AFT operations

Reporting to the Director General of the Treasury and managed by a Chief Executive and Deputy Chief Executive, AFT is an agency with national scope (SCN).

To fulfil its State debt and cash management duties, AFT has the following units:

1. Cash Unit
2. Debt Unit
3. Post-Trade Operations and Risk Monitoring Unit
4. Research and strategy Unit
5. Macroeconomic Unit
6. Communication Unit
7. IT Unit
8. Internal Control, Compliance, Risk Policy and Legal Affairs Unit

9. Sustainable Finance Unit



Organisation chart


1. Cash Unit:

  • drawing up cash forecasts;
  • relations with the Banque de France as the Treasury’s banker;
  • relations with government authorising officers and accountants;
  • cash management transactions: loans and deposits, repos of government Securities.


2. Debt Unit:

  • auctions, syndications, buybacks;
  • relations with the primary dealers;
  • proactive debt management transactions;
  • promotion of Treasury securities to investors.


3. Post-Trade Operations and Risk Monitoring Unit:

  • review and settlement of financial transactions and reporting all data to the Ministry’s Budget and Accounting Control Department;
  • debt redemption and coupon payments
  • credit, counterparty and settlement risk monitoring for all financial transactions; margin call management
  • management of the administration of the Government Debt Fund


4. Research and Strategy Unit:

  • quantitative contribution to the definition and the execution of the State financing strategy
  • interest rate markets monitoring and relations with primary dealers strategists
  • coordination of working groups with other public issuers (EU, OECD, etc.)
  • secretariat of the AFT Strategic Committee


5. Macroeconomic Unit:

  • assessing the impact on the fixed income markets of the macroeconomic and financial climate, fiscal and monetary policies and discussions on structural policies;
  • talking with French and foreign investors and market stakeholders;
  • relations with rating agencies


6. Communication Unit:

  • external communication: reporting on AFT’s work and assignments and promoting events to the financial community and the media;
  • internal communication: monitoring and gathering information, creating communication tools;
  • digital communication: website management and deploying AFT's digital presence.


7. IT Unit:

  • administering and operating the information system to provide the information technology tools necessary for AFT's tasks;
  • leading projects to implement new software and services;
  • monitoring and applying the information system security policy and maintaining information technology resources under the business continuity plan.


8.Internal control, Compliance, Risk policy and Legal affairs:

  • implementation of internal control of transactions, definition of the general activity framework and preparation of risk maps for AFT and the Social Security Debt Repayment Fund
  • coordination of various audits, coordination and secretariat for the AFT Risk Committee
  • legal and compliance risk management for AFT and the Social Security Debt Repayment Fund’s transactions
  • management of the rules of conduct for AFT staff, definition of AFT’s confidentiality policy and monitoring their implementation

9. Sustainable Finance Unit:

  • coordination of the interdepartmental process for selecting green expenditures eligible for green OATs;
  • monitoring the allocation of green expenditures and producing the allocation and performance report;
  • monitoring the work of the Green OAT Evaluation Council;
  • monitoring best practices and standards in the field of sustainable finance;
  • participation in the promotion and influence of green OATs;
  • supporting CADES in its social bond program.