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The 2011 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 €186 billion in 2011. The total financing requirement for the State will amount to €189.4 billion, out of which €92 billion result from the projected deficit for 2011 and €96.8 billion result from the redemption of the medium- and long-term debt falling due in 2011.
The details of the funding programme will be released in December 2010. The amount of issuance for 2011 may then be revised, depending in particular on possible debt buybacks by end-2010.
The budget deficit for 2010 will amount to €152 bn, unchanged compared to the projection. Under these circumstances, medium-and long-term issuances net of buybacks will amount to €188 bn (unchanged compared to the revised bill of april 21, 2010).
The net change in the BTF outstanding at the year-end will significantly be reduced by €14.50bn compared to a stabilization planed in the revised bill of April 21, 2010. This downward revision in the BTF outstanding is mainly due to buy-backs of some debts falling in 2011 which reduce the requirement on the single Treasury account at the year-end and the centralization of cash surpluses of public structures initiated in 2010. This is reflected in higher increase in deposits of correspondents.
|(in billion euros)||2010||2011|
|Long-term debt redemption||29.5||48.8|
|Medium-term debt redemption||53.5||48.0|
|Other commitments by the State||4.1||0.6|
|Medium- and Long- term issuance (BTAN/OAT) net of buybacks||188.0||186.0|
|Cancellation of State securities by the Caisse de la dette publique||0.0||2.9|
|Net changes in BTFs||-14.5||-0.7|
|Change in deposits from third parties on the Treasury account||39.9||-3.0|
|Change in Treasury account||17.2||1.2|
|Other sources of funding||8.5||3.0|
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