1. Evolution of direct government debt
As of April 30, 2015 the Portuguese Direct Government debt amounted to EUR 220,342 million, decreasing 0.2 per cent vis-à-vis the end of the previous month. This variation was mainly due to the reduction of the stock of OT, which decreased by EUR 573 million, essentially due to an exchange offer of OT maturing in 2017 and 2018, amounting to EUR 4,387 million, for OT with redemption dates in 2024 and 2030, totalizing EUR 3,872 million. There were also partial anticipated redemptions of OT 6.4% Feb2016 and OT 4.2% Oct2016, amounting to EUR 58 million. Moreover, 2 Treasury Bills (BT) auctions were held, amounting to EUR 300 million (in the 3-months line BT 17JUL2015) and EUR 960 million (in the 11-months line BT 18MAR2016), which more than compensated the redemption of BT 17APR2015 (EUR 1,158 million). The outstanding of Saving certificates (CA) and Treasury certificates (CT) recorded a net positive contribution, increasing by EUR 29 million and EUR 104 million, respectively. There was also a net positive issuance of CEDIC (EUR 508 million). Exchange rate fluctuations decreased the debt outstanding by EUR 668 millions.
2. Public debt ratio
The IGCP, E.P.E. monthly bulletin presents only the Direct Government debt. The Direct Government debt is defined as the liabilities for which the sub-sector State is responsible in the form of financial obligations. According to the Council Regulation (EC) n.º 479/2009 of May 25, amended by Council Regulation (EU) n.º 220/2014 of March 7, General Government debt is the consolidated gross debt of the whole General Government Sector outstanding at nominal value.
At the end of 2014 the Direct Government debt totaled EUR 217,126 million (125.5% of GDP), while the General Government consolidated gross debt, according to the Maastricht criteria, reached EUR 225,280 million (130.2% of GDP), as reported to Eurostat on April 17, 2015.
3. Financing cost of the loans issued under the Economic and Financial Assistance Program (EFAP)
The IGCP, E.P.E. monthly bulletin presents an estimate of the all in cost of all the loans issued under the EFAP. This estimate includesall costs (interest and fees), but depends on the future behavior of interest and exchange rates, since the loans issued by the International Monetary Fund (IMF) are denominated in foreign currency and pay variable rate, as do part of the loans issued by the European Financial Stability Fund (EFSF). The estimate is based on interest rate and exchange rate forwards and on the provisional EFSF funding program.