01 October 2014: French State funding for 2015 and situation in 2014

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1.    The 2015 French budget bill was adopted this morning by the Government. The total financing requirement for the State will amount to € 196.6 billion, out of which € 75.7 billion result from the deficit to be financed and € 119.5 billion from the redemption of the medium- and long-term debt due in 2015. In order to reduce the amount of redemptions, AFT bought back in 2013 and 2014 € 34.7 billion of OAT and BTAN  maturing in 2015.

2.    Financing requirement in 2015 will be financed by (i) the medium- and long-term debt issuance programme which is set at € 188 billion (ii) € 4 billion resources thanks to the active management of State stakeholdings, earmarked for debt reduction and (iii) € 4.1 billion of cash available on the Treasury account. The other sources of funding are stable (neither change in BTF outstanding, nor change in correspondents’ deposit on the Treasury account and others sources of funding).   

3.    The State debt service is projected at € 44.3 billion.

4.    The details of the funding programme for 2015 will be released in December 2014.


5.    Since the beginning of 2014, France has continued to benefit from very favorable financing conditions. The weighted average rate on medium- and long-term securities stands at 1.44% over the first three quarters of the year, compared to a historical low of 1.54% in 2013, and an average of 4.15% over the period 1998-2007.

6.    The deficit to be financed in 2013 is revised to € 75 billion. The increased borrowing requirement of the State in 2014 compared to the Initial Budget Act (+ € 5.9 billion) is financed by an increase of cash resources, especially by an increase in net change in T-bills and issuance premiums recorded due to lower interest rates.

7.    For 2014, medium- and long-term debt issuances net of buybacks for 2014 amount to € 173 billion. By the end of September, the State had issued € 162.4 billion of medium- and long- term debt, i.e. 94% of the 2014 programme net of buybacks. Furthermore, the State bought back an amount of € 25.7 billion of debt maturing in 2015 and 2016.

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