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 text comes into force on January 1, 2013.
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.
Reference: this decree is implemented in accordance with the Act No. 2012-1509 of 29 December 2012 Finance for 2013. It is available on the website Légifrance (http://www.legifrance.fr).
The Prime Minister,
On the report of the Minister of Economy and Finance,
Vu la Organic Law No. 2001-692 of 1 August 2001 relating to 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. 2012-1509 of 29 December 2012 for 2013,
Decrete:
The Minister of Economy and Finance 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 decree of the Minister of Economy and Finance. The order specifies the dates of maturity and payment of coupons.
The Minister of Economy and Finance 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, with the European Stability Mechanism 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, futures contracts on state securities or other financial instruments in the trade account provided for in the II of Article 22 of Organic Law No. 2001-692 of 1 August 2001 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 on board 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 euro zone states, to the European Financial Stability Fund, to the European Stability Mechanism and to the Public Debt Fund, at the end of the month and on average over the month.
The Minister of Economy and Finance is responsible for the execution of this Order, which will be published in the Official Journal of the French Republic.
Done on 29 December 2012.
Jean-Marc Ayrault
By the Prime Minister:
Minister of Economy and Finance,
Pierre Moscovici
