At the end of the 2nd quarter of 2025

Gross debt of the Regional Public Administration stood at 5 221.0 million euros

At the end of the 2^nd quarter of 2025, the gross debt of the Regional Public Administration (RPA) amounted to 5,221.0 million euros, an increase of 220.8 million euros (+4.4%) from the previous quarter and 140.0 million euros (+2.8%) from the same quarter of the previous year.”

The quarterly increase is explained by the bond issuance of 310 million euros in June 2025, which was intended for the repayment of RPA debt corresponding to previously contracted loans held in portfolio. Consequently, the impact of this increase is expected to be of a temporary nature and to be mitigated by the end of 2025.

An analysis of the evolution of the composition of gross debt by financial instrument shows that, in the 2^nd quarter of 2025, loans accounted for 36.0% (38.6% in the same quarter of the previous year), while securities represented 64.0% (61.4% in the 2^nd quarter of 2024).

The breakdown of debt by issuing sector indicates that the Regional Government was responsible for 97.5% (96.9% in the same quarter of the previous year) of total debt, while Public Enterprises classified the scope of the Regional Public Administration accounted for 2.5% (3.1% in the 2^nd quarter of 2024).

Net debt of deposits stood at 4 648.0 million euros

At the end of the 2^nd quarter of 2025, net debt of deposits amounted to 4 648.0 million euros, which represented an increase of around 9.5 million euros (+0.2%) compared with the end of the previous quarter, and a decrease of 114.7 million euros (-2.4%) compared to the same quarter of the previous year.

Notes:

Public debt (Maastricht definition/optics) 

Public debt in the Maastricht definition/perspective corresponds to the relevant definition of debt of Public Administrations in the context of European budgetary supervision. It is a concept of consolidated gross debt valued in nominal terms. This concept differs from the total stock of liabilities defined in the SEC, both in terms of the instruments accounted for and in terms of valuation criteria. It is a less comprehensive concept that does not include, among other financial instruments, stocks and other participations, financial derivatives, or other debts/credits, particularly commercial debts. This concept of debt adopts nominal value as the valuation rule, meaning the amount that the public administration (issuer/debtor) is obligated to repay at the end of the contract. The limit established in the annexed protocol 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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