1. Federal budget trends

Federal budget trends (figures in €m)
Estimated 2017

January to January 20171

January to January 20161

Expenditure2

329,100 39,100 38,739

Revenue2

322,051 25,427 22,149

Tax revenue

301,029 23,625 20,281

Fiscal balance

-7,049 -13,672 -16,589

Financing/use of surplus:

     

Cash resources

0 17,086 41,607

Seigniorage

285 -130 -130

Transfer to reserve funds

6,734 - -

Net borrowing/
current financial market balance3

0 -3,284 -24,889

2. Credit market funds

Debt level:
31 December 2016

Borrowing

(increase)

Debt repayment

(decrease)

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

(in €m)

Budget borrowing 1,089,151 20,789 -23,065 1,086,875 -2,276

broken down by purpose

Federal budget

1,048,151 20,792 -23,065 1,045,878 -2,273

Financial Market Stabilisation Fund

22,231 -3 - 22 231 -3
Investment and Redemption Fund 18,770 -0 - 18 770 -0

broken down by dept type

Federal securities 1,074,825 20,789 -23,065 1,072,548 -2,276
Federal bonds 669,840 14,532 -20,000 664,372 -5,468
30-year federal government bonds 193,792 739 - 194,531 739

10-year federal government bonds

476,048 13,793 -20,000 469,841 -6,207
Inflation-linked federal securities 66,464 903 - 67,367 903
30-year,inflation-linked,federal,government,bonds 4,769 15 - 4,784 15
10-year inflation-linked federal government bonds 47,110 858 - 47,969 858

Inflation-linked federal government debentures

14,585 30 - 14,615 30

Federal notes

221,551 817 - 222,368 817
Federal Treasury notes 95,727 4,536 - 100,263 4,536
Treasury discount papers issued by the Federation 19,091 - -3,010 16,081 -3,010
Other federal securities 2,152 0 -55 2,097 -55
Securitised loans 9,785 - - 9,785 -
Other loans and ordinary debts 4,542 - - 4,542 -

broken down by maturity

Short term (up to one year) 152,081 151,992 -89
Medium term (one to four years) 345,989 355,794 9,805
Long term (over four years) 591,081 579,088 -11,992

for information purposes only

Liabilities resulting from inflation adjustments of inflation-linked securities 3,602 3,553 -50
Reserve for inflation adjustments of the principal of the inflation-linked securities according to Schlussfinanzierungsgesetz 2,317 2,317 -

3. General government tax revenue

Total tax revenue (provisional, in €m)

Period

Total tax revenue

Projection for 20171

667,418

January

46,576

January to january

46,576

4. Guarantees

Guarantees (in €bn)

Purpose of guarantees

Authorisided ammount

2015

Amount allocated
as of
31 December 2016

Amount allocated

as of
31 December 2015

Export credit guarantees

160.0 128.6 132.8

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

65.0 44.9 45.1

Financial cooperation projects

25.7 17.2 13.3

Food stockpiling

0.7 0.0 0.0

Domestic guarantees

158.0 102.6 112.2

International financial institutions

66.0 60.1 56.8

Treuhandanstalt successor organisations

1.0 1.0 1.0

Interest compensation guarantees

10.0 10.0 8.0

Guarantees for loans to Greece under the Monetary Union Financial Stability Act of 7 May 2010

22.4 22.4 22.4

5. Key dates on the fiscal policy agenda

Event

Date

Eurpean council in Brussels 9-10 March 2017
Meeting of G20 finance ministers and central bank governors in Baden Baden 17-18 March 2017

Eurogroup and ECOFIN council meetings in Brussels

20-21 March 2017

Eurogroup and informal ECOFIN council meetings in Malta

7-8 April 2017

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

20-21 April 2017

Meeting of the G20 finance ministers and central bank governors in Washington, D.C.

21 to 23 April 2017

Eurogroup and ECOFIN council meetings in Brussels

22-23 May 2017

Eurogroup and ECOFIN council meetings in Luxembourg

15-16 June 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.