The DSTA has updated its funding plan for 2025 and expects a cash deficit that is €17.5 billion lower than communicated in January. This brings the total estimated funding requirement for 2025 to €88.9 billion. This decrease is mainly driven by lower than previously expected expenses for 2025.
The expected issuance on the capital market for 2025 remains unchanged at around €40 billion. The expected issuance on the money market for 2025 is lowered from €66.4 to €48.9 billion.
Funding plan in 2025
|
Estimated borrowing requirement for 2025 |
Amount |
Change since January 2025 (in € billion) |
|
Capital market redemptions 2025 |
19.9 |
- |
|
Net money market ultimo 2024 (excluding cash collateral) |
37.5 |
- |
|
Cash deficit 2025* |
31.5** |
-17.5 |
|
Total borrowing requirement 2025 |
88.9 |
-17.5 |
* 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.