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Spain's north-eastern region of Catalonia, responsible for a fifth of the country's economic output, is studying a government plan to help it meet a heavy funding schedule this year, but says it is in no rush to call for help.

On Friday, the eastern region of Valencia became the first of Spain's 17 autonomous regions to call for aid of around 3.5 billion euros from a 18 billion euro government fund being set up to help cover their maturing debt costs this year.

Analysts say a clutch of other regions could echo Valencia's request, which has triggered a new wave of risk aversion that has brought Spain closer to a full-blown international bailout.

Catalonia, which has debt redemptions this year of just over 13 billion euros, said it was still looking at the fine print of how the fund would operate.

"Until the mechanism is fully implemented there is no rush to decide," said a spokeswoman for the region's government.

The funding facility comes with strict conditions tying recipients to tough deficit requirements that many say will be hard to meet as revenues fall and austerity measures bite.

Catalonia has campaigned for the last year for the Treasury to help its finances through the introduction of 'hispanobonos', bonds issued by the federal state on behalf of the regions.