30 September 2009: State funding requirement for 2010

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The 2010 French draft budget bill was adopted this morning by the Government. Agence France Trésor indicates that the net issuance of medium-and long-term securities (OAT, BTAN) will amount to €175 billion in 2010. The total financing requirement for the State will amount to €212 billion, out of which €116 billion result from the projected deficit for 2010 and €91.9 billion result from the redemption of the medium- and long-term debt falling due in 2010.

The details of the funding programme will be released in December 2009. The amount of issuance for 2010 may then be revised, depending in particular on possible debt buybacks by end-2009 and additional issuances resulting from the decisions that will be taken following the proposals of the Commission on strategic priorities for investment.

The revised budget deficit for 2009 will amount to €141 bn. Under these circumstances, medium-and long-term issuances net of buybacks will amount to €165 bn (+€10bn compared to the revised bill of april 20, 2009). The net change in the BTF outstanding will amount to € 68.8bn (+€31.1bn compared to the draft revised bill of april 20, 2009).




(in billion euros) 2010
(Budget bill)
Financing requirement
Long-term debt redemption 31.6 62.8
Medium-term debt redemption 60.3 47.4
Other commitments by the State 4.1 1.6
Budget deficit 116 141
Total 212 252.8
Financing sources
Medium- and Long- term issuance (BTAN/OAT) net of buybacks 175 165
Cancellation of State securities by the Caisse de la dette publique 2.5 0
Net changes in BTFs 29.6 68.8
Change in deposits from third parties on the Treasury account -3.0 -0.7
Change in Treasury account 4.8 15.9
Other sources of funding 3.1 3.7
Total 212 252.8

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