Discover the team, the missions and the values of Agence France Trésor


Managing the State's cash requirements

Agence France Trésor (AFT) manages the State’s cash requirements so that it can meet its financial commitments at all times, whatever the circumstances.

This management role covers the year as a whole, as well as day-to- day developments: forecasts of the receipts and disbursements of the State and Treasury Correspondents are updated constantly; flows into and out of the account are monitored in order to be able to meet any temporary cash requirements.

Managing the State's debt

AFT is tasked with managing debt in the taxpayers’ best interest. Its strategy takes a long-term view, while tracking the market closely. This strategy promotes liquidity across the full range of AFT’s debt securities, while maintaining full transparency and a commitment to combining innovation and security.

An autonomous, accountable agency with national scope

AFT is an agency with national scope (SCN) that reports to the Ministry for the Economy, Finance and the Recovery and the Director General of the Treasury. AFT has the required visibility and resources to carry out its activities, particularly as regards navigating complex financial markets and maintaining close relations with all financial stakeholders.

The fact that AFT reports to the French Ministry for the Economy, Finance and the Recovery means that it has access to the full range of information it needs to carry out its strictly defined tasks. It often works closely with the other structures of the Directorate General of the Treasury or the Ministry, such as the Budget Directorate and the Directorate General of Public Finances.

AFT is staffed by civil servants who are fully conversant with the government’s financial procedures and by market professionals under contract with the government. Staff members serve in operational functions (cash management, market transactions, risk management and back office procedures, information technology), and analytical functions (modelling, economics and legal), as well as communication functions.

At the end of 2022, AFT had 47 staff members with 20 women and 27 men, broken down into 21 contract employees and 26civil servants. AFT’s staff members are notable for the diversity of their educational backgrounds and career paths. They share the same values as those of the Directorate General of the Treasury, namely commitment, loyalty, openness and team spirit. All staff members adhere to strict commitments with regard to professional ethics.


Key dates:

  • 2 October 2023 : Antoine Deruennes appointed as Chief Executive of Agence France Trésor
  • 24 May 2022: Launch of the first green OAT€i, the 0.10% green OAT€i 25 July 2038
  • 1st August 2021 : Cyril Rousseau appointed as Chief Executive of Agence France Trésor
  • 1st October 2017 : CADES and Agence France Trésor (AFT) operational teams to merge
  • 25 July 2017: Maturity of last BTAN security (BTAN 1% 25 July 2017)
  • 24 January 2017: Launch of first Green OAT security (OAT Verte 1.75% 25 July 2039)
  • 6 March 2015: Anthony Requin appointed as Chief Executive of Agence France Trésor
  • March 2014: Repo facility opened
  • 6 March 2013: Ambroise Fayolle appointed as Chief Executive of Agence France Trésor
  • End 2009: fungibility of OAT STRIPS (interest and principal)
  • May 2009: Agence France Trésor given the task of carrying out the financing operations to refinance Société de Prise de Participation de l’État (Corporation for State Equity Holdings, SPPE)
  • 9 January 2008: Philippe Mills appointed as Chief Executive of Agence France Trésor
  • 28 September 2006: Benoît Coeuré appointed as Chief Executive of Agence France Trésor
  • 18 April 2006: Launch of the first Treasury bill linked to euro-area inflation (BTAN€i 2010)
  • 23 February 2005: Launch of first 50-year OAT (OAT 4% 25 April 2055)
  • 5 December 2003: Bertrand de Mazières appointed as Chief Executive of Agence France Trésor
  • 14 February 2003: Charter for Relations between Primary Dealers and Agence France Trésor
  • 25 October 2001: Launch of first OAT linked to euro-area inflation (OAT€i2012)
  • 2 October 2001: Interest-rate swap programme
  • 8 February 2001: Sylvain de Forges appointed as Chief Executive of Agence France Trésor
  • 8 February 2001: Publication of the order creating Agence France Trésor (only available in French)
  • July 2000: Announcement of the creation of Agence France Trésor
  • 15 September 1998: Launch of first index-linked OAT (OATi July 2009)
  • 1996: Launch of first floating rate OAT (TEC 10)
  • 1991 : Creation of the first STRIPS market in Europe