The redenomination programme is in line with CADES' policy of offering the most liquid issues possible to investors in an ongoing effort to best meet their needs. In this respect: 

• The "benchmark" bonds, that is, bonds denominated in FRF, and the multi-currency euro-fungible bonds, which total approximately FRF105 billion (16 billion euros), have been redenominated following the French Treasury's procedures and timetable (see appendix for list of issues). The multi-currency euro-fungible bonds are, upon redenomination into euro, consolidated into two tranches maturing in 2008 and 2012, of 4 billion euros and 2.4 billion euros respectively.

• Private placements and short term debt, which total approximately FRF103 billion (16 billion euros) have been redenominated into euro upon the request of investors and as agreed with them (see appendix for list of issues).

Upon completion of all the planned redenomination operations, two-thirds of CADES' bond debt have been denominated into euro, confirming CADES' status as a key player in this market.