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The amended budget bill (PLFR) for 2012 approved by the Council of Ministers on November 14, 2012 projects a central government budget deficit at €86.1bn, against €83.6bn in the initial budget bill (LFI) for 2013 of September 28, 2012. This is due to the recapitalization of Dexia up to €2.6Bn.
The State financing requirement therefore is up at €185.3bn (€182.8bn previously). Among financing sources, other cash resources are revised upwards at €11.7bn, or a net inflow of cash of +1.7bn due to the issuance premiums recorded since September 28, while deposits from Treasury correspondents are expected in increase at €3.2bn, or an improvement of €0.8bn.
All in all, the net change of BTF is maintained at - €10bn and the amount of medium- and long-term issuances net of buybacks (BTANs and OATs) will remain unchanged at €178bn.
Tân Le Quang
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