He cheap money cashier that since 2012 the State makes available to the autonomous communities that can not yet be financed on their own in the markets and that today still constitutes the barrier that prevents them from entering bankruptcy … It has begun to generate unforeseen problems.
The Generalitat Valenciana announced just a few days ago three agreements with banking entities, BBVA, Abanca and Banco Sabadell, to obtain loans worth 1.8 billion euros in order to “refinance mechanisms of the FL of the year 2023, which will allow the Autonomic administration a savings in financial costs greater than 60.4 million for the validity of these loans ». That is to say, that the Valencian Government has found in the market substantially better financing conditions than those provided by the cheap loans of the State to finance its deficit through the Autonomous Liquidity Fund (Fla), whose founding objective is precisely to reduce the Autonomic Administrations the invoice to finance its budget hole.
«There has been no option to renegotiate The interest rate established by the FL for 2023 », explain from the Government of the Valencian Community. “There was the opportunity to achieve better conditions than those offered by the financing of the Treasury plus the differential that applies to the flan and we have taken advantage of them, achieving important savings,” they detail. In fact, it is not the first operation of this nature that formalizes the executive of Carlos Mazón, which already obtained 1,000 million euros from a Caixabank credit, so it has already refinant a third of its debt with the State by the 2023 deficit.
What appears as a system anomaly, which autonomies obtain cheaper financing than the one they received from the State in supposedly preferential conditions not to deteriorate its already delicate budget position, it is not for the Ministry of Finance . Ministry sources attribute these movements, which are required by the prior authorization of the Government, to the unique circumstances of 2023 in which the increase in interest rates increased the financing of the State and therefore also the conditions in which it gave liquidity to the autonomies to finance its budget deficit, conditions that can now be improved in a different context.
Inasumible costs
According to the official information provided by the Treasury, the Cheap loans worth total value of 31,644 million euros that the State made at the nine autonomies that received financing from the FL in 2023 (Catalonia, Valencian Community, Murcia, Balearic Islands, Aragon, Extremadura, Cantabria, Castilla La Mancha and La Rioja) were made at an interest rate of between 3,351 % and 3,514%.
A basic extrapolation from the savings obtained by the Generalitat Valenciana in its agreement with BBVA, Abanca and Sabadell to the bulk of the financing received from the FLA by the Autonomous Communities in 2023 leads to the conclusion that the nine affected autonomies could obtain savings of more than 1,000 million Refining the loans received from the State to market conditions, or, otherwise, that the state financing would be costing 1,000 million compared to what they could obtain from the bank.
A relevant extra cost that still distributed in a decade would emerge at a particularly delicate time for the finances of the Autonomous Communities, which not only have the imperative of bringing their accounts to a situation close to the budget balance (deficit of 0.1%) to comply With their contribution to the Fiscal Adjustment Plan agreed by the Government with Brussels, but they also have to do so with a financing framework that has been revealed as obsolete and with an increasing pressure on the side of health expenses and social services .
Other autonomous communities also study it
Sources from several of the regional governments that are in a situation similar to that of the Valencian Community, such as those of the Region of Murcia, Castilla-La Mancha or Extremadura, admit Be analyzing options to reduce loads derived from the loans received from the FLA in 2023, although only in the case of the Region of Murcia it is advanced that authorization will be requested from the Government to carry out an operation similar to that carried out by the Valencian Community.
In the opinion of the experts consulted by ABC, the episode provides more evidence of the need to disassemble this mechanismwhich was born as a transient solution to the inability of the autonomous communities to be able to finance on their own markets during the years after the crisis, but which has been consolidated in the national legal system to a large extent by the phenomenal amount of debt autonomic that has ended up assuming the State.
From the activation of extraordinary liquidity mechanisms The State has financed about 400,000 million euros of deficit Autonomic, of those who would still return more than 150,000 million euros. For the Professor of Applied Economics of the Pablo de Olavide University of Seville and one of the most reputed experts in the field of regional financing, Diego Martínez, these figures are the Demonstration that “the adjustment plans associated with these loans have not been effective” and that the Government does not have in these extraordinary financing mechanisms “neither the incentives or the appropriate instruments to provide money efficiently to the CC.AA. continuously ».
In spite of the State to the unplanned deviations of the deficit.
According to a study by Fedea, between 2012 and 2021 the State has assumed an overrun of 11,000 million for financing the deficit of autonomies to even cheaper types than those obtained by the treasure in the market.
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