At the end of the 2^nd quarter of 2023

Gross debt of the Regional Public Administration stood at 5,272.5 million euros

At the end of the 2^nd quarter of 2023, the gross debt of the Regional Public Administration stood at 5,272.5 million euros. This represented an increase of approximately 198.5 million euros (+3.9%) compared to the end of the previous quarter and a rise of 303.5 million euros (+6.1%) compared to the same period last year.

The quarterly growth can be attributed to the issuance of bonds worth 275 million euros in June 2023, aimed at debt amortisation of the Regional Public Administration represented by previously contracted and outstanding loans. Therefore, the effect of this increase is expected to be temporary and should be nullified by the end of 2023. It's worth noting that the debt refinancing operation in 2023 occurred only in the 2^nd quarter of this year, whereas in 2022, it took place in the 1^st and 3^rd quarters.

Analysing the evolution of the composition of gross debt by financial instrument, it can be observed that in the 2^nd quarter of 2023 compared to the same quarter last year, the proportion of loans decreased from 46.8% to 42.5%, while the opposite occurred with the percentage of securities, which increased from 53.2% to 57.5% during the same period.

The breakdown of the debt by issuing sector shows that the Regional Government is responsible for 94.8% (91.6% in the same quarter last year) of the total debt, with Public Companies classified within the scope of the Regional Public Administration accounting for 5.2% (8.4% in the 2^nd quarter of 2022).

Net debt excluding deposits amounted to around 4,909.1 million euros

At the end of the 2^nd quarter of 2023, net debt excluding deposits reached approximately 4,909.1 million euros showing an increase of about 23.7 million euros (+0.5%) compared to the end of the previous quarter and a growth of 135.8 million euros (+2.8%) compared to the same period last year.

Notes:

Public Debt (Maastricht definition/perspective)

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 gross consolidated debt valued in nominal terms. This concept differs from the total stock of liabilities defined in the SEC, both in terms of the accounted instruments and in terms of valuation criteria. It is a less comprehensive concept that does not include, among other financial instruments, shares and other equity, financial derivatives, or other debts/credits, especially commercial debts. This debt concept adopts nominal value as the valuation rule, that is, the value that the public administration (issuer/debtor) should amortize at the end of the contract. The limit 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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