Key Benefits:
Publics concerned: managers of the state's debt and cash, entities and people interested in the operations carried out by the agency France Trésor.
Purpose: Debt and treasury authorities granted to the Minister responsible for the economy.
Entry into force: The Order applies effective January 1, 2012.
Notice: the decree sets out the general characteristics of the issued debt securities and the modalities for the management of these securities (nature of emissions; exchange or redemption authorization on the market); lists the considerations with which the State is authorized to carry out cash transactions; Finally, it defines the pace and reporting of the transactions carried out by France Trésor.
References: this decree is taken in application of theArticle 64 of Act No. 2011-1977 of 28 December 2011 Finance for 2012. It is available on the website Légifrance (http://www.legifrance.gouv.fr).
The Prime Minister,
On the report of the Minister of Economy, Finance and Industry,
Having regard to Organic Law No. 2001-692 of 1 August 2001 on Financial Laws, including Articles 22 and 26;
Having regard to the Corrigendum Financial Act No. 2004-1485 of 30 December 2004;
Vu la Act No. 2011-1977 of 28 December 2011 for 2012
Decrete:
The Minister of Economy, Finance and Industry is authorized to issue publicly tradeable debt securities, at fixed or variable rates, by auction or by trade union. The characteristics of these securities are defined by order of the Minister of Economy, Finance and Industry. The order specifies the dates of maturity and payment of coupons.
The Minister of Economy, Finance and Industry is authorized:
– to exchange or redeem, on the market, any publicly tradeable debt. The interest due by the State on the securities exchanged or redeemed shall be paid for the amount accrued on the date of exchange or redemption;
- to carry out foreign exchange transactions or interest rates and purchases or sales of options, term contracts on state securities or other financial instruments in the future;
― to issue to the Public Debt Fund the Treasury bills and similar obligations of the same characteristics as the securities issued under section 1 of this Order or issued previously;
- to carry out state-owned pensions, loans and liquidity deposits in the Eurozone interbank market, with the eurozone states, with the European Financial Stability Fund and with the Public Debt Fund;
- to make subscriptions of negotiable receivables issued by public administrative institutions.
The France Trésor agency makes public every month the operations carried out under this Order in Council during the previous month. These include:
- the nominal amounts, the dates of maturity and payment of coupons, the interest rates, the technical characteristics and, if applicable, the emission price as a percentage of the nominal capital of each program that has occurred under section 1 of this Order and the possible conditions of assimilation;
- the amounts of securities issued to the Public Debt Fund pursuant to Article 2 of this Decree;
- the nature and overall amount of foreign exchange or interest exchange transactions and purchases or sales of options, term contracts on State securities or other long-term financial instruments traced to the trade account provided for in Article II of Organic Law No. 2001-692 of 1 August 2001 on Financial Laws;
- the amount of the securities exchanged or redeemed and, in the case of auction transactions, the conditions of these exchanges and these redemptions;
― the stock of the securities taken or placed in boarding, at the end of the month, and on average over the month;
― the amount of subscriptions of negotiable debts issued by administrative public institutions, loans and deposits of liquidity on the interbank market of the euro zone, to the states of the euro zone, to the European Financial Stability Fund and to the Public Debt Fund at the end of the month, as well as on average over the month.
The Minister of Economy, Finance and Industry is responsible for the execution of this Order, which will be published in the Official Journal of the French Republic.
Done on 30 December 2011.
François Fillon
By the Prime Minister:
Minister of Economy,
finance and industry,
François Baroin
