On Friday 12 December 2025, the DSTA published its Outlook 2026. At that time, the borrowing requirement for 2026 was estimated at €112 billion. Based on the actual money market position at year-end 2025, the borrowing requirement for 2026 is now estimated at €113.6 billion. This represents an increase of €1.6 billion compared to the estimate announced in the Outlook 2026.
The call on the capital market remains unaltered at €50 billion (nominal, excluding use of the non-competitive option.)
| Estimated borrowing requirement for 2026 | Amount (in €billion) |
Difference compared to previous estimate (in €billion) |
|---|---|---|
| Capital market redemptions 2026 | 28.8 | - |
| Money market ultimo 2025 (excl. cash collateral) | 43.8 | 1.6 |
| Cash deficit 2026* | 41 | - |
| Total | 113.6 |
1.6 |
* A cash deficit is shown as a positive number because it increases the total borrowing requirement.