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20 July 2017

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

Data from the July 2017 monthly report

1. Federal budget trends

Federal budget trends (figures in €m)
Estimated 2017

January to June 20171

January to June 20161

Expenditure2

329,100 157,624 150,661

Revenue2

322,051 156,231 155,597

Tax revenue

301,029 146,479 141,265

Fiscal balance

-7,049 -1,393 4,937

Financing/use of surplus:

     

Cash resources

0 34,857 6,292

Seigniorage

285 92 62

Transfer to reserve funds

6,734 - 5 411

Net borrowing/
current financial market balance3

0 -33,556 -16,700

2. Credit market funds

Debt level:
31 May 2017

Borrowing

(increase)

Debt repayment

(decrease)

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

(in €m)

Budget borrowing 1,088,439 12,873 -14,624 1,086,688 -1,751

broken down by purpose

Federal budget

1,047,395 11,099 -12,851 1,045,644 -1,751

Financial Market Stabilisation Fund

22,267 700 -700 22,267 -
Investment and Redemption Fund 18,777 1,074 -1,074 18,777 0

broken down by dept type

Federal securities 1,074,171 12,880 -14,564 1,072,488 -1,684
Federal bonds 683,068 3,805 - 686,873 3,805
30-year federal government bonds 198,139 911 - 199,050 911

10-year federal government bonds

484,929 2,894 - 487,823 2,894
Inflation-linked federal securities 69,741 566 - 70,307 566
30-year,inflation-linked,federal,government,bonds 5,728 42 - 5,770 42
10-year inflation-linked federal government bonds 49,549 524 - 50,073 524

Inflation-linked federal government debentures

14,465 0 - 14,465 0

Federal notes

202,376 2,828 - 205,203 2,828
Federal Treasury notes 103,301 3,494 -13,000 93,795 -9,506
Treasury discount papers issued by the Federation 13,752 2,188 -1,509 14,431 679
Other federal securities 1,933 - -55 1,878 -55
Securitised loans 9,785 - -60 9,725 -60
Other loans and ordinary debts 4,483 -8 - 4,475 -8

broken down by maturity

Short term (up to one year) 163,350     164,185 835
Medium term (one to four years) 330,026     320,184 -9,843
Long term (over four years) 595,063     602,320 7,257

for information purposes only

Liabilities resulting from inflation adjustments of inflation-linked securities 4,213 4,507 294
Reserve for inflation adjustments of the principal of the inflation-linked securities according to Schlussfinanzierungsgesetz 3,581 3,587 6

3. General government tax revenue

Total tax revenue (provisional, in €m)

Period

Total tax revenue

Projection for 20171

673,292

June

63,666

January to June

326,388

4. Guarantees

Guarantees (in €bn)

Purpose of guarantees

Authorised ammount

Amount allocated
as of
30 June 2017

Amount allocated

as of
30 June 2016

Export credit guarantees

160.0 124.5 127.7

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

65.0 44.0 45.4

Financial cooperation projects

28.5 17.9 15.4

Food stockpiling

0.7 0.0 0.0

Domestic guarantees

158.0 102.5 102.5

International financial institutions

66.0 60.0 60.0

Treuhandanstalt successor organisations

1.0 1.0 1.0

Interest compensation guarantees

15.0 15.0 10.0

5. Key dates on the fiscal policy agenda

Event

Date

Eurogroup and informal ECOFIN council meetings in Tallinn, Estonia

15-16 September 2017
Eurogroup and ECOFIN Council meetings in Luxembourg 9-10 October 2017
Meeting of G20 finance ministers and central bank governors in Washington D.C. 12-13 October 2017

Annual meetings of the IMF and World Bank in Washington, D.C.

13-15 October 2017

Eurogroup and ECOFIN Council meetings in Brussels

6-7 November 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.