Key Benefits:
Publics concerned: government debt and cash managers, entities and individuals interested in the operations carried out by the Agence France Trésor.
Purpose: Debt and treasury authorities granted to the Minister of Finance.
Entry into force: the text comes into force on January 1, 2015.
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 Agence France Trésor.
Reference: this decree is implemented in accordance with the Act No. 2014-1654 of 29 December 2014 Financial for 2015. It is available on the website Légifrance (http://www.legifrance.fr).
The Prime Minister,
On the report of the Minister of Finance and Public Accounts,
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. 2014-1654 of 29 December 2014 for 2015,
Decrete:
The Minister of Finance and Public Accounts is authorized to issue negotiable, fixed or variable-rate public debt securities. The characteristics of the securities of an initial maturity greater than one year are defined by order of the Minister of Finance and Public Accounts. The order specifies the dates of maturity and payment of coupons.
The Minister of Finance and Public Accounts is authorized:
- to exchange or redeem, on the market, any title of negotiable public 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, for the benefit of the Public Debt Fund, 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 operations of State securities, borrowings and deposits of liquidity in the interbank market of the euro zone, with the euro zone 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 administrative public institutions.
The Agence France Trésor 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 pursuant to Article 1 of this decree 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 financial instruments in the term referred to in the trade account provided for in Article 22 of the Subsidized Organic Law of 1 August 2001;
- the amount of the securities exchanged or redeemed and, in the case of auction transactions, the conditions of such exchanges and redemptions;
- the stock of the securities taken or placed on board at the end of the month, as well as on average over the month;
- the stock of negotiable debt securities issued by public administrative institutions at the end of the month, as well as on average over the month.
- the stock of loans and liquidity deposits in the Eurozone interbank market, with the euro zone states, with the European Financial Stability Fund, the European Stability Mechanism and the Public Debt Fund, at the end of the month, and on average over the month.
The provisions of this Decree come into force on 1 January 2015.
The Minister of Finance and Public Accounts is responsible for the execution of this Order, which will be published in the Official Journal of the French Republic.
Done on 30 December 2014.
Manuel Valls
By the Prime Minister:
Minister of Finance and Public Accounts,
Michel Sapin
