The strategy for central government debt management is set by the Ministry of Finance. For 2024–2028, the aim is to secure liquidity in all circumstances and minimise long-term debt costs at an acceptable risk level. The strategy also seeks to extend the debt’s average refixing period.
– Read more: Medium-term strategy for debt management in central government on-budget finances 2024-2028
The State Treasury carries out its debt management tasks according to the Ministry’s directive.
The Ministry defines the main debt management principles, objectives, tools, risk levels and limits. The State Treasury is currently authorised to borrow up to a nominal central government debt of EUR 270 billion, of which short-term debt may account for up to EUR 50 billion.
The State Treasury may also use short-term borrowing to secure liquidity. For risk management purposes, it may enter into derivative agreements under terms set by the Ministry of Finance.
The State Treasury reports regularly to the Ministry of Finance on its debt management and publishes key debt metrics on its website. Key information on the central government’s debt management is also published annually in the central government’s financial accounts and the Government’s annual report. The final central government accounts are published every year in March and the Government’s annual report in May.
