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In accordance with the objectives announced on 10 July by Laurent Fabius, Minister of the Economy, Finance and Industry, France Trésor will use its cash position to redeem EUR 10 billion worth of government bonds before the end of 2000 in order to help reduce the cost of public debt management.
France Trésor will focus its buy back programme on attractively priced bonds and market demand while maintaining the liquidity of overall French debt.
Market conditions permitting, France Trésor will use reverse auctions for most repurchases. Additionally, it will carry out OTC transactions as opportunities arise out to the end of the year.
The first reverse auction is scheduled for 5 September 2000. The attached background note specifies the conditions of this programme and the securities to be repurchased.
This repurchasing programme is made possible by the budgetary outturn for 1999, which generated a surplus of EUR 2.3 billion, by EUR 4.5 billion in additional revenue in 2000 and, lastly, by the decision to step up BTF issues in the months ahead. The government has not changed the gross borrowing programme presented to investors in the beginning of the year, which remains fixed at EUR 90 billion.