スペインの地方政府(州)救済のための12のカギ
Las 12 claves del rescate a las autonomías
Qué es y cómo funciona el fondo de liquidez autonómica puesto en marcha por el Gobierno
Jesús Sérvulo González Madrid 26 JUL 2012 - 13:43 CET
The 12 keys to the autonomous rescue
What is and how the regional liquidity fund launched by the Government
Jesus Gonzalez Sérvulo Madrid 26 JUL 2012 - 13:43 CET
1. What is Autonomous Liquidity Fund?
Liquidity is the mechanism that the Government has made available to the regions, to pay outstanding financial debts. Communities are drowned out by the volume of its debt and the great distrust of the markets that have limited resources or require too demanding conditions.
2. What resources is provided the state fund?
The Government aims to inject up to 18,000 million euros to state financial mechanism, 6.000 million of which will provide the public entity of the State Lotteries, as it is a Spanish public institutions with better credit rating.
3. Do hispanobonos like?
Autonomic Liquidity Fund (FLA) is not like the hispanobonos. They are two different financial solutions to help communities finance. The hispanobonos were raised by the Ministry of Economy and consisted of a joint issuance of debt securities of all communities and guaranteed by the Treasury. The government finally decided by the Ministry of Finance thesis which argued that one should not risk sharing between all communities.
4. Is it a state bailout to autonomy?
The state mechanism for serving communities for communities that can not cope with its debt maturities, because the markets are closed, they can get money to pay your debts. So ask for help to the state in a situation that can not be solved easily, which is in fact a bailout. In addition, the configuration of state cash fund (SSF) is similar to the European Financial Stability Fund (EFSF), the mechanism used by Brussels to rescue countries. Precisely this is the tool used by the central executive to clean its financial system which has resulted in a bailout for Spain.
However, government sources ruled out that this mechanism is a rescue. They argue that there is additional budget adjustments and assimilate the provider payment plan. Stress that this is only a mechanism of financial assistance to communities.
5. What conditions requires the State Fund?
Royal Decree 21/2012 of liquidity measures government regulates the functioning of Autonomous Liquidity Fund (FLA) and the conditions for availing the same. The rule sets forth in Chapter II financial conditions and fiscal autonomy to join it.
Among the financial requirements include the submission "to the principles of financial prudence." Communities must submit an adjustment plan within 15 days to adhere to the state fund. If you already have [like most communities] should include changes-new cuts or tax increases-in the plan to meet the new commitments. They must also submit to the Ministry of Finance treasury a detailed plan, with maturities, balances monthly calendar ...
Furthermore, in the first five days of each month, communities must submit to Treasury plans upgrades to ensure compliance.
Alongside all this, communities should be under the supervision of the Treasury.
Budgetary Stability Law and Financial Sustainability, approved earlier this year by the Government, provides the first additional provision that to "extraordinary measures of liquidity support" government "will be required to agree to finance an adjustment plan that ensures compliance with the deficit and debt targets. " He adds: "Access to these mechanisms will be preceded by ... action extraordinary setting."
6. What are the financial terms (interest rate, term) of FLA?
Financial terms of the loans will be determined by the Executive Committee on Economic Affairs in the coming days and depending on the conditions that obtain in the Treasury market.
7. What is the time period in which communities to join the FLA?
Communities must submit accession Autonomous Liquidity Fund (FLA) before December 31, 2012. The state mechanism is temporary and voluntary. "Respond to financial (of autonomy), while there are still difficulties in community access to financial markets"
8. What debt faced by communities?
Communities must address debt maturities amounting to 35.782 million euros in 2012, according to financial balance plans submitted by the regions in the Fiscal Policy Council. However, communities have already paid much of that debt. Outstanding maturities in the next two quarters amounted to EUR 15,838,000 (July-September 3474, and other 12,364,000 between October and December).
However, the financial report of the decree law regulating the State Fund rises to 26.826 million financing needs of communities for the next semester. This report includes financial debt, deficit needs arising permitted in 2012 (1.5% of GDP), which represents other additional € 15,854,000 and negative assessments of the funding system for 2008 and 2009.
9. Adherence to the bottom, does that imply state intervention?
No. The communities benefiting Autonomous Liquidity Fund (FLA) will not be taken over by the state. However, the Ministry of Finance reserves the enforcement of the adjustment plans involved. You can then send "black men" ministry to monitor its proper implementation. Thus, Article 8 of the decree states that the State Audit Office (IGE) may send a monitoring mission to realize the diagnosis of the financial situation, applying the techniques and methods of control of their own choosing. Hacienda technicians fulfill the role that the EU Three rescued develops in the states.
"Within one month of the mission is started, the IGE will issue a report on the financial adequacy of the community adjustment plan," said the decree.
10. Does it increase the public debt fund of the State?
The Economy Minister Luis de Guindos said a few weeks ago when it introduced the mechanism that the fund will not increase government debt and will not, therefore, an increased risk of the state. He explained that the fund will inject resources through debt issues under the calendar of Treasures and by the contribution of 6,000 million State Lotteries.
11. Who manages the fund?
The Official Credit Institute (ICO) is responsible for managing it. The ICO execute, on behalf of the Government, the relevant loan to underwrite policies with communities, under the mandatory instruction of Government Commission for Economic Affairs. Also provide technical implementation services, accounting, cash, paying agent, monitoring and, in general, all the services of a financial nature relating to the operations authorized under the FLA. The Fund shall be under the Ministry of Finance and Public Administration through the Ministry of Public Administration and financial management will be made by the Official Credit Institute.
12. What guarantee does the background?
The state fund has the guarantee of the State is the one who provides the resources. However, the regions benefiting at the same answer for the amount they need. "The repayment of the loans will be guaranteed by the retention of the system of financing resources of each community," said the decree.
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