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スペインの地方政府は、2012年末までに、357億8200万0000ユーロ(+150億0000'0000ユーロ)の負債の満期を迎え返済を迫られる、地方政府の負債合計は1400億8300万0000ユーロに昇る、スペイン地方政府も破綻間近!
Las comunidades afrontan este año vencimientos por 35.782 millones
Las autonomías deben financiar otros 15.000 millones por el déficit previsto
Communities face this year maturities 35.782 million
Autonomy should fund another 15,000 million for the projected deficit
Treasury manages to take forward regional settings for 18.349 million
Funding mechanisms
Jesus Gonzalez Madrid Sérvulo 23 MAY 2012 - 00:00 CET
Autonomy should fund another 15,000 million for the projected deficit
Treasury manages to take forward regional settings for 18.349 million
Funding mechanisms
Jesus Gonzalez Madrid Sérvulo 23 MAY 2012 - 00:00 CET
A couple of days, a regional director of Finance referred to the anonymous work of art up debts and not pay them, published in Paris in 1822 to explain the reality experienced by the autonomous communities drowned by their obligations to banks. One chapter of the book, the counselor explained wryly tells how you can lead a licentious life accumulating debt and paying only the interest of it, no need to address their maturities.
But reality presents a different picture, more oil, to the regions, they must face before the end of the year, maturing debt amounting to 35.782 million, as evidenced by financial balance plans (PEF) filed by the Communities to the Ministry of Finance. This amount includes both long-term maturities and short, credits, loans and securities. Included are also the debt of public universities and other entities.
To this must be added another 15,000 million for the financing of the deficit for this year, 1.5% of GDP for the communities. Accordingly, the need for funding of regional this year could exceed 45,000 million. To get idea of the volume of regional debt, debt maturities six years ago were about 5,000 million. A great volume will raise the already huge debt 140 083 000 communities.
The debt of the communities
In this situation, the regional governments need much money to repay their loans. The problem is that markets are closed. Just a few cracks are trusted by the most austere regions. Including Madrid yesterday issued 400 million and managed to do it at a lower rate than average. The debt of Catalonia, Murcia, Castilla-La Mancha or Valencia have the junk bond rating, according to the latest assessment by Moody's last week. The Executive Valencia, the second with more debt in Spain and to be 8,120 million coming due in 2012 had to offer an interest rate of 7% market to place 500 million in letters to six months. This operation, carried out earlier this month, forced the Valencia to pay a higher rate than the markets operated ask countries like Greece or Portugal.
There is a large concentration in maturities. Five communities account for nearly 90% of these (Catalonia, which has 13.476 million payments, Valencia, 8,120 million, Madrid, 2.694 million; Andalusia, 2,440 million and Castilla La-Mancha, 2.337 million). Although his financial situation is not the same.
"There are many short-term debt. It is difficult to determine to what extent cash gap. So it is difficult to determine which part of the short-term debt is renewed, "says Cesar Cantalapiedra, CEO of International Financial Analysts (IFA). Nevertheless, it requires that much of the maturities of long-term debt is accumulated in the last half of the year. According to the calculations of this expertise maturity securities and loans to long-term community is around 20,000 million euros. For example, La Rioja has included loans with maturities of 150 million monthly. Or Madrid, with a credit line of 1,100 loans a year.
Debt maturities are accumulated in the final stretch of the year
The problem of regional governments accumulate a lot of short-term debt causes increased anxiety to seek funding formulas. Therefore, almost all pushing for the Economy Ministry put in place the hispanobonos, combined emission of the communities supported by the Treasury. "There is a perception [in the market and communities] that will be a different model of funding. This affects whether the market does not respond at this time because he expects a new mechanism, "explains Cantalapiedra. The government is reformulating this mechanism to avoid diluting the responsibility of the regions studied manirrotas and other mechanisms to assist them.
The problem is not new. Last year, some communities asked the previous Socialist government on which that debt guaranteed by the state to avoid bankruptcy. Castilla y León and Valencia were the most aggressive in this matter revealed the delicate financial situation of autonomy.
This view, the situation is as described by the Minister of Finance said: "The reality is one of the creatures of the celebrated work of Goya, The Sleep of Reason Produces Monsters."
Funding mechanisms
"In this unstable situation need government support," he said last Thursday the Minister of Finance of Murcia, Juan Bernal, before entering the Council of Fiscal and Financial Policy, which called on the Government to implement the hispanobonos as soon as possible to ease the cashflow situation of the communities.
The regional governments are faced with a maturity of around 35,000 million euros this year. There are different mechanisms to access markets or which deal with some of these terms:
- Issuing public debt. It consists of a public issue of debt of the autonomous communities generally in the secondary market where institutional investors (investment funds) buy debt of the community.
- Bilateral. Agreements signed with a particular investor, banks or other investment entities that are interested in buying debt with certain conditions (in term interest rates).
- Loans from banks. Traditional financial instruments with credit institutions. Operations are concluded for long-term financing. Generally to finance an investment.
- Bonds patriotic. Issuance of securities, bonds or letters to individuals. They are generally very short-term interest rates very high.
- ICO. The Government made available to the neediest communities credit lines of the Institute of Official Credit (ICO) amounting to 5,000 million so they could refinance maturing debt. Although this mechanism is in effect only during the first quarter.
Other mechanisms of government to improve the liquidity of the communities.
- Extension of five to ten years of repayment period of negative settlements financing system for the years 2008-2009 amounting to 31,000 million.
- Advance payment of six months of the positive settlement of transfers of 2010-2011, totaling 8,000 million in January charged communities rather than in July.
- Vendor Payment Plan. The Government agreed with 26 financial institutions, including ICO, open a line of funding for communities and municipalities to pay their outstanding bills. The repayment term is 10 years and two lack. The interest rate is 5.9%. Regional governments submitted bills amounting to 17,255,000, which will begin charging in late June.
- Hispanobonos. The Economy Minister Luis de Guindos, advanced during his first speech in the Senate that the Government would consider implementing the hispanobonos, joint issuance of debt of the autonomous communities with the approval of Treasury. But a few weeks ago, his fellow minister, Cristobal Montoro, has clarified this idea to ensure that the government will not allow any dilution responsibilities. The idea of Finance passes to endorse more austere autonomy, which best meet the deficit target [are the least problems with funding] from the positions of Economy opts for a joint formula to help all communities. This is a translation to the stage of the European debate on domestic Eurobonds. Despite all the discussions, the government is an instrument to lend a hand to communities. From different sectors of government ensures that you are ready for after the summer.
But reality presents a different picture, more oil, to the regions, they must face before the end of the year, maturing debt amounting to 35.782 million, as evidenced by financial balance plans (PEF) filed by the Communities to the Ministry of Finance. This amount includes both long-term maturities and short, credits, loans and securities. Included are also the debt of public universities and other entities.
To this must be added another 15,000 million for the financing of the deficit for this year, 1.5% of GDP for the communities. Accordingly, the need for funding of regional this year could exceed 45,000 million. To get idea of the volume of regional debt, debt maturities six years ago were about 5,000 million. A great volume will raise the already huge debt 140 083 000 communities.
The debt of the communities
In this situation, the regional governments need much money to repay their loans. The problem is that markets are closed. Just a few cracks are trusted by the most austere regions. Including Madrid yesterday issued 400 million and managed to do it at a lower rate than average. The debt of Catalonia, Murcia, Castilla-La Mancha or Valencia have the junk bond rating, according to the latest assessment by Moody's last week. The Executive Valencia, the second with more debt in Spain and to be 8,120 million coming due in 2012 had to offer an interest rate of 7% market to place 500 million in letters to six months. This operation, carried out earlier this month, forced the Valencia to pay a higher rate than the markets operated ask countries like Greece or Portugal.
There is a large concentration in maturities. Five communities account for nearly 90% of these (Catalonia, which has 13.476 million payments, Valencia, 8,120 million, Madrid, 2.694 million; Andalusia, 2,440 million and Castilla La-Mancha, 2.337 million). Although his financial situation is not the same.
"There are many short-term debt. It is difficult to determine to what extent cash gap. So it is difficult to determine which part of the short-term debt is renewed, "says Cesar Cantalapiedra, CEO of International Financial Analysts (IFA). Nevertheless, it requires that much of the maturities of long-term debt is accumulated in the last half of the year. According to the calculations of this expertise maturity securities and loans to long-term community is around 20,000 million euros. For example, La Rioja has included loans with maturities of 150 million monthly. Or Madrid, with a credit line of 1,100 loans a year.
Debt maturities are accumulated in the final stretch of the year
The problem of regional governments accumulate a lot of short-term debt causes increased anxiety to seek funding formulas. Therefore, almost all pushing for the Economy Ministry put in place the hispanobonos, combined emission of the communities supported by the Treasury. "There is a perception [in the market and communities] that will be a different model of funding. This affects whether the market does not respond at this time because he expects a new mechanism, "explains Cantalapiedra. The government is reformulating this mechanism to avoid diluting the responsibility of the regions studied manirrotas and other mechanisms to assist them.
The problem is not new. Last year, some communities asked the previous Socialist government on which that debt guaranteed by the state to avoid bankruptcy. Castilla y León and Valencia were the most aggressive in this matter revealed the delicate financial situation of autonomy.
This view, the situation is as described by the Minister of Finance said: "The reality is one of the creatures of the celebrated work of Goya, The Sleep of Reason Produces Monsters."
Funding mechanisms
"In this unstable situation need government support," he said last Thursday the Minister of Finance of Murcia, Juan Bernal, before entering the Council of Fiscal and Financial Policy, which called on the Government to implement the hispanobonos as soon as possible to ease the cashflow situation of the communities.
The regional governments are faced with a maturity of around 35,000 million euros this year. There are different mechanisms to access markets or which deal with some of these terms:
- Issuing public debt. It consists of a public issue of debt of the autonomous communities generally in the secondary market where institutional investors (investment funds) buy debt of the community.
- Bilateral. Agreements signed with a particular investor, banks or other investment entities that are interested in buying debt with certain conditions (in term interest rates).
- Loans from banks. Traditional financial instruments with credit institutions. Operations are concluded for long-term financing. Generally to finance an investment.
- Bonds patriotic. Issuance of securities, bonds or letters to individuals. They are generally very short-term interest rates very high.
- ICO. The Government made available to the neediest communities credit lines of the Institute of Official Credit (ICO) amounting to 5,000 million so they could refinance maturing debt. Although this mechanism is in effect only during the first quarter.
Other mechanisms of government to improve the liquidity of the communities.
- Extension of five to ten years of repayment period of negative settlements financing system for the years 2008-2009 amounting to 31,000 million.
- Advance payment of six months of the positive settlement of transfers of 2010-2011, totaling 8,000 million in January charged communities rather than in July.
- Vendor Payment Plan. The Government agreed with 26 financial institutions, including ICO, open a line of funding for communities and municipalities to pay their outstanding bills. The repayment term is 10 years and two lack. The interest rate is 5.9%. Regional governments submitted bills amounting to 17,255,000, which will begin charging in late June.
- Hispanobonos. The Economy Minister Luis de Guindos, advanced during his first speech in the Senate that the Government would consider implementing the hispanobonos, joint issuance of debt of the autonomous communities with the approval of Treasury. But a few weeks ago, his fellow minister, Cristobal Montoro, has clarified this idea to ensure that the government will not allow any dilution responsibilities. The idea of Finance passes to endorse more austere autonomy, which best meet the deficit target [are the least problems with funding] from the positions of Economy opts for a joint formula to help all communities. This is a translation to the stage of the European debate on domestic Eurobonds. Despite all the discussions, the government is an instrument to lend a hand to communities. From different sectors of government ensures that you are ready for after the summer.
スペインの地方政府は、2012年末までに、357億8200万0000ユーロ(+150億0000'0000ユーロ)の負債の満期を迎え返済を迫られる、地方政府の負債合計は1400億8300万0000ユーロに昇る、スペイン地方政府も破綻間近!
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