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Explanatory note on Local Authorities' norms

The European Regulation on "application of the Protocol to procedures for excessive deficits," determines that the single member States must periodically provide the European Commission with data on the supervision of said procedure. The notification requires real-time knowledge of all borrowing operations concluded by Public Administrations, as identified by the European system of national and regional accounts.

For this reason, please find below the main regulatory provisions in force grouped according to the thematic areas to which they refer, concerning public debt monitoring.

  1. BORROWING AND DERIVATIVE OPERATIONS TO COVER DEBT


     
  2. MANDATORY COMMUNICATIONS

    • Law no. 488 of 23 December 1999 (2000 Financial Law), article 48, on "Government securities operations on the secondary market and liquidity management," which, in paragraph 2, bestows the Treasury Ministry with the authority to manage the liquidity of Public Administration entities;
    • Ministerial Decree no. 389 of 1 December 2003, article 1, paragraphs 1, 2, and 3, which discipline communications to the Ministry of Economy and Finance of borrowing and derivative operations by local authorities and Regions, and coordinate access to markets;
    • Circular of the Ministry of Economy and Finance of 27 May 2004, published in Official Gazette no. 128 of 3 June 2004, explaining Ministerial Decree no. 389 of 1 December 2003;
    • Law Decree no. 112 of 25 June 2008, article 62, which, in paragraph 7, obliges the Ministry of Economy and Finance to transmit a copy of the documentation received concerning derivative operations to the Court of Accounts every month.

       

  3. MAXIMUM RATES APPLICABLE TO MORTGAGE OPERATIONS

    • Law Decree no. 66 of 2 March 1989, article 22, paragraph 2, converted into law, with amendments, by article 1, paragraph 1, of Law no. 144 of 24 April 1989, on "Urgent dispositions in matters of Local Authorities' taxation autonomy and of local finance." It provides that the Treasury Minister, with a decree of his own, periodically determines the maximum conditions applicable to mortgages to grant to Local Authorities or other procedures aimed at obtaining uniform treatment.
    • Ministerial Decree of 19 May 2014, published in Official Gazette no. 117 of 22 May 2014, on "Determining the maximum annual global cost of mortgage operations performed by Local Authorities, as per Decree-Law no. 66 of 2 March 1989, converted, with amendments, by Law no. 144 of 24 April 1989.
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