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23 March 2017

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

Data from the March 2017 monthly report

1. Federal budget trends

Federal budget trends (figures in €m)
Estimated 2017

January to February 20171

January to February 20161

Expenditure2

329,100 62,156 61,282

Revenue2

322,051 49,817 42,815

Tax revenue

301,029 46,870 38,736

Fiscal balance

-7,049 -12,339 -18,465

Financing/use of surplus:

     

Cash resources

0 24,086 37,291

Seigniorage

285 -169 -141

Transfer to reserve funds

6,734 - -

Net borrowing/
current financial market balance3

0 -11,578 -24,785

2. Credit market funds

Debt level:
31 January 2017

Borrowing

(increase)

Debt repayment

(decrease)

Debt level:
28 February 2017
Change in debt level (balance)

(in €m)

Budget borrowing 1,086,875 10,441 -19,052 1,078,264 -8,611

broken down by purpose

Federal budget

1,045,878 10,442 -19,052 1,037,267 -8,611

Financial Market Stabilisation Fund

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

broken down by dept type

Federal securities 1,072,548 10,441 -19,052 1,063,938 -8,611
Federal bonds 664,372 3,351 - 667,723 3,351
30-year federal government bonds 194,531 645 - 195,176 645

10-year federal government bonds

469,841 2,706 - 472,547 2,706
Inflation-linked federal securities 67,367 502 - 67,870 502
30-year,inflation-linked,federal,government,bonds 4,784 497 - 5,280 497
10-year inflation-linked federal government bonds 47,969 86 - 48,054 86

Inflation-linked federal government debentures

14,615 -80 - 14,615 -80

Federal notes

222,368 3,390 -16,000 209,757 -12,610
Federal Treasury notes 100,263 1,190 - 101,453 1,190
Treasury discount papers issued by the Federation 16,081 2,009 -3,010 15,080 -1,001
Other federal securities 2,097 0 -42 2,055 -42
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) 152,081 152,796 803
Medium term (one to four years) 345,989 339,096 -16,698
Long term (over four years) 591,081 586,372 7,284

for information purposes only

Liabilities resulting from inflation adjustments of inflation-linked securities 3,602 3,940 387
Reserve for inflation adjustments of the principal of the inflation-linked securities according to Schlussfinanzierungsgesetz 2,317 2,317 0

3. General government tax revenue

Total tax revenue (provisional, in €m)

Period

Total tax revenue

Projection for 20171

667,418

February

52,019

January to February

98,595

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

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
G20 specialist conference “G20-Africa Partnership. Investing in a Common Future” in Berlin 12-13 June 2017

Eurogroup and ECOFIN council meetings in Luxembourg

15-16 June 2017
Informal meeting of the G20 finance ministers and central bank governors on the sidelines of the G20 summit in Hamburg 6-7 July 2017
G20 summit in Hamburg 7-8 July 2017

Eurogroup and ECOFIN council meetings in Brussels

10-11 July 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.