Short-term debt of the State

Launched in June 2020, treasury certificates are a negotiable instrument allowing the State Treasury to obtain at short notice the required liquidity and constitute thereby an attractive alternative to credit lines in current account and short-term bank loans. Unlike the latter, the tradability of treasury certificates makes them all the more attractive to the holder, having in turn a positive effect on the interest rate to be paid by the State. The issuance of treasury certificates is carried out in a view to optimize the liquidity management by the Treasury.

Treasury certificates, foreseen by article 95 (2) of the amended law of 8 June 1999 on Budget, Accounting and the State Treasury, are governed by the Grand Ducal regulation of 18 April 2020 setting the conditions and procedures for the issuance of State loans and repealing the Grand Ducal regulation of 7 February 2013 setting the conditions and procedures for the issuance of State loans.