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21 September 2017

Overview of fed­er­al bud­getary and fi­nan­cial da­ta up to and in­clud­ing Au­gust 2017

Data from the September 2017 monthly report

1. Federal budget trends

Federal budget trends (figures in €m)
Estimated 2017

January to August 20171

January to August 20161

Expenditure2

329,100219,305207,451

Revenue2

322,051206,744203,266

Tax revenue

301,029192,392183,437

Fiscal balance

-7,049-12,560-4,183

Financing/use of surplus:

   

Cash resources

041,57317,600

Seigniorage

285110132

Transfer to reserve funds

6,734-5 411

Net borrowing/
current financial market balance3

0-29,122-19,000

1 As per accounts.
2 Excluding revenue and expenditure from internal offsetting.

3 (-) debt repayment; (+) borrowing.

2. Credit market funds

Debt level:
31 July 2017

Borrowing

(increase)

Debt repayment

(decrease)

Debt level:
31 August 2017
Change in debt level (balance)

(in €m)

Budget borrowing1,078,17318,996-3,5861,093,58315,411

broken down by purpose

Federal budget

1,037,12618,996-3,5861,052,53615,411

Financial Market Stabilisation Fund

22,262--22,262-
Investment and Redemption Fund18,7840-18,7840

broken down by dept type

Federal securities1,064,22718,996-3,5611,079,66215,436

Federal bonds

673,4765,751-679,2275,751

30-year federal government bonds

199,90299-200,00099

10-year federal government bonds

473,5745,653-479,2275,653

Inflation-linked federal securities

70,872130-71,002130

30-year,inflation-linked,federal,government,bonds

5,778-15-5,763-15

10-year inflation-linked federal government bonds

50,605115-50,720115

Inflation-linked federal government debentures

14,49030-14,52030

Federal notes

208,7203,421-212,1413,421

Federal Treasury notes

94,2557,687-101,9417,687

Treasury discount papers issued by the Federation

15,0672,007-3,51813,557-1,511

Other federal securities

1,837--431,794-43
Securitised loans9,471--259,446-25
Other loans and ordinary debts4,475--4,475-

broken down by maturity

Short term (up to one year)167,193  165,358-1,835
Medium term (one to four years)318,011  326,0578,047
Long term (over four years) 592,969  602,1689,199

for information purposes only

Liabilities resulting from inflation adjustments of inflation-linked securities4,4474,46417
Reserve for inflation adjustments of the principal of the inflation-linked securities according to Schlussfinanzierungsgesetz3,5943,594-
Discrepancies in totals are due to rounding.

3. General government tax revenue

Total tax revenue (provisional, in €m)

Period

Total tax revenue

Projection for 20171

673,292

August

47,884

January to August

427,111
1 Source: Working Party on Tax Estimates, May 2017

4. Guarantees

Guarantees (in €bn)

Purpose of guarantees

Authorised ammount

Amount allocated
as of
30 June 2017

Amount allocated

as of
30 June 2016

Export credit guarantees

160.0124.5127.7

Loans to foreign debtors, direct foreign investment, EIB loans, KfW shareholding in EIF

65.044.045.4

Financial cooperation projects

28.517.915.4

Food stockpiling

0.70.00.0

Domestic guarantees

158.0102.5102.5

International financial institutions

66.060.060.0

Treuhandanstalt successor organisations

1.01.01.0

Interest compensation guarantees

15.015.010.0

5. Key dates on the fiscal policy agenda

Event

Date

Eurogroup and ECOFIN Council meetings in Luxembourg9-10 October 2017
Meeting of G20 finance ministers and central bank governors in Washington D.C.12-13 October 2017

Annual meetings of the IMF and World Bank in Washington, D.C.

13-15 October 2017

Eurogroup and ECOFIN Council meetings in Brussels

6-7 November 2017

Eurogroup and ECOFIN Council meetings in Brussels

4-5 December 2017

Exact statistics and explanations for 1 to 5 above can be found in the German version of the Federal Ministry of Finance’s monthly report.

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