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Missions and organization
The "Belgian Debt Agency" is a specific entity within the General
Administration of the Treasury. It was created in 1998, just before the
introduction of the EUR. That way Belgium could better cope with the new
challenges linked to the creation of a European Monetary Union, in
particular the increasing competition between sovereign issuers due to the
development of a single market.
The Agency has a structure similar to that of the banking sector and as
such has a diversified staff.
General Administration of
Marc Monbaliu(*), Administrator
Belgian Debt Agency
- Anne Leclercq,
Treasury & Capital Markets
Stephaan De Smedt,
- Jean Deboutte,
Strategy & Risk Management
- Bruno Debergh,
Investor Relations & Product Development
- Philippe Lepoutre,
- Thérèse Geels,
See also :
The Belgian Debt Agency consists of three divisions:
The Front Office (D1) executes the financial operations. Its main task
is to issue loans and to manage the Belgian cash position. The Agency issues
several kinds of loans (linear bonds, Treasury certificates, State Notes,
commercial paper, money market etc…), using therefore different issuance
procedures such as auctions, syndications, placements, and
other trading techniques (negotiations by phone or by electronic means). The
Front Office is also active on the market of derivatives (mainly interest rate
swaps and currency swaps).
The Middle Office (D2) works out the proposals concerning the debt
management strategy. These proposals are discussed within the Strategic
Committee and constitute the basis of the General Guidelines that are laid
down each year by the Minister of Finance. These guidelines mainly concern the
structure of the debt portfolio and the risk level that may be associated with
it. D2 monitors the debt portfolio and assesses the market and credit risks.
It also draws up and monitors the debt budget and thus co-ordinates the debt management
with the State budget. Furthermore, the Middle Office is responsible for
public relations, the management of the website (www.debtagency.be) and the
promotion of existing financial products, both in Belgium and abroad, as well
as the development of new ones.
D2 is also in charge of the legal aspects and the documentation concerning
debt issues and all contracts binding on the Belgian Debt Agency.
Furthermore, D2 provides legal advice to the Executive Committee of the
Belgian Debt Agency.
The Back Office and Systems (D3). The Back Office is in charge of the
validation and the settlement (through the National Bank of Belgium) of the
financial operations carried out by the Front Office. In addition, this
division also manages the Debt Agency’s IT-system. This system is based on an
integrated data base involving all the financial operations related to the
debt management. It enables the Treasury to watch closely its daily cash
position and to calculate market and credit risks. Moreover, it is a very
useful tool for elaborating reports and statistics. The main task of the
Systems team is to further develop the IT-system, to monitor it and to
guarantee its continuity.
The three divisions of the Debt Agency have two joint services: the
Internal Audit and the Secretariat.
The Debt Agency’s staff is composed of statutory officials from the
Administration of the Treasury and employees recruited in the private sector
for their technical skills in matters related to financial operations, credit
analysis and data processing. The staff of the Agency amounts to about forty
The Debt Agency is managed jointly by its Directors who together
form the Executive Committee. The meetings of this committee, chaired
by the Administrator of the division "Financing of the State and Financial
Markets", are attended by the Agency’s deputy
directors if they are directly concerned by an item set on the agenda
(financial, legal, marketing, IT, etc). The consultant auditor of the Agency
attends the meetings of this committee as an observer.
The Debt Agency itself is supervised by the Strategic Committee,
composed of eight members: the Administrator General of the Treasury
(chairman), a representative of the Minister of Finance, the Administrator of
the division "Financing of the State and Financial Markets, the three
directors of the Agency and the two Advisors General in charge of the "Public Debt Support"
division and the "Financial Markets and Services"
division respectively. The consultant auditor of the Agency also attends the meetings of
the Strategic Committee.
See also :
Website of the Administration III (Administration Financing of the State and Financial Markets)