Federal budget trends up to October 2017

Trends in the federal budget

 

Actual 2016

Estimated 2017

Actual1 January to October 2017

Expenditure (€bn)2

310.6

329.1

270,0

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

+5,8

Revenue (€bn)2

316.8

322.1

260,2

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

+2,4

Tax revenue (€bn)

289.0

301.0

242,6

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

+5,8

Fiscal balance (€bn)

6.2

-7.0

-9,7

Financing/use of surplus:

-6.2

7.0

9,7

Cash resources (€bn)

-

-

42,6

Seigniorage (€bn)

0.3

0.3

0,1

Reserve funds balance (€bn)

-6.5

6.7

0,0

Net borrowing/current financial market balance3 (€bn)

0.0

0.0

-33,0

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

Federal revenue for the period from January up to and including October 2017 stood at €260.2bn, 81% of the target revenue for the year as a whole. This represents a year-on-year increase of 2.4% (or €6.0bn). Tax revenue posted a strong gain of 5.8% (approximately €13.2bn) on the year. This figure already includes the repayment of nuclear fuel duty to energy companies (including the corresponding legal costs) totalling €7.3bn following the Federal Constitutional Court’s ruling on the unconstitutionality of nuclear fuel duty, which was handed down on 13 April 2017 and published on 7 June 2017. Other revenue fell significantly short of last year’s figure (down by roughly €7.2bn, or 29%). This was mainly because allocations from the Bundesbank’s profits were about €2.8bn lower than in 2016. The disparity between this year’s and last year’s revenue trends can also be attributed to special factors in 2016, including revenue from guarantees and general revenue administration.

Trends in federal revenue

Actual

2016

Estimated

2017

Actual

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

January to October 2016

January to October 2017

€m

Share
in %

€m

Share

in %

€m

I. Tax revenue

288,991

91.2

301,029

93.5

229,373

242,576

+5.8

Federal share of joint taxes:

235,747

74.4

246,469

76.5

190,585

200,270

+5.1

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

127,463

40.2

130,187

40.4

97,956

105,332

+7.5

of which:

 

 

Wages tax

78,519

24.8

82,939

25.8

60,663

64,447

+6.2

Assessed income tax

22,879

7.2

23,026

7.1

16,710

18,854

+12.8

Non-assessed taxes on earnings

9,731

3.1

9,610

3.0

8,247

8,921

+8.2

Final withholding tax on interest and capital gains

2,613

0.8

2,306

0.7

2,133

2,604

+22.1

Corporation tax

13,721

4.3

13,249

4.1

10,202

10,506

+3.0

Value added taxes (VAT)

106,529

33.6

114,436

35.5

91,455

93,613

+2.4

Trade tax apportionment

1,755

0.6

1,846

0.6

1,174

1,324

+12.8

Energy duty

40,091

12.7

39,796

12.4

28,205

29,036

+2.9

Tobacco duty

14,186

4.5

14,700

4.6

11,109

11,148

+0.4

Solidarity surcharge

16,855

5.3

17,450

5.4

13,289

14,194

+6.8

Insurance tax

12,763

4.0

13,050

4.1

11,303

11,793

+4.3

Electricity duty

6,569

2.1

6,530

2.0

5,415

5,731

+5.8

Motor vehicle tax

8,952

2.8

8,900

2.8

7,672

7,688

+0.2

Nuclear fuel tax

422

0.1

0

0.0

422

-7,262

Spirits duties

2,072

0.7

2,051

0.6

1,710

1,734

+1.4

Coffee duty

1,040

0.3

1,050

0.3

853

855

+0.2

Aviation tax

1,074

0.3

1,101

0.3

842

884

+5.0

Supplementary grants to Länder

-9,845

-3.1

-9,228

-2.9

-7,484

-7,093

 -5.2

EU GNI own resources

-19,911

-6.3

-21,680

-6.7

-18,061

-11,058

 -38.8

EU VAT own resources

-4,250

-1.3

-2,440

-0.8

-3,896

-1,968

 -49.5

Grants to Länder for public transport

-8,200

-2.6

-8,144

-2.5

-6,174

-6,956

+12.7

Grants to Länder for motor vehicle tax and HGV toll

-8,992

-2.8

-8,992

-2.8

-6,744

-6,744

+0.0

II. Other revenue

27,839

8.8

21,021

6.5

24,860

17,656

 -29.0

Revenue from economic activity

6,847

2.2

5,468

1.7

6,252

3,475

 -44.4

Interest revenue

302

0.1

300

0.1

192

255

+32.8

Loan repayments, holdings, privatisation revenue

2,890

0.9

1,800

0.6

2,588

1,316

 -49.1

Total revenue1

316,829

100.0

322,051

100.0

254,233

260,232

+2.4

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 October 2017 totalled €270.0bn, roughly 82% of the budgeted spending for all of 2017. This represents a total increase of 5.8% (€14.9bn) on the year.

Federal spending is separated into consumption and investment expenditure. Consumption spending was up by 5.1% on the year in the ten-month period from January to October 2017. Within this category, human resources spending and interest payments increased at a slightly below-average rate (+3.9% and +3.6% respectively), while operating expenditure and ongoing grants to public administrations were up sharply on the year (+8.0% and +9.1% respectively). The latter includes a 12.3% (or €1.6bn) year-on-year increase in ongoing grants to the Länder. Spending on grants for other areas was 4.6% higher than it was at this point in 2016, primarily as a result of higher spending on pensions, social security and benefits (e.g. parental benefit, which rose by 6.5%, and basic income support for jobseekers, which was up by 5.9%). Investment expenditure in January–October 2017 was up sharply on the year (+14.2%). One key factor here was the 14.4% increase in spending on federal financial assistance, which was driven by the rise in investment grants to the Länder (+12.3%) and allocations to increase the equity of Deutsche Bahn AG. Fixed asset investment surged by 13.6%. Construction investment, which makes up the largest share of fixed asset investment, contributed to this with a gain of 12.5%.

Trends in federal expenditure by function

Actual

2016

Estimated

2017

Actual

Year‑on‑year

change in %
(year to date)

January to October 2016

January to

October 2017

m

Share

in %

€m

Share

in %

€m

General public services

72,181

 23.2

77,807

 23.6

57,860

60,207

+4.1

Economic cooperation and development

7,732

 2.5

8,501

 2.6

5,598

5,418

 -3.2

Defence

34,613

 11.1

36,620

 11.1

27,814

28,693

+3.2

Government, central administration

14,580

 4.7

16,326

 5.0

12,549

13,655

+8.8

Revenue administration

4,507

 1.5

4,560

 1.4

3,587

3,694

+3.0

Education, science, research, cultural affairs

21,472

 6.9

23,935

 7.3

15,798

16,314

+3.3

Support for school and university students and training programme participants

3,516

 1.1

3,977

 1.2

2,609

2,824

+8.3

Science, research and development outside of higher education institutions

11,406

 3.7

12,729

 3.9

7,644

7,712

+0.9

Social security, family and youth affairs, labour market policy

160,593

 51.7

170,486

 51.8

138,358

146,673

+6.0

Social insurance including unemployment insurance

106,939

 34.4

111,943

 34.0

95,258

99,507

+4.5

Labour market policy

34,566

 11.1

37,057

 11.3

27,949

31,109

+11.3

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

20,349

 6.6

21,000

 6.4

17,175

18,195

+5.9

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

5,384

 1.7

6,500

 2.0

4,157

5,632

+35.5

Family assistance, welfare services, etc.

8,065

 2.6

8,275

 2.5

6,818

6,940

+1.8

Social benefits for the consequences of war and political events

2,026

 0.7

2,111

 0.6

1,721

1,639

 -4.7

Health, environment, sport, recreation

2,074

 0.7

2,324

 0.7

1,470

1,558

+6.0

Housing, regional planning and local community services

2,427

 0.8

3,324

 1.0

1,960

2,334

+19.1

Housing, home ownership savings premium

1,866

 0.6

2,378

 0.7

1,725

2,091

+21.2

Food, agriculture and forestry

900

 0.3

1,250

 0.4

473

577

+22.0

Energy and water supply, trade and services

4,252

 1.4

6,039

 1.8

3,407

3,352

 -1.6

Regional support measures

719

 0.2

1,585

 0.5

486

477

 -1.9

Mining, manufacturing and construction

1,705

 0.5

1,546

 0.5

1,582

1,427

 -9.8

Transport and communication

18,313

 5.9

20,818

 6.3

13,699

16,323

+19.1

Roads

8,660

 2.8

9,154

 2.8

6,390

7,011

+9.7

Railways and public transport

5,623

 1.8

6,420

 2.0

4,141

5,561

+34.3

Financial management

35,232

 11.3

23,117

 7.0

22,983

22,917

 -0.3

Interest expenditure

17,501

 5.6

18,471

 5.6

15,965

16,547

+3.6

Total expenditure1

310,581

100.0

329,100

 100.0

255,075

269,970

+5.8

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

October 2016

January to

October 2017

€m

Share
in %

€m

Share
in %

€m

Consumption expenditure

277,398

89.3

295,969

89.9

234,035

245,949

+5.1

Personnel expenditure

30,665

9.9

31,988

9.7

26,150

27,157

+3.9

Salary payments

22,269

7.2

23,433

7.1

18,788

19,555

+4.1

Pensions

8,396

2.7

8,555

2.6

7,362

7,602

+3.3

Current material expenditure

26,132

8.4

28,957

8.8

19,126

20,653

+8.0

Non-personnel expenditure

1,506

0.5

1,542

0.5

1,125

1,174

+4.4

Military procurement

9,963

3.2

11,258

3.4

6,931

7,008

+1.1

Other

14,662

4.7

16,157

4.9

11,070

12,472

+12.7

Interest expenditure

17,498

5.6

18,462

5.6

15,962

16,544

+3.6

Current grants and subsidies

202,339

65.1

215,728

65.6

172,121

180,914

+5.1

to public administration

23,648

7.6

26,824

8.2

18,457

20,136

+9.1

to other sectors

178,691

57.5

188,904

57.4

153,663

160,778

+4.6

including:

 

 

Private enterprises

26,878

8.7

30,044

9.1

21,763

22,667

+4.2

Pensions, assistance etc.

28,957

9.3

29,893

9.1

24,483

25,611

+4.6

Social insurance funds

112,577

36.2

116,878

35.5

99,513

103,910

+4.4

Other asset transfers

764

0.2

834

0.3

677

681

+0.6

Investment expenditure

33,183

10.7

36,071

11.0

21,040

24,021

+14.2

Financial assistance

24,358

7.8

26,035

7.9

15,055

17,220

+14.4

Grants and subsidies

22,787

7.3

22,639

6.9

13,933

15,098

+8.4

Loans, guarantees

1,069

0.3

1,927

0.6

802

855

+6.6

Acquisition of holdings; capital contributions

501

0.2

1,469

0.4

320

1,267

+295.9

Fixed asset investment

8,825

2.8

10,037

3.0

5,986

6,801

+13.6

Construction measures

6,846

2.2

7,533

2.3

4,798

5,397

+12.5

Acquisition of movable assets

1,480

0.5

1,846

0.6

875

1,059

+21.0

Acquisition of real property

499

0.2

658

0.2

312

345

+10.6

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

255,075

269,970

+5.8

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

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Fiscal balance

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

674,212

September

44,597

January to September

436,908

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

2017

October

Year‑on‑year
change

January to

October

Year‑on‑year
change

2017 estimates4

Year‑on‑year
change

in €m

in %

in €m

in %

in €m

in %

Joint taxes

 

 

 

 

 

 

Wages tax2

14,880

+4.5

155,697

+6.1

195,800

+5.9

Assessed income tax

-191

X

44,364

+12.8

59,300

+10.2

Non-assessed taxes on earnings

785

 -9.0

17,918

+8.2

20,850

+7.2

Final withholding tax on interest and capital gains

455

+15.8

5,919

+22.1

7,198

+21.2

Corporation tax

-1,404

X

21,012

+3.0

28,500

+3.9

Value added taxes (VAT)

18,478

+0.9

186,705

+4.1

226,600

+4.4

Trade tax apportionment

858

+9.0

3,450

+13.0

4,651

+9.8

Increased trade tax apportionment

846

+21.2

2,966

+13.8

3,875

+7.8

Total joint taxes

34,707

+1.2

438,030

+6.1

546,774

+5.9

Federal taxes

Energy duty

3,636

+1.7

29,036

+2.9

41,050

+2.4

Tobacco duty

1,010

 -18.4

11,148

+0.4

14,450

+1.9

Spirits duty incl. alcopops duty

177

+3.5

1,733

+1.4

2,090

+1.0

Insurance tax

594

+2.8

11,793

+4.3

13,300

+4.2

Electricity duty

573

 -0.1

5,731

+5.8

6,900

+5.0

Motor vehicle tax

647

+4.5

7,688

+0.2

8,980

+0.3

Aviation tax

102

 -4.3

884

+5.0

1,135

+5.7

Nuclear fuel duty

-1

X

-7,262

X

-7,261

X

Solidarity surcharge

918

+1.7

14,194

+6.8

17,900

+6.2

Other federal taxes

123

+1.5

1,179

+0.0

1,465

+0.4

Total federal taxes

7,779

 -2.2

76,126

 -6.2

100,009

 -4.2

Länder taxes

Inheritance tax

410

 -16.7

5,086

 -14.4

6,035

 -13.9

Real property transfer tax

1,056

+8.0

10,939

+7.3

13,270

+6.9

Betting and lottery tax

148

+5.5

1,529

+2.7

1,855

+2.6

Beer duty

53

 -15.8

562

 -2.5

665

 -1.9

Other Länder taxes

22

 -16.8

395

+3.4

454

+2.8

Total Länder taxes

1,689

 -0.6

18,510

 -0.4

22,279

 -0.3

EU own resources

Customs duty

423

 -3.7

4,242

 -0.4

5,150

+0.7

VAT-based own resources

197

 -44.4

1,968

 -44.4

2,350

 -44.7

GNI-based own resources

1,579

 -13.4

11,061

 -31.9

14,870

 -25.3

Total EU own resources

2,199

 -16.0

17,271

 -28.1

22,370

 -23.6

Federation3

19,667

+0.7

242,989

+4.8

308,559

+6.8

Länder 3

19,976

+1.6

240,900

+5.4

298,131

+3.3

EU

2,199

 -16.0

17,271

 -28.1

22,370

 -23.6

Local authorities’ share of income tax and value added tax

2,756

+6.9

35,748

+10.0

45,152

+9.2

Total tax revenue (excluding local authority taxes)

44,597

+0.5

536,908

+3.9

674,212

+4.0

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 Working Party on Tax Revenue Estimates, May 2017
Source: Federal Ministry of Finance

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Tax revenue in October 2017

Total tax revenue (excluding local authority taxes) increased by 0.5% on the year in October 2017. Receipts from joint taxes rose at a somewhat subdued rate of 1.2%. In contrast, revenue from wages tax and from withholding tax on interest and capital gains posted considerable growth. Yields from taxes that accrue solely to the Federation and taxes that accrue solely to the Länder were both down on the year (by 2.2% and 0.6% respectively).

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EU own resources

Transfers of own resources to the EU, including customs duties, fell by 16.0% in October 2017 compared with the same month last year. Taken cumulatively, own resources payments recorded a considerable decline of 28.1% on the year in the first ten months of 2017. This can be attributed 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. The amount of the monthly transfers is determined by the EU’s financing needs at any given time.

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Cumulative overview of the January-October 2017 period

Total tax receipts were up by 3.9% on the year in the first ten months of 2017. This is a result of an above-average rise in receipts from joint taxes (+6.1%). In contrast, yields from taxes accruing solely to the Federation and from taxes accruing solely to the Länder posted drops of 6.2% and 0.4% respectively.

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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) recorded a slight year-on-year increase of 0.7% in October 2017. This outcome was driven by two opposing trends, one on the revenue side and one on the expenditure side: On the one hand, receipts from taxes accruing solely to the Federation were down by 2.2% on the year, while the Federation’s share of revenue from joint taxes also declined ( 0.5%). On the other hand, the lower transfers of own resources to the EU and the decline in supplementary federal grants both had a positive impact on the Federation’s results for October 2017. Länder tax receipts posted a year-on-year gain of 1.6%, after accounting for supplementary federal grants. Unlike the Federation, the Länder saw an increase in their share of revenue from joint taxes (+2.0%), mainly as a result of the higher share of VAT revenue apportioned to them. The contribution made by Länder taxes to Länder tax receipts declined by 0.6%. Local authority revenue from joint taxes was up by 6.9% on the year.

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Joint taxes

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Wages tax

The upward trend in wages tax revenue seen in recent months continued in October 2017, buoyed by sustained positive employment trends and rising wages. Gross revenue from wages tax increased by 4.0% on the year. Child benefit payments, which are financed from wages tax receipts, were up by 1.7% compared with the same month last year. Cash receipts from wages tax thus rose by 4.5%. Taken cumulatively, cash receipts from wages tax were up by 6.1% in the January–October 2017 period.

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Corporation tax

Corporation tax revenue in October 2017 fell short of last year’s level by approximately €0.5bn. This is due to (a) a weaker yield from assessment activities and (b) a rise of about €0.2bn in corporation tax credits, which were disbursed for the final time in October 2017. These disbursements were made in September and October each year. In September 2017, the disbursement amount had fallen compared with the same period last year. The increase in October is essentially a result of a shift in payments from September to October. Investment allowance payments have only a marginal impact on tax receipts. Cash receipts from corporation tax were up by 3.0% on the year in the January–October 2017 period.

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Assessed income tax

The revenue trend for assessed income tax remains positive. The cash results generated by assessment activities stood at €0.2bn in October 2017, down by €0.1bn on the year. In cumulative terms, however, revenue from assessed income tax was up by 12.8% on the year in the period from January to October 2017.

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Non-assessed taxes on earnings

Taxes on dividend distributions by corporations are the main source of revenue in this category. Revenue from these taxes posted a decline of 1.9% in October 2017. At the same time, there was an increase in refunds paid out by the Federal Central Tax Office, which are subtracted from revenue totals. As a result, cash receipts from non-assessed taxes on earnings fell by 9.0% on the year. Overall, however, receipts from non-assessed taxes on earnings posted a year-on-year gain of 8.2% in the period from January to October 2017.

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Final withholding tax on interest and capital gains

Revenue from final withholding tax on interest and capital gains increased by 15.8% in October, continuing the positive trend seen since February 2017. Given the ongoing low interest-rate environment, this result cannot be attributed to taxes on interest but is more likely to be linked to trends in capital gains. However, no separate statistics are kept on the two revenue components, so it is not possible to provide reliable information on this question. In cumulative terms, revenue from withholding tax on interest and capital gains was up by 22.1% on the year in the period from January to October 2017.

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Value added taxes

Revenue from value added taxes rose by 0.9% in October. Receipts from domestic VAT fell by 0.6%, while revenue from import VAT posted an increase of 5.8%. Over the ten months from January to October 2017, value added tax revenue was up by 4.1% on the year.

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Taxes accruing to the Federation

Revenue from taxes that accrue solely to the Federation fell by 2.2% in October 2017. This is partly because €0.2bn of tobacco duty revenue shifted to the subsequent month, resulting in an 18.4% year-on-year decline in the take from tobacco duty. There was also a 4.3% decline in aviation tax receipts. The following major federal taxes posted revenue gains in October 2017: energy duty (+1.7%), solidarity surcharge (+1.7%) and insurance tax (+2.8%). The yield from electricity duty remained roughly at last year’s level ( 0.1%). Revenue trends from other taxes had only a minor impact on the results for taxes accruing solely to the Federation. On a cumulative basis, revenue from taxes accruing solely to the Federation fell by 6.2% in the period from January to October 2017. This can be attributed primarily to nuclear fuel duty refunds following the Federal Constitutional Court’s ruling of 13 April 2017.

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Taxes accruing to the Länder

Revenue from taxes accruing solely to the Länder recorded a slight year-on-year decline of 0.6% in October 2017. This was mainly due to the fact that inheritance tax receipts fell by 16.7% on the year. Receipts from fire protection tax and beer duty were down by 17.1% and 15.8% respectively. Gains were recorded for real property transfer tax (+8.0%) and betting and lottery tax (+5.5%), both of which make an important contribution to Länder tax receipts. Revenue from Länder taxes was down slightly, by 0.4% on the year, for the period from January to October 2017.

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Credit market funds

Debt level:
30 September 2017

Borrowing

(increase)

Debt repayment

(decrease)

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

(in €m)

Budget borrowing1,089,59714,403-18,0921,085,908-3,689

broken down by purpose

Federal budget

1,048,55014,110-18,0921,044,568-3,982

Financial Market Stabilisation Fund

22,262153-22,416153
Investment and Redemption Fund18,784139-18,924139

broken down by dept type

Federal securities1,075,67614,403-18,0621,072,017-3,659

Federal bonds

683,7295,347-689,0765,347

30-year federal government bonds

201,631918-202,549918

10-year federal government bonds

482,0984,429-486,5264,429

Inflation-linked federal securities

71,395908-72,303908

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

6,21158-6,26958

10-year inflation-linked federal government bonds

50,695850-51,545850

Inflation-linked federal government debentures

14,4900-14,4900

Federal notes

215,0292,219-16,000201,248-13,781

Federal Treasury notes

91,8933,727-95,6193,727

Treasury discount papers issued by the Federation

11,8502,202-2,00812,044194

Other federal securities

1,780--541,726-54
Securitised loans9,446--309,416-30
Other loans and ordinary debts4,475--4,475-

broken down by maturity

Short term (up to one year)161,875  162,716841
Medium term (one to four years)333,794  337,3833,589
Long term (over four years)593,927  585,808-8,119

for information purposes only

Liabilities resulting from inflation adjustments of inflation-linked securities4,0924,294203
Reserve for inflation adjustments of the principal of the inflation-linked securities according to Schlussfinanzierungsgesetz3,6033,61512

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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

160.0121.1128.5

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

65.044.046.7

Financial cooperation projects

28.517.917.2

Food stockpiling

0.70.00.0

Domestic guarantees

158.0103.2102.3

International financial institutions

66.060.060.0

Treuhandanstalt successor organisations

1.01.01.0

Interest compensation guarantees

15.015.010.0

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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

Eurogroup and ECOFIN Council meetings in Brussels

19-20 February 2018

Eurogroup and ECOFIN Council meetings in Brussels

12-13 March 2018

Meeting of the G20 finance ministers and central bank governors in Buenos Aires, Argentina

19-20 March 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.