The Secretaría General del Tesoro y Financiación Internacional has updated Anexo 1 to the Resolución de 4 de julio de 2017 . The decision, dated 10 August 2026 and published in the Boletín Oficial del Estado sets the reference values applicable for the current publication period for the “coste de financiación del Estado”. It provides the basis for assessing debt and derivative transactions by the autonomous communities and local authorities.
Specifically, the updated Anexo 1 sets out the rates and limits that are to guide the financing terms available to subnational authorities. The principle of financial prudence defined in the Resolución de 4 de julio de 2017 remains unchanged: the maximum overall cost of financing – including fees – may exceed the state's financing cost rate only by a differential tiered according to maturity. These rules govern both the terms of new borrowing and the conclusion of permitted hedging instruments.
By updating the annex, the Ministerio de Economía, Comercio y Empresa is responding, through its Treasury, to the current interest-rate environment and its own refinancing terms. The publication provides a clear benchmark for regions and local authorities seeking external financing or hedging interest-rate risks. It also gives credit institutions and other market participants legal certainty about permissible pricing in tenders and negotiations under the prudence principle. The rules are intended to promote comparability and protect subnational authorities' budgets from excessive financing costs.
The update is part of an established practice under which the Tesoro regularly publishes the relevant reference values, linking permissible terms to market conditions. The tables in Anexo 1 published in the Boletín Oficial del Estado are authoritative and apply until the next announcement. The format and content of the update published now follow the framework of the original Resolución de 4 de julio de 2017 and retain its distinctions between loan maturities and transaction types.
The decision was published in Madrid was issued and is included in the “Disposiciones generales” section of the Boletín Oficial del Estado. It is addressed to the autonomous communities and local authorities, as well as their financing partners, and does not affect any other regulatory areas beyond the scope set out in the 2017 resolution.
Editor: Phillipe Schmidt-Araguin (Article created with AI assistance).