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 Control 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 internal controller 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, the Finance inspector and the Directors of the Agency.


Your data will be treated in conformity with the data protection regulation applicable on personal data. At any moment, you can exercise your rights to access any information concerning you, modify them, suppress them or exercise your right to oppose them. In order to do this, you can contact the data protection officer at the following address :

The Belgian Debt Agency respects your privacy and ensures the confidentiality of personal data that you communicate to the Agency.

When you contact the Agency, certain data elements concerning you are collected and processed. Since these data elements make it possible to identify you as a person, they are considered as “personal data”.

To find out what personal data elements are processed by the Agency and in which measures the Agency uses them adequately, you can consult the following sections:

  1. This privacy statement and policy
  2. Personal data held by the Agency
  3. Processing of personal data by the Agency
  4. Sharing of personal data by the Agency
  5. Your rights
  6. Agency security policy
  7. Contact details



  1. Present privacy statement and policy

This privacy statement and policy applies to all personal data concerning you, collected and processed by the Agency.

You agree to the application of this privacy statement and policy to personal data processed by the Agency.

The Agency reserves the right to modify this privacy statement and policy at any time. The applicable version can be viewed at any time on the Agency’s website.


  1. Personal data held in the Agency

The Agency collects personal data:

  • When subscribing to State Notes directly via our website;
  • When sending an email or making contact within the Agency;
  • When applying for a vacant position.


The following data may be collected and processed in different ways by the Agency. Especially :

Data that you communicate directly to the Agency

  • Identification and contact data: surname, first name, national registration number, address and locality, e-mail address, telephone or mobile number, date of birth, age, sex…;
  • Financial data: bank card number, bank account number, name of the account holder… ;
  • Complaints or feedback made via our support channels about your experience with the Agency, remarks, suggestions, testimonials and all other forms of feedback;
  • Data provided when you apply for a vacant position;


Data from other sources

The Agency’s website may contain links to other sites. These websites may not be managed by the Agency and may have their own privacy statement or policy. The Agency strongly advises you to take note of it and declines all responsibility for third party websites.

You have no obligation to communicate your data to the Agency or to accept their processing. In some cases, however, it will be necessary to provide personal data to the Agency in order to allow the optimal progress of services and compliance with current legislation.


  1. Processing of personal data by the Agency

Personal data is processed by the Agency for the following purposes:

  • The Agency processes your personal data in order to carry out its legal and regulatory missions;
  • The analysis of your application file during a recruitment process for a vacant position;
  • Compliance with the regulations applicable to the Agency in the broadest sense;
  • Other specific purposes for which separate authorization may be requested.


Your personal data cannot be used by the Agency for other purposes than the execution of its legal missions and the missions listed above.

In compliance with the General Data Protection Regulation, the Agency may subsequently process for the performance of another legal mission any personal data legitimately collected when performing one of its other legal missions.

Your personal data will never be processed by the Agency for commercial or advertising purposes nor transferred to third parties who would use this data to such purposes, insofar as this would not be part of its mission.


  1. Sharing of personal data by the Agency

As part of the execution of its mission, the Agency may receive or communicate your personal data in particular to the following recipients:

  • Yourself;
  • A consultancy firm as part of a recruitment process;
  • Other recipients according to legal obligations and authorizations to provide information and to exchange information:services of the FPS Finance, other public federal services, State administrative services.

Your personal data will be disclosed exclusively in accordance with the present privacy statement and policy and/or if required by law.

Finally, personal data can always be made anonymous before being shared with third parties. In this case, you will never be identified through the anonymization of your personal data.


  1. Your rights

You have the right to consult and correct your personal data processed by the Agency at any time.

You also have the right to delete your personal data and to limit the use and transferability of your personal data to the extent provided for in the applicable regulations. 

You may at any time revoke your consent to certain processing of your data and object to the use of your personal data, to the transmission of your personal data to third parties (where such transmission is not indispensable for the provision of services and legal obligations of the Agency).

You can contact the Agency for this purpose via

or via

You also have the right to complain to the supervisory authority:


  1. Agency Security Policy

Data security

The Agency takes all reasonable steps to ensure that your personal data is protected as well as possible. All best practices are applied to avoid loss, misuse, disclosure, unauthorized access or alteration of such personal data. Appropriate measures shall be taken, both on the technical level as well as organizational, to ensure a sufficient level of security. Payment data is always protected using standard encryption used to protect sensitive financial information.

Data Retention

The Agency will not keep your data longer than necessary for the purpose of processing them, taking into account the Agency's mission to be able to improve the quality of services, to be able to answer questions correctly, and to respect its legal obligations.


  1. Contact data

Belgian Debt Agency
Avenue des Arts 30
1040 Brussels

Business Number 0666.519.662


For further information and/or remarks on the protection of your privacy and this privacy statement, please feel free to contact us at the following e-mail address:

or visit the site: