Organisation

To perform its tasks of managing the State’s debt and cash, AFT has a directorate general, a secretariat general and the following units:

 

  1. "CASH" unit:
  • Cash forecasts;
  • Relations with Banque de France as the Treasury’s banker;
  • Relations with government authorising officers and accountants;  

  • Cash management transactions: loans and deposits, repo and reverse repo transactions in government securities.

     

  1. « DEBT» unit:
  • Auctions, syndicated issuances, buybacks;
  • Relations with the primary dealers;
  • Proactive debt management transactions;
  • Promoting Treasury securities to investors.

 

  1. « POST-TRADE» unit:

  • Repayment of debt and all market transactions, including the hedging of financial risks for the State; 

  • Monitoring and control of market risks; 

  • Managing margin calls; 

  • Administrative management of the Public Debt Fund (CDP); 

  • Overseeing auctions of carbon quotas for France as part of the European Union's greenhouse gas emissions trading system (EU-ETS).

 

  1. « RESEARCH» unit:
  •  Quantitative contribution to determining and executing the State’s financing strategy;
  • Monitoring fixed-income markets and relations with primary dealers’ strategists;
  • Coordinating working groups with international bodies and other public sector issuers (EU, OECD, etc.);
  • Secretariat for the AFT Strategic Committee; 
  • Monitoring the macroeconomic and financial situation, budgetary and monetary policies and discussions on structural policies; 
  • Talking with French and foreign investors and market stakeholders; 
  • Relations with rating agencies; 
  • Coordinating the interministerial process for selecting green expenditures eligible for Green OATs; 
  • Tracking the allocation of green expenditures and drafting the Allocation and Performance Report; 
  • Overseeing the work of the Green OATs Evaluation Council; 
  • Supporting the CADES social bond programme.

 

  1. « INFORMATION TECHNOLOGY» unit:
  •  Administering and operating the information system to provide the IT tools needed for AFT’s tasks;
  • Leading projects to implement new software and services;
  • Monitoring and applying the information system security policy and maintaining IT resources as part of the business continuity plan.

 

  1. « INTERNAL CONTROL » unit:

  • Internal control of transactions, defining the general business framework and risk mapping for AFT and CADES;

  • Implementing ministerial crisis management and business continuity instructions for AFT and CADES activities;

  • Coordinating the AFT Risk Committee’s audit, coordination and secretariat functions; 

  • Managing legal and compliance risks for AFT and CADES transactions; 

  • Managing rules of professional conduct for AFT staff, defining the AFT confidentiality policy and monitoring their implementation.

 

  1. « COMMUNICATION » unit:
  • External communications; reporting on AFT’s operation and tasks, and promoting events to the financial community and the media;
  • Internal communications: monitoring and gathering information, creating communication tools;
  • Digital communications: website, social media and deploying AFT’s digital presence.