Spanish firms facing €100m liability bill

High cost of obligatory financial guarantees could hit national competitiveness, warns official report

Almost 5000 Spanish companies will pay around €100m per year in obligatory insurance premiums or financial guarantees for environmental liability from 2010 if draft legislation is approved, according to an officially-commissioned report on the proposal (EED 27/10/06).

This cost could hit Spanish industry’s competitiveness, the report warns, because only Spain has so far proposed making financial guarantees obligatory in its transposition of the EU directive.

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