26 September 2008: State funding programme for 2009

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The 2009 French draft budget bill has been adopted today by the Government. Agence France Trésor indicates that the net issuance of medium- and long-term securities (BTAN, OAT) will amount to € 135.0 billion in 2009. The total financing requirement for the State will amount to € 165.3 billion, out of which €52.1 billion result from the projected deficit for 2009 and €111.6 billion result from the medium- and long-term falling due in 2009.

A detailed financing programme will be disclosed in December 2008. The amount of issuance for 2009 may then be revised, depending in particular on possible debt buybacks by end-2008.

Funding programme of the State for 2009  (in billion euros)
Financing requirement
Long-term debt redemption 63.9
Medium-term debt redemption 47.7
Other commitments by the State 1.6
Budget deficit 52.1
Total 165.3
Financing sources
Medium- and long-term issuance (OAT/BTAN) net of buybacks 135.0
Cancellation of State securities by the CDP 2.5
Net changes in BTFs 25.0
Change in Treasury correspondents' deposits -
Change in Treasury account and others -
Others cash ressources 2.8
Total 165.3

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Pierre Salaun  
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