The DSTA expects a cash deficit that is €11.2 billion higher than communicated at the beginning of the year. This brings the total estimated funding need for 2024 to €88.0 billion. This increase is mainly driven by the loan facility to TenneT which is expected to be €13.1 billion in 2024. Any further updates of the 2024 estimated funding need will be provided in the next Quarterly Outlook in June. If circumstances warrant an earlier update, this will be communicated accordingly
Funding need in 2024
|
Estimated borrowing requirement for 2024 |
Amount |
Change since January 2024 (in €bn) |
|
Capital market redemptions 2024 |
32.8 |
- |
|
Net money market ultimo 2023 (excl. cash collateral) |
25.5 |
- |
|
Cash deficit 2024* |
29.7 |
11.2 |
|
Total |
88.0 |
11.2 |
*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
Due to uncertainty in the funding need and in line with the funding policy of the DSTA, the increase of the borrowing requirement will be financed by increasing the call on the money market. The expected issuance on the capital market for 2024 remains unchanged at around €40 billion (in nominal terms).
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.