Cik lielu parādu pašvaldības vara atļauties? Tas ir svarīgs jautājums vienmēr. Pētījums LOCAL AUTHORITIES' BUDGETARY DEFICITS AND EXCESSIVE INDEBTEDNESS ir Eiropas {Padomes ieguldījums šā jautājuma risināšanā atbilstoši 90-o gadu izpratnei. Atzīmēsim, ka šajā laikā tika iestrādāti Māstrihtas kritēriji budžeta stabilitātei ES Līgumā. Raksts sagatavots sērijā "Local and regional authorities in Europe, No. 58"
Saturs:
I. LOCAL AUTHORITY INDEBTEDNESS FACTORS ....................................................5
I.1. Borrowing and capital spending ............................................................................5
I.2. Adjustment and indebtedness.................................................................................6
I.3. Unsuited financial strategies...................................................................................8
I.4. Debt restructuring ...................................................................................................9
I.5. Borrowing conditions and indebtedness .............................................................10
I.6. Conclusion ............................................................................................................10
II. DIFFERENT FORMS OF LOCAL AUTHORITY INDEBTEDNESS..........................11
II.1. The old system of administrative rationing..........................................................11
II.2. The revolution in "standardized financial products"............................................11
II.3. From fixed rates to variable and floating rates.....................................................13
II.4. "Swaps", "caps", "floors"......................................................................................13
II.5. Different indices....................................................................................................14
II.6. Long-term borrowing on the financial market (bond issues)...............................15
II.7. Short-term borrowing ...........................................................................................15
II.8. Multi-option financing facilities (MOFF)............................................................15
II.9. Foreign currency debt instruments ......................................................................16
II.10. Loan guarantees ....................................................................................................16
II.11. Non bank indebtedness.........................................................................................16
II.12. Conclusion ............................................................................................................16
III. ANALYSIS OF DEBT RATIOS......................................................................................17
III.1. Total debt (capital) per head of population ..........................................................17
III.2. Other criteria .........................................................................................................20
III.3. Conclusion ............................................................................................................30
IV. OBLIGATION OF LOCAL AUTHORITIES TO MAKE THEIR DEBTS
PUBLIC.............................................................................................................................31
IV.1. Maximum publication arrangements....................................................................31
IV.2. Minimum publication requirements.....................................................................33
IV.3. Conclusion ............................................................................................................34
- 4 -
V. BORROWING REGULATIONS.....................................................................................35
V.1. Regulations governing local authorities' direct commitments.............................35
V.2. Regulations on sureties.........................................................................................41
V.3. Conclusion ............................................................................................................44
VI. CRITICAL DEBT THRESHOLD....................................................................................45
VI.1. Main difficulties....................................................................................................45
VI.2. Principles of fair assessment.................................................................................51
VI.3. Conclusion ............................................................................................................52
VII. EMERGENCY PROCEDURES......................................................................................53
VII.1. Monitoring procedures..........................................................................................53
VII.2. Recovery measures and procedures......................................................................55
VII.3. Conclusion ............................................................................................................59
RECOMMENDATION OF THE COMMITTEE OF MINISTERS TO MEMBER STATES ON
LOCAL AUTHORITIES' BUDGETARY DEFICITS AND EXCESSIVE INDEBTEDNESS.61