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21 April 2017

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

Data from the April 2017 monthly report

1. Federal budget trends

Federal budget trends (figures in €m)
Estimated 2017

January March 20171

January to March 20161

Expenditure2

329,10084,40783,507

Revenue2

322,05181,56574,622

Tax revenue

301,02976,93665,869

Fiscal balance

-7,049-2,840-8,883

Financing/use of surplus:

   

Cash resources

042,82425,195

Seigniorage

285-144-115

Transfer to reserve funds

6,734--

Net borrowing/
current financial market balance3

0-39,840-21,607

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

3 (-) debt repayment; (+) borrowing

2. Credit market funds

Debt level:
28 February 2017

Borrowing

(increase)

Debt repayment

(decrease)

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

(in €m)

Budget borrowing1,078,26419,511-16,0421,081,7323,468

broken down by purpose

Federal budget

1,037,26718,297-14,8291,040,7353468

Financial Market Stabilisation Fund

22,228933-93322 228-
Investment and Redemption Fund18,770281-28118 7700

broken down by dept type

Federal securities1,063,93819,569-16,0421,067,4653,527
Federal bonds667,7235,920-673,6445,920
30-year federal government bonds195,1761,079-196,2551,079

10-year federal government bonds

472,5474,841-477,3884,841
Inflation-linked federal securities67,870503-68,373503
30-year,inflation-linked,federal,government,bonds5,28015-5,29515
10-year inflation-linked federal government bonds48,054489-48,543489

Inflation-linked federal government debentures

14,5350-14,5350

Federal notes

209,7573,6140213,3713,614
Federal Treasury notes101,4537,695-14,00095,148-6,305
Treasury discount papers issued by the Federation15,0801,837-2,00614,910-169
Other federal securities2,0550-362,018-36
Securitised loans9,785--9,785-
Other loans and ordinary debts4,542-59-4,542-59

broken down by maturity

Short term (up to one year)152,796151,346-1,449
Medium term (one to four years)339,096333,283-5,813
Long term (over four years) 586,372597,10310,730

for information purposes only

Liabilities resulting from inflation adjustments of inflation-linked securities3,9403,362-578
Reserve for inflation adjustments of the principal of the inflation-linked securities according to Schlussfinanzierungsgesetz2,3172,3170
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

667,418

March

66,757

January to March

165,352
1 Source: Working Party on Tax Estimates, November 2016

4. Guarantees

Guarantees (in €bn)

Purpose of guarantees

Authorisided ammount

Amount allocated
as of
31 March 2017

Amount allocated

as of
31 March 2016

Export credit guarantees

160.0124.8132.4

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

65.044.543.8

Financial cooperation projects

28.517.513.3

Food stockpiling

0.70.00.0

Domestic guarantees

158.0102.6103.2

International financial institutions

66.060.156.8

Treuhandanstalt successor organisations

1.01.01.0

Interest compensation guarantees

15.015.08.0

5. Key dates on the fiscal policy agenda

Event

Date

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 Berlin12-13 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 Hamburg6-7 July 2017
G20 summit in Hamburg7-8 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.

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