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 2024
| Instrument | Withdrawal (EUR million) |
|---|---|
| Benchmark bonds | 21 000 |
| Others | 1 500 |
| Treasury bills | 19 719 |
| Total | 42 219 |
| Redemptions | 30 252 |
| Net | 11967 |
Central government’s net borrowing in 2024
The table represents the budgeted central government net borrowing.
| Budget 2024 (EUR million) 19.12.2023 | First supplementary budget (EUR million) 21.3.2024* | Second supplementary budget (EUR million) 23.5.2024 | The third supplementary budget (EUR million) 10.10.2024 | |
| Net borrowing, nominal amount | 11 441 | 12 933 | 12 739 | 11 967 |
| Debt management expenses | ||||
| Issue losses (net) | 0 | 0 | 0 | 195 |
| Capital losses (net) | 0 | 0 | 0 | 0 |
| Net borrowing (incl. debt management expenses) | 11 441 | 12 933 | 12 739 | 11 772 |
* State Treasury indicated a net borrowing requirement of EUR 12.9 bn already in December 2023 in the Quarterly Review 4/2023.