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1. Federal budget trends

Federal budget trends (figures in €m)
Estimated 2017

January to December 20171

January to December 20161

Expenditure2

329,100 325,380 310,581

Revenue2

322,051 330,401 316,829

Tax revenue

301,029 309,376 288,991

Fiscal balance

-7,049 5,020 6,248

Financing/use of surplus:

     

Cash resources

0 0 0

Seigniorage

285 263 300

Transfer to reserve funds

6,734 5,284 6,548

Net borrowing/
current financial market balance3

0 0 0

2. Credit market funds

Debt level:
30 November 2017

Borrowing

(increase)

Debt repayment

(decrease)

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

(in €m)

Budget borrowing 1,096,694 4,993 -15,376 1,086,311 -10,383

broken down by purpose

Federal budget

1,055,355 2,316 -12,699 1,055,355 -3,982

Financial Market Stabilisation Fund

22,416 1,425 -1,423 22,418 2
Investment and Redemption Fund 18,924 1,251 -1,255 18,920 -3

broken down by dept type

Federal securities 1,082,804 4,993 -15,051 1,072,745 -10,058

Federal bonds

691,880 1,402 - 693,282 1,402

30-year federal government bonds

203,406 56 - 203,462 56

10-year federal government bonds

488,473 1,346 - 489,820 1,346

Inflation-linked federal securities

72,837 18 - 72,855 18

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

6,280 -5 - 6,275 -5

10-year inflation-linked federal government bonds

52,067 23 - 52,090 23

Inflation-linked federal government debentures

14,490 0 - 14,490 0

Federal notes

203,968 -69 - 203,899 -69

Federal Treasury notes

100,472 3,541 -13,000 91,013 -9,459

Treasury discount papers issued by the Federation

11,944 100 -2,007 10,037 -1,907

Other federal securities

1,704 - -44 1,660 -44
Securitised loans 9,416 - -325 9,091 -325
Other loans and ordinary debts 4,475 - - 4,475 -

broken down by maturity

Short term (up to one year) 162,711     159,757 -2,954
Medium term (one to four years) 341,690     332,271 -9,419
Long term (over four years) 592,293     594,282 1,989

for information purposes only

Liabilities resulting from inflation adjustments of inflation-linked securities 4,633 4,720 87
Reserve for inflation adjustments of the principal of the inflation-linked securities according to Schlussfinanzierungsgesetz 3,622 3,622 -

3. General government tax revenue

Total tax revenue (provisional, in €m)

Period

Total tax revenue

Projection for 20171

674,212

December

90,693

January to Dezember

674,598

4. Guarantees

Guarantees (in €bn)

Purpose of guarantees

Authorised ammount

Amount allocated
as of
31 December 2017

Amount allocated

as of
31 December 2016

Export credit guarantees

160.0 121.0 128.6

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

65.0 44.3 44.7

Financial cooperation projects

28.5 19.6 17.6

Food stockpiling

0.7 0.0 0.0

Domestic guarantees

158.0 103.1 102.6

International financial institutions

66.0 60.1 60.1

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

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
European Council meeting in Brussels 22-23 March 2018
Spring Meetings of the IMF and World Bank in Washington, D.C. 19-21 April 2018

Meeting of the G20 finance ministers and central bank governors in Washington D.C.

20 April 2018

Eurogroup and informal ECOFIN Council meetings in Bulgaria

27-28 April 2018

Eurogroup and ECOFIN Council meetings in Brussels

24-25 May 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.