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Debt and Liquidity Management Agency Public report of the activities for the year 2006 29 th May 2007.

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Presentation on theme: "Debt and Liquidity Management Agency Public report of the activities for the year 2006 29 th May 2007."— Presentation transcript:

1 Debt and Liquidity Management Agency Public report of the activities for the year th May 2007

2 Public presentation of the ARDAL´s activities for the year ARDAL´s Details Address:Radlinského 32, Bratislava Telephone: Fax: Internet:www.ardal.sk Gov. Dep.:Ministry of Finance of the Slovak Republic Legal identity:Budgetary organization Reuters Code:DLMA

3 Public presentation of the ARDAL´s activities for the year Debt and Liquidity Management Agency (ARDAL) Was established under the Act No. 291/2002 Coll. on State Treasury Was established under the Act No. 291/2002 Coll. on State Treasury The Agency is securities trader under the Act No. 566/2001 Coll. on Securities and Investment Services The Agency is securities trader under the Act No. 566/2001 Coll. on Securities and Investment Services

4 Public presentation of the ARDAL´s activities for the year Scope of ARDAL´S Activities To manage Central Government Debt and Risks in accordance with valid Debt Management Strategy To manage Central Government Debt and Risks in accordance with valid Debt Management Strategy To perform the settlement of securities trades To perform the settlement of securities trades To manage State’s daily liquidity To manage State’s daily liquidity To perform financial operations on the financial market To perform financial operations on the financial market

5 Public presentation of the ARDAL´s activities for the year Organization Budget for the Year 2006 Binding limits (in ths. SKK) Approved budget for 2006 Adjusted budget as of Actual state as of Revenues000 Total expenditures Current expenditures Capital expenditures

6 Public presentation of the ARDAL´s activities for the year Current Expenditures Wages, salaries, service emoluments and other personal perquisites (38,1%) Wages, salaries, service emoluments and other personal perquisites (38,1%) Insurance fees and employers´ contributions to insurance companies and to the National Labour Office (10,1%) Insurance fees and employers´ contributions to insurance companies and to the National Labour Office (10,1%) Goods and other services (51,8%) Goods and other services (51,8%) –of that: IT operation (78,6%)

7 Public presentation of the ARDAL´s activities for the year Capital Expenditures Software – increase of internal security of ARDAL´s network (2,2%) Software – increase of internal security of ARDAL´s network (2,2%) Hardware – completion of IT and security enhancement (29,8%) Hardware – completion of IT and security enhancement (29,8%) Accounting module implementation (68,0%) Accounting module implementation (68,0%)

8 Public presentation of the ARDAL´s activities for the year Main Activities of ARDAL in 2006 Organize electronic primary-sales state securities auctions Organize electronic primary-sales state securities auctions Debt management in accordance with approved Debt management strategy Debt management in accordance with approved Debt management strategy Risk management of the State debt Risk management of the State debt Provides smooth state refinancing Provides smooth state refinancing Active management of the state liquidity Active management of the state liquidity Provides special consulting to the Ministry and other state organizations Provides special consulting to the Ministry and other state organizations

9 Public presentation of the ARDAL´s activities for the year Slovak Government Debt Structure As of (in ths. SKK) Treasury Bonds issued in SKK issued in SKK issued in foreign currency issued in foreign currency Treasury Bills 0 Government loans Refinancing system with ST Money-market loans 0 Other liabilities Risk from govern. guarantees Total liabilities

10 Public presentation of the ARDAL´s activities for the year State Budget Balance Development for the Years

11 Public presentation of the ARDAL´s activities for the year Treasury Bills 2006 Issue of Treasury Bills to own portfolio Issue Date Maturity Date Face Value bln. Sk bln. Sk Refinancing costs from State Treasury funds – 3,2% p.a.

12 Public presentation of the ARDAL´s activities for the year TB Issues

13 Public presentation of the ARDAL´s activities for the year Domestic Treasury Bonds Auctions Results in 2006 In 2006 was accomplished 19 auctions of Treasury Bonds in accordance with auction calendar.

14 Public presentation of the ARDAL´s activities for the year Results of Treasury Bonds Auctions According to Years

15 Public presentation of the ARDAL´s activities for the year EUROBOND 2006 Issued according to Strategy Issued according to Strategy Maturity 15 years Maturity 15 years Fixed coupon 4,00% p.a. Fixed coupon 4,00% p.a. Face value 1 bln. EUR Face value 1 bln. EUR Lowest margin to mid ASW - 0,07% Lowest margin to mid ASW - 0,07%

16 Public presentation of the ARDAL´s activities for the year Treasury Bonds Portfolio Average interest rate of the domestic Treasury Bonds issued in 2006 – 4,06% p.a. Average interest rate of the domestic Treasury Bonds issued in 2006 – 4,06% p.a. Average interest rate of outstanding portfolio as of Treasury Bonds denominated in SKK – 4,59% p.a. Treasury Bonds denominated in SKK – 4,59% p.a. Treasury Bonds denominated in EUR – 4,94% p.a. Treasury Bonds denominated in EUR – 4,94% p.a. Total – 4,84% p.a. Total – 4,84% p.a. –compare to 2003 – 6,29% p.a.

17 Public presentation of the ARDAL´s activities for the year Average Maturity of Treasury Bonds Portfolio

18 Public presentation of the ARDAL´s activities for the year Duration of Treasury Bonds Portfolio

19 Public presentation of the ARDAL´s activities for the year Summary financial operations financial operations Trading with 19 domestic and foreign banks Trading with 19 domestic and foreign banks 19 Treasury Bonds auctions at domestic market 19 Treasury Bonds auctions at domestic market Historically the most successful issuance of Slovak Eurobond Historically the most successful issuance of Slovak Eurobond coupon and principal payments to owners coupon and principal payments to owners Achievement of targets defined in Debt Management Strategy up to 2006 Achievement of targets defined in Debt Management Strategy up to 2006 The second historically lowest costs of new state debt The second historically lowest costs of new state debt Historically the lowest costs for state debt covering Historically the lowest costs for state debt covering

20 Public presentation of the ARDAL´s activities for the year Near Future Goals Preparation to EMU accession Preparation to EMU accession Improvement of securities settlement Improvement of securities settlement Introduction of primary dealers system Introduction of primary dealers system Pursue New Debt Management Strategy Targets Pursue New Debt Management Strategy Targets ISDA ISDA

21 Public presentation of the ARDAL´s activities for the year


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