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Ministry of Economy and FinanceSTATE SECTOR BORROWING REQUIREMENT FOR THE MONTH OF AUGUST 2009

Press Release N° 127 of 09/01/2009

A state sectorborrowing requirement of approximately 7,000 million was recorded on aprovisional basis in August 2009, compared to the negative balance of 5,546million in August 2008.

In the firsteight months of 2009, a total requirement of around 61,000 million wasrecorded, around 33,100 million higher than the figure of 27,868 million forthe same period in 2008.

COMMENT

In comparisonwith the same month in 2008, the state sector borrowing requirement for August2009 took account of revenue from tax that was broadly in line with that of theprevious year, with the benefit of, amongst other things, the recovery ofincome outstanding from July as a result of changes to the deadlines forpayments by tax-payers part of the business sector analyses regime, a systemfor calculating the presumed income of certain categories of tax payers.

On the expensesside, the balance for the month felt the negative effect of greater paymentsmade to the regional authorities in allocating resources due in relation toadvance self-assessment for the month of July - an allocation made within thetime limits set down by new regulations concerning the unified treasury account,and of the decision to unfreeze transfers on items relating to previousyears.

09/01/2009

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