26 September 2007: State funding programme for 2008

This page is an archive, only available in English and French.

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

Press Contact
Pierre Salaun
33 1 4004 1550
33 6 7224 0388