SSI accumulates debt to the state. 106,177 million euros By the end of 2021, by and large, on the way to permanent. The first portion of this debt corresponds to 11 loans made between 1992 and 1999, almost 17.2 billion €To fulfill the obligations of the extinct Insalud at that time when the PSOE was universalizing healthcare.
1992-1999: Years of recovery
none of these ten-year loans It has not yet been returned to the state. As the time of its expiration approaches, the Government of the day Expanding in 10 years plus the cancellation period. For some the ball went forward until 2027. As early as August 2020, the Court of Accounts said in its audit report on this institution, “There is no justification for this indebtedness to remain in the SGK balance indefinitely.” “Reasonable after about 26 years from initial obligations. Agreed with the General Government Administration and the first loan granted (fiscal year 1992), solutions adopted for its definitive restructuring”, he added in the report. SAI. “If the state had previously paid the amount of expenses it paid to the system, these loans would not have been needed. [la Seguridad Social] had to take it upon himself”, added the supervisory body.
2000-2018: Age of the Reserve Fund
Between 2000 and 2009, SGK did not need new borrowing. Previously, on the contrary, the succession of green numbers in their accounts made it possible to feed the piggy bank of the recently created Reserve Fund, in which more than 77,000 million euros were accumulated, which were later depleted between 2012 and 2018. payment of contribution pensions; in particular the payment of extraordinary payments.
2017-2023: Debt boom
After the Reserve Fund was depleted, the State continued to meet the financial needs of SSI with new loans – rather than transfers – to cover its successive deficits. Thus, according to data from the Bank of Spain, the Social Security debt, which was 27,393 million euros in December 2017, almost quadrupled to exceed 106,000 million in December 2022.
However, contrary to popular belief, all this indebtedness of SGK to the state, interest payment institution responsible for paying pensions. Between 1995 and 2009, the total interest expense amounted to 192 million euros. Since then, the chapter on the payment of interest from Social Security to the State has been zero euros.