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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 |
Financing requirement | ||
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 |
Budget deficit | 95.5 | 81.8 |
Total | 190.9 | 182 |
Financing sources | ||
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 |
Total | 190.9 | 182 |
Press contact:
Tân Le Quang
+33 1 4004 1550
+33 6 7224 0388