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スペインの財務省(大蔵省)のモントロ(Cristobal Montoro)氏は、スペインの地方政府(自治州)を救済するために,自治州流動資金基金を創り、地方政府に検査官を派遣し、財政状況を詳細に把握し、財政破綻の地方政府に流動資金を融資
Montoro tendrá sus ‘hombres de negro’
El Gobierno configura la ayuda a las comunidades como un rescate
Habrá misiones de control, desembolsos por tramos y condiciones financieras y fiscales
Montoro will have their 'black men'
The Government set up the assistance to communities as a rescue
Missions will control disbursement tranches and financial conditions and fiscal
EDITORIAL: 'Rebellion in the making'
Miguel Jimenez Madrid 16 JUL 2012 - 00:58 CET
The Government set up the assistance to communities as a rescue
Missions will control disbursement tranches and financial conditions and fiscal
EDITORIAL: 'Rebellion in the making'
Miguel Jimenez Madrid 16 JUL 2012 - 00:58 CET
The autonomous communities can now ask the government bailout. Thus, as a full-scale rescue is configured as cash assistance, according to the details contained in Legislative Decree published in Saturday's Gazette. By that standard, the Treasury may send control missions community, black men in the expression of the finance minister, Cristobal Montoro, with access to all information, aid disbursements will be made in installments and there will be a tough conditionality both budgetary and financial, image and likeness of the European bailouts of Greece, Ireland, Portugal and, to recapitalize the banking, Spain.
The rescued thus becomes rescuer. Obviously, the word rescue does not appear once in the 14 pages of the decree law. A good rescue fund was never named. In Europe the European Financial Stability Facility (EFSF) and the European Stability Mechanism (MEDE). In Spain I had a rescue fund of banking, the FROB. Now the Spanish rescue mechanism to communities called Autonomous Liquidity Fund. FLA is born.
The decree law regulating the FLA states that public debt will be financed by the state, although the government said on Friday it expects to borrow Lotteries 6,000 million to endow the fund. As is challenged in the European case has enough money for a potential rescue of Spain and Italy, one of the unknowns on the FLA is whether the allocation of 18,000 million euros, which will be sufficient to meet the maturing debt and finance the deficits of all the communities for whom use it. It is expected there to be expanded next year. In the European case, at least the maximum credit (AAA) of the bailout fund was guaranteed. In Spain, however, the State comes to the rescue of their own communities when credit note on the verge of junk status and there are many experts and authorities believe they will have full ransom, not only for banking.
But if the Treasury to finance difficulties are great, some regions have it practically impossible. Several of them know they can not go through the summer without the risk of not being able to meet their deadlines, and / or payroll. Thus, although the decree law gives the deadline (extended) until 31 December urging the rescue, then we expect that many do so immediately. And, as in Europe, although the mechanism is voluntary, under certain conditions becomes forced practice.
The design is modeled after the aid of Greece, Ireland and Portugal
The FLA "will address the financial needs" of the maturities of debt securities and loans, financing of new settlements deficit and negative slopes of the financing system "while persisting difficulties of access to regions financial markets, "which determined each year by the Government Commission, says the decree.
Among the financial terms, the region is subject to the principle of financial prudence established by the Treasury. A community that prompted the rescue of the FLA may not, in principle, issue securities or arrange credits abroad, unless express permission of the Government. Must report all credit transactions short and long term and assign to the State under the credit granted, management of the payment of maturing debt. The resources of its financing system accountable for the return of the rescue.
But the hardest will be the budget or tax conditions. Following the decision to ask the rescue and submit to its rules, communities must submit and agree with the Treasury an adjustment plan (or alterations to that in force), the equivalent of the memorandum of understanding of European bailouts.
As part of the adjustment plan, the community will provide a detailed cash plan, with all schedules and budgets monthly receipts and payments, the balance of debt, the maturity profile of the next 10 years and needs new borrowing, including other data. That liquidity plan should be updated in the first five days of each month. For its part, the adjustment plan shall be updated at least once a year.
The FLA, the new bailout fund will be managed by the ICO
In addition, the community must give the Treasury each month on its financial information, the evolution of the adjustment plan, the risks to its performance, liquidity needs and debt and any other information required by the Treasury.
If Treasury sees risks of failure of the adjustment plan, you can send a monitoring mission. The black men come from the General Comptroller of the State Administration (IGAE). Should diagnose the financial situation of the community and its compliance with the terms of the bailout, as does the troika (European Commission, European Central Bank and International Monetary Fund) in the countries operated in Europe. These black men Montoro have "access to all documentation of the autonomous region, for the proper performance of their duties," says the decree. In no more than a month since the start of each mission, sent his report to the Minister of Finance.
The outcome of that report will depend, first, to be disbursed or not the next tranche of financial assistance. As in Europe, the rescue was orchestrated through "a timetable for flights," says the decree, in which each payment is subject to compliance with the conditions.
But in the Spanish case, the importance of the opinion of black men goes further. In Europe, the failure only blocks the new payments. But in Spain, may lead to the involvement of the autonomous region. If the opinion is negative, the region will have to deposit 0.2% of gross domestic product (GDP) nominal and approve within 15 days of further cuts. If not, Montoro sent a new commission of experts to present its proposal for mandatory measures to the community. In case of disobedience, as provided by law for fiscal stability, the Government, with the approval by an absolute majority in the Senate, will force its "enforcement", as will the full involvement of the community.
The decree law, moreover, states that the financial management of the FLA is payable by the Official Credit Institute (ICO). The loan terms shall be determined in each case, but at least will impact fully finance costs and other costs incurred by the FLA. The funding system resources (such as community participation in the collection of income tax or VAT, for example) be responsible for the return of the rescue.
The rescued thus becomes rescuer. Obviously, the word rescue does not appear once in the 14 pages of the decree law. A good rescue fund was never named. In Europe the European Financial Stability Facility (EFSF) and the European Stability Mechanism (MEDE). In Spain I had a rescue fund of banking, the FROB. Now the Spanish rescue mechanism to communities called Autonomous Liquidity Fund. FLA is born.
The decree law regulating the FLA states that public debt will be financed by the state, although the government said on Friday it expects to borrow Lotteries 6,000 million to endow the fund. As is challenged in the European case has enough money for a potential rescue of Spain and Italy, one of the unknowns on the FLA is whether the allocation of 18,000 million euros, which will be sufficient to meet the maturing debt and finance the deficits of all the communities for whom use it. It is expected there to be expanded next year. In the European case, at least the maximum credit (AAA) of the bailout fund was guaranteed. In Spain, however, the State comes to the rescue of their own communities when credit note on the verge of junk status and there are many experts and authorities believe they will have full ransom, not only for banking.
But if the Treasury to finance difficulties are great, some regions have it practically impossible. Several of them know they can not go through the summer without the risk of not being able to meet their deadlines, and / or payroll. Thus, although the decree law gives the deadline (extended) until 31 December urging the rescue, then we expect that many do so immediately. And, as in Europe, although the mechanism is voluntary, under certain conditions becomes forced practice.
The design is modeled after the aid of Greece, Ireland and Portugal
The FLA "will address the financial needs" of the maturities of debt securities and loans, financing of new settlements deficit and negative slopes of the financing system "while persisting difficulties of access to regions financial markets, "which determined each year by the Government Commission, says the decree.
Among the financial terms, the region is subject to the principle of financial prudence established by the Treasury. A community that prompted the rescue of the FLA may not, in principle, issue securities or arrange credits abroad, unless express permission of the Government. Must report all credit transactions short and long term and assign to the State under the credit granted, management of the payment of maturing debt. The resources of its financing system accountable for the return of the rescue.
But the hardest will be the budget or tax conditions. Following the decision to ask the rescue and submit to its rules, communities must submit and agree with the Treasury an adjustment plan (or alterations to that in force), the equivalent of the memorandum of understanding of European bailouts.
As part of the adjustment plan, the community will provide a detailed cash plan, with all schedules and budgets monthly receipts and payments, the balance of debt, the maturity profile of the next 10 years and needs new borrowing, including other data. That liquidity plan should be updated in the first five days of each month. For its part, the adjustment plan shall be updated at least once a year.
The FLA, the new bailout fund will be managed by the ICO
In addition, the community must give the Treasury each month on its financial information, the evolution of the adjustment plan, the risks to its performance, liquidity needs and debt and any other information required by the Treasury.
If Treasury sees risks of failure of the adjustment plan, you can send a monitoring mission. The black men come from the General Comptroller of the State Administration (IGAE). Should diagnose the financial situation of the community and its compliance with the terms of the bailout, as does the troika (European Commission, European Central Bank and International Monetary Fund) in the countries operated in Europe. These black men Montoro have "access to all documentation of the autonomous region, for the proper performance of their duties," says the decree. In no more than a month since the start of each mission, sent his report to the Minister of Finance.
The outcome of that report will depend, first, to be disbursed or not the next tranche of financial assistance. As in Europe, the rescue was orchestrated through "a timetable for flights," says the decree, in which each payment is subject to compliance with the conditions.
But in the Spanish case, the importance of the opinion of black men goes further. In Europe, the failure only blocks the new payments. But in Spain, may lead to the involvement of the autonomous region. If the opinion is negative, the region will have to deposit 0.2% of gross domestic product (GDP) nominal and approve within 15 days of further cuts. If not, Montoro sent a new commission of experts to present its proposal for mandatory measures to the community. In case of disobedience, as provided by law for fiscal stability, the Government, with the approval by an absolute majority in the Senate, will force its "enforcement", as will the full involvement of the community.
The decree law, moreover, states that the financial management of the FLA is payable by the Official Credit Institute (ICO). The loan terms shall be determined in each case, but at least will impact fully finance costs and other costs incurred by the FLA. The funding system resources (such as community participation in the collection of income tax or VAT, for example) be responsible for the return of the rescue.
モントロは、"黒人男性"を持ちます
政府は救助としてコミュニティにアシスタントを設定する
ミッションは、支出のトランシェおよび財務状況や財政をコントロールします
社説："意思の反乱"
ミゲル·ヒメネスマドリード16 JUL 2012 - 午後12時58分CET
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