Regulatory Alerts2013-07-02
Resolution of June 28, 2013 by the Secretary General of the Treasury and Financial Policy updating financial prudence limits for autonomous community debt under the ICO-CCAA 2012 line and Autonomous Liquidity Fund
The Secretary General of the Treasury and Financial Policy issued this resolution to update the maximum allowable costs for debt operations by common-regime autonomous communities and cities with autonomous statute participating in the ICO-CCAA 2012 direct financing line and the Autonomous Liquidity Fund. The document replaces previous annexes by publishing new monthly caps on fixed interest rates and spreads over EURIBOR benchmarks (1, 3, 6, and 12 months) effective for July 2013. These updated limits enforce the financial prudence principle established in the March 4, 2013 resolution, ensuring that total borrowing costs, including commissions and expenses, remain within legally defined thresholds.
OFFICIAL STATE GAZETTE No. 157 Tuesday, July 2, 2013 Sec. I. Page 49464 I. GENERAL PROVISIONS MINISTRY OF ECONOMY AND COMPETITIVENESS 7171 Resolution of June 28, 2013, by the Secretary General of the Treasury and Financial Policy, updating the annex included in the March 4, 2013 resolution defining the financial prudence principle applicable to debt operations of common-regime autonomous communities and cities with autonomous statute that opt for the ICO-CCAA 2012 direct financing line and the Autonomous Liquidity Fund.
The Resolution of March 4, 2013, by the Secretary General of the Treasury and Financial Policy, defining the financial prudence principle applicable to debt operations of common-regime autonomous communities and cities with autonomous statute that opt for the ICO-CCAA 2012 direct financing line and the Autonomous Liquidity Fund, establishes in its third article that "the maximum total cost of debt operations, including commissions and other expenses, may not exceed the fixed rates or maximum spreads applicable, which shall be published monthly by Resolution of the Secretary General of the Treasury and Financial Policy. The published maximum costs shall remain in force until new costs are published."
In accordance with this obligation to monthly update the applicable maximum fixed rates or spreads, a new annex is published that will replace the annex included in the Resolution of March 4, 2013, and the last update published in the Resolution of June 5 by the Secretary General of the Treasury and Financial Policy.
Madrid, June 28, 2013.–The Secretary General of the Treasury and Financial Policy, Íñigo Fernández de Mesa.
ANNEX Maximum spreads applicable for the month of July for the purposes of compliance with paragraph three of the Resolution of March 4, 2013, by the Secretary General of the Treasury and Financial Policy
| Average life of the operation – Months | Maximum fixed rate | Maximum spread over 12-month EURIBOR | Maximum spread over 6-month EURIBOR | Maximum spread over 3-month EURIBOR | Maximum spread over 1-month EURIBOR |
|---|---|---|---|---|---|
| 1 | 3.00 | 297 | |||
| 2 | 3.24 | 316 | |||
| 3 | 3.34 | 315 | 326 | ||
| 4 | 3.38 | 317 | 328 | ||
| 5 | 3.42 | 320 | 331 | ||
| 6 | 3.49 | 316 | 327 | 338 | |
| 7 | 3.64 | 329 | 340 | 351 | |
| 8 | 3.77 | 341 | 352 | 363 | |
| 9 | 3.88 | 351 | 362 | 373 | |
| 10 | 3.97 | 357 | 368 | 379 | |
| 11 | 3.99 | 358 | 369 | 380 | |
| 12 | 4.06 | 351 | 362 | 374 | 385 |
| 13 | 4.16 | 363 | 374 | 386 | 397 |
| 14 | 4.22 | 368 | 379 | 390 | 401 |
| 15 | 4.28 | 372 | 383 | 395 | 406 |
| 16 | 4.34 | 376 | 388 | 399 | 410 |
| 17 | 4.40 | 381 | 392 | 404 | 415 |
| 18 | 4.46 | 386 | 397 | 408 | 419 |
| 19 | 4.52 | 391 | 402 | 413 | 424 |
| 20 | 4.60 | 397 | 408 | 419 | 430 |
| 21 | 4.69 | 403 | 414 | 425 | 436 |
| ≥ 22 | 4.75 | 410 | 421 | 432 | 443 |
cve: BOE-A-2013-7171
OFFICIAL STATE GAZETTE No. 157 Tuesday, July 2, 2013 Sec. I. Page 49465 cve: BOE-A-2013-7171 http://www.boe.es OFFICIAL STATE GAZETTE D. L.: M-1/1958 - ISSN: 0212-033X