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 2023

Instrument Withdrawal (EUR million)
Benchmark bonds 17 000
Others 1 500
Treasury bills 17 829
Total 36 329
Redemptions 28 037
Net 8 292

Central government net borrowing

The table represents the budgeted central government net borrowing.

Budget 2023
(EUR million)
Net borrowing, nominal amount 8 292
Debt management expenses
Issue losses (net) 0
Capital losses (net) 0
Net borrowing
(incl. debt management expenses)
8 292
, Updated 4.1.2023 at 13:52