On 20 September, the DSTA updated its funding need for 2024 and now expects a cash deficit that is €7.9 billion lower than communicated at the end of June. This brings the total estimated funding need for 2024 to €70.7 billion. This decrease is mainly driven by underspending and, to a lesser extent, higher than expected tax revenues.
The estimated funding need for 2025 will be provided in the Outlook 2025 in December. If circumstances warrant an earlier update for 2024, this will be communicated accordingly.
Funding need in 2024
|
Estimated funding need for 2024 |
Amount |
Change since June 2024 (in € bn) |
|
Capital market redemptions 2024 |
32.8 |
- |
|
Net money market ultimo 2023 (excluding cash collateral) |
25.5 |
- |
|
Cash deficit 2024* |
12.4 |
-7.9 |
|
Total borrowing requirement 2024 |
70.7 |
-7.9 |
*A cash deficit is shown as a positive number because it increases the total borrowing requirement.
Call on the capital and money markets in 2024
The expected issuance on the capital market for 2024 will remain unchanged at around €40 billion. Fluctuations in the funding need continue to be absorbed in the call on the money market.
Issuances in 2024 will continue to contribute to the DSTA’s goal to maintain the average maturity of the debt, swap and cash portfolio at a minimum of eight years until 2025. The DSTA intends to have the average maturity of the portfolio at the end of 2024 at a minimum level of 8.0 years.