RNS No 7237p
CAISSE AUTONOME DE REFINANCEMENT


FROM:  01-07-097

3) DM30,000,000  ZERO COUPON RATE NOTES DUE 01-07-2002

FULLY PAID

(REPRESENTED BY NOTES TO BEARER OF  DM100,000  EACH)

ISSUE PRICE         -         100%

ISSUER              -         J.P. MORGAN

A copy of the above is available for inspection from the Company
Announcements office of the Stock Exchange, London.

END