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22 June 2017

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

Data from the June 2017 monthly report

1. Federal budget trends

Federal budget trends (figures in €m)
Estimated 2017

January to May 20171

January to May 20161

Expenditure2

329,100 133,429 128,374

Revenue2

322,051 129,906 123,617

Tax revenue

301,029 121,299 110,401

Fiscal balance

-7,049 -3,523 -4,756

Financing/use of surplus:

     

Cash resources

0 37,823 19,719

Seigniorage

285 -17 31

Transfer to reserve funds

6,734 - 5 411

Net borrowing/
current financial market balance3

0 -34,283 -20,400

2. Credit market funds

Debt level:
30 April 2017

Borrowing

(increase)

Debt repayment

(decrease)

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

(in €m)

Budget borrowing 1,073,856 16,122 -1,529 1,088,439 14,583

broken down by purpose

Federal budget

1,032,812 16,112 -1,529 1,047,395 14,583

Financial Market Stabilisation Fund

22,267 - - 22,267 -
Investment and Redemption Fund 18,777 0 - 18,777 0

broken down by dept type

Federal securities 1,059,588 16,112 -1,529 1,074,171 14,583
Federal bonds 677,469 5,599 - 683,068 5,599
30-year federal government bonds 197,188 951 - 198,139 951

10-year federal government bonds

480,281 4,648 - 484,929 4,648
Inflation-linked federal securities 69,289 452 - 69,741 452
30-year,inflation-linked,federal,government,bonds 5,305 422 - 5,728 422
10-year inflation-linked federal government bonds 49,449 100 - 49,549 100

Inflation-linked federal government debentures

14,535 -70 - 14,465 -70

Federal notes

199,129 3,247 - 202,376 3,247
Federal Treasury notes 98,517 4,784 - 103,301 4,784
Treasury discount papers issued by the Federation 13,231 2,030 -1,508 13,752 522
Other federal securities 1,953 0 -20 1,933 -20
Securitised loans 9,785 - - 9,785 -
Other loans and ordinary debts 4,483 - - 4,483 -

broken down by maturity

Short term (up to one year) 163,122     163,350 228
Medium term (one to four years) 325,426     330,026 4,600
Long term (over four years) 585,308     595,063 9,755

for information purposes only

Liabilities resulting from inflation adjustments of inflation-linked securities 3,619 4,213 594
Reserve for inflation adjustments of the principal of the inflation-linked securities according to Schlussfinanzierungsgesetz 3,571 3,581 10

3. General government tax revenue

Total tax revenue (provisional, in €m)

Period

Total tax revenue

Projection for 20171

673,292

May

48,352

January to May

262,722

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

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

Eurogroup and informal ECOFIN council meetings in Tallinn, Estonia

15-16 September 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.