1. Trends in the federal budget

Federal budget trends (figures in €m)
Actual 2017 Actual1 as of January 2018
Expenditure (€bn)2

325.4

38.7

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

-1.1
Revenue (€bn)2

330.4

22.5

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

-11.5
Tax revenue (€bn)

309.4

20.7

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

-12.2
Fiscal balance (€bn)

5.0

-16.1

Financing/use of surplus:

-5.0

16.1

Cash resources (€bn)

-

52.5
Seigniorage (€bn)

0.3

-0.1
reserve funds balance (€bn)

5.3

0.0
1 As per accounts.
2 Excluding revenue and expenditure from internal offsetting.
3 (-) debt repayment; (+) borrowing
Source: Federal Ministry of Finance

2. Credit market funds

Debt level:
31 December 2017

Borrowing

(increase)

Januar 2018

Debt repayment

(decrease)

January 2018

 Debt level:
31 January 2018

Change in debt level (balance)

January 2018

(in €m)
Budget borrowing

1,086,311

20,488

-22,248

1,084,551

-1,760

broken down by purpose

Federal budget

1,044,972

20,492

-22,248

1,043,216

-1,756

Financial Market Stabilisation Fund

22,418

-3

-

22,415

-3
Investment and Redemption Fund

18,920

0

-

18,920

0

broken down by dept type

Federal securities

1,072,745

20,488

-22,043

1,071,190

-1,555

Federal bonds

693,282

14,535

-20,000

687,817

-5,465

30-year federal government bonds

203,462

1,497

-

204,959

1,497

10-year federal government bonds

489,820

13,038

-20,000

482,858

-6,962

Inflation-linked federal securities

72,855

466

-

73,321

466

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

6,275

401

-

6,676

401

10-year inflation-linked federal government bonds

52,090

100

-

52,190

100

Inflation-linked federal government debentures

14,490

-35

-

14,455

-35

Federal notes

203,899

127

-

204,026

127

Federal Treasury notes

91,013

5,360

-

96,373

5,360

Treasury discount papers issued by the Federation

10,037

-

-2,007

8,030

-2,007

Other federal securities

1,660

0

-36

1,623

-36
Securitised loans

9,091

-

-205

8,886

-205
Other loans and ordinary debts

4,475

-

-

4,475

-

broken down by maturity

Short term (up to one year)

159,757

 

 

165,302

5,545
Medium term (one to four years)

332,271

 

 

338,399

6,128
Long term (over four years)

594,282

 

 

580,850

-13,433

for information purposes only

Liabilities resulting from inflation adjustments of inflation-linked securities 4,720 4,781 617
Reserve for inflation adjustments of the principal of the inflation-linked securities according to Schlussfinanzierungsgesetz 3,622 3,632 10
Discrepancies in totals are due to rounding.

3. General government tax revenue

Total tax revenue (provisional, in €m)

Period

Total tax revenue

Projection for 20181

703,046

January

 47,874

January to January

 47,874
1 Source: Working Party on Tax Estimates, November 2017

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

                                                     12-13 March 2018
Meeting of G20 finance ministers and central bank governors in Buenos Aires, Argentina

                                                     19-20 March 2018
European Council in Brussels

                                                     22-23 March 2018
Spring Meetings of the IMF and World Bank in Washington, D.C.

                                                  19 to 21 April 2018
Meeting of G20 finance ministers and central bank governors in Washington, D.C.

                                                             20 April 2018
Meeting of ASEM finance ministers in Sofia, Bulgaria

                                                            26. April 2018
Eurogroup and informal ECOFIN Council meetings in Sofia, Bulgaria

                                                      27-28 April 2018
Tax revenue estimate meeting in Mainz

                                                         7 to 9 May 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.