2009 interim results were approved on September 29 by the Board of Directors.
     2009 first-half results of €2.4 billion were allocated to amortizing the debt. This result represents the difference between revenues of €3.8 billion, composed with CRDS and CSG, and financial results of €1.4 billlion which paid interests to investors.

     CADES continues to run its 2009 financing programme of  €33.1 billion. As of September 30 2009, it has issued €20.4 billion mid-and long-term bonds on international markets.
     As Social Security financing law (SSFL) draft is under review at the Parliament, CADES was heared, like each year, by Senate ans National Assembly. Law draft for 2010 does not include a debt transfert to CADES, but increases ACOSS overdraft ceiling to €65 billion.
     Before summer 2010, a Parliamentary social debt commission, including 5 senators ans 5 representatives, will decide, based on a Government report, on how to best amortize the € 60 billion new debt that should be accumulated by Social Security by the end of 2010. Decisions made will be translated in the SSLF for 2011. CADES will provide this commission and Government report writers all necessary information to feed their analysis. CADES is still ready to carry out its mission to amortizde social debt in the future.