Borrowing Requirements

Dept 20 - Debt and Financial Assets Management Department
Dept 20 - Debt and Financial Assets Management Department

Published

  • State Debt
  • Statistics
Updated 31-3-2016
  • New table: Financing Needs and Sources
  • Update table: Financing Needs and Sources
  • Update table: Financing Needs and Sources

 

Financing Needs and Sources (CZK billion)
Financing needs 2008 2009 2010 2011 2012 2013 2014 2015
Primary balance of state budget -17,7 147,9 120,6 97,6 59,6 30,4 29,3 17,5
Net expenditure on state debt1 37,7 44,5 35,8 45,1 41,4 50,9 48,5 45,3
T-Bonds redemptions2 80,3 100,0 83,0 104,1 121,7 107,9 143,7 123,9
Redemptions and early redemptions on savings government bonds 0,0 0,0 0,0 0,0 9,6 7,7 11,9 11,9
T-Bills redemptions3 82,2 78,7 88,2 113,3 162,6 189,1 120,9 107,6
Other money market instruments redemptions3 0,0 0,0 0,0 0,0 0,0 0,0 0,0 2,5
Repayments on credits and loans 4,5 0,8 1,1 1,1 5,3 2,8 11,1 2,5
Total financing needs 186,9 372,0 328,7 361,3 400,2 388,8 365,3 311,2
Gross T-Bills issue3,4 78,7 88,2 113,3 162,6 189,1 120,9 107,6 84,4
Other money market instruments3 0,0 0,0 0,0 0,0 0,0 0,0 2,5 2,2
Received collateral in cash 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0
Gross issue of T-Bonds in the domestic market4 123,6 203,0 167,4 180,3 164,6 145,6 153,3 180,4
Gross issue of T-Bonds on foreign markets2,4 48,2 54,7 49,7 0,9 69,0 0,0 0,0 0,0
Gross issue of savings government bonds5 0,0 0,0 0,0 20,4 45,4 39,1 2,1 1,0
Received credits and loans 12,6 11,9 10,4 5,3 4,0 4,3 0,0 0,0
Financial asset and liquidity management -76,2 14,2 -12,0 -8,2 -71,8 78,9 99,7 43,2
Total financing sources 186,9 372,0 328,7 361,3 400,2 388,8 365,3 311,2
Gross borrowing requirement 263,1 357,8 340,7 369,5 472,0 309,9 265,6 268,1
Balance of the budgetary chapter 396 – State Debt.
2 Incl. hedging operations and the effect of already executed buy-backs and exchanges in previous years.
3 Excl. T-Bills issued and redeemed within respective year, and roll-over of other money market instruments. 
4 Nominal value; premiums and discounts included in the net expenditure on state debt, i.e. they are included in the net borrowing requirement.
5 Incl. the.reinvestment of yields.

 

 

CZK bn 
Line No. Current Balance of State Budget 2004 2005 2006 2007 2008 2009 2010 2011 2012
Borrowing Requirements 2004-2012
1. State budget revenues 769,2 866,5 923,1 1025,9 1063,9 974,6 1000,4 1012,8 1051,4
2. Non-capital expenditures of state budget (without debt service, till 2004 including CKA1) ) 769,4 818,4 883,8 942,7 934,1 980,7 977,9 981,1 981,7
3. Non-capital current balance without debt expenditures (line 1 - line 2) -0,2 48,1 39,3 83,2 129,8 -6,1 22,5 31,7 69,7
4. Capital expenditures 66,7 79,0 105,3 115,5 105,0 133,2 130,2 118,9 113,6
5. Debt service expenditures 26,8 25,4 31,6 34,1 44,8 53,1 48,7 55,6 57,1
6. Current deficit (-) of state budget (line 3+line 4+line 5) -93,7 -56,3 -97,6 -66,4 -20,0 -192,4 -156,4 -142,8 -101,0
7. Funding needs of CKA1) and other extrabudgetary expenditures - -30,0 -20,0 -13,3 - - - - -
8. Net borrowing requirement, net of assets operations -(line 6+line 7) 93,7 86,3 117,6 79,7 20,0 192,4 156,4 142,8 101,0
9. State financial assets operations2) 0,3 -0,3 7,6 0,2 3,2 2,8 3,0 2,5 2,4
10. On-lending (net change)3) - - - - - - 1,7 0,0 0,0
11. Financial reserve (net change) 4) 5,7 4,0 -10,1 10,6 63,1 -19,6 7,1 5,7 69,4
12. Reserve for transfer of positive difference between insurance revenues and pension insurance expenditures for previous year (net change) - 8,3 -2,8 - 9,9 2,6 - - -
13. Net borrowing requirement (line 8+line 9+line 10+line 11+line 12) 99,7 98,3 112,3 90,5 96,2 178,2 168,2 151,0 172,8
14. Redemptions on state debt, incl.buy-backs and switches within budgetary year 39,0 22,0 58,0 43,0 80,1 98,0 83,0 102,1 113,6
15. Redemptions on savings government bonds within budgetary year 5) - - - - - - - - 9,6
16. Redemptions on loans from EIB 0,8 0,0 0,0 1,7 4,5 0,8 1,1 1,1 5,3
17. Buy-backs and switches of bonds due in following years6) - - - 10,0 0,2 2,0 - 2,0 8,1
18. Changes in financial reserve7) - - - - - 0,0 0,2 - -
19. Gross borrowing requirement (line 13+line 14+line 15+line 16+line 17) 139,5 120,3 170,3 145,2 181,0 279,0 252,6 256,2 309,4
of which :
20. - net money market issuance 8) -35,0 -31,3 -2,3 -9,8 -3,4 9,4 25,1 49,3 26,5
21. - gross government bond issuance 9) 165,5 142,5 165,6 151,2 171,8 257,7 217,1 181,2 233,6
22. - savings government bonds issuance 0,0 0,0 0,0 0,0 0,0 0,0 0,0 20,4 45,4
23. - non-marketable debt - borrowings 9,0 9,1 7,0 3,8 12,6 11,9 10,4 5,3 4,0

1) Since 2005, funding needs of CKA are managed by special Act No.5/2005 Coll., on State Bond Programme for the recovery of the Czech Consolidation Agency´s partial loss which resulted
from taking over of non-bonit assets in the years 1991 to 2003. These funding needs are not a part of state budget expenditures.
2) balance of budgetary chapter 397 - State Financial Assets Operations without the net change of reserve for transfer of positive difference between insurance
revenues and pension insurance expenditures for previous years
3) on-lending to other states and enterprises with full state-backed guarantee on their core business
4) cash reserve generated by bonds issues according to the Act No. 218/2000
5) excl.operations with government bonds due within a budgetary year
6) changes for exchange rate difference
7) excluding revolving within a budgetary year
8) nominal amount, ie. premia and discounts are included in net costs on state debt not entering net borrowing requirement

 

Line No. Current Balance of State Budget 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003
Borrowing Requirements 1993-2003
1. State budget revenues 358,0 390,5 440,0 482,8 508,9 537,4 567,3 586,2 626,2 705,0 699,7
2. Non-capital expenditures of state budget (without debt service, till 2004 including CKA1) ) 315,5 333,1 375,3 423,9 456,4 496,9 521,3 553,5 626,7 682,0 730,2
3. Non-capital current balance without debt expenditures (line 1 - line 2) 42,5 57,4 64,7 58,9 52,5 40,5 46,0 32,7 -0,5 23,0 -30,5
4. Capital expenditures 26,3 33,3 44,1 46,4 50,6 50,5 59,0 60,9 49,6 49,8 57,0
5. Debt service expenditures 15,1 13,7 13,3 14,1 17,6 19,3 16,6 17,9 17,6 18,9 21,6
6. Current deficit (-) of state budget (line 3+line 4+line 5) 1,1 10,4 7,3 -1,6 -15,7 -29,3 -29,6 -46,1 -67,7 -45,7 -109,1
7. Funding needs of CKA1) and other extrabudgetary expenditures - - - - - - - - - - -
8. Net borrowing requirement, net of assets operations -(line 6+line 7) -1,1 -10,4 -7,3 1,6 15,7 29,3 29,6 46,1 67,7 45,7 109,1
9. State financial assets operations2) - - - - - - - - -7,8 0,0 -0,5
10. On-lending (net change)3) - - - - - - - - - - -
11. Financial reserve (net change) 4) - - - - - - - - - - -
12. Reserve for transfer of positive difference between insurance revenues and pension insurance expenditures for previous year (net change) - - - - - - - - - - -
13. Net borrowing requirement (line 8+line 9+line 10+line 11+line 12) -1,1 -10,4 -7,3 1,6 15,7 29,3 29,6 46,1 59,9 45,7 108,6
14. Redemptions on state debt, incl.buy-backs and switches within budgetary year 0,7 6,3 6,6 14,6 12,1 10,0 15,0 25,0 22,0 15,0 27,7
15. Redemptions on direct credits 29,1 16,6 32,9 21,5 16,2 11,8 6,4 1,8 6,2 1,4 5,2
16. Buy-backs and switches of bonds due in following years5) - - - - - - - - - - -
17. Changes in financial reserve6) - - - - - - - - - - -
18. Gross borrowing requirement (line 13+line 14+line 15+line 16+line 17) 28,7 12,5 32,2 37,7 44,0 51,1 51,0 72,9 88,1 62,1 141,5
  of which :                      
19. - net money market issuance 7) 15,3 6,8 18,2 27,1 1,9 28,9 30,4 35,1 21,4 -22,6 -3,5
20. - gross government bond issuance 8) 10,5 15,1 20,1 16,8 26,1 22,1 22,0 52,3 67,3 88,0 124,4
21. - non-marketable debt - borrowings 2,6 0,0 0,0 0,0 0,1 0,2 0,1 0,2 0,3 2,7 9,3

1) Since 2005, funding needs of CKA are managed by special Act No.5/2005 Coll., on State Bond Programme for the recovery of the Czech Consolidation Agency´s partial loss which resulted
from taking over of non-bonit assets in the years 1991 to 2003. These funding needs are not a part of state budget expenditures.
2) balance of budgetary chapter 397 - State Financial Assets Operations without the net change of reserve for transfer of positive difference between insurance
revenues and pension insurance expenditures for previous years
3) on-lending to other states and enterprises with full state-backed guarantee on their core business
4) cash reserve generated by bonds issues according to the Act No. 218/2000
5) excl.operations with government bonds due within a budgetary year
6) changes for exchange rate difference
7) excluding revolving within a budgetary year
8) nominal amount, ie. premia and discounts are included in net costs on state debt not entering net borrowing requirement