Investor Presentaiton
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Unédic and The French State:
Fully Shared Responsibilities
Negotiation by the Social Partners to ensure financial balance throughout the cycle
Unédic
Parliament
Shared responsibility
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Liberté ⚫ Égalité⚫ Fraternité
RÉPUBLIQUE FRANÇAISE
Government
2 OVERVIEW OF UNÉDIC
Compulsory nature of the
unemployment insurance scheme at
the national level Parliament
(Labour Code Art. L 5422-13)
Part of Unédic revenues is now defined by the Social Security
Financing Law
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Look at Unédic's overall situation
Bond issuances on the EMTN programme supported by an
explicit State guarantee, published in the Finance Law
Finance Law n°2022-1726, Art. 150 (December 30th, 2022): Authorisation to
provide an explicit guarantee for 2023 up to €1bn
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Prime Minister approval of the Unemployment Insurance agreement
(Labour Code Art. L5422-21)
During summer 2018, a new law was passed, strengthening the role of the State
Law n°2018-771 << Avenir professionnel >> :
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Negotiation framework given to Social Partners by the Prime Minister
Implementation of specific measures by decree
⚫ The State is entitled to take control of the management of Unemployment Insurance if the Social Partners fail to
reach an agreement
State's guarantee on Unédic bond issuances granted by the Minister of Finances
Ministerial Order (February 15th, 2023):
⚫ The State's guarantee is granted for the bonds to be issued in 2023 by Unédic
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The guarantee covers a maximum principal amount of €1bn plus all related interest and costs
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INVESTOR PRESENTATION FEBRUARY 2024
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