At the end of the 4^th quarter of 2025

Gross debt of the Regional Public Administration stood at 4 832.1 million euros

At the end of the 4^th quarter of 2025, the gross debt of the Regional Public Administration (RPA) stood at 4 832.1 million euros, having decreased by approximately 75.4 million euros (-1.5%) compared to the end of the previous quarter and fallen by 92.8 million euros (-1.9%) compared to the same period of the previous year.

The decrease compared to the previous quarter and the same period of the previous year results primarily from loan repayments, as well as from the effect of the actual amortisation of debt using the Region's own revenue.

Analysing the evolution of the composition of gross debt by financial instrument, it can be observed that in the 4^th quarter of 2025, the share of loans was 36.5% (37.6% in the same quarter of the previous year) and that of securities debt was 63.5% (62.4% in the 4^th quarter of 2024).

The breakdown of debt by issuing sector shows that the Regional Government is responsible for 97.8% (97.0% in the same quarter of the previous year) of total debt and Public Enterprises classified within the RPA perimeter for 2.2% (3.0% in the 4^th quarter of 2024).

Net debt of deposits stood at around 4 587.5 million euros

At the end of the 4^th quarter of 2025, net debt of deposits stood at around 4 587.5 million euros, having increased by approximately 79.1 million euros (+1.8%) compared to the end of the previous quarter, and decreased by 121.5 million euros (-2.6%) compared to the same period 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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