{
  "url": "https://openlegislation.uk/eu-decision-2013-126/annex-II/division-1/division-4/division-4.2",
  "json_url": "https://openlegislation.uk/eu-decision-2013-126/annex-II/division-1/division-4/division-4.2.json",
  "legislation": "eudn/2013/126",
  "legislation_title": "Commission Decision of 8 May 2012 on State aid SA.22668 (C 8/08 (ex NN 4/08)) (notified under document C(2012) 3025) (Only the Spanish text is authentic) (Text with EEA relevance) (2013/126/EU)",
  "legislation_url": "https://openlegislation.uk/eu-decision-2013-126",
  "path": "annex/II/division/1/division/4/division/4.2",
  "kind": "division",
  "number": "4.2",
  "heading": "Risk premiums",
  "text": "We also note that the reports recognise that investment in hotel facilities is riskier than investment in office space (e.g. on p. 12 and p. 26 of the 2000 report). At all times, the Spanish authorities have consistently envisaged the construction of a ‘hotel complex’.\nSimilarly, the report indicates that the discount rate (tipo de actualización) is given by the following formula (p. 16 of the 2000 report):\ni = Risk-free rate + risk premium\nOn the same page, a table provides the minimum risk premiums to be applied. The relevant premiums are above the ex-ante expected return on investment in Ciudad de la Luz.\nLastly, the risk premium used in the calculations appearing on p. 21 of the 2000 report (10 %) is lower than the one appearing in the corresponding table on p. 16 (11 %).",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eudn/2013/126/annex/II/division/1/division/4/division/4.2",
    "retrieved_at": "2026-11-01T15:15:08.984307+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}