Provisional state sector borrowing requirement in the month of January 2009 was approximately € 1,800 million, compared to a surplus of € 553 million in January 2008.
Comment
The balance in January, compared to the corresponding month in 2008, was impacted by higher tax refunds, a lower level of tax revenues and increased fluctuation of withdrawals from state treasury accounts on the part of decentralised entities. At the same time there were lower interests on state securities as well as non-recurrent revenue arising from the restitution of sums the European Commission had considered as state subsidies and from the levy of execution in respect of the state guarantee for non-fulfilment in connection with the UMTS licences.