At the end of the 1^st quarter of 2025

Gross debt of the Regional Public Administration stood at 5 000.2 million euros

At the end of the 1^st quarter of 2025, the gross public debt of the Regional Public Administration (RPA) stood at 5 000.2 million euros, representing an increase of approximately 75.3 million euros (+1.5%) compared to the end of the previous quarter, and a rise of 63.8 million euros (+1.3%) compared to the same period of the previous year. This growth is the result of debt refinancing operations carried out in January and February 2025, whereas in 2024 these operations only took place in the 2^nd quarter.  

Analysing the evolution of gross debt composition by financial instrument, it is observed that in the 1^st quarter of 2025, loans accounted for 38.8% of the total (compared to 39.8% in the same quarter of the previous year), while securitised debt represented 61.2% (60.2% in the 1^st quarter of 2024).

Net debt excluding deposits stood at 4 638.5 million euros

At the end of the 1^st quarter of 2025, net debt excluding deposits stood at approximately 4 638.5 million euros, representing a decrease of around 70.5 million euros (-1.5%) compared to the end of the previous quarter, and a reduction of 92.0 million euros (-1.9%) compared to the same 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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