Cash Management T Bills

Press release from the Belgian Debt Agency

Issuance of Cash Management T Bills (1 and 2 months) and increased issuance of 3 months Treasury Certificates. Changes to the amounts of Treasury Certificates auctioned during the months of September, October and November. The BDA informs that it intends to raise the target outstanding amount for the TC line maturing on December 13, 2007. Same as in 2005 and 2006, the objective is to enhance the management of the cash position of the Treasury by funding some short term cash needs in the TC market instead of in the inter-bank market. These cash needs are a consequence of the September 28th and October 1st redemption and coupon dates. The additional issuance of TCs will have no impact on the amount of TCs projected to be outstanding at year-end in the financing plan as they all mature before December 31st. Please find below a revised indicative auction schedule. The amounts actually auctioned will be a function of the cash position of the Treasury and of market demand. Indicative auction schedule outlining the increased issuance (in attachment)