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.

Statistics on central government debt >

Central government budget economy’s borrowing requirement for 2022

Based on the latest State budget or supplementary budget or the supplementary budget proposal.

On 5 September, the Government of Finland submitted a third supplementary budget to Parliament, in which it proposes a EUR 10 billion loan and guarantee scheme for the energy sector. The lending facility is a precautionary measure by which the government prepares for granting loans.

Based on the third supplementary budget, the government’s net borrowing in 2022 can be as high as EUR 18.9 bn, but the borrowing requirement is uncertain as it will depend on the actual take-up of loans under the facility. Harsh terms are likely to limit the use of the lending facility. Read more here.

Instrument Withdrawal (EUR million)
Benchmark bonds 16 500
Others 1 500
Treasury bills 21 842
Total 39 842
Redemptions 21 638
Net 18 204

Central government net borrowing

Budget 2022
(EUR million)
20.12.2021
First supplementary budget (EUR million)
2.3.2022
Second supplementary budget (EUR million) 25.5.2022 Third supplementary budget (EUR million) 5.9.2022 Fourth supplementary budget (EUR million) 29.9.2022
Net borrowing, nominal amount 7 040 7 634 8 900 18 900 18 204
Debt management expenses
Issue losses (net) 0 0 0 0 662
Capital losses (net) 0 0 0 0 0
Net borrowing
(incl. debt management expenses)
7 040 7 634 8 900 18 900 18 866
, Updated 30.9.2022 at 15:28