22 September 2004: Draft Budget Bill for 2005 - Financing requirement

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The Government this morning adopted the draft Budget Bill for 2005. Following this announcement, Agence France Trésor indicates that the financing needs for the State will amount to €118 billion, out of which €44.9 billion result from the projected deficit for 2005 and €73.1 billion result from the redemption of the debt falling due in 2005. The details of the financing programme will be presented in December 2004.

Concerning the execution of the financing programme for 2004, Agence France Trésor indicates that the reduction of the deficit will entail a decrease in short-term debt outstanding, on December 31, 2004. This decrease is currently estimated at €9.6 billion.

Financing requirement (€ bn) 2004
Sept. 2004)
Budget Bill
Redemption of medium- and long-term debt 66.5 73.1
Budget deficit 49.1 44.9
Total financing requirement 115.6 118
Funding sources    
Medium- and long-term issues 122 118
Net changes in BTFs -9.6 0
Changes in deposits 3.2 0
Changes in Treasury account 0 0
Total funding sources 115.6 118


Presentation of the budget bill for 2005 to market economists

Press contact:

Agence France Trésor
Corinne Dromer

Agnès Catineau