The preliminary funding plan in 2025 is currently estimated to amount to approximately € 105.0 billion. However, this estimate is surrounded by a high degree of uncertainty due to several factors in the government finances. Historically, this has led to a lower funding realization at the end of the year compared with the announcement in the Outlook.
Funding plan in 2025
|
Estimated borrowing requirement for 2025 |
Amount |
|
Capital market redemptions 2025 |
19.9 |
|
Money market ultimo 2024 (excl. cash collateral) |
36.1 |
|
Cash deficit 2025* |
49.0** |
|
Total |
105.0 |
* A cash deficit is shown as a positive number because it increases the total borrowing requirement.
** The loan facility to TenneT in 2025 comprises € 14.2 billion of this amount
At the beginning of January 2025, we will communicate a first update of the borrowing requirement to reflect the net money market ultimo 2024.
Issuances in 2025 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 in 2025.