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The net of central government payments in August was SEK 0.0 billion. The Debt Office's forecast was a deficit of SEK 14.1 billion.
The deviation from our forecast is explained by the Debt Office's net lending to government agencies being SEK 10.5 billion lower than expected. This is in whole explained by repo transactions by government agencies*. Other payments by government agencies as well as tax payments developed in line with our forecast.
Interest payments on central government debt were SEK 1.5 billion, which was SEK 2.5 billion lower than forecasted. This is explained by higher currency exchange gains than expected.
For the twelve-month period, September 2007 to August 2008, the surplus amounted to SEK 148 billion. The central government debt amounted to SEK 1 036 billion at the end of August.
The outcome for September 2008 will be published at 9.30 am on 7 October 2008.
Revised monthly forecasts for September and October We revise our forecasts for September and October since the divestment of Vasakronan was conducted earlier and the price was lower than we expected. The government received SEK 24.6 billion as payment for Vasakronan on 1 September. In our forecast from June we estimated SEK 30.0 billion in October. We therefore revise our forecast for September from a surplus of SEK 34.9 billion to a surplus of SEK 59.5 billion and in October from a surplus of SEK 20.7 billion to a deficit of SEK 9.3 billion. New forecasts for the whole of 2008 and 2009 will be published on 4 November 2008.
Further information can be obtained from: Tord Arvidsson, phone +46 08 613 47 53
* Repo transactions by government agencies mean that they sell government securities with a repurchase agreement. The payment of the repos must be deposited in an account at the Debt Office. If the total volume of outstanding repos change during the month compared to the previous turn of the month it will affect the outcome of the net borrowing requirement. We make forecasts of the repo transactions on the basis of the information we receive from the government agencies. However, the forecasts are very uncertain since the government agencies may alter their plans on a short notice.
