Dear Madam, dear Sir,
Welcome to the Caisse d’Amortissement de la Dette Sociale (CADES) website. This site contains all the information you need to better understand our mission, our financial and regulatory environment, our financing and amortisation mechanisms.
At December 31, 2019, €171.2 billion were amortised, which represents two-third of the debt assumed since 1996, illustrating the effectiveness of our amortisation mechanisms. There remains now 89.3 billion euros of social debt still to amortize.
The Social Security Financing Act (SSFA) for 2020 has removed the debt transfer of €15 billion euros as well as the increase in the allocation of CSG which was planned by the SSFA for 2019. At the end of 2020, the estimated debt to be amortized will be €72.5 billion.
CADES thus confirms its amortization path with a horizon for the total discharge of its debt during the second half of 2024. It will then cease to collect the resources allocated to it and will continue to service the bonds until their due throughout the year 2025 thanks to the accumulated cash.
In the future, we plan to remain very active in the short, medium and long-term issuance markets as we continue to offer our international investors a wide range of financial instruments, both by maturity and in several currencies.
Based on these elements, we confirm the objective of our mission, entrusted to us by the French Parliament, to repay all of the remaining social debt by 2024.
Jean-Louis Rey
Chairman of the Board
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