At the end of the 4th quarter of 2024 

Gross debt of the Regional Public Administration stood at 5 020.0 million euros

At the end of the fourth quarter of 2024, the gross public debt of the Regional Public Administration (RPA) stood at 4,924.8 million euros, representing a decrease of approximately 95.1 million euros (-1.9%) compared to the end of the previous quarter and a decline of 77.5 million euros (-1.5%) compared to the corresponding period of the previous year. The quarterly decline resulted from loan repayments, while the year-on-year decline in debt value was mainly attributed to reduced refinancing needs, which were higher in 2023 (300 million euros) compared to 2024 (225 million euros), as well as the effective repayment of debt using the Region’s own revenues streams.

An analysis of the evolution of gross debt composition by financial instrument shows that, in the fourth quarter of 2024, compared to the same quarter of the previous year, the proportion of loans decreased from 40.3% to 37.6%, while the securitised debt increased from 59.7% to 62.4% over the same period.

Regarding debt distribution by the issuing sector, the Regional Government was responsible for 97.0% of the total debt (compared to 96.6% in the corresponding quarter of the previous year), while Public Enterprises classified within the scope of the Regional Public Administration accounted for 3.0% (3.4% in the fourth quarter of 2023).

Net Debt excluding deposits stood at approximately 4,709.0 million euros 

At the end of the fourth quarter of 2024, net debt excluding deposits amounted to approximately 4,709.0 million euros, marking a reduction of 96.3 million euros (-2.0%) compared to the previous quarter but an increase of 53.9 million euros (+1.2%) compared to the corresponding period of the previous year.

Notes:

Public Debt (Maastricht definition/optics) 

Public debt under the Maastricht definition refers to the consolidated gross debt of Public Administrations, valued at nominal terms and used in the context of European budgetary supervision. This concept differs from the total stock of liabilities defined under the European System of Accounts (ESA) in terms of both the instruments included and the valuation criteria. Notably, it excludes certain financial instruments, such as shares and other equity, financial derivatives, and other payables/receivables, particularly commercial debts. Debt is valued at nominal terms, representing the amount that the issuing/debtor public administration is obligated to repay at the contract's maturity. The threshold established in the protocol annexed to the Treaty on the Functioning of the European Union is 60% of GDP.

Net Debt excluding deposits

Net debt excluding deposits corresponds to gross debt (Maastricht debt) subtracted by deposits in resident banks.
 

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