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22 June 2017

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

Translated extracts from the Federal Ministry of Finance's June 2017 monthly report

Federal budget trends up to and including May 2017

Trends in the federal budget

 

Actual 2016

Estimated 2017

Actual1 as of
May 2017

Expenditure (€bn)2

310.6

329.1

133.4

Year-on-year change in % (year to date)

 

 

+3.9

Revenue (€bn)2

316.8

322.1

129.9

Year-on-year change in % (year to date)

 

 

+5.1

Tax revenue (€bn)

289.0

301.0

121.3

Year-on-year change in % (year to date)

 

 

+9.9

Fiscal balance (€bn)

6.2

-7.0

-3.5

Financing/use of surplus:

-6.2

7.0

3.5

Cash resources (€bn)

-

-

37.8

Seigniorage (€bn)

0.3

0.3

0.0

reserve funds balance (€bn)

-6.5

6.7

0.0

Net borrowing/current financial market balance3 (€bn)

0.0

0.0

-34.3

1 As per accounts.

2 Excluding revenue and expenditure from internal offsetting.

3 (-) debt repayment; (+) borrowing

Source: Federal Ministry of Finance

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Revenue trends

In the first five months of 2017, federal revenue increased by 5.1%, or €6.3bn, compared with the same period last year. This was due to a significant rise in tax revenues, which were up by €10.9bn (+9.9%) on the year. However, any financial impact from the Federal Constitutional Court’s ruling from 7 June 2017 on nuclear fuel duty is not included in the current figures. Other revenue in the January–May period was down by €4.6bn (-34.9%) on the year. The main reason for this was the €2.1bn decline in allocations from the Bundesbank’s profits.

Trends in federal revenue

Actual

2016

Estimated

2017

Actual

Year‑on‑year
change in %
(year to date)

January to May 2016

January to May 2017

€m

Share
in %

€m

Share

in %

€m

I. Tax revenue

288,991

91.2

301,029

93.5

110,401

121,299

+9.9

Federal share of joint taxes:

235,747

74.4

246,469

76.5

91,093

96,563

+6.0

Revenue from personal and corporate income taxes (incl. final withholding tax on interest and capital gains)

127,463

40.2

130,187

40.4

44,629

48,528

+8.7

of which:

 

 

Wages tax

78,519

24.8

82,939

25.8

28,755

30,682

+6.7

Assessed income tax

22,879

7.2

23,026

7.1

6,733

7,942

+18.0

Non-assessed taxes on earnings

9,731

3.1

9,610

3.0

3,204

3,638

+13.5

Final withholding tax on interest and capital gains

2,613

0.8

2,306

0.7

1,322

1,627

+23.1

Corporation tax

13,721

4.3

13,249

4.1

4,615

4,639

+0.5

Value added taxes (VAT)

106,529

33.6

114,436

35.5

45,981

47,461

+3.2

Trade tax apportionment

1,755

0.6

1,846

0.6

483

574

+18.8

Energy duty

40,091

12.7

39,796

12.4

11,066

11,388

+2.9

Tobacco duty

14,186

4.5

14,700

4.6

6,012

5,001

 -16.8

Solidarity surcharge

16,855

5.3

17,450

5.4

6,244

6,687

+7.1

Insurance tax

12,763

4.0

13,050

4.1

7,592

7,873

+3.7

Electricity duty

6,569

2.1

6,530

2.0

2,778

2,843

+2.3

Motor vehicle tax

8,952

2.8

8,900

2.8

4,078

4,067

 -0.3

Nuclear fuel tax

422

0.1

0

0.0

0

0

X

Spirits duties

2,072

0.7

2,051

0.6

886

900

+1.6

Coffee duty

1,040

0.3

1,050

0.3

428

428

+0.0

Aviation tax

1,074

0.3

1,101

0.3

345

374

+8.4

Supplementary grants to Länder

-9,845

-3.1

-9,228

-2.9

-2,388

-2,271

 -4.9

EU GNI own resources

-19,911

-6.3

-21,680

-6.7

-8,341

-3,767

 -54.8

EU VAT own resources

-4,250

-1.3

-2,440

-0.8

-1,983

-984

 -50.4

Grants to Länder for public transport

-8,200

-2.6

-8,144

-2.5

-3,087

-3,478

+12.7

Grants to Länder for motor vehicle tax and HGV toll

-8,992

-2.8

-8,992

-2.8

-4,496

-4,496

+0.0

II. Other revenue

27,839

8.8

21,021

6.5

13,216

8,607

 -34.9

Revenue from economic activity

6,847

2.2

5,468

1.7

4,855

1,949

 -59.9

Interest revenue

302

0.1

300

0.1

71

86

+21.1

Loan repayments, holdings, privatisation revenue

2,890

0.9

1,800

0.6

733

364

 -50.3

Total revenue 1

316,829

100.0

322,051

100.0

123,617

129,906

+5.1

1 Excluding revenue from internal offsetting.
Source: Federal Ministry of Finance.

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Expenditure trends

Federal expenditure for the period from January to May 2017 totalled €133.4bn, which represents an increase of €5.1bn (+3.9%) over the same period last year.

Federal spending is separated into consumption and investment expenditure. Consumption expenditure was up by 4.4% on the year during this period. Within this category, human resources spending rose by 5.3% and operating expenditure by 7.0%, both above-average increases. Ongoing grants for public administrations also rose in year-on-year terms, mainly due to a significant increase in ongoing grants to the Länder (up by 9.7% on the year). Spending on subsidies for other areas also increased tangibly on the year, particularly in the areas of pensions, social security, and benefits (e.g. unemployment benefit and parental allowance, which were up by 6.6% and 7.4%, respectively). In contrast, interest expenditure was practically unchanged compared with the January–May 2016 period. Investment spending was down by 1.5% (-€140m) during this period, because of lower expenditure on federal financial assistance. This decline was only partially offset by a strong increase in spending on fixed asset investment.

Trends in federal expenditure by function

Actual

2016

Estimated

2017

Actual

Year‑on‑year

change in %
(year to date)

January to May 2016

January to

May 2017

m

Share

in %

€m

Share

in %

€m

General public services

72,181

 23.2

77,807

 23.6

29,003

29,203

+0.7

Economic cooperation and developmen

7,732

2.5

8,501

 2.6

3,245

2,683

 -17.3

Defence

34,613

 11.1

36,620

 11.1

13,768

14,085

+2.3

Government, central administration

14,580

 4.7

16,326

 5.0

6,348

6,935

+9.3

Revenue administration

4,507

 1.5

4,560

 1.4

1,725

1,834

+6.3

Education, science, research, cultural affairs

21,472

 6.9

23,935

 7.3

7,261

7,175

 -1.2

Support for school and university students and training programme participants

3,516

 1.1

3,977

 1.2

1,455

1,557

+7.0

Science, research and development outside of higher education institutions

11,406

 3.7

12,729

 3.9

3,056

3,010

 -1.5

Social security, family and youth affairs, labour market policy

160,593

 51.7

170,486

 51.8

71,441

75,826

+6.1

Social insurance including unemployment insurance

106,939

 34.4

111,943

 34.0

50,674

53,060

+4.7

Labour market policy

34,566

 11.1

37,057

 11.3

13,733

15,353

+11.8

of which: Unemployment benefit II under Book II of the Social Code

20,349

 6.6

21,000

 6.4

8,704

9,279

+6.6

Unemployment Benefit II, government housing and heating allowances under Book II of the Social Code

5,384

 1.7

6,500

 2.0

2,047

2,593

+26.7

Family assistance, welfare services, etc.

8,065

 2.6

8,275

 2.5

3,401

3,480

+2.3

Social benefits for the consequences of war and political events

2,026

 0.7

2,111

 0.6

913

908

 -0.6

Health, environment, sport, recreation

2,074

 0.7

2,324

 0.7

695

770

+10.9

Housing, regional planning and local community services

2,427

 0.8

3,324

 1.0

994

1,184

+19.1

Housing, home ownership savings premium

1,866

 0.6

2,378

 0.7

893

1,070

+19.9

Food, agriculture and forestry

900

 0.3

1,250

 0.4

201

225

+12.1

Energy and water supply, trade and services

4,252

 1.4

6,039

 1.8

2,211

1,873

 -15.3

Regional support measures

719

 0.2

1,585

 0.5

109

117

+7.4

Mining, manufacturing and construction

1,705

 0.5

1,546

 0.5

1,441

1,167

 -19.0

Transport and communication

18,313

 5.9

20,818

 6.3

5,605

6,096

+8.8

Roads

8,660

 2.8

9,154

 2.8

2,259

2,531

+12.1

Railways and public transport

5,623

 1.8

6,420

 2.0

1,789

1,722

 -3.8

Financial management

35,232

 11.3

23,117

 7.0

11,783

11,212

 -4.8

Interest expenditure

17,501

 5.6

18,471

 5.6

7,720

7,724

+0.1

Total expenditure1

310,581

100.0

329,100

 100.0

128,374

133,429

+3.9

1 Excluding expenditure from internal offsetting.
Source: Federal Ministry of Finance.

Trends in federal expenditure by economic category

Actual

2016

Estimated

2017

Actual

Year‑on‑year

change in %
(year to date)

January to

May 2016

January to

May 2017

€m

Share
in %

€m

Share
in %

€m

Consumption expenditure

277,398

89.3

295,969

89.9

118,944

124,139

+4.4

Personnel expenditure

30,665

9.9

31,988

9.7

13,119

13,815

+5.3

Salary payments

22,269

7.2

23,433

7.1

9,397

9,904

+5.4

Pensions

8,396

2.7

8,555

2.6

3,722

3,911

+5.1

Current material expenditure

26,132

8.4

28,957

8.8

8,885

9,505

+7.0

Non-personnel expenditure

1,506

0.5

1,542

0.5

542

569

+5.0

Military procurement

9,963

3.2

11,258

3.4

3,114

2,928

 -6.0

Other

14,662

4.7

16,157

4.9

5,229

6,008

+14.9

Interest expenditure

17,498

5.6

18,462

5.6

7,718

7,722

+0.1

Current grants and subsidies

202,339

65.1

215,728

65.6

88,832

92,669

+4.3

to public administration

23,648

7.6

26,824

8.2

8,850

9,524

+7.6

to other sectors

178,691

57.5

188,904

57.4

79,982

83,145

+4.0

including:

 

 

Private enterprises

26,878

8.7

30,044

9.1

10,899

11,152

+2.3

Pensions, assistance etc.

28,957

9.3

29,893

9.1

12,431

13,059

+5.1

Social insurance funds

112,577

36.2

116,878

35.5

52,634

55,192

+4.9

Other asset transfers

764

0.2

834

0.3

391

429

+9.7

Investment expenditure

33,183

10.7

36,071

11.0

9,430

9,290

 -1.5

Financial assistance

24,358

7.8

26,035

7.9

7,444

6,996

 -6.0

Grants and subsidies

22,787

7.3

22,639

6.9

6,750

6,583

 -2.5

Loans, guarantees

1,069

0.3

1,927

0.6

374

301

 -19.5

Acquisition of holdings; capital contributions

501

0.2

1,469

0.4

320

113

 -64.7

Fixed asset investment

8,825

2.8

10,037

3.0

1,986

2,294

+15.5

Construction measures

6,846

2.2

7,533

2.3

1,445

1,683

+16.5

Acquisition of movable assets

1,480

0.5

1,846

0.6

405

477

+17.8

Acquisition of real property

499

0.2

658

0.2

136

134

 -1.5

General reduction/increase in expenditure

0

0.0

-2,940

-0.9

0

0

X

Total expenditure1

310,581

100.0

329,100

100.0

128,374

133,429

+3.9

1 Excluding expenditure from internal offsetting.
Source: Federal Ministry of Finance.

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Fiscal balance

In the first five months of 2017, expenditure exceeded revenue by €3.5bn.

Revenue and expenditure are subject to strong fluctuations over the course of the fiscal year and thus have an uneven effect on cash funds in individual months. Net borrowing also tends to fluctuate considerably over the course of the year. This means that the fiscal balance at this point in the year and the corresponding net borrowing figures are not reliable indicators of the end-of-year figures for the fiscal balance and net borrowing.

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Trends in 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
Current-year trends in tax revenue (excluding local authority taxes)

2017

May

Year‑on‑year
change

January to

May

Year‑on‑year
change

2017 estimates4

Year‑on‑year
change

in €m

in %

in €m

in %

in €m

in %

Joint taxes

 

 

 

 

 

 

Wages tax2

14,788

+7.7

76,246

+6.3

194,250

+5.1

Assessed income tax

292

 -11.5

18,689

+17.9

57,500

+6.8

Non-assessed taxes on earnings

2,309

 -1.4

7,231

+9.4

19,450

+0.0

Final withholding tax on interest and capital gains

513

+36.2

3,698

+23.1

6,548

+10.2

Corporation tax

280

 -75.5

9,342

+1.2

27,080

 -1.3

Value added taxes (VAT)

19,062

+2.9

93,867

+5.0

227,550

+4.8

Trade tax apportionment

220

+15.2

1,385

+18.8

4,658

+9.9

Increased trade tax apportionment

74

+14.3

1,120

+16.2

3,879

+7.9

Total joint taxes

37,538

+2.3

211,577

+6.9

540,915

+4.7

Federal taxes

Energy duty

3,583

+6.9

11,388

+2.9

40,200

+0.3

Tobacco duty

1,146

 -32.2

5,001

 -16.8

14,190

+0.0

Spirits duty incl. alcopops duty

182

+1.7

900

+1.6

2,070

 -0.0

Insurance tax

944

+1.9

7,873

+3.7

13,200

+3.4

Electricity duty

516

+0.4

2,843

+2.4

6,600

+0.5

Motor vehicle tax

774

+0.3

4,067

 -0.3

9,000

+0.5

Aviation tax

95

+19.1

374

+8.2

1,125

+4.8

Nuclear fuel duty

0

X

0

X

0

X

Solidarity surcharge

1,226

 -0.3

6,687

+7.1

17,600

+4.4

Other federal taxes

113

 -3.4

599

 -0.3

1,458

 -0.0

Total federal taxes

8,579

 -3.2

39,732

+0.3

105,443

+1.0

Länder taxes

Inheritance tax

472

 -6.2

2,616

 -6.5

6,010

 -14.2

Real property transfer tax

1,130

+15.8

5,415

+4.8

12,730

+2.6

Betting and lottery tax

159

+3.7

808

+7.6

1,870

+3.4

Beer duty

55

 -3.4

252

 -2.5

671

 -1.0

Other Länder taxes

35

+25.5

263

+6.0

453

+2.6

Total Länder taxes

1,850

+7.8

9,353

+1.4

21,734

 -2.7

EU own resources

Customs duty

385

+2.5

2,059

 -2.0

5,200

+1.7

VAT-based own resources

197

 -30.5

984

 -50.4

2,450

 -42.4

GNI-based own resources

1,694

+14.6

3,767

 -54.8

18,200

 -8.6

Total EU own resources

2,276

+6.5

6,810

 -45.2

25,850

 -11.7

Federation3

22,089

 -1.6

122,138

+9.6

308,028

+6.6

Länder 3

21,151

+3.1

116,561

+6.4

294,824

+2.1

EU

2,276

+6.5

6,810

 -45.2

25,850

 -11.7

Local authorities’ share of income tax and value added tax

2,837

+10.4

17,212

+11.1

44,590

+7.8

Total tax revenue (excluding local authority taxes)

48,352

+1.4

262,722

+5.6

673,292

+3.9

1 Methodology: Total cash income from the various taxes is recorded and allocated to the various government levels as stipulated by law. Actual tax amounts collected in the current month by individual government levels may differ from target amounts due to technical reasons.
2 After deduction of child benefit refunds by the Federal Central Tax Office.
3 After supplementary grants; any discrepancies with table on federal revenue are due to methodology used.
4 Source: Working Party on Tax Revenue Estimates, November 2016.

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Tax revenue in May 2017

Total tax revenue (excluding local authority taxes) recorded another year-on-year gain in May 2017, rising by 1.4%. Revenue from joint taxes posted an increase of 2.3% on the year, although individual taxes exhibited divergent trends. While wages tax continued to show strong revenue growth, receipts from assessed income tax and corporation tax declined in year-on-year terms in May (which is a low-yield month for these tax types). The sharp decline in corporation tax revenue in May was the result of a high baseline figure in the previous year and a large amount of refunds. With non-assessed taxes on earnings and value added taxes, the fluctuations in revenue remained within the usual range. Revenue from taxes accruing solely to the Federation were down on the year once again (-3.2%), which can be explained by a baseline effect relating to tobacco duty. Receipts from Länder taxes posted a sharp year-on-year increase of 7.8%.

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EU own resources

Payments of own resources to the EU, including customs duties, rose by 6.5% in May 2017 compared with the same month last year. On a cumulative basis, however, own resources payments to the EU fell by 45.2% on the year in the first five months of 2017, due to (a) balances resulting from EU adjustments and amending budgets and (b) the implementation of the EU’s new Own Resources Decision. Overall, it is anticipated that Germany’s transfers of own resources to the EU will be lower this year than in 2016. Payments are subject to fluctuations over the course of the year, depending on the EU’s financing needs at any given time.

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Overview of the January–May 2017 period

Total tax receipts increased by 5.6% on the year in the first five months of 2017. Revenue from joint taxes grew by 6.9% in year-on-year terms, while the yield from taxes accruing solely to the Federation was up by 0.3%. Revenue from taxes accruing to the Länder was up by 1.4% on the year in the January–May period.

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Distribution among the Federation, Länder and local authorities

The Federation’s tax receipts (after accounting for supplementary federal grants to the Länder) fell slightly, by 1.6% on the year, in May 2017. The Federation’s share of revenue from joint taxes posted a small increase, but this was outweighed by a decline in receipts from purely federal taxes and the slight rise in transfers of own resources to the EU. In contrast, Länder tax receipts rose by 3.1% compared with the same period last year. This moderate increase was the result of the increase in the share of joint tax revenue accruing to the Länder, together with high revenue from Länder taxes. Local authority revenue from joint taxes was up by 10.4% on the year overall in May 2017.

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Joint taxes

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Wages tax

The steady upward trend in wages tax revenue in recent months continued, buoyed by sustained positive employment trends and rising wages. Gross wages tax revenue rose sharply, by 6.0% on the year, in May 2017. Child benefit payments – which are financed from wages tax receipts and subtracted from the gross figure – increased by 1.9% on the year in May. This meant that, on balance, cash receipts from wages tax were up by 7.7% on the year in May. In cumulative terms, cash receipts from wages tax were up markedly, by 6.3% on the year, in the first five months of 2017.

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Corporation tax

Gross revenue from corporation tax totalled around €0.3bn in May, which tends to be a low-revenue month for this tax. At approximately €1.1bn, the result for May 2016 had been unusually high. An increase in refunds, together with other factors, led to a lower result in May 2017. This meant that gross revenue from this tax posted a large year-on-year decline of 75.1%, in purely numerical terms. After deducting investment allowance payments, which are continuing to decline in terms of volume, cash receipts from corporation tax stood at approximately €0.3bn for May 2017. A high volume of corporation tax refunds is still expected for 2017 due to high court rulings (Federal Fiscal Court rulings on the STEKO case and section 40 of the Capital Investment Companies Act). The current increase in refunds may indicate that cash receipts in May were impacted to some extent by the anticipated refunds. Cumulative revenue from corporation tax from January to May 2017 was up by 1.2% on the year.

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Assessed income tax

In the low-revenue month of May, gross receipts from assessed income tax remained almost at the same level (-0.1%) as in the same period last year. Refunds made to employed persons assessed for income tax increased slightly by 2.2% in May. As a result, cash receipts from assessed income tax fell to approximately €0.3bn in May 2017, a decrease of 11.5% on the year. In cumulative terms, cash receipts from assessed income tax were up by 17.9% on the year in the first five months of 2017.

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Non-assessed taxes on earnings

May 2017 saw a year-on-year increase of 4.0% in gross receipts from non-assessed taxes on earnings. Refunds by the Federal Central Tax Office, which are financed from this revenue, were up sharply by approximately €130m. This meant that, on balance, cash receipts from non-assessed taxes on earnings posted a slight fall in May, down by 1.4% on the year. In the first five months of 2017, cumulative cash receipts from non-assessed taxes on earnings were up by 9.4% compared with the same period in 2016.

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Final withholding tax on interest and capital gains

Receipts from final withholding tax on interest and capital gains continue to show strong growth, posting a significant year-on-year gain of 36.2% in May 2017. The increase in May may have been the result of growth in revenue from the taxation of capital gains, given that interest rates are still very low. No reliable information can be provided on this question, however, as statistical data on the breakdown of revenue from interest and from capital gains is not available. Taken cumulatively, revenue from final withholding tax on interest and capital gains was up by 23.1% on the year in the first five months of 2017.

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Value added taxes

VAT revenue once again posted substantial growth in May 2017, up by 2.9%, following significant increases in previous months. However, it should be noted that VAT revenue displays a high level of volatility over the course of the year. Domestic VAT revenue grew by 0.5% on the year in May, while the yield from import VAT climbed by 11.1%. In cumulative terms, revenue from value added taxes was up sharply by 5.0% on the year in the first five months of 2017.

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Taxes accruing to the Federation

Revenue from taxes accruing solely to the Federation fell by 3.2% on the year in May 2017. Individual taxes showed widely divergent trends, however. Receipts from tobacco duty fell sharply by 32.2% compared with the same month last year. This was due to a very high baseline figure in the previous year, which was the result of a high level of advance production of tobacco products in connection with a change in the law (the introduction of graphic warning images) that became effective on 20 May 2016. In contrast, year-on-year growth was recorded for the high-revenue federal taxes, including energy duty (+6.9%), motor vehicle tax (+0.3%), spirits duty (+1.7%) and insurance tax (+1.9%). Trends in revenue from other taxes had only a minor impact on the overall results for federal taxes. In cumulative terms, receipts from federal taxes were up by 0.3% on the year in the first five months of 2017.

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Taxes accruing to the Länder

Receipts from taxes accruing solely to the Länder were up by 7.8% on the year in May 2017. This growth was driven by higher year-on-year receipts from real property transfer tax (+15.8%), fire protection tax (+25.7%), and betting and lottery tax (+3.7%). Receipts from inheritance tax and beer duty were down by 6.2% and 3.4% respectively. Taken cumulatively, receipts from Länder taxes increased slightly, by 1.4% on the year, in the first five months of 2017.

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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 borrowing1,073,85616,122-1,5291,088,43914,583

broken down by purpose

Federal budget

1,032,81216,112-1,5291,047,39514,583

Financial Market Stabilisation Fund

22,267--22,267-
Investment and Redemption Fund18,7770-18,7770

broken down by dept type

Federal securities1,059,58816,112-1,5291,074,17114,583
Federal bonds677,4695,599-683,0685,599
30-year federal government bonds197,188951-198,139951

10-year federal government bonds

480,2814,648-484,9294,648
Inflation-linked federal securities69,289452-69,741452
30-year,inflation-linked,federal,government,bonds5,305422-5,728422
10-year inflation-linked federal government bonds49,449100-49,549100

Inflation-linked federal government debentures

14,535-70-14,465-70

Federal notes

199,1293,247-202,3763,247
Federal Treasury notes98,5174,784-103,3014,784
Treasury discount papers issued by the Federation13,2312,030-1,50813,752522
Other federal securities1,9530-201,933-20
Securitised loans9,785--9,785-
Other loans and ordinary debts4,483--4,483-

broken down by maturity

Short term (up to one year)163,122  163,350228
Medium term (one to four years)325,426  330,0264,600
Long term (over four years)585,308  595,0639,755

for information purposes only

Liabilities resulting from inflation adjustments of inflation-linked securities3,6194,213594
Reserve for inflation adjustments of the principal of the inflation-linked securities according to Schlussfinanzierungsgesetz3,5713,58110

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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

160.0124.8132.4

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

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