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 2026
| Instrument | Withdrawal (EUR million) |
|---|---|
| Benchmark bonds | 25 300 |
| Other long-term bonds | 2 000 |
| Treasury bills | 17 193 |
| Total | 44 493 |
| Redemptions | 31 142 |
| Net | 13 351 |
Central government’s net borrowing in 2026
The table represents the budgeted central government net borrowing.
| Budget 2026 (EUR million) 19.12.2025 | First supplementary budget proposal (EUR million) 5.2.2026 | Second supplementary budget proposal (EUR million) 3.6.2026 | |
| Net borrowing, nominal amount | 9 372 | 10 762 | 11 051 |
| Debt management expenses | |||
| Issue losses (net) | 0 | 0 | 0 |
| Capital losses (net) | 0 | 0 | 0 |
| Net borrowing (incl. debt management expenses) | 9 372 | 10 762 | 11 051 |
In 2026, the central government’s budgetary borrowing requirement (upper table) is EUR 2.3 billion higher than the net borrowing requirement estimated on the basis of budget revenues and expenditures (lower table). The difference is due to a one‑off transfer of the State Housing Fund’s (VAR) cash assets to the budget. The transfer does not reduce the government’s borrowing need, as it is an accounting reallocation.