The Generalitat wanted to issue”exchangeable bonds” cheating the Treasury and was looking for a rating agency for the Republic

The documentation seized by the Civil Guard at the house of the right hand of Oriol Junqueras, the secretary of the vice-presidency of the Generalitat, Josep María Jové Lladó, reveals that the Catalan government was carrying out a whole plan to finance the future Republic.

For this, he had planned an issue of “exchangeable bonds”, deceiving the Ministry of Finance, in order to reintroduce himself into the financial markets; they were looking for a ‘rating’ agency and for this they had held meetings in London with several of them and had deployed a range of meetings in Norway, to seek funding and in Ireland, with the aim of finding out how the debt worked.

This is reflected in one of the reports, which has been accessed by Europa Press, which has been handed over by the Civil Guard in the Court of Instruction number 13 of Barcelona, ​​whose head is investigating the preparation of the illegal independence referendum on October 1 as well as the creation of State structures.

The Armed Institute explains, in a report of 25 photographs, the content of the documentation found in Josep María Jové’s house, where the document Enfocats – which included the road map to reach the Republic – and the Moleskine were also found , which contained a kind of diary about the meetings the independence leaders were having and how the ‘proces’ was progressing.


In one of those documents, whose title is’ State Structures. Projects attached to the Ministry of Economy ‘, Jové exposes the work they are doing for the “economic and financial sustainability of the Generalitat and the financing of the new State”.

Among the actions, a small issue of “exchangeable bonds” was proposed, for which they would request authorization from the State and make it compatible with the Autonomous Liquidity Fund (FLA).

Jove explained how they would do it: saying that “technically” it was going to be argued that the objective was to reduce financial costs with the financing obtained in the issue that would be used to cancel “shuldshein”, which is a type of debt similar to promissory notes, submitted to the German legislation, and that they had used some autonomous communities to finance themselves, among them, Catalonia.

However, in the same text, the right hand of Junqueras recognized that the “main objective” was “reintroducing into the markets”, since with the economic crisis and the intervention of the Treasury that possibility was closed because the rating of the Catalan debt came to be almost at the levels of the ‘junk bond’.

Josep María Jové included this exhibition in the “achievements” that were expected during the months of October, November and December 2016, a quarter in which they also focused on preparing documentation for investors, in seeking advice to conduct a ‘roadshow’ in the financial markets and they worked to find a ‘shadow rating’ agency, which will carry out the qualification of the future Republic.

As for the latter, it is stated that on 13 December a delegation visited London, including the Foreign Minister, Raül Romeva, Natalia Mas and Pere Aragonés. They met with the Canadian rating agency DBRS and with Morgan Stanley, Dutsche Bank, PIMCO and Invesco.


But visits were also made to Norway, Ireland and Slovenia and they planned to travel to the United States and return to London to meet with JP Morgan, Goldman Sachs and Eurasia Group. The trip to Norway appears on the same date as the one in London and there a displaced Diplocat delegation –Diana Coromines, Albert Royo, Jordi Solé and Jaume Doménech– met with representatives of the Norway Export Credit Guarantee. Among the objectives, explore the possibility of “seeking funding”, in addition to exposing the state of the Catalan economy and the different future scenarios.

As for the trip to Ireland, recorded on October 25, 2016, it was to meet with representatives of the Treasury Agency. There were Natalia Mas, Pere Aragonés and Jaume Doménech. They wanted to know how the different entities of the system work, how they manage the Irish debt and treasury, how they have done it and what has to be taken into account in the worst moments of the crisis in which the financial markets were closed.

They also wanted to know how to “get close to potential investors and rating agencies”, as well as recommendations on the best investment banks and the possibility of issuing “retail” debt.


But in addition, Jové explained in that document how the creation of the financial structures of the future State was found. Thus, they already had a preliminary bill for the creation of the Central Bank of Catalonia (BCC) and they were preparing to “begin” to prepare the Law for the Creation of the Deposit Guarantee Fund.

They also had a study that contained all the European regulations that the Central Bank had to comply with and had established contacts with industry experts, specifically, the text says, “with Catalans that work in the ECB” (European Central Bank).

To this it is added that they created a working group of monetary and financial statistics and planned to hire a service company to carry out a study of the “Catalan financial mapping”, which would also allow identifying the “business fabric” and the “turnover” of the financial sphere of Catalonia “.

They also had a group of six people to project the supervisory body of the financial system, the Catalan Investment and Markets Authority and also planned to create the regulatory authorities for other areas such as rail transport, gas, electricity and telecommunications energy services. the National Authority of Postal Services.