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As reported by Councilwoman Alicia Abellán Finance last week were known in Bureau of Procurement, the bids submitted by the banks interested in applying for the credit transaction, for which they will refinance the loan on the Provider Payment Plan.

After a first initial assessment, according to advance Abellán Alicia, "expectations are very good, because the interest rate may be below 2%, which will result in savings of around 1,500,000 euros, compared the credit transaction formalized in 2012. "

The Minister of Finance has explained in detail the process by which won a number of major reductions in interest payable on this loan.

Thus, in May 2012, a credit transaction of around EUR 5 million, earmarked to pay the debt that the City had with over 410 companies was formalized.

Before summer of 2014, the Ministry of Finance, was offering a package of measures that the city of Jumilla filed, by which the interest rate is 5.9% initial down at 4,020%, ie 430,000 euros savings that left the figure of interest relating to loans in 1,407,000.

"Only with this requirement and would have saved in 2015, 86,000 euros, imagine now what will the second measure by the central government to refinance the loan at an interest rate below 2%" qualified the Councillor of Finance.

So, continuing with the process, the City Council added to this second measure, by which the councils were allowed to refinance the loan with other banks that are interested in the new operation.

Full August and approved it, and last week the bids submitted by the banks, which according to advance Alicia Abellán, knew "the will submitted at least 4 are below 2%, this means that of 1,407 .000 euros of interest would have to pay today, in the remaining eight years of repayment, the amount is lowered again and stays in just 300,000 euros, which will mean 30,000 euros per year in interest for 8 years ".

The refinancing process continues once Intervention Municipal assess the bids, the proposal will be voted on again in full, to be forwarded to the Ministry of Finance who will authorize the new operation.

Source: Ayuntamiento de Jumilla