Funding plan 2022

The funding need for the DSTA in 2022 is estimated at € 66.3 billion. The current economic situation is such that the estimated funding need still remains surrounded by a high degree of uncertainty.

Estimated funding need for 2022 (€ bn)

Capital market redemptions 2022

30.7

Money market ultimo 2021 (excl. cash collateral)

19.3

Decrease in cash collateral (ultimo May) 1.5
Buy back DSLs 0.1

Cash deficit 2022*

14.7

Total

66.3

* A cash deficit is shown as a positive number because it increases the total borrowing requirement.

Issuance in 2022 will continue to contribute to the DSTA’s goal to lengthen the average maturity of the debt, swap and cash portfolio towards a minimum of eight years.

Call on capital and money market

The DSTA foresees issuances of DSLs on the capital market between € 40 and € 45 billion (nominal amount). Fluctuations in the funding need will primarily be absorbed by the call on the money market. Only in a scenario in which the funding need turns out significantly lower than currently estimated, the call on the capital market might be reduced. In case the funding need turns out higher than € 66.3 billion, the DSTA could increase the call on both the money- and capital market.