Government takes out DKK 3 billion loan

21.05.2020 - 08:58
Aktuelt
Government takes out DKK 3 billion loan
Extra funding is needed to refinance a loan and to fill budget holes caused by the corona crisis
 

The government took out a DKK 3 billion loan on Tuesday.

About half of the amount will be spent on refinancing loans that fall due on 11 June.

The other half will be spent on filling holes in this year’s and next year’s state budgets caused by the corona crisis. 

 >> SEE ALSO Treasury can withstand deficits and debt

This increases the national bond debt by DKK 1.6 billion.

To offset the bond debt, the government sold DKK 3 billion’s worth of bonds on Tuesday, one two-year bond and one five-year bond.

 >> SEE ALSO Financial crisis or not?

Buyers placed bids for a total of DKK 7.3 billion, which indicates high demand for Faroese bonds, according to the Ministry of Finance.

Faroese and Danish financial institutions were involved in the bidding.

 

Translated by prosa.fo

 
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