A state borrowing requirement of approximately € 4,000 million was recorded on a provisional basis in July 2009, compared to a positive balance of € 1,672 million in July 2008.
In the first seven months of 2009, total requirement was approximately € 53,600 million, around € 31,300 million higher than the figure of € 22,321 million recorded in the same period in 2008.
Compared to the previous year, state borrowing requirement in July 2009 essentially recorded on the income side, as a consequence of the overall negative trend, lower tax revenues, which were, nevertheless, in line with the latest forecasts.
On the expenses side, the balance in July was impacted by:
� the increased transfer of resources to Regional Councils also as a consequence of the attribution of the IRAP tax self-assessment for June;
� the injection into the economic system of a stimulus package amounting to € 1,450 million through the subscription of special bank bonds in compliance with art. 12 of the D. L. n. 185/2008 which was converted into Law n. 2/2009.
Such items have partly been compensated by lower interest paid on state bonds.