, updating the annex included in the Resolution of 5 September 2014, which defines the financial prudence principle applicable to borrowing operations of common-regime autonomous communities and cities with autonomous statute joining the Autonomous Liquidity Fund. The Resolution of 5 September 2014 by the General Secretariat for the Treasury and Financial Policy, which defines the financial prudence principle applicable to borrowing operations of common-regime autonomous communities and cities with autonomous statute joining the Autonomous Liquidity Fund, establishes in its third article that "the maximum total cost of borrowing operations, including commissions and other expenses except those cited in the following subsection, shall not exceed the fixed rates or maximum differentials applicable, which shall be published monthly by Resolution of the General Secretariat for the Treasury and Financial Policy. The published maximum costs shall remain in force until new costs are published." Pursuant to this obligation to monthly update the applicable fixed rates or maximum differentials, a new annex is published, which will replace the annex included in the Resolution of 29 October 2014. Madrid, 28 November 2014.–The General Secretary for the Treasury and Financial Policy, Rosa María Sánchez-Yebra Alonso.
ANNEX Maximum Differentials Applicable for Compliance with Subsection Three of the Resolution of 5 September 2014 by the General Secretariat for the Treasury and Financial Policy
| Average Life of the Operation (Months) | Maximum Fixed Rate | Maximum Differential over 12-Month EURIBOR | Maximum Differential over 6-Month EURIBOR | Maximum Differential over 3-Month EURIBOR | Maximum Differential over 1-Month EURIBOR |
|---|---|---|---|---|---|
| 1 | 0.77 | 75 | |||
| 2 | 0.80 | 79 | |||
| 3 | 0.86 | 77 | 85 | ||
| 4 | 0.89 | 80 | 88 | ||
| 5 | 0.96 | 87 | 95 | ||
| 6 | 0.98 | 79 | 89 | 97 | |
| 7 | 1.01 | 80 | 90 | 98 | |
| 8 | 1.03 | 82 | 92 | 101 | |
| 9 | 1.05 | 85 | 95 | 103 | |
| 10 | 1.06 | 86 | 96 | 104 | |
| 11 | 1.05 | 85 | 95 | 104 | |
| 12 | 1.07 | 71 | 87 | 97 | 105 |
| 13 | 1.08 | 72 | 87 | 98 | 107 |
| 14 | 1.09 | 74 | 88 | 99 | 108 |
| 15 | 1.09 | 74 | 88 | 99 | 109 |
| 16 | 1.09 | 74 | 88 | 99 | 108 |
| 17 | 1.09 | 73 | 88 | 98 | 108 |
| 18 | 1.09 | 74 | 88 | 99 | 108 |
| 19 | 1.10 | 74 | 89 | 99 | 109 |
| 20 | 1.11 | 75 | 89 | 100 | 110 |
| 21 | 1.11 | 75 | 90 | 101 | 111 |
| 22 | 1.12 | 76 | 90 | 101 | 112 |
| 23 | 1.12 | 76 | 90 | 102 | 112 |
| 24 | 1.13 | 76 | 90 | 102 | 113 |
| 36 | 1.33 | 93 | 107 | 120 | 132 |
| 48 | 1.45 | 98 | 113 | 126 | 139 |
| 60 | 1.61 | 106 | 121 | 134 | 148 |
| 72 | 1.82 | 119 | 134 | 147 | 160 |
| 84 | 2.01 | 128 | 142 | 156 | 169 |
| 96 | 2.25 | 140 | 155 | 168 | 181 |
| 108 | 2.44 | 149 | 163 | 176 | 189 |
| 120 | 2.65 | 159 | 174 | 187 | 200 |
| 132 | 2.87 | 171 | 185 | 198 | 211 |
| 144 | 3.06 | 181 | 196 | 209 | 222 |
| 156 | 3.19 | 188 | 202 | 215 | 229 |
| 168 | 3.33 | 194 | 208 | 221 | 235 |
| 180 | 3.36 | 193 | 207 | 220 | 233 |
| 192 | 3.41 | 193 | 207 | 220 | 234 |
| 204 | 3.46 | 194 | 208 | 221 | 234 |
| 216 | 3.52 | 195 | 209 | 222 | 236 |
| 228 | 3.59 | 199 | 213 | 226 | 240 |
| 240 | 3.66 | 203 | 218 | 230 | 244 |
| 252 | 3.73 | 207 | 222 | 234 | 248 |
| 264 | 3.80 | 211 | 226 | 239 | 252 |
| 276 | 3.84 | 214 | 228 | 241 | 254 |
| 288 | 3.88 | 216 | 230 | 243 | 256 |
| 300 | 3.92 | 218 | 232 | 245 | 258 |
| 312 | 3.96 | 221 | 236 | 249 | 262 |
| 324 | 4.03 | 227 | 241 | 254 | 267 |
| 336 | 4.06 | 229 | 244 | 256 | 270 |
| 348 | 4.09 | 231 | 246 | 259 | 272 |
| 360 | 4.13 | 234 | 248 | 261 | 274 |
| 372 | 4.14 | 234 | 249 | 262 | 275 |
| 384 | 4.15 | 235 | 249 | 262 | 276 |
| 396 | 4.16 | 236 | 250 | 263 | 276 |
| 408 | 4.17 | 236 | 251 | 264 | 277 |
| 420 | 4.18 | 237 | 251 | 264 | 277 |
| 432 | 4.19 | 237 | 252 | 265 | 278 |
| 444 | 4.20 | 238 | 252 | 265 | 279 |
| 456 | 4.21 | 239 | 253 | 266 | 279 |
| 468 | 4.22 | 239 | 254 | 267 | 280 |
| 480 | 4.23 | 240 | 254 | 267 | 280 |
| 492 | 4.24 | 240 | 255 | 268 | 281 |
| 504 | 4.25 | 241 | 256 | 268 | 282 |
| 516 | 4.27 | 242 | 256 | 269 | 282 |
| 528 | 4.28 | 242 | 257 | 270 | 283 |
| 540 | 4.29 | 243 | 257 | 270 | 284 |
| 552 | 4.30 | 244 | 258 | 271 | 284 |
| 564 | 4.31 | 244 | 259 | 271 | 285 |
| 576 | 4.32 | 245 | 259 | 272 | 285 |
| 588 | 4.33 | 245 | 260 | 273 | 286 |
| 600 | 4.34 | 246 | 260 | 273 | 287 |
| ≥ 612 | 4.35 |
The fixed interest rates and maximum differentials applicable for operations whose exact average life is not published in this table shall be determined by linear interpolation between the two closest rates or differentials to the operation's average term. cve: BOE-A-2014-12828 http://www.boe.es OFFICIAL STATE GAZETTE D. L.: M-1/1958 - ISSN: 0212-033X