The net debt published by Insee subtracts from the Maastricht gross debt the amounts of the following assets: deposits (AF.2), negotiable debt securities (AF.3) and loans (AF.4) that the general government holds on other entities. Debt securities are valued at market value.
General government holds other financial assets, more or less liquid, which are not deducted from Maastricht debt to estimate the net public debt published by Insee, such as shares and investment fund shares.
The Maastricht gross debt reflects only part of the financial position of the general government. To better clarify this situation and the sustainability of public finances, it is possible to compare the public gross debt with the corresponding financial assets held by general government. Thus, starting from the Maastricht debt, a net public debt published by Insee is constructed by subtracting the deposits, loans and negotiable debt securities (valued at market value) that the general government holds on other entities.
There is no single definition of net public debt at European level, the assets subtracted from the gross public debt, or their valuation (market value or nominal value or face value) being different according to the Member States which publish a net public debt.