Resolution of September 8, 2026, of the General Secretariat of the Treasury and International Finance, updating Annex 1 included in the Resolution of July 4, 2017, of the General Secretariat of the Treasury and Financial Policy, which defines the principle of financial prudence applicable to debt and derivative operations of autonomous communities and local entities — CNMV — ES

I. GENERAL PROVISIONS
MINISTRY OF ECONOMY, TRADE AND BUSINESS
18999 Resolution of September 8, 2026, of the General Secretariat of the Treasury and International Finance, updating Annex 1 included in the Resolution of July 4, 2017, of the General Secretariat of the Treasury and Financial Policy, which defines the principle of financial prudence applicable to debt and derivative operations of autonomous communities and local entities. The Resolution of July 4, 2017, of the General Secretariat of the Treasury and Financial Policy, which defines the principle of financial prudence applicable to debt and derivative operations of autonomous communities and local entities, establishes in its third section that "the maximum total cost of debt operations, including commissions and other expenses, except for the commissions cited in Annex 3, may not exceed the State's financing cost at the average term of the operation, increased by the differential that corresponds according to the provisions of 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 rest of the Administrations, to ascertain the State's financing cost for each average term, shall use the fixed rate table or the maximum differentials applicable to each reference that the Directorate General of the Treasury and Financial Policy publishes monthly by resolution. The published maximum costs shall remain in force until new costs are published. In accordance with said obligation to monthly update the State's financing cost for each term, a new Annex 1 is published. Madrid, September 8, 2026.–The Secretary General of the Treasury and International Finance, Paula Conthe Calvo.
ANNEX 1
Fixed interest rates and differentials of the State's financing cost for the purpose of complying with section three of the Resolution of July 4, 2017, of the General Secretariat of the Treasury and Financial Policy Data collected on September 4, 2026

Average life of the operation (Months)	Maximum annual fixed rate (Percentage points)	Maximum differential over euribor 12 months (Basis points)	Maximum differential over euribor 6 months (Basis points)	Maximum differential over euribor 3 months (Basis points)	Maximum differential over euribor 1 month (Basis points)
1	2.47				-9
2	2.49				-8
3	2.48			-24	-8
4	2.55			-17	-1
5	2.62			-10	6
6	2.65		-15	-7	8
7	2.69		-21	-14	2
8	2.71		-24	-17	-1
9	2.76		-24	-16	-1
10	2.78		-23	-16	0
11	2.81		-22	-14	1
12	2.85	-30	-19	-12	3
13	2.86	-32	-21	-14	1
14	2.85	-34	-24	-16	-1
15	2.87	-34	-23	-15	-1
16	2.88	-33	-22	-14	0
17	2.90	-32	-22	-13	1
18	2.91	-31	-21	-12	2
19	2.93	-29	-19	-11	3
20	2.95	-28	-18	-10	4
21	2.97	-27	-17	-8	5
22	2.97	-27	-17	-8	5
23	2.98	-27	-18	-9	5
24	2.98	-27	-17	-8	5
36	3.08	-19	-10	-1	11
48	3.15	-15	-6	3	14
60	3.26	-5	3	12	22
72	3.34	1	9	17	27
84	3.46	11	19	27	36
96	3.57	19	27	35	44
108	3.65	24	32	40	48
120	3.76	31	39	46	54
132	3.87	39	47	54	61
144	3.92	42	51	57	63
156	3.98	45	54	59	65
168	4.02	47	56	61	67
180	4.07	50	59	64	69
192	4.14	56	65	70	74
204	4.18	58	68	72	76
216	4.18	57	68	71	75
228	4.20	59	70	73	76
240	4.23	61	72	75	78
252	4.26	64	75	78	81
264	4.28	67	78	80	83
276	4.31	69	81	83	86
288	4.33	72	84	86	88
300	4.35	74	87	88	90
312	4.36	77	89	90	93
324	4.38	79	91	93	95
336	4.39	81	94	95	97
348	4.41	84	97	98	100
360	4.43	87	100	101	103
The basis used for the calculation of the maximum annual fixed rate contained in the table above is Actual/Actual. If a different basis is used, the appropriate adjustment must be made. In fixed-rate operations with an interest accrual period other than annual, 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 rates or differentials closest to the average term of the operation. On these fixed interest rates or differentials over Euribor, the maximum differentials contained in Annex 3 of the Resolution of July 4, 2017, of the General Secretariat of the Treasury and Financial Policy, which defines the principle of financial prudence applicable to debt and derivative operations of autonomous communities and local entities, may be applied. In the case of debt operations not instrumented in securities with a variable interest rate, if the maximum total cost referred to in section three of the aforementioned resolution is less than the value of the Euribor taken as reference, such operations may be formalized at an interest rate less than or equal to the reference Euribor plus 20 basis points. Debt operations that avail themselves of this alternative must be cancellable at any time from their formalization and may not contain cancellation fees. OFFICIAL STATE GAZETTE No. 225 Friday, September 11, 2026 Sec. I. Page 121288 cve: BOE-A-2026-18999 Verifiable at https://www.boe.es OFFICIAL STATE GAZETTE D. L.: M-1/1958 - ISSN: 0212-033X