Borrowing requirement

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.

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.

Central government budget economy’s borrowing requirement for 2019

Based on the latest State budget or supplementary budget or the proposal of the Ministry of Finance.
Instrument Withdrawal (EUR million)
Treasury bills 5 876
Benchmark bonds 8 892
Others 1 000
Total 15 768
Redemptions 13 387
Net 2 381

Central government net borrowing

Budget 2019
(EUR million)
First supplementary
budget (EUR million)
Second supplementary budget
(EUR million)
(EUR million)
(EUR billion)
Net borrowing, nominal amount 1 705 1 932 1 796 2 474 2 381
Debt management expenses
Issue losses (net) -40 -40 -40 -40 -40
Capital losses (net) -10 -10 -10 -10 -10
Net borrowing
(incl. debt management expenses)
1 655 1 882 1 746 2 424 2 331
, Updated 7.10.2019 at 13:47