AFT operations

Reporting to the Director General of the Treasury and managed by a Chief Executive and Deputy Chief Executive, AFT is an agency with national scope (SCN).

To fulfil its State debt and cash management duties, AFT has the following units:

1. Cash Unit
2. Debt Unit
3. Back Office Unit
4. Operational Research Unit
5. Macroeconomic Unit
6. Communication Unit
7. IT Unit
8. Internal Control and Risk Management Unit


Organisation chart



1. Cash Unit:

  • drawing up cash forecasts;
  • relations with the Banque de France as the Treasury’s banker;
  • relations with government authorising officers and accountants;
  • cash management transactions: loans and deposits, repos of government Securities.


2. Debt Unit:

  • auctions, syndication, buybacks;
  • relations with the primary dealers;
  • active debt management transactions.


3. Back Office Unit:

  • recording and monitoring AFT transactions up to settlement;
  • sending all information to the Ministerial Budget and Accounting Control Department (SCBCM) which makes payments and books transactions.


4. Operational Research Unit:

  • theoretical transaction analysis and proposing a frame of reference;
  • shaping proposals and checking their relevance, outlining optimal trading conditions.


5. Macroeconomic Unit:

  • assessing the impact on the fixed income markets of the macroeconomic and financial climate, fiscal and monetary policies, discussions on structural policies, particularly, but not limited to, France and the euro area;
  • relations with French and foreign investors and market stakeholders to tailor AFT’s action to the economic and financial climate and backdrop.


6. Communication Unit:

  • reporting AFT’s work and assignments to the financial community and the media;
  • monitoring, gathering and disseminating information on various communication mediums.


7. IT Unit:

  • administration and operating of IT systems together with numerous partners both within and outside the Ministry.


8. Internal Control and Risk Management Unit :

  • audit assignment oversight, supervision of legal risks and compliance, drawing up the general activity framework, risk mapping, management of ethical rules within AFT.