In March, the DSTA updated its funding plan for 2026 and expects a lower cash deficit compared with the amount communicated at the beginning of January 2026. This lowers the total funding requirement by €3.4 billion to a total of €110.2 billion.
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 January 2026 (in €billion) |
|---|---|---|
| Capital market redemptions 2026 | 28.8 | - |
| Money market ultimo 2025 (excl. cash collateral) | 43.8 | - |
| Cash deficit 2026* | 37.6 | -3.4 |
| Total | 110.2 |
-3.4 |
* A cash deficit is shown as a positive number because it increases the total borrowing requirement.
Further updates on the 2026 funding requirement will be provided with the next Quarterly Outlook in June. If circumstances warrant an earlier update, this will be communicated accordingly.