19 December 2009: State financing programme for 2009

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In 2009, the total financing requirement for the State will amount to € 191.7 billion, out of which €79.3 billion result from the projected deficit for 2009 and €110.8 billion result from the medium- and long-term falling due in 2009.This funding requirement will be covered by medium- and long-term borrowing (BTAN & OAT) up to 145.0bn net of buybacks. Furthermore, a €23bn increase of short-term bills outstanding (BTF) is planed.

Financing requirement (in billion euros) - 2009
Long-term debt redemption	63.4
Medium-term debt redemption	47.4
Other commitments by the State	1.6
Budget deficit	79.3
Total financing requirement	191.7
Financing sources (in billion euros) - 2009
Medium- and Long-term issuance (BTAN/OAT) net of buybacks	145.0
Cancellation of State securities by the Caisse de la Dette Publique	2.5
Net changes in BTFs	23.0
Change in treasury correspondents' deposits	0
Change in Treasury account	19.0
Other sources	2.2
Total financing sources	191.7

A detailed financing programme will be disclosed in a few days.

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Pierre Salaun

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