03 September 2002: Suspension of the swaps programme

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The general conditions on the euro fixed income markets (notably the outright level and the volatility) experienced since the beginning of the summer do not enable Agency France Trésor to satisfactorily implement its debt average maturity reduction strategy through the swaps programme.

Mr Mer, the Minister of the Economy, Finance and Industry has therefore decided a provisional suspension of the implementation of this programme.

The debt average maturity reduction strategy, which is a long term process, remains of course entirely valid. It is only a suspension. The operations will therefore resume when appropriate market conditions are met.