As a public service institution with a legal personality, classified under category A, the “Belgian Debt Agency” is in charge with the operational management of the debt of the Federal State of the Kingdom of Belgium.

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 ( 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 members.

The Debt Agency is managed jointly by its Directors who together form the Executive Committee. The meetings of this committee, currently chaired by the Director of the Middle Office (D2), 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 auditor of the Agency attends the meetings of this committee as an observer.

The Debt Agency itself is supervised by the Strategic Committee: the Administrator General of the Treasury (chairman), the representative of the Minister of Finance, and the Directors of the Agency. The auditor of the Agency also attends the meetings of the Strategic Committee.


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