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-market operations and Risk monitoring
4. Research and strategy Unit
5. Macroeconomic Unit
6. Communication Unit
7. IT Unit
8. Internal control, Compliance, Risk policy and Legal affairs


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 Unit:

  • recording and monitoring AFT transactions up to settlement;
  • reporting all this information to the Ministerial Budget and Accounting Control Department (SCBCM), which makes payments and books transactions
  • risk monitoring


4. Research and Strategy Unit:

  • transaction analysis
  • modelling proposals and verifying their appropriateness, developing requirements for optimal results
  • monitoring international working groups


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:

  • coordinating various audits
  • defining risk policy and managing legal and compliance risks