20 January 2010: Detailed State financing programme for 2010

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Christine Lagarde, Minister of the Economy, Industry and Employment, has approved a revised State financing programme for 2010 based upon new assumptions on GDP growth and fiscal deficit and upon implementation of the French investment initiative (Emprunt National) prepared for the revised draft budget bill presented to Parliament on January 20, 2010.

The central government budget deficit will amount to €149.2bn, the redemption of long- and medium-term debt will amount to €83bn and the redemption of other debts taken over by the State will amount to €4.1bn. The State funding requirement will therefore come to €236.3bn.

This funding requirement will be covered by medium- and long-term borrowing (BTAN & OAT) up to €188bn net of buybacks, as mentioned in the press release published on December 22, 2009 on the detailed State medium- and long-term borrowing for 2010. The short-term bills outstanding (BTF) will increase by €1.4bn.

This funding programme implements the revised budget bill which sets a €105bn ceiling to the year-on-year increase in long- and medium-term negotiable debt. The BTF outstanding amount will increase from €214.1bn at the end of 2009 to €215.5bn at the end of 2010.


  2009   2010
Financing requirement (in billion euros)
Long-term debt redemption 62.8 29.5
Medium-term debt redemption 47.4 53.5
Other commitments by the State 1.6 4.1
Budget deficit 134.2 149.2
Total 246 236.3
Financing sources (in billon euros)
Medium- and Long- term issuance (BTAN/OAT) net of buybacks 164.9 188
Cancellation of State securities by the Caisse de la Dette  Publique 0 2.5
Net changes in BTFs 75.8 1.4
Change in deposits from third parties on the Treasury account 0.6 27
Change in Treasury account -0.5 14.3
Other sources of funding 5.3 3.1
Total 246 236.3



The additional elements on benchmark lines issuance policy, auction schedule and rules, and the average maturity of debt management are confirmed as published in the press release issued on December 22, 2009.

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