11/06/2021 – 19:43
The outstanding debt of the Community amounted to 12,983 million euros as of March 31, 2021, which is equivalent to 24.3% of the Gross Domestic Product. A ratio 3.4 points lower than the regional average, which stands at 27.7% of the national GDP and improves its relative differential with respect to the end of 2020, which was 3.1 points.
The contribution of Castilla y León to the global indebtedness of the Spanish autonomies is limited, according to the data provided this morning by the Bank of Spain, as reported by the Junta de Castilla y León. Specifically, at the end of the first quarter of this year it was estimated at 4.2% of the total of the communities, recorded at 307,316 million euros.
On that same date and in absolute terms, Castilla y León added 12,983 million euros of liabilities, with a quarter-on-quarter and inter-annual variation well below the rate registered by the debt of the communities as a whole. This amount represents 24.3% of the regional Gross Domestic Product, remaining on the list of least indebted territories in Spain.
In this amount the banking supervisor incorporates the refundable credits that the Administration of the Community grants to the companies, quantified in 256 million euros; the so-called ‘factoring’ without recourse ?? commercial credits with the Administration ceded to financial entities ??, which adds 2.8 million euros, and the indebtedness associated with public-private collaboration projects and other imputed debt, for 273.1 millions of euros.
The analysis of the structure of the debt portfolio of Castilla y León in terms of ESA 2010 (European System of Accounts), taking into account who the lenders are, indicates that, at the end of the first quarter of 2021, the largest amount continues to correspond to loans from the Financial Facility Fund estimated at 3,534 million euros, ?? specifically, 27.2% ?? to which the autonomous government joined to meet the needs foreseen in 2015, those of the second semester of 2017 and to cover the debt of 2018 and 2020. In second place are the public debt issues that represent 26.7%, with 3,460.4 million euros.
The third lender is the multilateral financial institutions, such as the European Investment Bank and the Development Bank of the Council of Europe, with a total of 1,144.8 million euros, 8.8% of the Community’s debt.
On the other hand, and in a similar way to previous quarters, 96.5% of Castilian and Leonese indebtedness corresponded to the General Administration, compared to 3.5% of universities, autonomous organizations, public entities of private law and public companies, among others. .
Regarding the maturity terms, 98.3% of the outstanding debt of the Community is formalized in the long term, versus 1.7% signed short. 81.4% is arranged at a fixed interest rate and 18.6% at a variable rate, a distribution that mitigates the effect of possible future increases in the Euribor.
No public company debt
Finally, it should be noted that the Bank of Spain also records the debt of other public companies belonging to the Autonomous Communities that are not included in the ESA 2010 perimeter at 3,162 million euros, without Castilla y León having assigned any amount for this concept . Thus, taking into account the data on the indebtedness of the entire autonomous public sector, the average ratio with respect to GDP would rise to 28%, compared to 24.3% in Castilla y León.