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30.01.2009

Internationales/Finanzmarkt

Fe­deral bud­get and fis­cal po­li­cy key fi­gu­res, De­cem­ber 2008

1. Trends in the federal Budget

Trend Estimated 2008 Jan. to
Dec. 2008
Jan. to
Dec. 2007
Expenditure 283,200 282,308 270,450
Revenue 271,051 270,476 255,718
Tax revenue 237,955 239,231 230,043
Financial deficit -12,149 -11,792 -14,690
Adjusted for
revenue from coin
249 257 354
Net borrowing /
current financial
market balance
-11,900 -11,535 -14,336


2. Market resources

Federal market resources after absorption of special fund debts (in million Euros)
Resource As at October 31 st, 2008 Increase Decrease As at November 30 th, 2008
Federal bonds 593,468 7,000 0 600,468
Index Linked Bonds 22,000 0 0 22,000
Special federal bonds 167,000 4,000 0 171,000
Federal savings bonds 9,485 142 59 9,568
Federal treasury notes 115,000 0 0 115,000
Treasury discount paper 38,446 5,937 5,881 38,502
Treasury financing paper 2,405 83 120 2,369
German government day bond 2,414 754 120 2,369
Loans against borrowers` note 13,315 0 0 13,315
Treuhand medium-term notes 205 0 51 153
Total outstanding debt 963,738 975,409
(in million Euros)
Term length As at October 31 st, 2008 As at November 30 st, 2008
Short Term (up to 1 year) 182,456 183,266
Medium term (1 year to 4 years) 309,718 309,480
Long term (over 4 years) 471,564 482,664
Total outstanding debt 963,738 975,409


3. General government tax revenue

Date  Total tax receipts
Tax revenue Estimate November 2008 514,731
As per December 69,157
January to December 515,498


4. Guaranteed debt

Guaranteed debt (in billion Euros)

Purpose of Guarantees

Budget framework 2008 Allocated amount at December 31st, 2008 Allocated amount at September 31st, 2007
Export credit guarantees 117.0 103.3 98.6
Untied loans, direct foreign investments, Loans of the EIB, KfW shareholding in EIF 40.0 25.7 26.7
Bilateral financial cooperation projects 2.3 1.2 1.1
Food stockpiling 7.5 7.5 7.5
Domestic guarantees 95.0 87.0 52.1
International financial institutions 46.6 40.3 40.3
Treuhandanstalt-successor organisations 1.3 1.0 1.2
Interest compensation guarantees 4.0 4,0 -


5. Key dates on the fiscal policy agenda

Agenda item Date
Euro Group and ECOFIN in Brussels 09/10 February 2009
Meeting of the G7 Finance Ministers in Rome 13/14 February 2009
Euro Group and ECOFIN in Brussels 09/10 March 2009
Meeting of G20 Finance Ministers in London 14 March 2009
European Council in Brussels 19/20 March 2009

German Version:

Exact statistics and explanations of 1 to 5 above are to be found in the Monthly Report of the Federal Ministery of Finance or in the