1. Federal budget trends

Federal budget trends (figures in €m)
Estimated 2017

January to October 20171

January to October 20161

Expenditure2

329,100 269,970 255,075

Revenue2

322,051 260,232 254,233

Tax revenue

301,029 242,576 229,373

Fiscal balance

-7,049 -9,737 -840

Financing/use of surplus:

     

Cash resources

0 42,563 25,379

Seigniorage

285 135 176

Transfer to reserve funds

6,734 - -689

Net borrowing/
current financial market balance3

0 -32,961 -24,000

2. 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 borrowing 1,089,597 14,403 -18,092 1,085,908 -3,689

broken down by purpose

Federal budget

1,048,550 14,110 -18,092 1,044,568 -3,982

Financial Market Stabilisation Fund

22,262 153 - 22,416 153
Investment and Redemption Fund 18,784 139 - 18,924 139

broken down by dept type

Federal securities 1,075,676 14,403 -18,062 1,072,017 -3,659

Federal bonds

683,729 5,347 - 689,076 5,347

30-year federal government bonds

201,631 918 - 202,549 918

10-year federal government bonds

482,098 4,429 - 486,526 4,429

Inflation-linked federal securities

71,395 908 - 72,303 908

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

6,211 58 - 6,269 58

10-year inflation-linked federal government bonds

50,695 850 - 51,545 850

Inflation-linked federal government debentures

14,490 0 - 14,490 0

Federal notes

215,029 2,219 -16,000 201,248 -13,781

Federal Treasury notes

91,893 3,727 - 95,619 3,727

Treasury discount papers issued by the Federation

11,850 2,202 -2,008 12,044 194

Other federal securities

1,780 - -54 1,726 -54
Securitised loans 9,446 - -30 9,416 -30
Other loans and ordinary debts 4,475 - - 4,475 -

broken down by maturity

Short term (up to one year) 161,875     162,716 841
Medium term (one to four years) 333,794     337,383 3,589
Long term (over four years) 593,927     585,808 -8,119

for information purposes only

Liabilities resulting from inflation adjustments of inflation-linked securities 4,092 4,294 203
Reserve for inflation adjustments of the principal of the inflation-linked securities according to Schlussfinanzierungsgesetz 3,603 3,615 12

3. 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

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

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.