Borrowing Requirements
| Financing needs | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Primary balance of state budget | -17,7 | 147,9 | 120,6 | 97,6 | 59,6 | 30,4 | 29,3 | 17,5 | -102,4 | -33,6 | -43,7 | -11,0 | 327,3 | 377,5 | 310,7 | 220,2 |
| Net expenditure on state debt1 | 37,7 | 44,5 | 35,8 | 45,1 | 41,4 | 50,9 | 48,5 | 45,3 | 40,7 | 39,8 | 40,7 | 39,6 | 40,1 | 42,2 | 49,7 | 68,3 |
| T-Bonds redemptions2 | 80,3 | 100,0 | 83,0 | 104,1 | 121,7 | 107,9 | 143,7 | 123,9 | 157,8 | 209,4 | 238,9 | 238,5 | 215,8 | 238,8 | 221,4 | 218,9 |
| Redemptions and early redemptions on savings government bonds | 0,0 | 0,0 | 0,0 | 0,0 | 9,6 | 7,7 | 11,9 | 11,9 | 30,2 | 16,9 | 16,4 | 2,7 | 2,8 | 0,5 | 0,4 | 1,3 |
| T-Bills and other money market instruments redemptions3 | 82,2 | 78,7 | 88,2 | 113,3 | 162,6 | 189,1 | 120,9 | 110,2 | 86,6 | 4,2 | 44,0 | 43,5 | 18,4 | 25,4 | 49,0 | 145,2 |
| Repayments on credits and loans4 | 4,5 | 0,8 | 1,1 | 1,1 | 5,3 | 2,8 | 11,1 | 2,5 | 1,7 | 5,1 | 8,0 | 4,7 | 5,8 | 6,0 | 4,4 | 6,0 |
| Total financing needs | 186,9 | 372,0 | 328,7 | 361,3 | 400,2 | 388,8 | 365,3 | 311,2 | 214,5 | 241,7 | 304,4 | 317,9 | 610,2 | 690,4 | 635,6 | 660,0 |
| Gross T-Bills issue and other money market instruments3,5 | 78,7 | 88,2 | 113,3 | 162,6 | 189,1 | 120,9 | 110,2 | 86,6 | 4,2 | 44,0 | 43,7 | 18,0 | 25,4 | 49,6 | 150,5 | 44,5 |
| Received collateral in cash | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 |
| Gross issue of T-Bonds on domestic market5 | 123,6 | 203,0 | 167,4 | 180,3 | 164,6 | 145,6 | 153,3 | 180,4 | 211,6 | 213,1 | 259,2 | 280,9 | 600,3 | 577,8 | 455,9 | 518,0 |
| Gross issue of T-Bonds on foreign markets5 | 48,2 | 54,7 | 49,7 | 0,9 | 69,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 |
| Gross issue of savings government bonds6 | 0,0 | 0,0 | 0,0 | 20,4 | 45,4 | 39,1 | 2,1 | 1,0 | 1,0 | 0,6 | 0,1 | 10,5 | 15,3 | 13,8 | 45,0 | 10,5 |
| Received credits and loans4 | 12,6 | 11,9 | 10,4 | 5,3 | 4,0 | 4,3 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 5,3 | 54,9 | 60,7 | 12,5 |
| Financial asset and liquidity management | -76,2 | 14,2 | -12,0 | -8,2 | -71,8 | 78,9 | 99,7 | 43,2 | -2,3 | -16,1 | 1,3 | 8,5 | -36,1 | -5,6 | -76,5 | 74,5 |
| Total financing sources | 186,9 | 372,0 | 328,7 | 361,3 | 400,2 | 388,8 | 365,3 | 311,2 | 214,5 | 241,7 | 304,4 | 317,9 | 610,2 | 690,4 | 635,6 | 660,0 |
| Gross borrowing requirement | 263,1 | 357,8 | 340,7 | 369,5 | 472,0 | 309,9 | 265,6 | 268,1 | 216,9 | 257,7 | 303,1 | 309,4 | 646,3 | 696,0 | 712,0 | 585,5 |
2 Incl. effect of buy-backs and exchanges.
3 Excl. T-Bills issued and redeemed within respective year, and roll-over of other money market instruments.
4 Credits and loans received from international financial institutions.
5 Nominal value; premiums and discounts included in the net expenditure on state debt, i.e. they are included in the net borrowing requirement.
6 Incl. the.reinvestment of yields.
| CZK bn | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Line No. | Current Balance of State Budget | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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