Wallonie Region Funding Gap Analysis
Robust liquidity position underpinned by strong debt and treasury
management
Région wallonne debt overview
In €m
Direct Debt (1)
Wallonie
service public
SPW
2017
2018
2019
8,962
10,271
11,719
% of LT Regional Debt
86%
89%
91%
Indirect Debt (SPABS + SWDE + FADELS) (*) (2)
1,426
1,266
1,106
% of LT Regional Debt
14%
11%
9%
Long Term Regional Debt (3) = (1) + (2)
10,388
11,537
12,825
Debit balance on the current account (4)
377
1,008
937
Contribution of the Public Administration Units
(Cash pooling) (5)
845
1,288
1,807
Short Term Regional Debt (6) = (4) - (5)
(468)
(280)
(871)
Total Regional Debt (7) = (3) + (6)
9,920
11,257
11,954
□ Région wallonne has sought to diversify its funding sources over the years
to increase the number of counterparties and mitigates at all times its
liquidity positions.
□ Région wallonne has established secured and committed facilities that
allow fast and continuous access to capital markets through :
One European medium-term notes program (EMTN);
➤ Two Medium-term notes programs (MTN).
□ To further enhance the professional management of its debt and treasury
positions, Région wallonne relies since June 2019 on a dedicated
organization (the Debt Cell) inside public administration (SPW).
(*) SPABS: Société Publique d'Admnistration des Bâtiments Scolaires; SWDE: Société Wallonne des
Eaux; FADELS: Fonds d'Amortissement des Dettes du Logement Social.
Total Regional Consolidated Debt
21,287
21,635 23,190 (**)
(**) Maastricht concept - 2019 provisional figures to be confirmed in May 2020
Long-term regional debt evolution
31.12.2017
31.12.2018
11%
30%
24%
€10,388m
23%
5%
8%
■ Medium Term Notes
■ Bank Loans
■ Stand Alone
31.12.2019
9%
21%
8%
14%
€11,537m
24%
47%
€12,825m
3%
8%
23%
6%
6%
20%
■BT Swapped
■ Schuldschein
■ Euro Medium Term Notes
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