Economia agrees with BBVA, CaixaBank and Sabadell maturities of one and six months
The Government of the Government has opted to postpone the problems of liquidity that has caused the expiration of short-term loans for more than 1,000 million euros, renegotiating new deadlines very limited with creditor financial institutions waiting for the central government authorize them to convert them in the long term and, finally, end up in the hands of the Autonomic Liquidity Fund (FLA).
Yesterday, the Govern issued a statement in which it reported the renewal “during 2016 of all lines of credit and short-term loans with the corresponding financial institutions for a value of 1,072 million euros.”
These loans correspond to three credit institutions, CaixaBank , Banc Sabadell and BBVA . The BBVA loan, for around 100 million euros, was due since the end of last year and, in accordance with the stipulations of the financial prudence legislation, generated 2% late interest (200 basis points in technical jargon).
The entity chaired by Francisco González agreed with the Departament d’Economia de la Generalitat, which is headed by vice-president Oriol Junqueras, to renew this financing for a period of six months, with the payment of the corresponding late payment interest. . This credit was the most pressing, since the default was close to 90 days after which the entity must provide this credit, which triggers the financial cost.
In the case of CaixaBank, chaired by Isidro Fainé, the option has been to renew these credits, for an amount of around 800 million euros, with monthly maturities, at a minimum cost of 0.05%. Finally, the Sabadell, whose financing for a figure of around 290 million expired at the end of last February, the renewal has also been made to six months, but in this case the entity chaired by Josep Oliu has waived the collection of interest for late payment.
The Departament d’Economia has opted for this provisional exit in order to avoid greater evils, among them that the interests of these debts will skyrocket. The sources consulted by this newspaper have indicated that the previous Govern, headed by Artur Mas and with Andreu Mas-Colell as head of Economy, had informed the Ministry of Finance and Public Administrations last October, whose head is Cristóbal Montoro, his oppressors. financing needs, requesting at the time the conversion of most of that short debt into long-term debt.
The current regulations of the FLA establishes that this mechanism assumes the debts of the autonomous communities that have adhered to it, when the expiration date comes, provided that it is a period of more than one year.
After this first formal request, the Catalan administration assures, and in view of the fact that the aforementioned authorization was not approved, which must be carried out by a Council of Ministers, it was interested several times before the Treasury, always without obtaining a definitive answer. The same sources point out that, however, this authorization has arrived for other autonomous communities in similar or similar situations of financial distress.
Yesterday, the Govern reported that after the renewal of short-term credits “the amount of this request for authorization to sign long-term operations has been extended to 1,614 million euros, by incorporating new operations that come to an end, according to the agreement with financial entities. “
In addition, the heads of the Government have raised to the Treasury to advance 700 million on account of the settlement of the regional financing system of 2014, which the central government pays between June and July, to meet their cash needs, especially the payment of the extraordinary pay of June of the officials of the Catalan administration. Montoro has raised his initial rejection to the advancement of the calendar.