Disbursements were almost SEK 8 billion higher than calculated. This is mainly explained by tax reimbursements being SEK 3 billion higher than projected, partly because a larger part than expected of the repayment of excessive taxes was done in June.
The Debt Office's net lending to state agencies was SEK 5 billion higher than estimated. Repo transactions* made by state agencies accounted for SEK 3 billion of the difference. These repo transactions will not affect our assessment of the year since they are included in the forecast for other months.
Interest payments on central government debt were SEK 1.7 billion. That is SEK 0.4 billion higher than calculated.
The large deficit in June is mainly due to the Debt Office's lending of SEK 66 billion to the Riksbank in order to restore the currency reserve. The loan was part of our monthly forecast for June and did thus not cause any deviation from our forecast.
The surplus for the twelve-month period up to the end of June amounted to SEK 30 billion. Central government debt amounted to SEK 1,079 billion at the end of June.
The outcome for July will be published at 9.30 am on 7 August 2009.
Further information can be obtained from:
Sofia Olsson, phone +46 8 613 47 30
Sofia Olsson, phone +46 8 613 47 30
* Repo transactions by government agencies mean that they sell government securities with a repurchase agreement. The payment of the repos must be deposited in an account at the Debt Office. If the total volume of outstanding repos change during the month compared to the previous turn of the month it will affect the outcome of the borrowing requirement. We make forecasts of the repo transactions on the basis of the information we receive from the government agencies. However, the forecast are very uncertain since the government agencies may alter their plans on a short notice.
