Debt Portfolio Management Quarterly Report - 1st Quarter 2015

Due to the effective available state treasury liquidity management, the stabilized development of CZK-denominated value of the state debt has continued, as it has decreased slightly by CZK 550 million compared to the end of 2014. This brings positive impacts in the form of savings in interest expenditure of the state budget related to the issuance activity of the state during the year. The net interest expenditure on state debt service were CZK 1.1 billion lower compared to the same period of the previous year.