Managing the State’s cash requirements
Agence France Trésor (AFT) manages the State’s cash requirements so that it can meet its financial commitments at all times, whatever the circumstances.
Although it varies over the course of the year, on a day-to-day basis this cash management role involves updating forecasts of the receipts and disbursements of the State and Treasury correspondents and monitoring the outturn of flows into and out of the account in order to be able to meet any temporary cash requirements.
Managing the state’s debt
AFT is tasked with managing debt in the taxpayers’ best interest. In that context, its strategy is to take a long-term view, while tracking the market closely. It promotes liquidity across the full range of its debt issuances, while maintaining full transparency and a commitment to combining innovation and security.
An autonomous, accountable agency with national scope
AFT is an agency with national scope (SCN) that reports to the Ministry for Finance and Public Accounts and the Director General of the Treasury. AFT has access to the information and resources needed to carry out its activities, particularly as regards navigating complex financial markets and maintaining close relations with all financial stakeholders.
The fact that AFT reports to the French Finance Ministry means that it has the broadest possible access to information needed to carry out its strictly defined tasks, often in close cooperation with other structures of the Directorate General of the Treasury or the Ministry, such as the Budget Directorate and the Public Finances Directorate General (DGFiP).
AFT is staffed by civil servants who are fully conversant with the government’s financial procedures and by market professionals under contract with the Government. Staff serve in operational functions (cash management, market transactions, risk management and back office procedures, information technology), analytical functions (modelling, economics and law) and communication functions.
AFT has 41 staff members (at end-2015), comprising 18 women and 23 men. There are 13 contract employees and 28 civil servants. AFT staff come from a wide range of educational backgrounds and career paths and share the same values as those of the Treasury, namely commitment, loyalty, openness and team spirit. All staff adhere to strict commitments with regard to professional ethics.
- 24 January 2017 : Launch of the first green OAT, the green OAT 1.75% 25 June 2039
- 6 March 2015: Anthony Requin appointed Chief Executive of Agence France Trésor
- March 2014 : Implementation of the repo (repurchase agreement) facility
- 6 March 2013: Ambroise Fayolle appointed Chief Executive of Agence France Trésor
- End-2009 : Fungible Strips (interest an principal)
- 9 January 2008: Philippe Mills appointed Chief Executive of Agence France Trésor
- 28 September 2006: Benoît Coeuré appointed Chief Executive of Agence France Trésor
- 18 April 2006: Launch of the first BTAN linked to the euro-area price index, the 2010 BTAN€i
- 23 February 2005 : Launch of the first 50-year OAT, the OAT 4% 25 April 2055
- 5 December 2003: Bertrand de Mazières appointed Chief Executive of Agence France Trésor
- 14 February 2003: Charter for conducting relationships between the primary dealers and Agence France Trésor
- 25 October 2001: Launch of the first OAT linked to the euro-area price index, the 2012 OAT€i
- 2 October 2001: Interest-rate swap programme
- 8 February 2001: Sylvain de Forges appointed Chief Executive of Agence France Trésor
- 8 February 2001: Publication of the creation order of Agence France Trésor
- July 2000: Announcement of the creation of Agence France Trésor
- 15 September 1998: Launch of the first inflation-linked OAT, the July-2009 OATi
- 1996: Launch of the OAT TEC 10
- 1991: Creation of the first STRIPS market in Europe
Key figures for 2015
- Negotiable debt securities outstanding at 31 December 2015: €1,576 billion (including inflation-indexed bonds)
- Weighted average yield of medium- and long-term fixed-rate securities: 0.63%
- Average residual maturity of debt AT 31 December 2015: 7 years and 47 days
- Outstanding interest-rate SWAPS AT 31 December 2015: €5.8 billion
- Non-residents’ holdings of negotiable debt securities by market value at 31 December 2015: 61.9%
MAJ : 23 Mar. 2017