The state assures CADES' solvency...

Bond issues redemption is assured first and foremost by CADES' resources. The debt service and the amortization have precedence over the annual 3 billion euros payment to the state (article 9-III of the government order dated January, 24th 1996).

Furthermore, as with all national public-sector organizations, the state is ultimately responsible for CADES' solvency pursuant to the January, 16th 1980 Act governing the enforceability of court decisions by companies established under public law.

In any case, receivership and liquidation procedures do not apply to public-sector organizations (pursuant to article 2 of the January, 25th 1985 Act governing corporate receivership and liquidation). If they wound up, their debts would be transferred to theis government authority that established them (in CADES' case, the french government).

... and protects it against any lack of liquidity

The French State may advance funds to national public-sector agencies or corporations at any time to guarantee their liquidity. In fact, it is obliged to do it if a corporation or an agency is facing a credit shortfall confirmed by a court decision (pursuant to the July, 16th 1980 Act). These cash advances are paid out from a special Treasury account.