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21 August 2017

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

Data from the August 2017 monthly report

1. Federal budget trends

Federal budget trends (figures in €m)
Estimated 2017

January to July 20171

January to July 20161

Expenditure2

329,100 192,054 184,055

Revenue2

322,051 183,652 181,195

Tax revenue

301,029 170,645 163,256

Fiscal balance

-7,049 -8,400 -2,858

Financing/use of surplus:

     

Cash resources

0 46,413 29,133

Seigniorage

285 116 106

Transfer to reserve funds

6,734 - 5 411

Net borrowing/
current financial market balance3

0 -38,129 -31,800

2. Credit market funds

Debt level:
30 June 2017

Borrowing

(increase)

Debt repayment

(decrease)

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

(in €m)

Budget borrowing 1,086,688 12,289 -20,804 1,078,173 -8,515

broken down by purpose

Federal budget

1,045,644 12,286 -20,804 1,037,126 -8,518

Financial Market Stabilisation Fund

22,267 -5 - 22,262 -5
Investment and Redemption Fund 18,777 8 - 18,784 8

broken down by dept type

Federal securities 1,072,488 12,289 -20,550 1,064,227 -8,261

Federal bonds

686,873 5,603 -19,000 673,476 -13,397

30-year federal government bonds

199,050 852 - 199,902 852

10-year federal government bonds

487,823 4,751 -19,000 473,574 2,894

Inflation-linked federal securities

70,307 565 - 70,872 565

30-year,inflation-linked,federal,government,bonds

5,770 8 - 5,778 8

10-year inflation-linked federal government bonds

50,073 532 - 50,605 532

Inflation-linked federal government debentures

14,465 25 - 14,490 25

Federal notes

205,203 3,516 - 208,720 3,516

Federal Treasury notes

93,795 459 - 94,255 459

Treasury discount papers issued by the Federation

14,431 2,146 -1,509 15,067 636

Other federal securities

1,878 0 -41 1,837 -41
Securitised loans 9,725 - -255 9,471 -255
Other loans and ordinary debts 4,475 - - 4,475 -

broken down by maturity

Short term (up to one year) 164,185     167,193 3,0085
Medium term (one to four years) 320,184     318,011 -2,173
Long term (over four years) 602,320     592,969 -9,350

for information purposes only

Liabilities resulting from inflation adjustments of inflation-linked securities 4,507 4,447 -59
Reserve for inflation adjustments of the principal of the inflation-linked securities according to Schlussfinanzierungsgesetz 3,587 3,594 7

3. General government tax revenue

Total tax revenue (provisional, in €m)

Period

Total tax revenue

Projection for 20171

673,292

June

52,839

January to June

379,227

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.