04 March 2009: Modification of the State financing programme

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The draft revised budget bill (PLFR) for 2009 updates the financing requirement of the year based upon assumptions on GDP growth and fiscal deficit. The central government budget deficit will amount to €103.8bn, against a forecast of €86.8bn in the last budget bill of February 4, 2009. The State funding requirement will therefore rise to €215.8bn.

Under these circumstances, medium-and long-term issuances net of buybacks will amount to €155 bn (+€10bn compared to the budget bill of February 4, 2009). The net change in the BTF outstanding will amount to €37.1bn (+€7bn compared to the bill of February 4, 2009).

	LFR February 4, 2009	PLFR March 4, 2009*
Financing requirement (in billion euros)
Long-term debt redemption	63	63
Medium-term debt redemption	47,4	47,4
Other commitments by the State	1,6	1,6
Budget deficit	86,8	103,8
Total	198,8	215,8
Financing sources (in billon euros)
Medium- and Long- term issuance (BTAN/OAT) net of buybacks	145,0	155,0
Cancellation of State securities by the Caisse de la Dette Publique	2,5	2,5
Net changes in BTFs	30,1	37,1
Change in deposits from third parties on the Treasury account	0	0
Change in Treasury account	19,0	19,0
Other sources of funding	2,2	2,2
Total	198,8	215,8

* Presented today at the Cabinet meeting

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