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20 October 2017

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

Data from the October 2017 monthly report

1. Federal budget trends

Federal budget trends (figures in €m)
Estimated 2017

January to September 20171

January to September 20161

Expenditure2

329,100 243,790 231,684

Revenue2

322,051 237,349 233,154

Tax revenue

301,029 221,576 210,620

Fiscal balance

-7,049 -6,439 1,472

Financing/use of surplus:

     

Cash resources

0 37,723 19,130

Seigniorage

285 112 146

Transfer to reserve funds

6,734 - -689

Net borrowing/
current financial market balance3

0 -31,396 -20,100

2. Credit market funds

Debt level:
31 August 2017

Borrowing

(increase)

Debt repayment

(decrease)

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

(in €m)

Budget borrowing 1,093,583 12,547 -16,534 1,089,597 -3,986

broken down by purpose

Federal budget

1,052,536 11,728 -15,714 1,048,550 -3,986

Financial Market Stabilisation Fund

22,262 453 -453 22,262 -
Investment and Redemption Fund 18,784 366 -366 18,784 0

broken down by dept type

Federal securities 1,079,662 12,547 -16,534 1,075,676 -3,986

Federal bonds

679,227 4,502 - 683,729 4,502

30-year federal government bonds

200,000 1,631 - 201,631 1,631

10-year federal government bonds

479,227 2,871 - 482,098 5,653

Inflation-linked federal securities

71,002 393 - 71,395 393

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

5,763 448 - 6,211 448

10-year inflation-linked federal government bonds

50,720 -25 - 50,695 -25

Inflation-linked federal government debentures

14,520 -30 - 14,490 -30

Federal notes

212,141 2,888 - 215,029 2,888

Federal Treasury notes

101,941 2,951 -13,000 91,893 -10,049

Treasury discount papers issued by the Federation

13,557 1,813 -3,519 11,850 -1,706

Other federal securities

1,794 0 -14 1,780 -14
Securitised loans 9,446 - - 9,446 -
Other loans and ordinary debts 4,475 - - 4,475 -

broken down by maturity

Short term (up to one year) 165,358     161,875 -3,483
Medium term (one to four years) 326,057     333,794 7,737
Long term (over four years) 602,168     593,927 -8,241

for information purposes only

Liabilities resulting from inflation adjustments of inflation-linked securities 4,464 4,092 -372
Reserve for inflation adjustments of the principal of the inflation-linked securities according to Schlussfinanzierungsgesetz 3,594 3,603 10

3. General government tax revenue

Total tax revenue (provisional, in €m)

Period

Total tax revenue

Projection for 20171

673,292

September

65,200

January to September

492,311

4. Guarantees

Guarantees (in €bn)

Purpose of guarantees

Authorised ammount

Amount allocated
as of
30 September 2017

Amount allocated

as of
30 Serptember 2016

Export credit guarantees

160.0 121.1 128.5

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

65.0 44.0 46.7

Financial cooperation projects

28.5 17.9 17.2

Food stockpiling

0.7 0.0 0.0

Domestic guarantees

158.0 103.2 102.3

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 Brussels

6-7 November 2017

Eurogroup and ECOFIN Council meetings in Brussels

4-5 December 2017

Eurogroup and ECOFIN Council meetings in Brussels

22-23 january 2018

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.