Funding and cash management

Through borrowing, the government seeks to pay off redemptions of central government debt and to cover any possible budget deficit. The aim of borrowing is to meet the state's financing needs cost effectively and in a manner that enables access to financing under all circumstances. At the same time, it is ensured that the burden on government finances caused by interest expenses and redemptions of central government debt is distributed evenly and in a foreseeable manner. When carrying out funding operations, the related risks are kept well under control and at a low level.

Central government budget economy's borrowing requirement for 2017

Instrument

Withdrawal
(EUR million)

Treasury bills 8 310
Government bonds 11 600
Yield bonds 0
Others 1 700
Total borrowing requirement 21 610
Redemptions 17 113
Net 4 497

Based on the latest State budget or supplementary budget or the proposal of the Ministry of Finance.

Central government net borrowing

Budget 2017
(EUR million)
I  Supplementary budget         (EUR million)  II
Supplementary
budget

(EUR million)
III
Supplementary
budget

(EUR million)
Total               
Net borrowing,
nominal amount
5 636 -178 -1 028 67 4 497
Debt management expenses
Issue losses (net) -40 -40
Capital losses (net) -10 -10
Net borrowing (incl. debt management expenses) 5 586 -178 -1 028 67 4 447

Government borrowing is mainly denominated in euros. When borrowing in other currencies, the State Treasury always hedges against currency risk. Following these hedging measures, the entire government debt is in euros.

Published 2013-03-25 at  17:39 , updated 2017-10-03 at  13:58
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