elEconomista.es
12/12/2014 – 19:57
Pilar del Olmo, Minister of Finance
The Community ended the third quarter with an outstanding debt of 9,470 million euros, representing 17, 2% of Gross Domestic Product (GDP). This implies that Castilla y León continues as the sixth most healthy autonomy, and that considering the methodological change introduced in June the Bank of Spain under the new European System of Accounts. The Castile and Leon ratio remains 4.8 points below the average for all communities, is equivalent to 22% of GDP.
Castile and Leon ended last month September as the sixth most solvent independence of the country, behind Madrid, Canary Islands, Basque Country, Asturias and La Rioja, according destca the Board in a press release. The ratio of debt to GDP rises tenth from the updated data for the second quarter and stood at 17.2%, well below the average of 22%, implying a differential of nearly five points which again places the Community in a good position relative.
The lower outstanding debt of Castilla y León compared to most autonomous territories, both in absolute and relative terms, is also reflected in that at the end of the third quarter only supposed 4.1% of all communities, which amounted to 232.009 million euros.
The data released by the Bank of Spain is the second to be produced in accordance the European System of National and Regional Accounts in the EU (SEC 2010), which since September 1, 2014 replaces the previous (SEC’95). Its main novelty with respect to this is that modifies the composition of the general government sector, incorporating entities that were previously out. In the case of Castilla y León, has resulted in the reclassification of ADE Technology Parks and Business and now compute the purpose of calculating the debt of the Community.
It should be noted that while the ratio exceeds known today year-end target does not imply that Castilla y León is to exceed the debt limit of 16.4% approved for 2014. For the purposes of proper valuation provided according to the Board, it must be remembered, first, that the volume of outstanding debt complete until year end is reduced, since during the first nine months has formalized a high percentage (specifically, 80% of the total). Second, the last quarter concentrates the bulk of repayments being made. And finally, we must remember that the debt associated with the change in the scope of fiscal consolidation is an exception that is taken into account when assessing compliance. This will allow the regional debt is in line with the maximum set for this year.
According to the regional government, in order to evaluate “aptly the financial health of Castilla y León we must insist that 9,470 million for the third quarter include the debt arising from the first phase of Provider Payment Mechanism (1051.4 million), which the Board welcomed exceptionally and has not returned . to use the current outstanding balance is 376.3 million as a result of two factors: the refinancing of 663 million euros in bilateral loans to domestic financial institutions, and the realization of the first quarterly amortization in September amounting to 12.1 million.
The Bank of Spain also incorporated debt Castilla y León operations “factoring” without recourse, ie the transfer of some commercial claims on government public financial institutions and certain loans for specific projects. The result is that the 9,470 million euros of regional debt, 307 are allocated to the Community for projects of public-private partnerships, and 214 million are assigned commercial loans.
Hence, in fact, the financial debt of Castilla y León was 8,949 million at September 30. Of this, on the other hand, 418 million were loans to finance corporate loans by the Board enters both the amortization of principal and interest.
According the ESA 2010 methodology, most of indebtedness of the Community is attributed to the General Administration, which owns 91.7% of the total, while universities and public entities under private law have signed on 4% and companies Public remaining 4.3%.
Regarding the latter, the Bank of Spain provides separate on which do not count because they perform activities of market information. Thus, the debt of public companies Castilla y León has no effect on autonomic figure was 150 million euros at the end of the third quarter, 2.6% of the national total. In terms concerning equal to 0.3% of GDP, two tenths less than the average of 0.5%.
An interesting financial year is to add the outstanding debt of the Administration of Castilla y León which takes into account the European System of Accounts (9,470 million euros) and not (150 million). The result is a comprehensive regional public sector borrowing of 9,620 million at September 30, 2014. That is, the Community contributed only 4% of the 237,732,000 registered in the whole of Spain. In relation to GDP is also favorable position as the outstanding debt represents 17.5% of GDP compared to an average of 22.5%.
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