The draft revised budget bill (PLFR) for 2012 transmitted by the Government in Parliament on July 4, 2012 projects a central government budget deficit at €81.1bn, down €3.7bn from the first revised budget bill for 2012 of March 12, 2012.
The State financing requirement therefore is down at €180.3bn against €184bn previously.
Other cash resources are revised upwards, at €7.9bn, or a net inflow of cash of +€3.7bn compared to the previous budget law, due mainly to the issuance premiums recorded since the beginning of the year. The size of the amount of premiums is due to the level of yields of tapped bonds which, since the beginning of the year, have been almost always inferior to the coupon yields.
The net change of BTF will amount to -€7.7bn, compared to -€4.3bn in the budget bill of March 14, 2012.
The amount of medium- and long-term issuances net of buybacks (BTANs and OATs) will remain unchanged at €178bn.
Agence France Trésor
Tân Le Quang
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MAJ : 04 2012