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ABC of Spain 2 / The Cabinet today approved plans new financing conditions for regions that allow them to finance their debt to zero until 2017 without conditionality for those who are no longer previously attached to the Autonomous Liquidity Fund (FLA). The State will assume the difference with the type of financing the Treasury.
The idea of the government, which said on Tuesday Finance Minister Cristobal Montoro after the meeting of the Council of Fiscal and Financial Policy (CPFF), “is to transfer savings in financial markets at all government, prioritizing social spending, helping to continue with greater difficulties in financing and promoting the economic activity of those who have managed to overcome them. “
Since 2012 the state has set up financing mechanisms, under the Law of Budgetary Stability and Financial Sustainability, to provide liquidity to communities and municipalities. During these three years, the FLA will be provided to communities 62,800 million, and the Fund Provider 41,814,000, of which 30,219 to 11,595 communities and local councils were allocated. The communities have been saved through these instruments 1,126 million euros.
5.552 million savings
The savings from restructuring Autonomy Fund and Fund Liquidity Provider Payment , to said zero interest rate, rise in 2015 to 1,625,000 euros. To these must be added the savings produced by the measures adopted on July 31, reducing the types of FLA 1% and the reduction of 140 basis points to provider payment mechanism, expanding the postponement of negative settlements to 240 monthly and estimation of new financing in 2015. The sum of all these measures raises savings for communities to 5.552 million euros.
All these facilities to finance debt were generally well received by all the regions, with the exception of Madrid. In fact, the Minister of Economy Madrid, Enrique Ossorio said already the same Tuesday, after meeting with Finance, that “the measures proposed by Montoro establish a bestial difference between autonomy”. According to his calculations, if Madrid would you accept the terms in the years 2015, 2016 and 2017 would obtain a financial advantage of 90 million euro compared to 3,700 in Catalonia.
His Catalan colleague, Andreu Mas Colell, said the initiative approved by the Government to improve regional financing law “is positive and good, but there is no quantitative idea of its effects in the coffers of the autonomous communities.”
Andalusian side, her advisor of Finance, María Jesús Montoro said that the Government’s proposal to enhance regional funding “is a measure that returns to curtail the ability of regions to retain the credit when they do not meet the expenses that the demand state “.
In any case, remember that once the government approves new financing today, the communities will decide whether or not welcome this new mechanism involving financing at zero cost debt and obtain reimbursement of health cent and the tax levy on bank deposits
Information ABC of Spain 2 .
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