According to the Bank of Portugal, "the reduction in loan liabilities contributed essentially to this reduction, which was due to the early repayment of €2.0 billion of loans obtained under the European Financial Stability Facility (EFSF) of the Economic and Financial Assistance Programme, which was partly offset by the increase in debt securities".

In relation to public debt net of deposits, Banco de Portugal states that it increased by €1.9 billion in relation to September, totalling €234.2 billion, because assets in general government deposits decreased by €2.8 billion.