On Friday 13 December 2024, the DSTA presented its Outlook 2025. At that time, the borrowing requirement for 2025 was estimated at €105 billion. Based on the actual money market position as of year-end 2024, the borrowing requirement for 2025 is now estimated at €106.4 billion. This is €1.4 billion higher than announced at the Outlook event. This estimate is surrounded by 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 beginning of the year.
The call on the capital market remains unaltered at € 40 billion.
Funding plan in 2025
|
Estimated borrowing requirement for 2025 |
Amount (in €bn) |
Difference compared to previous estimate |
|
Capital market redemptions 2025 |
19.9 |
0.0 |
|
Money market ultimo 2024 (excl. cash collateral) |
37.5 |
1.4 |
|
Cash deficit 2025* |
49.0** |
0.0 |
|
Total |
106.4 |
1.4 |
* 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
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.