France has hired Credit Suisse First Boston and ABN Amro as placement agents to help its bankers cope with a substantial increase in debt issuance to fund the deficits of the national health system.

The move, made public at the end of last week, came as Cades, the government agency in charge of funding social security debt, announced that it would almost triple the amount of its commercial paper programme, from €7bn to €20bn. The agency also increased, from €10bn to €15bn, its medium and long term debt issuance programme.