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2. Financing requirement in 2014 will be financed in most part by the medium- and long-term debt issuance programme which is set at € 174 billion. Among the sources of funding, net change in BTF and change in correspondents’ deposits are expected to remain stable.
3. For 2014, the debt service is projected at € 46.7 billion.
4. The details of the funding programme for 2014 will be released in December 2013.
6. The increase of the total financing requirement for the State in 2013 compared to the Initial Budget Act (Loi de finances initiale) will be financed by cash resources that have been revised upwards: increase of net change in T-bills (BTF, + € 8.1 billion from December 31, 2012) and high issuance premiums recorded due to lower interest rates (+ € 4 billion approximately).
7. The deficit to be financed in 2013 is revised to € 71.9 billion. Since the beginning of 2013, France has continued to benefit from very favorable financing conditions. The weighted average rate on medium- and long-term securities stands at 1.49% over the first nine months of the year, compared to a historical low of 1.86% in 2012, and an average of 4.15% over the period 1998-2007. Given the fact that interest rates and inflation are lower than expected in the Initial Budget Act published at end-2012, the projection of the debt service for 2013 is lowered from € 46.9 billion to € 45 billion, a decrease of € 1.9 billion.
Tân Le Quang
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