Borrowing requirements and funding plan for 2013: Update 17 October 2013

To date, the Treasury has issued OLOs for an amount of 38.81 billion euro, representing 97.03% of its annual target of 40.0 billion euro. Overall, long-term market funding totalizes 41.67 billion euro which is equivalent to 95.35% of the targeted 43.70 billion euro.
With still 2 OLO auctions scheduled (October and November) the Treasury has accordingly reviewed its OLO funding target for 2013, bringing it to 44.0 billion euro. The extra funding will be used to reduce further the Kingdom’s short-term debt. As such, the outstanding amount of Treasury Certificates will decline by 4.0 billion euro in 2013.