1. Federal budget trends

Federal budget trends (figures in €m)
Estimated 2017

January to April 20171

January to April 20161

Expenditure2

329,100 109,720 106,757

Revenue2

322,051 106,838 100,080

Tax revenue

301,029 99,796 88,657

Fiscal balance

-7,049 -2,881 -6,676

Financing/use of surplus:

     

Cash resources

0 49,384 35,876

Seigniorage

285 -61 -70

Transfer to reserve funds

6,734 - -

Net borrowing/
current financial market balance3

0 -46,442 -34,500

2. Credit market funds

Debt level:
31 March 2017

Borrowing

(increase)

Debt repayment

(decrease)

Debt level:
30 April 2017
Change in debt level (balance)

(in €m)

Budget borrowing 1,081,732 13,704 -21,581 1,073,856 -7,877

broken down by purpose

Federal budget

1,040,735 13,657 -21,581 1,032,812 -7,924

Financial Market Stabilisation Fund

22,228 40 - 22,267 40
Investment and Redemption Fund 18,770 7 - 18,777 7

broken down by dept type

Federal securities 1,067,465 13,704 -21,581 1,059,588 -7,877
Federal bonds 673,644 3,826 - 677,469 3,826
30-year federal government bonds 196,255 933 - 197,188 933

10-year federal government bonds

477,388 2,892 - 480,281 2,892
Inflation-linked federal securities 68,373 916 - 69,289 916
30-year,inflation-linked,federal,government,bonds 5,295 10 - 5,305 10
10-year inflation-linked federal government bonds 48,543 906 - 49,449 906

Inflation-linked federal government debentures

14,535 0 - 14,535 0

Federal notes

213,371 3,758 -18,000 199,129 -14,242
Federal Treasury notes 95,148 3,369 - 98,517 3,369
Treasury discount papers issued by the Federation 14,910 1,836 -3,515 13,231 -1,680
Other federal securities 2,018 0 -66 1,953 -66
Securitised loans 9,785 - - 9,785 -
Other loans and ordinary debts 4,483 0 - 4,483 0

broken down by maturity

Short term (up to one year) 151,346 163,122 11,775
Medium term (one to four years) 333,283 325,426 -7,857
Long term (over four years) 597,103 585,308 -11,795

for information purposes only

Liabilities resulting from inflation adjustments of inflation-linked securities 3,362 3,619 257
Reserve for inflation adjustments of the principal of the inflation-linked securities according to Schlussfinanzierungsgesetz 2,317 3,571 1,254

3. General government tax revenue

Total tax revenue (provisional, in €m)

Period

Total tax revenue

Projection for 20171

673,292

March

49,018

January to March

214,370

4. Guarantees

Guarantees (in €bn)

Purpose of guarantees

Authorised ammount

Amount allocated
as of
31 March 2017

Amount allocated

as of
31 March 2016

Export credit guarantees

160.0 124.8 132.4

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

65.0 44.5 43.8

Financial cooperation projects

28.5 17.5 13.3

Food stockpiling

0.7 0.0 0.0

Domestic guarantees

158.0 102.6 103.2

International financial institutions

66.0 60.1 56.8

Treuhandanstalt successor organisations

1.0 1.0 1.0

Interest compensation guarantees

15.0 15.0 8.0

5. Key dates on the fiscal policy agenda

Event

Date

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.