Agence France Trésor

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Agence France Trésor Who we are Presentation Assignments Organization chart Managing Directors Strategic committee Key figures Virtual visit Partners Primary dealers AMTE Banque de France Practical How to find us Contact us Budgetary environment Budget Draft Budget Bill Indicative State financing programme Government Debt and Treasury Management Stability programme Monthly budgetary situation Main figures Borrowing requirements and funding sources Cost of debt service Presentation of State accounts Reference texts Ordonnance organique of January, 2nd 1959 The organic law of August 1, 2001 Article 113 of the ’LFR’ for 2004 ’Décret d’émission relatif à l’émission des valeurs du Trésor’ Article 67-II de la loi de finances pour 2010 Debt management Definition and scope Products General information BTFs BTANs OATs OATs for retail investors Stripped government securities OATis OAT€is and BTAN€is TEC 10 OAT Tax treatment of government securities Main figures French government yield curve French government negotiable debt outstanding Financing over the year and repayment schedules OATs and BTANs issues and cumulative total French government long- and medium-term negotiable debt Who holds the government debt? Simulation of futur redemption profiles Other figures Debt indicators Targets Average maturity Spreads metric Timing and Allocation indicators Auctions Technical aspects Auction indicative calendars Latest auctions Auctions historical data Active debt management Swaps Debt buy-backs Monthly operations review Secondary market The spot market The repo market Trading volume Delivery versus payment of government securities Organization of the French financial markets Historical data French government negotiable debt outstanding Flow of government funding Others historical data Debt management in 20 questions Cash management Missions Instruments Main figures Average gross intraday cash flows Breakdown of cash flows Breakdown of AFT’s operations in 2009 Treasury account Income (recettes) Targets and indicators Targets Average end-of-day balance Interest earned on short-term investments Legal environment: reference texts Décret du 29 décembre 1962 Loi du 6 août 1993 Article 26 de la LOLF Article 117 de LF 2004 Décret du 5 juillet 2004 Décision n°2003-489 du 29 décembre 2003 Circulaire relative à une amélioration de la gestion de la trésorerie de l’Etat par une meilleure information de l’Agence France Trésor Versement, à date connue à l’avance, des dotations de l’État aux collectivités territoriales Décret du 27 septembre 2007 Cash management in 10 questions Middle office Definition Covered risks Interest rate (or market) risk Counterparty risk Settlement risk Operational risks Risk of variance between forecasts and actuals Organisation Two-level control Dual external control Instruments Internal procedures manual Ethics Charter A modernised information system Financial informations New accounting treatment Economic indicators Main indicators Macroeconomic forecast Gross domestic product at chain-linked previous year prices Euro exchange rate Government budget monthly position Public finance: general government deficit and debt Recent economic indicators International comparisons General government debt Consumer price index Calendars Central banks meetings French economic indicators Analysis and Research Analysis and Research 2007 Analysis and Research 2006 Analysis and research 2005 Analysis and research 2003 News releases 2010 News releases 2009 News releases 2008 News releases 2007 News releases 2006 News releases 2005 News releases 2004 News releases 2003 News releases 2002 News releases 2001 News releases 2000 News releases 1995-1999 News releases Publications Monthly bulletins 2010 Monthly bulletins 2009 Monthly bulletins 2008 Monthly bulletins 2007 Monthly bulletins 2006 Monthly bulletins 2005 Monthly bulletins 2004 Monthly bulletins 2003 Monthly bulletins 2002 Monthly bulletins 2001 Monthly bulletins 2000 Monthly bulletins 1999 Monthly bulletins 1998 Monthly bulletins Annual reports and annual reviews Receive our publications Links FAQ Glossary

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