Direct debt


Direct debt refers to the debt that the Flemish administration has incurred in order to cover a net borrowing requirement. This means if the net financing requirements are negative, the Flemish administration has to borrow in order to be able to pay all its expenses.

Direct debt can also be incurred because the Flemish administration takes over the debt of a third party and explicitly recognizes this, through a decree, as its own, direct debt.

Finally direct debt can also exist because the Flemish administration borrows for the consolidated public institutions. Since June 2015 the Flemish Community centralized the borrowing for some public institutions (social housing companies), which in the past issued their own debt with the guarantee of the Flemish Community.

At the end of 2018, the direct debt was 5,998.39 million euro, an increase of 685 million euro in comparison with 2017.

In 2019 the direct debt further increased with 804 million euro to 6,802.26 million euro. 93,1% was financed through the EMTN-program.

Certainly 2020 was an exceptional year due to the COVID pandemic. The Flemish government had to take measures to cope with this crisis and the direct debt increased with 7.1 billion euro to reach 13,935.02 million euro at the end of 2020. 90% was financed through the EMTN-program.

Evolution of the Direct Debt (in million euro)
  2017 2018 2019 2020
EMTN 4,836.50 5,631.50 6,331.50 12,494.50
Schuldschein 37.50 37.50 37.50 37.50
Bankloans 95.16 92.51 84.09 56.42
Bankloans Municipal Loans 0.00 89.17 77.38 66.05
Ex-FRGE 5.88 0.00 0.00 0.00
Other (Ground Lease, Amoras) 76.58 70.80 64.29 57.58
BCP and Treasury Bills 0.00 0.00 0.00 1,049.94
Current Account 262.27 76.92 207.51 173.03
Total Direct Debt 5,313.89 5,998.39 6,802.26 13,935.02


Debt instruments 2019
instruments 2019.jpg
Debt instruments 2020
instruments 2020.jpg

More information about the direct debt can be found in the Cash&Debt Report.

pdf bestandDebt & Cash Report 2020.pdf (1.43 MB)