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20 July 2018

Ju­ly 2018 month­ly re­port

Translated abstract of the Federal Ministry of Finance’s July 2018 monthly report

Federal budget trends up to and including June 2018

Trends in the federal budget

 

Actual 2017

2018 target

Actual1 as of June 2018

Expenditure (€bn)2

325.4

343.6

159.0

Year-on-year change in % (year to date)

 

+0.9

Revenue (€bn)2

330.4

341.7

169.3

Year-on-year change in % (year to date)

 

+8.4

Tax revenue (€bn)

309.4

321.3

157.0

Year-on-year change in % (year to date)

 

+7.2

Fiscal balance (€bn)

5.0

-1.9

10.3

Financing/use of surplus:

-5.0

1.9

-10.3

Cash resources (€bn)

-

-

26.5

Seigniorage (€bn)

0.3

0.3

0.1

Movements in reserves (€bn)

5.3

-1.6

0.0

Net borrowing3 (€bn)

0.0

0.0

-36.9

The Act Adopting the Federal Budget for the 2018 Fiscal Year ( Haushaltsgesetz 2018) was promulgated in the Federal Law Gazette on 17 July 2018.

Revenue

Federal revenue in the first half of 2018 totalled €169.3bn, roughly 50% of the total estimated in the federal budget for the year as a whole. Federal revenue was up by 8.4% (€13.1bn) on the year. Tax revenue (including EU own resources) increased by 7.2% (€10.5bn). This can be attributed primarily to two baseline effects: The first is the return of €6.3bn worth of nuclear fuel duty to energy supply companies in June 2017, following the publication of the Federal Constitutional Court’s ruling on 7 June 2017. The second is the fact that payments of own resources to the EU were much lower in the first months of 2017 than they were in the same period this year, largely due to the effects of the new Own Resources Decision.

Other revenue posted a year-on-year gain of €2.6bn (26.3%) in the first half of 2018. This was mainly due to an increase in allocations from the Bundesbank’s profits, which, at €1.9bn, were up by €1.5bn over the same period last year. In addition, profits from the Federation’s holdings were nearly €500m higher than in the same period of 2017.

Trends in federal revenue

Actual

2017

2018 target

Actual

Year‑on‑year
change in %
(year to date)

January to June 2017

January to June 2018

in €m

share
in %

€m

share in %

in €m

in %

I. Tax revenue

309,376

93.6

321,307

94.0

146,479

157,007

+7.2

Federal share of joint taxes:

252,630

76.5

263,900

77.2

123,286

130,317

+5.7

Income tax and corporation tax (incl. final withholding tax on interest and capital gains)

136,685

41.4

144,503

42.3

66,208

72,057

+8.8

of which:

Wages tax

83,121

25.2

87,741

25.7

38,045

40,473

+6.4

Assessed income tax

25,256

7.6

26,173

7.7

13,530

13,825

+2.2

Non-assessed taxes on earnings

10,451

3.2

10,950

3.2

4,610

6,423

+39.3

Final withholding tax on interest and capital gains

3,227

1.0

3,474

1.0

1,832

1,975

+7.8

Corporation tax

14,629

4.4

16,165

4.7

8,191

9,360

+14.3

Value added taxes (VAT)

114,005

34.5

117,426

34.4

56,505

57,682

+2.1

Trade tax apportionment

1,941

0.6

1,971

0.6

572

578

+1.0

Energy duty

41,022

12.4

41,300

12.1

14,903

15,022

+0.8

Tobacco duty

14,399

4.4

14,160

4.1

6,271

5,910

 -5.8

Solidarity surcharge

17,953

5.4

18,750

5.5

9,133

9,714

+6.4

Insurance tax

13,269

4.0

13,670

4.0

8,530

8,830

+3.5

Electricity duty

6,944

2.1

6,930

2.0

3,530

3,530

+0.0

Motor vehicle tax

8,948

2.7

9,010

2.6

4,910

4,963

+1.1

Nuclear fuel tax

-7,262

-2.2

0

0.0

-6,284

0

X

Alcohol duty

2,096

0.6

2,102

0.6

1,055

1,058

+0.3

Coffee duty

1,057

0.3

1,055

0.3

518

503

 -2.9

Aviation tax

1,121

0.3

1,175

0.3

468

482

+3.0

Deductions

Supplementary grants to Länder

9,229

X

8,545

X

4,761

4,245

 -10.8

EU own resources (GNI-based)

14,258

X

22,610

X

5,427

9,347

+72.2

EU own resources (VAT-based)

2,362

X

2,510

X

1,181

1,199

+1.5

Grants to Länder for public transport

8,348

X

8,498

X

4,174

4,249

+1.8

Grants to Länder for motor vehicle tax and HGV toll

8,992

X

8,992

X

4,496

4,496

+0.0

II. Other revenue

21,025

6.4

20,360

6.0

9,751

12,319

+26.3

Revenue from economic activity

3,868

1.2

5,172

1.5

1,963

4,280

+118.0

Interest revenue

344

0.1

309

0.1

117

135

+15.4

Loan repayments, holdings, privatisation proceeds

1,786

0.5

1,939

0.6

189

514

+172.0

Total revenue1

330,401

100.0

341,667

100.0

156,231

169,326

+8.4

Expenditure

Cumulative federal expenditure in the first half of 2018 totalled €159.0bn, roughly 46% of the budgeted spending for the whole of 2018. Federal expenditure in the first half of 2018 was up by 0.9% (€1.4bn) on the year. Federal spending is separated into consumption and investment expenditure. In the first six months of 2018, consumption spending was 0.7% higher than in January to June 2017. This was primarily a result of increases in military procurement (up by 10.9%) and ongoing grants to public administrations (up by 4.6%). Notable expenditure in the latter category includes federal grants to reimburse the Länder for social spending on basic income support for older people and for people with reduced earning capacity. This totalled roughly €900m in the fourth quarter of 2017, but the reimbursements were not paid until 2018. There was no such spending in the first quarter of 2017. Grants for other areas saw a below-average year-on-year rise in the January–June 2018 period, tempering the increase in consumption expenditure. More specifically, there was a significant rise of 2.9% in social security spending during this period, accompanied by declines in grants for pensions and benefits (such as basic income support for jobseekers, 3.1%) and grants to companies. Interest expenditure fell by 5.5% on the year, also slowing the increase in consumption spending. Investment spending totalled €12.1bn, approximately 30% of the amount budgeted for the year as a whole. This figure is slightly skewed by the fact that there have not yet been any actual outflows for the budgeted €2.4bn allocation to a special digital infrastructure fund, as the fund is currently still going through the parliamentary procedure. Investment expenditure in the first half of 2018 saw a considerable year-on-year rise of 3.4%. This was mainly driven by higher spending on financial assistance, particularly (a) grants to a special fund for investing in the expansion of childcare and (b) grants to other areas. Fixed asset investment was up markedly on the year in the January–June 2018 period. One significant factor here was the increase in construction spending.

Trends in federal expenditure by function

Actual

2017

2018 target

Actual

Year‑on‑year

change in %
(year to date)

January to June 2017

January to June 2018

in m

share

in %

in €m

share in %

in €m

in %

General public services

77,006

23.7

81,712

 23.8

35,319

35,252

 -0.2

Economic cooperation and development

8,330

2.6

9,389

 2.7

3,127

2,790

 -10.8

Defence

36,419

11.2

38,002

 11.1

16,869

17,336

+2.8

Government, central administration

15,858

4.9

17,388

 5.1

8,270

8,598

+4.0

Revenue administration

4,554

1.4

4,891

 1.4

2,206

2,224

+0.8

Education, science, research, cultural affairs

22,984

7.1

24,207

 7.0

9,066

8,668

 -4.4

Support for school and university students and training programme participants

3,603

1.1

3,993

 1.2

1,835

1,733

 -5.5

Science, research and development outside of higher education institutions

12,268

3.8

13,290

 3.9

4,205

4,308

+2.5

Social security, family and youth affairs, labour market policy

168,801

51.9

173,006

 50.4

89,604

92,461

+3.2

Social insurance including unemployment insurance

111,703

34.3

115,063

 33.5

62,243

64,073

+2.9

Labour market policy

37,590

11.6

36,728

 10.7

18,386

18,182

 -1.1

including:

Basic income support for jobseekers under Book II of the Social Code

21,423

6.6

20,400

 5.9

11,087

10,740

 -3.1

Government housing and heating allowances under Book II of the Social Code

6,753

2.1

6,900

 2.0

3,105

3,411

+9.8

Family assistance, welfare services, etc.

8,296

2.5

8,946

 2.6

4,189

4,506

+7.6

Social benefits for the consequences of war and political events

1,930

0.6

2,082

 0.6

1,094

999

 -8.7

Health, environment, sport, recreation

2,303

0.7

2,856

 0.8

917

909

 -0.8

Housing, regional planning and local community services

2,923

0.9

3,549

 1.0

1,315

1,267

 -3.6

Housing, home ownership savings premium

2,267

0.7

2,580

 0.8

1,181

1,119

 -5.3

Food, agriculture and forestry

1,068

0.3

1,233

 0.4

285

234

 -17.7

Energy and water supply, trade and services

4,195

1.3

5,481

 1.6

2,187

2,068

 -5.5

Regional support measures

726

0.2

910

 0.3

161

166

+3.2

Mining, manufacturing and construction

1,532

0.5

1,491

 0.4

1,252

1,169

 -6.6

Transport and communication

21,228

6.5

21,140

 6.2

7,584

7,961

+5.0

Roads

9,484

2.9

10,081

 2.9

3,205

3,546

+10.6

Railways and public transport

7,047

2.2

6,162

 1.8

2,200

2,338

+6.3

Financial management

30,532

9.4

30,416

 8.9

11,516

10,370

 -9.9

Interest expenditure and borrowing-related expenditure

17,500

5.4

18,107

 5.3

7,428

7,021

 -5.5

Total expenditure1

325,380

100.0

343,600

 100.0

157,624

159,014

+0.9

Trends in federal expenditure by economic category

Actual

2017

2018 target

Actual

Year‑on‑year

change 
(year to date)

January to

June 2017

January to

June 2018

in €m

share
in %

in €m

share in %

in €m

in %

Consumption expenditure

291,367

89.5

304,483

88.6

145,922

146,911

+0.7

Human resources expenditure

31,824

9.8

33,397

9.7

16,595

16,763

+1.0

Salary payments

23,182

7.1

24,796

7.2

11,865

12,051

+1.6

Pensions

8,643

2.7

8,602

2.5

4,730

4,712

 -0.4

Operating expenditure

28,693

8.8

30,587

8.9

11,605

11,998

+3.4

Administrative expenditure (excl. human resources)

1,571

0.5

1,588

0.5

690

749

+8.6

Military procurement

10,625

3.3

12,316

3.6

3,610

4,002

+10.9

Other

16,498

5.1

16,682

4.9

7,305

7,247

 -0.8

Interest expenditure

17,497

5.4

18,098

5.3

7,426

7,019

 -5.5

Ongoing grants and subsidies

212,582

65.3

221,491

64.5

109,806

110,669

+0.8

to public administration

24,814

7.6

28,691

8.4

11,375

11,896

+4.6

to other areas

187,768

57.7

192,800

56.1

98,431

98,773

+0.3

including:

 

 

 

 

 

 

 

Companies

28,527

8.8

30,362

8.8

13,272

12,553

 -5.4

Pensions, assistance etc.

30,127

9.3

29,391

8.6

15,632

15,363

 -1.7

Social insurance funds

117,495

36.1

120,190

35.0

64,788

66,662

+2.9

Other asset transfers

770

0.2

910

0.3

491

463

 -5.7

Investment expenditure

34,013

10.5

39,803

11.6

11,702

12,104

+3.4

Financial assistance

24,170

7.4

29,312

8.5

8,593

8,909

+3.7

Grants and subsidies

21,421

6.6

27,131

7.9

8,075

8,389

+3.9

Loans, guarantees

1,221

0.4

1,618

0.5

405

407

+0.5

Acquisition of holdings; capital contributions

1,528

0.5

564

0.2

113

113

+0.0

Fixed asset investment

9,843

3.0

10,490

3.1

3,109

3,195

+2.8

Construction projects

7,631

2.3

7,742

2.3

2,332

2,434

+4.4

Acquisition of movable assets

1,713

0.5

1,954

0.6

603

550

 -8.8

Acquisition of real property

499

0.2

794

0.2

174

211

+21.3

General reduction/increase in expenditure

0

0.0

-686

-0.2

0

0

X

Total expenditure1

325,380

100.0

343,600

100.0

157,624

159,014

+0.9

Fiscal balance

The federal budget recorded a deficit of €10.3bn in the first half of 2018.

Revenue and expenditure are subject to strong fluctuations over the course of the fiscal year and thus have an uneven effect on cash funds in individual months. Net borrowing also tends to fluctuate considerably over the course of the year. This means that the fiscal balance at this point in the year and the corresponding net borrowing figures are not reliable indicators of the end-of-year figures for the fiscal balance and net borrowing.

Trends in general government tax revenue

2018 trends in tax revenue (excluding local authority taxes)

2018

June

Year‑on‑year
change

January to

June

Year‑on‑year
change

2018 estimates4

Year‑on‑year
change

in €m

in %

in €m

in %

in €m

in %

Joint taxes

           

Wages tax2

18,212

+5.2

99,454

+6.3

206,450

+5.6

Assessed income tax

13,143

+0.0

32,529

+2.2

61,650

+3.7

Non-assessed taxes on earnings

4,722

+137.3

12,843

+39.3

21,900

+4.7

Final withholding tax on interest and capital gains

390

 -16.3

4,489

+7.8

7,895

+7.7

Corporation tax

8,035

+14.1

18,720

+14.3

32,330

+10.5

Value added taxes (VAT)

18,901

+5.7

115,050

+3.0

235,000

+3.8

Trade tax apportionment

2

X

1,395

+1.0

4,758

+1.6

Increased trade tax apportionment

1

X

1,111

 -0.4

3,899

+0.1

Total joint taxes

63,407

+9.6

285,591

+6.0

573,882

+4.8

Taxes accruing to the Federation

 

 

 

 

 

 

Energy duty

3,608

+2.7

15,022

+0.8

41,300

+0.7

Tobacco duty

1,054

 -17.0

5,910

 -5.8

14,160

-1.7

Alcohol duty (formerly spirits duty)

142

 -8.3

1,058

+0.3

2,100

+0.3

Insurance tax

674

+2.6

8,830

+3.5

13,670

+3.0

Electricity duty

674

 -1.8

3,530

+0.0

6,930

-0.2

Motor vehicle tax

820

 -2.7

4,963

+1.1

9,010

+0.7

Aviation tax

100

+5.6

482

+3.0

1,175

+4.9

Nuclear fuel duty

0

X

0

X

0

X

Solidarity surcharge

2,575

+5.3

9,714

+6.4

18,750

+4.4

Other taxes accruing to the Federation

110

 -6.9

717

+0.0

1,467

+1.5

Total taxes accruing to the Federation

9,758

+178.8

50,226

+16.2

108,562

+8.6

Taxes accruing to the Länder

 

 

 

 

 

 

Inheritance tax

652

+15.8

3,598

+13.2

6,020

-1.5

Real property transfer tax

1,097

+2.2

6,846

+5.5

13,900

+5.8

Betting and lottery tax

160

+2.1

949

 -1.6

1,851

+0.8

Beer duty

69

+4.5

317

 -0.2

665

+0.1

Other taxes accruing to the Länder

30

+4.2

297

+1.9

465

+3.1

Total taxes accruing to the Länder

2,007

+6.3

12,006

+6.8

22,901

+3.1

EU own resources

 

 

 

 

 

 

Customs duty

382

 -14.2

2,390

 -4.6

5,200

+2.7

VAT-based own resources

154

 -21.6

1,199

+1.5

2,510

+6.3

GNI-based own resources

1,161

 -30.0

9,347

+72.2

22,610

+58.6

Total EU own resources

1,698

 -26.2

12,936

+42.0

30,320

+39.8

Federation3

35,605

+36.5

158,830

+7.2

321,336

+3.9

Länder 3

32,892

+9.0

154,399

+5.2

310,276

+4.0

EU

1,698

 -26.2

12,936

+42.0

30,320

+39.8

Local authorities’ share of income tax and value added tax

5,360

+5.0

24,048

+7.7

48,613

+7.7

Total tax revenue (excluding local authority taxes)

75,555

+18.7

350,213

+7.3

710,545

+5.3

Tax revenue in June 2018

Total tax revenue (excluding local authority taxes) was up by 18.7% in June 2018 over the same month last year. However, this rise was significantly overstated: On 13 April 2017, the Federal Constitutional Court ruled that nuclear fuel duty was unconstitutional and therefore null and void. As a result, approximately €6.3bn in nuclear fuel duty had to be returned in June 2017. If this effect is left out of the equation, however, total tax revenue still rose by 8.0%. This was mainly driven by a 9.6% increase in the yield from joint taxes, which made up 84% of total tax revenue (excluding local authority taxes). Alongside wages tax and value added taxes, which are the two taxes that generate the most revenue, non-assessed taxes on earnings and corporation tax also contributed significantly to the rise in joint tax receipts. In contrast, revenue from assessed income tax remained stagnant, while the take from final withholding tax on interest and capital gains declined. Revenue from taxes accruing solely to the Federation was up by 178.8% on the year. However, excluding nuclear fuel duty results in a slight decline of 0.3%. Revenue from taxes accruing to the Länder rose by 6.3% in year-on-year terms.

EU own resources

Transfers of own resources to the EU, including customs duties, fell by 26.2% on the year in June 2018, to roughly €1.7bn. Transfers to the EU are based on the planned financial framework for 2018, with fluctuations over the course of the year depending on the EU’s financing needs at any given time.

Cumulative overview of the January–June 2018 period

In the first half of 2018, total tax receipts increased by 7.3% on the year. Broken down by category, revenue from joint taxes was up by 6.0%, receipts from federal taxes were up by 16.2%, and the yield from Länder taxes was up by 6.8%.

Distribution among the Federation, Länder and local authorities

The Federation’s tax receipts (after accounting for supplementary federal grants to the Länder ) were up by 36.5% on the year in June 2018. If nuclear fuel duty is excluded, the increase was 10.0%. Länder tax receipts also recorded a marked year-on-year gain of 9.0%. All government levels benefited from the strong performance currently displayed by joint taxes. The local authorities’ take from joint taxes was up by 5.0% on the year.

Joint taxes

Wages tax

Wages tax receipts again recorded strong growth in June 2018, with gross revenue from this tax increasing by 4.2% on the year. The figure reflects the stable labour market and rising wages. Child benefit payments – which are financed from receipts from wages tax – rose by 0.4% on the year in June 2018. It should be noted that this figure is skewed significantly due to the fact that one Land is experiencing problems in preparing the underlying data. After adjusting for this, there was an increase of approximately 3% in child benefit payments, which puts the rise in gross wages tax receipts at roughly 4.8%. However, this effect had no impact on cash receipts. On balance, cash receipts from wages tax increased by 5.2% in year-on-year terms in June 2018. Taken cumulatively, cash receipts from wages tax were up by 6.3% on the year in the first half of 2018.

Corporation tax

Corporation tax receipts recorded a year-on-year gain of 14.1% in June, the second month of the year when corporation tax prepayments are due. Prepayments for the current year, already at a high level, rose by another 7%. Assessments made in older cases (especially in connection with audits) resulted in higher back-payments and noticeably lower refunds. After subtracting investment allowances, cash receipts from corporation tax were up by 14.1% on the year in June 2018. Cumulative cash receipts from corporation tax grew by 14.3% in year-on-year terms in the first half of 2018.

Assessed income tax

Gross revenue from assessed income tax was up by 1.7% over June 2017. For this tax, too, June is when the second instalments of prepayments fall due. As with corporation tax, prepayments recorded a gain on an already high level, although, at 4%, the increase was not as strong in the case of assessed income tax. However, the climb in prepayments was partially cancelled out by ongoing tax assessment activities, which resulted in higher refunds in conjunction with an unchanged level of back-payments. Employee refunds also posted a rise (of 16.6%). After subtracting these (along with investment allowance payments and owner-occupied homes premiums, which are negligible in terms of amount), net cash receipts from income tax remained at last year’s level. In cumulative terms, cash receipts from assessed income tax were up by 2.2% on the year in the first half of 2018.

Non-assessed taxes on earnings

Gross revenue from non-assessed taxes on earnings more than doubled in June 2018, posting a gain of 126.8% on the year. Combined with the decline in refunds paid out by the Federal Central Tax Office, which are financed from this revenue, cash receipts from non-assessed taxes on earnings rose by 137.3% in June 2018. This unusually large increase in June also affected cumulative cash receipts from this tax for the entire first half of 2018, which were up by 39.3% on the year. However, the coming months can be expected to bring successive drops in revenue, resulting in a gradual decline in the cumulative rate of growth. This is because the increase seen to date is primarily a result of the fact that companies – major corporations in particular – paid out dividends earlier this year than they did last year.

Final withholding tax on interest and capital gains

Revenue from final withholding tax on interest and capital gains fell by 16.3% on the year in June 2018. This is likely to be primarily due to a year-on-year decline in tax revenue from capital gains. In cumulative terms, cash receipts from final withholding tax on interest and capital gains were up by 7.8% on the year in the first half of 2018.

Value added taxes (VAT)

The yield from value added taxes posted a significant increase of 5.7% on the year in June 2018. Domestic VAT revenue was up by 6.6%, while import VAT receipts rose by 3.4% on the year. The trend in VAT revenue has been very volatile over the course of the year. Cumulative cash receipts from value added taxes recorded a year-on-year gain of 3.0% in the first half of 2018.

Taxes accruing to the Federation

Receipts from taxes accruing solely to the Federation were up by 178.8% on the year in June 2018. As described above, this surge can be explained by the fact that €6.3bn worth of nuclear fuel duty had to be paid back in June 2017. After adjusting for this effect, receipts from taxes accruing to the Federation saw a slight decline of 0.3%. Taxes posting revenue growth included solidarity surcharge (up by 5.3%), insurance tax (up by 2.6%) and energy duty (up by 2.7%). The take from tobacco duty declined by 17.0%, partly due to a temporal shift in revenue from June to July which occurred for technical reasons. Electricity duty and motor vehicle tax were down on the year (by 1.8% and 2.7%, respectively). Trends in revenue from other taxes had only a minor impact on the overall results for federal taxes.

Taxes accruing to the Länder

Revenue from taxes accruing solely to the Länder was up by 6.3% on the year in June 2018. This was driven by a rise in inheritance tax receipts (up by 15.8%) and a slight increase in revenue from real property transfer tax (up by 2.2%). Trends in revenue from other taxes accruing to the Länder were also positive, with gains posted for beer duty (up by 4.5%), fire protection tax (up by 4.3%) as well as betting and lottery tax (up by 2.1%).

Borrowing and guarantees

Debt trends for the Federation and its special funds (in €m)
Debt level

Borrowing

(increase)

Debt repayment

(decrease)

Debt level
Change in debt level (balance)

31 May 2018

June 2018

June 2018

30 June 2018

June 2018

Budget borrowing

1,080,938

13,857

-14,079

1,080,716

-222

broken down by purpose

Federal budget

1,039,534

11,621

-11,843

1,039,312

-222

Financial Market Stabilisation Fund

22,467

842

-842

22,467

0

Investment and Redemption Fund

18,936

1,395

-1,395

18,936

0

broken down by dept type

Federal securities

1,067,622

13,857

-14,019

1,067,459

-162

Federal bonds

707,194

3,185

-

710,379

3,185

30-year federal government bonds

210,900

1,447

-

212,347

1,447

10-year federal government bonds

496,294

1,738

-

498,033

1,738

Inflation-linked federal securities

62,113

750

-

62,863

750

30-year inflation-linked federal bonds

7,016

276

-

7,292

276

10-year inflation-linked federal bonds

55,097

474

-

55,571

474

Federal notes

182,893

2,149

-

185,042

2,149

Federal Treasury notes

102,631

4,008

-14,000

92,639

-9,992

Treasury discount papers issued by the Federation

11,284

3,764

-

15,049

3,764

Other federal securities

1,507

-

-19

1,487

-19

Securitised loans

8,841

-

-60

8,781

-60

Other loans and ordinary debts

4,475

-

-

4,475

-

broken down by maturity

up to one year

152,412

 

 

153,720

1,309

one to four years

327,679

 

 

319,993

-7,687

over four years

600,847

 

 

607,003

6,156

Additional information:1

Liabilities from the capital indexing of inflation-linked federal securities

4,050

 

 

4,276

226

Reserves in accordance with the Final Payment Financing Act ( Schlusszahlungsfinanzierungsgesetz )

3,443

 

 

3,464

21

Guarantees

Authorised amount

Amount allocated
as of
30 June 2018

Amount allocated

as of
30 June 2017

in €bn

Export credit guarantees

160.0 118.5 124.5

Loans to foreign debtors, direct foreign investment, EIB loans

65.0 43.0 44.0

Financial cooperation projects

28.5 20.7 17.9

Food stockpiling

0.7 0.0 0.0

Domestic guarantees

158.0 100.8 102.5

International financial institutions

66.0 60.1 60.0

Treuhandanstalt successor organisations

1.0 1.0 1.0

Interest compensation guarantees

8.0 15.0 15.0

Calendar

Publication schedule of the monthly reports

Monthly report Reporting period Publication date
August 2018 issue

July 2018

20 August 2018 

September 2018 issue

August 2018 

20 September 2018

October 2018 issue

September 2018 

22 October 2018

November 2018 issue

October 2018

22 November 2018 

December 2018 issue

November 2018 

20 December 2018

Key dates on the fiscal and economic policy agenda

21-22 July 2018

Meeting of G20 finance ministers and central bank

governors in Buenos Aires, Argentinia

7-8 September 2018

Eurogroup and informal ECOFIN Council meetings in Vienna

1-2 October 2018

Eurogroup and ECOFIN Council meetings in Luxembourg