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The 2012 French draft budget bill was adopted this morning by the Government. The net issuance of medium-and long-term securities (OAT, BTAN) will amount to €179 billion in 2012. The total financing requirement for the State will amount to €182 billion, out of which €81,8 billion result from the projected deficit for 2012 and €98.9 billion result from the redemption of the medium- and long-term debt falling due in 2012.
As usual, the details of the funding programme for 2012 will be released in December 2011.
The budget deficit for 2011 will amount to €95.5 bn, unchanged compared to the revised finance law for 2011 of September 19, 2011. Medium-and long-term issuances net of buybacks will amount to €184bn unchanged.
After a decrease of 27bn euros in 2010, the net change in the BTF outstanding at the year-end 2011 will be reduced by €4.4bn compared to a stabilization planed in the revised law of September 19, 2011. This downward revision in the BTF outstanding is mainly due to buy-backs of some debts falling in 2012 which reduce the requirement on the single Treasury account at the year-end and the pursuit of the centralization of cash surpluses policy of public structures initiated in 2010. This is reflected in higher increase in deposits from Treasury correspondents.
|(in billion euros)||2011||2012|
|Long-term debt redemption||48.7||56.1|
|Medium-term debt redemption||46.1||42.8|
|Other commitments by the State||0.6||1.3|
|Medium- and Long- term issuance (BTAN/OAT) net of buybacks||184||179|
|Cancellation of State securities by the Caisse de la dette publique||0||4|
|Net changes in BTFs||-4.4||-1.1|
|Change in deposits from third parties on the Treasury account||4.5||-4.4|
|Change in Treasury account||1.2||1|
|Other sources of funding||5.6||3.5|
Tân Le Quang
+33 1 4004 1550
+33 6 7224 0388