The Council of Ministers of Andorra approved a provision on payment services and electronic money. The document implies the introduction of European rules and standards applicable to payment service providers. First of all, we are talking about cross-border payments between Andorra and the member states of the European Union, as well as technical requirements for …More
President of the Generalitat of Catalonia, Quim Torra, spoke at the 29th meeting of the Pyrenees businessmen, which ended today in la Seu d’Urgell (Spain). The event brought together Catalan businessmen, who discussed “sustainable growth of the region’s economy.”
Quim Torra criticized the Spanish government, who have”disconnected” from the problems associated with the sovereignty of Catalonia. …More
Andorra has expanded the list of countries for tax information exchange.
The amendment to the law will be adopted in 2020. Thus, Andorra will exchange information with a total of 95 jurisdictions.
The new countries included in the list are: Azerbaijan, Nauru, Pakistan, Panama, Saint Kitts and Nevis, Anguilla, Bahamas, Bahrain, Barbados, Belize, Ghana, Lebanon, Marshall Islands, …More
Banc Sabadell d’Andorra held its general shareholders’ meeting, which showed the good health of the banking entity in all areas, with good results in the number of clients or the entity own funds. His chairman, Josep Permanyer, underlined that by the year 2017 the bank achieved 10 million 39 thousand euros which is 17,98% above …More
The General Councillor for SDP (the Social Democratic Party), Víctor Naudi, presented eight amendments to the draft law regulating the Andorran Deposit Guarantee Fund and the Andorran Investment Guarantee System (SAGI). The amendments are aimed mainly to keep the sum of 100,000 euros coverage per account holder in the event that there is a problem …More
In 2016 net income of companies registered in Andorra was about 600 million euros (the exact amount is 581 million euros), reported the minister of Finance of Andorra, Jordi Cinca.
The budget of the principality received about 30 million euros of this amount as the taxes.
As for the number of submitted tax returns, it continues to grow: …More
Fitch Ratings has affirmed Andorra’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BBB’. The Outlook is Positive.
A full list of rating actions is at the end of this rating action commentary.
KEY RATING DRIVERS
Andorra’s ratings reflect the following key rating drivers:
The country’s wealth, relatively strong public finances and political stability are balanced by the economy’s small …More
Standard & Poor’s confirms the long-term sovereign rating of Andorra at the level of “BBB / A-2” and maintains a stable outlook. Analysts of the agency positively rate the reform program in Andorra, good financial results and rapprochement with international standards.
The agency points out that the rating can be raised if Andorra’s negotiations with the …More
Vall Banc and the Ministry of Education of Andorra signed an agreement on financing the training program for Andorran students at the Massachusetts Institute of Technology (MIT). The corresponding agreement was signed by the Minister of Education of Andorra Eric Jover and CEO of Vall Banc Michael Johannes Christner.
The agreement provides for the …More
The government of Andorra issues bonds worth a total of 100 million euros to refinance the public debt.
The bonds will be issued in two tranches: 50 million euros each.
The final release terms are as follows:
Issuer: The Government of the Principality of Andorra
Number of shares issued: 100,000
Instrument Category: Zero Coupon
Forms of promissory notes: 18 months
Fixed interest …