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What it is

The State can guarantee up to €53.9 billion for the European Financial Stabilization Facility

BOE step 7 of 7 · Passed

It is a royal decree-law. It was introduced on 28 May 2010. Introduced by: Gobierno.

Official title: Royal Decree-Law 9/2010, of May 28, authorizing the General State Administration to grant guarantees for certain financing operations within the framework of the European Financial Stability Facility for the member states of the Eurozone.

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Source: Congreso de los Diputados, file 130/000032· updated 11 Nov

Automatic summary, not yet reviewed

  1. The General State Administration is authorized to guarantee up to €53.9 billion of the financing operations of the company called the European Financial Stabilization Facility: issuances of financial instruments, loans, credits and other financing operations.
  2. The Minister of Economy and Finance may approve these guarantees from the time the company is set up until December 31, 2013.
  3. The 2010 General State Budget Law is amended to raise the State's guarantee limit to €95.9 billion, of which €53.9 billion are reserved for the European Financial Stabilization Facility.
  4. The Minister of Economy and Finance may issue the rules needed to apply the law, which takes effect the same day it is published in the Official State Gazette (Boletín Oficial del Estado).

Who it affects

  • General State Administration (Administración General del Estado): The General State Administration, which is authorized to grant guarantees of up to €53.9 billion.
  • European Financial Stabilization Facility (Facilidad Europea de Estabilización Financiera): The European Financial Stabilization Facility, whose financing operations are backed by these guarantees.
  • Minister of Economy and Finance (Ministra de Economía y Hacienda): The Minister of Economy and Finance, who may approve the guarantees and issue implementing rules.
  • Directorate General for the Treasury and Financial Policy (Dirección General del Tesoro y Política Financiera): The Directorate General for the Treasury and Financial Policy, which makes the payments under the guarantees and records them in the spending budget.

Words worth knowing

Aval
A guarantee: if the company does not pay its debts, the State answers for them.
Real decreto-ley
A rule with the force of law that the Government can pass urgently, without going through Parliament first.
Instrumentos financieros
Products companies use to raise money from the markets, such as bonds or bills.
Condicionalidad
The requirement that a country receiving aid first meets certain conditions.

It summarizes the law as published in the BOE. It is written by artificial intelligence and may contain mistakes: the official text is what counts. Read the official text · How we make summaries

Where it stands

How far did it get?

It took 7 of 7 steps. It reached BOE, and today it is passed.

  1. Introduced28 May 2010Someone registers the text in the Congreso.
  2. Admitted1 June 2010The Bureau of the Congreso accepts it and, for a members’ bill, the plenary decides whether to consider it.
  3. Amendmentsno dateGroups propose changes.
  4. Committeeno dateA committee goes through the text in detail.
  5. Plenary1 June 2010All 350 deputies vote.
  6. Senateno dateThe Senate can pass it, amend it or veto it.
  7. BOEno dateIt is published in the Official State Gazette (BOE) and comes into force.
See the 4 official steps on a timeline
May 201011. 28 May 2010: Presentación22. 1 June 2010: Calificación33. 1 June 2010: Pleno Convalidación desde 01/06/2010 hasta 10/06/201044. 10 June 2010: Concluido - (Convalidado) desde 10/06/2010 hasta 17/06/2010

Was there a plenary vote?

We have no plenary vote linked to this law in the Congreso’s data.

What happens next

What happens now?

It is law, or will be once published in the BOE. It comes into force on the date its own text sets.

Published in the BOE: Royal Decree-Law 9/2010, of 28 May, authorizing the General State Administration to grant guarantees for certain financing operations within the framework of the European Financial Stability Facility for the member states of the Eurozone.

Sources

Where does all this come from?

  • The data comes from the open files of the Congreso, the Senate and the BOE, unaltered.
  • Each deputy’s province is the one of their seat on the day of the vote.
  • We only say “passed” or “rejected” when the majority needed is certain; otherwise we say which side had more votes.

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