Funding plan 2024

The preliminary funding need for the DSTA in 2024 is currently estimated to amount to approximately € 76.8 billion. However, this estimate is surrounded by a high degree of uncertainty due to several factors in the government finances. The elections of November 2023 and the subsequent formation of a new government may have an impact on the actual funding need.

Funding need in 2024

Estimated borrowing requirement for 2024

Amount
(€ bn)

Capital market redemptions 2024

32.8

Money market ultimo 2023 (excl. cash collateral)

25.5

Cash deficit 2024*

18.5

Total

76.8

* 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 DSTA foresees issuances of DSLs on the capital market for an amount of around € 40 billion (in nominal amount). Fluctuations in the funding need will primarily be absorbed by the call on the money market. However, the DSTA also commits to maintain liquidity in the money market. Therefore, in case of a significantly lower funding need, the call on the capital market could also be reduced.

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.