Reflecting its close ties with the State, CADES is the only French issuer, in accordance with the French Treasury's procedures and timetable, which is authorized to redenominate its domestic debt into euros. The redenomination programme is in line with the CADES' policy of offering the most liquid issues possible to investors in an ongoing effort to best meet their needs.

On completion of all the planned redenomination operations, roughly two-thirds (FRF105 billion or 16 billion euros) of the CADES' bond debt was redenominated into euros by January, 4th 1999.