PARIS (Reuters) - The Sinking Fund of the social debt (Cades) will issue 30 billion euros of debt in 2013, 10 billion euros less than in 2012, Tuesday its president Patrice Ract Madoux.
At a press conference, he said that of the 30 billion euros that the fund plans to issue 20 billion euros will focus on medium and long bonds terme.
In 2012, CADES issued 30.2 billion euros of debt in the medium and long term a total of $ 40 billion, placing it in the club of major quasi-sovereign issuers such as the German public bank KfW or European Investment Bank (EIB) .
Created in 1996 to resume the deficits accumulated by Social Security, Cades was finally brought back to the years 209.2 billion of debt at the end 2012.
According to forecasts of the Finance Act Social Security in 2013, it will start this year 8.1 billion, bringing the cumulative amount from 1996 to 217,100,000,000 euros. Will refund this year 12.4 billion euros, according to estimates, 84.1 billion depreciation cumulés.
Unlike previous years, the law of 2013, which provides for a deficit of the general social security 11.5 billion euros plus a hole of 2.5 billion euros from the Old Age Solidarity Fund ( FSV) does not transfer to the new debt Cades.
accordance with the law on pension reform, it aims to resume between 2012 and 2018, 68 billion deficit accumulated old regime and FSV, at a rate of 10 billion hours a year. In 2013, she resumed 8.1 billion .
To cope with the deficit, the government has chosen this year to raise the ceiling of ACOSS overdraft, the Bank of Social Security, to 29.5 billion euros (22.0 billion against in 2012) - a debt, as in the past, will be transferred in whole or in part in Cades.
INDICATOR AVANCE
"This ceiling is a leading indicator that the Cades might have to take," said Patrice Ract Madoux who believes that, in the event of a new transfer to the Fund, there would be no reason Major extend the life of the Fund beyond 2025.
An organic law and the Constitutional Council require governments to allocate new resources to Cades for any new debt transfer supplémentaire.
financing needs of the Fund in 2013 are down significantly (46.4 billion euros, 20 billion less than in 2012) .
They include the recovery of debt of 8.1 billion euros, 10.4 billion euros of debt redemption short maturity, 20.4 billion debt redemption medium / long term, 4.1 billion euros in interest and 3.4 billion euros of Appeal marges.
These needs are covered for 30 billion euros in debt issues, and up to 16.4 billion euros by several resources: a contribution to the repayment of the social debt (CRDS), a part of the general social contribution (CSG), a payment of the pension reserve fund and a levy of 2.2% on revenues capital.
The Cades, which enjoys the implied warranty of the French Republic, was, like her, in 2012 saw its credit rating "AAA" (Standard