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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