Approved the mechanism to meet the funding requirements of the CCAA
The Cabinet today approved the creation of a fund to cover the financing needs of the regions, which may reach a maximum of 18,000 million euros, of which 6000 million-third come from a loan of Lotteries and Gambling.
The announcement was made Minister of Economy, Luis de Guindos, in the press conference after the Council of Ministers, which explained that the Territorial Finance Facility, consisting in the future the Fund will pay to the regional governments, to cover their liquidity needs and to be financed by the Treasury.
As he explained, some of the communities, which has not cited, they can limit situations by funding difficulties in which they are now.
The Fund, without legal personality, approved by Decree-Law actually and adherence by communities is voluntary, but carries the assumption of budgetary and financial conditions.
Thus, communities that join must submit plans setting and be obliged to give timely information about their situation and may even be tapped for breach debt maturities.
They must also respect the principle of financial consolidation for the path of debt is sustainable and allows accounts are not overwhelmed.
The Fund shall be the Ministry of Finance and the Official Credit Institute (ICO).
The Fund will provide loans to communities, based on the cost of financing the Treasury, plus a small, had detailed Guindos.
These loans are guaranteed by the resources of the financing system of the Autonomous Communities. Thus, says the Ministry of Economy, ensures that the regions receive funding while retaining full responsibility for payment.
The validity of this mechanism will be indefinite, until no problems persist for liquidity.
As regards the calculation of the maximum 18,000 million, De Guindos reported that the estimate have made the Ministries of Economy and Finance and its use will depend on the communities which adhere, maturities and its deficit.
18,000 million will be provided by the Treasury, which will not change its schedule of broadcasts, Luis de Guindos emphasized, and some funding, some 6,000 million, a loan will come from the State Lottery.
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