July 7, 2017 / 10:53 AM / in a month

MOVES-Cades and AFT to merge as end of mandate approaches

LONDON, July 7 (IFR) - Cades and Agence France Tresor are merging their operational teams in order to reduce risk as the end of Cades's mission nears.

Under the agreement, all of Cades's funding activities and the execution of its issuance programme will be transferred to AFT.

Philippe Noel, head of capital markets at Cades, will now report to Anthony Requin, AFT's chief executive.

"This merger mitigates the operational risk moving close from CADES' end of mandate date, today planned for 2024, in terms of risk control, associated in particular to key people issue," the French agency said in a statement.

"The enlarged team, on which will rely the responsibilities, will ensure continuity of the French institution's activities under all circumstances."

Cades's life has been extended many times, but 2024 is seen as a relatively certain end date. Since it was created, Cades has assumed over €253bn of social security debt and so far amortised some €116bn of that.

Cades and AFT will however remain independent legal entities.

A chairman and board of directors, together with a supervisory committee, will still oversee the conditions under which AFT completes its mission on behalf of Cades. (Reporting by Helene Durand, Editing by Julian Baker)

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