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21 September 2017

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

Data from the September 2017 monthly report

1. Federal budget trends

Federal budget trends (figures in €m)
Estimated 2017

January to August 20171

January to August 20161

Expenditure2

329,100 219,305 207,451

Revenue2

322,051 206,744 203,266

Tax revenue

 301,029 192,392 183,437

Fiscal balance

 -7,049 -12,560 -4,183

Financing/use of surplus:

      

Cash resources

 0 41,573 17,600

Seigniorage

 285 110 132

Transfer to reserve funds

6,734 - 5 411

Net borrowing/
current financial market balance3

0 -29,122 -19,000

1 As per accounts.
2 Excluding revenue and expenditure from internal offsetting.

3 (-) debt repayment; (+) borrowing.

2. Credit market funds

Debt level:
31 July 2017

Borrowing

(increase)

Debt repayment

(decrease)

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

(in €m)
Budget borrowing 1,078,173 18,996 -3,586 1,093,583 15,411

broken down by purpose

Federal budget

 1,037,126 18,996 -3,586 1,052,536 15,411

Financial Market Stabilisation Fund

 22,262 - - 22,262 -
Investment and Redemption Fund 18,784 0 - 18,784 0

broken down by dept type

Federal securities 1,064,227 18,996 -3,561 1,079,662 15,436

Federal bonds

 673,476 5,751 - 679,227 5,751

30-year federal government bonds

 199,902 99 - 200,000 99

10-year federal government bonds

 473,574 5,653 - 479,227 5,653

Inflation-linked federal securities

 70,872 130 - 71,002 130

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

 5,778 -15 - 5,763 -15

10-year inflation-linked federal government bonds

 50,605 115 - 50,720 115

Inflation-linked federal government debentures

 14,490 30 - 14,520 30

Federal notes

 208,720 3,421 - 212,141 3,421

Federal Treasury notes

 94,255 7,687 - 101,941 7,687

Treasury discount papers issued by the Federation

 15,067 2,007 -3,518 13,557 -1,511

Other federal securities

 1,837 - -43 1,794 -43
Securitised loans 9,471 - -25 9,446 -25
Other loans and ordinary debts 4,475 - - 4,475 -

broken down by maturity

Short term (up to one year) 167,193     165,358 -1,835
Medium term (one to four years) 318,011     326,057 8,047
Long term (over four years) 592,969     602,168 9,199

for information purposes only

Liabilities resulting from inflation adjustments of inflation-linked securities 4,447 4,464 17
Reserve for inflation adjustments of the principal of the inflation-linked securities according to Schlussfinanzierungsgesetz 3,594 3,594 -
Discrepancies in totals are due to rounding.

3. General government tax revenue

Total tax revenue (provisional, in €m)

Period

Total tax revenue

Projection for 20171

673,292

August

 47,884

January to August

 427,111
1 Source: Working Party on Tax Estimates, May 2017

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 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

Eurogroup and ECOFIN Council meetings in Brussels

 4-5 December 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.