I. GENERAL PROVISIONS

MINISTRY OF ECONOMY, COMMERCE AND ENTERPRISE

21453 Resolution of 9 October 2026, of the General Secretariat of the Treasury and International Financing, updating Annex 1 included in the Resolution of 4 July 2017, of the General Secretariat of the Treasury and Financial Policy, defining the financial prudence principle applicable to borrowing and derivative operations of autonomous communities and local entities.

The Resolution of 4 July 2017 of the General Secretariat of the Treasury and Financial Policy, which defines the financial prudence principle applicable to borrowing and derivative operations of autonomous communities and local entities, establishes in its third section that "the total maximum cost of borrowing operations, including commissions and other expenses, except those cited in Annex 3, shall not exceed the State's financing cost at the average term of the operation, increased by the differential corresponding as established in Annex 3 of this resolution."

Autonomous communities and local entities that have their own valuation tools or independent external advice may determine the Treasury's financing cost at the time of the operation based on the methodology contained in Annex 2 of this resolution.

The remaining administrations, to know the State's financing cost at each average term, will use the fixed rates table or the maximum differentials applicable to each reference published monthly, by resolution, by the General Directorate of Treasury and Financial Policy. The published maximum costs will remain in force until new costs are published.

In accordance with this obligation to update monthly the State's financing cost at each term, a new Annex 1 is published.

Madrid, 9 October 2026.–The General Secretary of the Treasury and International Financing, Paula Conthe Calvo.

ANNEX 1

Fixed interest rates and differentials of the State's financing cost for the purposes of compliance with section three of the Resolution of 4 July 2017 of the General Secretariat of the Treasury and Financial Policy

Data collected on 7 October 2026

Average life of the operation (months)	Maximum annual fixed rate (percentage points)	Maximum differential over 12-month Euribor (basis points)	Maximum differential over 6-month Euribor (basis points)	Maximum differential over 3-month Euribor (basis points)	Maximum differential over 1-month Euribor (basis points)
1	2.53	-15
2	2.53	-16
3	2.61	-22	-7
4	2.67	-16	-2
5	2.68	-15	-1
6	2.79	-18	-5	9
7	2.84	-20	-7	8
8	2.89	-23	-11	4
9	2.91	-25	-12	2
10	2.96	-23	-10	4
11	2.93	-28	-15	-1
12	3.02	-23	-20	-8	7
13	3.04	-24	-21	-9	6
14	3.05	-25	-22	-9	5
15	3.06	-25	-22	-10	4
16	3.08	-26	-22	-10	4
17	3.11	-23	-20	-7	6
18	3.14	-21	-17	-5	9
19	3.18	-19	-14	-2	11
20	3.22	-16	-11	1	14
21	3.24	-15	-10	2	15
22	3.25	-14	-9	3	16
23	3.27	-14	-9	3	16
24	3.28	-14	-8	3	16
36	3.39	-9	-2	8	21
48	3.48	-3	4	14	26
60	3.58	5	12	21	32
72	3.69	14	21	29	40
84	3.81	24	31	39	49
96	3.92	33	39	47	56
108	4.01	39	46	53	62
120	4.11	46	53	59	68
132	4.21	53	60	66	74
144	4.26	56	64	69	76
156	4.31	59	67	71	78
168	4.35	62	70	74	80
180	4.39	65	73	77	82
192	4.45	70	79	82	87
204	4.47	73	82	84	89
216	4.47	73	82	84	89
228	4.49	75	85	86	90
240	4.51	77	87	88	92
252	4.54	81	92	92	96
264	4.54	82	93	93	97
276	4.55	84	96	96	99
288	4.57	87	99	98	102
300	4.58	89	101	101	104
312	4.59	92	104	104	106
324	4.60	94	107	106	109
336	4.61	97	110	109	111
348	4.63	100	113	112	114
360	4.65	103	116	115	117

The base used for the calculation of the maximum annual fixed rate contained in the table above is the Actual/Actual base. In the event that a different base from the aforementioned is used, the appropriate adjustment must be made.

In fixed-rate operations with an interest accrual period different from one year, the maximum fixed rate must be calculated as the equivalent rate to the annual fixed rate for the considered accrual period.

The fixed interest rates and maximum differentials applicable for operations whose exact average life is not published in this table shall be found by linear interpolation between the two closest rates or differentials to the average term of the operation.

Regarding these fixed interest rates or differentials over Euribor, the maximum differentials contained in Annex 3 of the Resolution of 4 July 2017 of the General Secretariat of the Treasury and Financial Policy, which defines the financial prudence principle applicable to borrowing and derivative operations of autonomous communities and local entities, may be applied.

In the case of borrowing operations not instrumented in securities with variable interest rates, if the total maximum cost referred to in section three of the aforementioned resolution is lower than the value of the Euribor taken as reference, such operations may be formalized at an interest rate lower than or equal to the reference Euribor plus 20 basis points. Borrowing operations that avail themselves of this alternative must be operations cancellable at any time from their formalization and may not contain cancellation fees.