The Treasury expects its 2014 gross borrowing requirements to amount to
EUR 38.03 billion. This represents a decrease of EUR 2.56 billion compared to
the 2013 borrowing requirements which are expected to amount to EUR 40.59
billion.
In establishing this estimate, the Treasury assumed that the 2014 net
borrowing requirement in cash terms would amount to EUR 10.32 billion1.
Redemptions of medium- and long-term debt would amount to EUR 22.78
billion.
The Treasury also plans to buy back bonds maturing in 2015 and later for an
amount of EUR 4.43 billion. Moreover, the plan assumes that the options in the
LOBO-instruments will be executed for an amount of EUR 0.50 billion, though
this is far from certain.