Disbursements of tax refunds in June amounted to approximately SEK 12 billion, which contributed to the government borrowing requirement being SEK 4.6 billion.
The Debt Office's forecast for June was a borrowing requirement of SEK 0.0 billion. Thus the borrowing requirement was 4.6 billion higher than expected. The deviation is due to the Premium Pension Authority withdrawing SEK 4 billion from their account at the Debt Office. The deviation is not expected to have any effect on the yearly forecast. All other government payments largely developed in line with the forecast. This also applies to the disbursement of tax refunds.
During the spring, the Premium Pension Authority has started using repo transactions in its asset management. The payment for the repos is deposited in an account at the Debt Office when the repo transaction is entered, and then withdrawn when the transaction is reversed. This activity means that the borrowing requirement will vary more from month to month. However, we do not expect any effect on the borrowing requirement for the whole year since the Premium Pension Authority will close its repos over the turn of the year.
Interest payments on central government debt were SEK 1.0 billion. This is SEK 0.3 billion higher than expected.
The borrowing requirement for the twelve-month period up to the end of June was SEK -80 billion (i.e. a surplus). The government debt was SEK 1,166 billion at the end of June.
The outcome of the central government borrowing requirement for July will be published at 9.30 am on 7 August 2007.
Further information can be obtained from:
Håkan Carlsson, phone +46 8 613 47 33
