26 September 2007: State funding programme for 2008

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The 2008 French draft budget bill has been adopted this morning by the Government. Agence France Trésor indicates that the net issuance of medium-and long-term securities (BTAN, OAT) will amount to €119.5 billion in 2008. The total financing requirement for the State will amount to €144.9 billion, out of which €41.7 billion result from the projected deficit for 2008 and €102.8 billion result from the redemption of the medium- and long-term debt falling due in 2008. 

The increase in net issuance between 2007 and 2008 results from the high level of debt redemptions in 2008.



A detailed financing programme will be disclosed in December 2007.

The amount of issuance for 2008 may then be revised, depending in particular on possible debt buybacks by end-2007. 

 

Funding programme of the State for 2008 (in billion euros)  
Financing requirement
Long-term debt redemption 41.3
Medium-term debt redemption 61.5
Other commitments by the State 0.4
Budget deficit 41.7
Total 144.9
Financing sources
Medium- and long-term issuance (OAT/BTAN) net of buybacks 119.5
Cancellation of State securities by the CDP 3.7
Net changes in BTFs 22.3
Change in Treasury correspondents' deposits -2.7
Change in Treasury account and others 2.1
Total Financing sources 144.9



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