Question 30390 — public finances

Summary

Ms. Delphine Bagarry questions the Minister of Action and Public Accounts on the terms of refinancing Acoss, at a time when the debt resulting from the health crisis is about to be transformed into social debt. Indeed, debts issued by the State via Treasury bonds benefit from more advantageous refinancing conditions than Acoss, which is refinanced through short and medium term borrowing. If the Minister, during his hearing by the social affairs and finance committees of the National Assembly, declared that the debts of Acoss could be issued with the assistance of Agence France Trésor, the director general of Acoss, during his hearing, specified that this solution was a solution of last resort, the Treasury having its own constraints. Thus, the MP questions him about the possibilities of refinancing, and therefore the limits of this refinancing of Acoss via Treasury bonds. The MP also asks whether Acoss can benefit from the Pandemic Emergency Purchase Program (PEPP) of the European Central Bank, which would allow refinancing at a lower cost through a repurchase of securities. If this is not the case, she therefore asks him if it is not better for the State to assume part of the debt, this being comparatively less expensive than that that Acoss bears due to the refinancing conditions mentioned above.

Machine translation from French. The official text remains authoritative.

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