Capital and financing

​The FROB will be capitalised with a charge to the State budget. The initial capital of the FROB amounted to €9 billion, which was increased by an additional €6 billion pursuant to the fourth additional provision of Royal Decree-Law 2/2012.

Additionally, to achieve its objectives, the FROB may raise funds by issuing fixed-income securities, receiving loans, applying for the opening of credit lines and entering into any other debt-incurrence transactions.

The borrowed funds obtained by the FROB, whatever their form, may not exceed the limit set for this purpose by the relevant annual State budget laws. The limit set for 2014 is €63,5 billion.

The State central government may provide guarantees securing the FROB’s economic obligations.

The FROB’s uncommitted assets must be in the form of government debt or other highly liquid low-risk assets.

​​Any profits earned and recorded in the annual accounts of the FROB will be paid into the Treasury.

Budget information

2016 FROB budget

2015 FROB budget

2014 FROB budget