Funding plan 2022

The funding need for the DSTA in 2022 is estimated at € 74.5 billion. This estimate is surrounded by uncertainty concerning the development of the COVID-19 pandemic, the economic recovery and the budgetary impact for 2022 of the plans of the new government.  

Estimated funding need for 2022 (€ bn)

Capital market redemptions 2022

30.7

Money market ultimo 2021 (excl. cash collateral)

20.5

Cash deficit 2022*

23.3

Total

74.5

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

If an update of the estimated borrowing requirement is available, the DSTA will publish a press release. The first update of the borrowing requirement will be communicated in the beginning of January to reflect the cash realisations and net money market end 2021.

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 for an approximate amount of € 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 € 74.5 bn, the DSTA could increase the call on both the money- and capital market.