1. Trends in the federal budget

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

325.4

62.9

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

+1.2

Revenue (€bn)2

330.4

48.4

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

-2.9

Tax revenue (€bn)

309.4

45.0

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

-4.0

Fiscal balance (€bn)

5.0

-14.5

Financing/use of surplus:

-5.0

14.5

Cash resources (€bn)

-

53.4

Seigniorage (€bn)

0.3

-0.2

reserve funds balance (€bn)

5.3

0.0

2. Credit market funds

Debt level:
31 January 2018

Borrowing

(increase)

February 2018

Debt repayment

(decrease)

February 2018

Debt level:
28 February 2018

Change in debt level (balance)

February 2018

(in €m)

Budget borrowing 1,084,551 17,991 -19,065 1,083,477 -1,074

broken down by purpose

Federal budget

1,043,216 17,992 -19,065 1,042,143 -1,073

Financial Market Stabilisation Fund

22,415 - - 22,415 -
Investment and Redemption Fund 18,920 -1 - 18,919 -1

broken down by dept type

Federal securities 1,071,190 17,991 -19,04 1,070,141 -1,049

Federal bonds

687,817 4,183 - 692,000 4,183

30-year federal government bonds

204,959 1,329 - 206,288 1,329

10-year federal government bonds

482,858 2,854 - 485,712 2,854

Inflation-linked federal securities

73,321 987 - 74,308 987

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

6,676 40 - 6,716 40

10-year inflation-linked federal government bonds

52,190 947 - 53,137 947

Inflation-linked federal government debentures

14,455 - - 14,455 -

Federal notes

204,026 3,243 -17,000 190,269 -13,757

Federal Treasury notes

96,373 6,568 - 102,941 6,568

Treasury discount papers issued by the Federation

8,030 3,010 -2,007 9,033 1,003

Other federal securities

1,623 - -33 1,590 -33
Securitised loans 8,886 - -25 8,862 -25
Other loans and ordinary debts 4,475 - - 4,475 -

broken down by maturity

Short term (up to one year) 165,302     166,876 1,575
Medium term (one to four years) 338,399     326,966 -11,434
Long term (over four years) 580,850     589,635 8,785

for information purposes only

Liabilities resulting from inflation adjustments of inflation-linked securities 4,781 5,086 306
Reserve for inflation adjustments of the principal of the inflation-linked securities according to Schlussfinanzierungsgesetz 3,632 3,643 12

3. General government tax revenue

Total tax revenue (provisional, in €m)

Period

Total tax revenue

Projection for 20181

703,046

February

56,241

January to February

104,115

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

Spring Meetings of the IMFand 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

Eurogroup and ECOFIN Council meetings in Brussels

     21-22 June 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.