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1. Trends in the federal budget

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

325.4

85.8

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

+1.6

Revenue (€bn)2

330.4

81.5

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

-0.1

Tax revenue (€bn)

309.4

75.2

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

-2.3

Fiscal balance (€bn)

5.0

-4.3

Financing/use of surplus:

-5.0

4.3

Cash resources (€bn)

-

43.5

Seigniorage (€bn)

0.3

-0.2

reserve funds balance (€bn)

5.3

0.0

Net borrowing/current financial market balance3 (€bn)

0.0

-39.0

2. Credit market funds

Debt level:
28 February 2018

Borrowing

(increase)

March 2018

Debt repayment

(decrease)

March 2018

Debt level:
31 March 2018

Change in debt level (balance)

March 2018

(in €m)

Budget borrowing 1,083,477 18,048 -15,023 1, 86,503 3,026

broken down by purpose

Federal budget

1,042,143 16,490 -13,464 1,045,169 3,026

Financial Market Stabilisation Fund

22,415 1,216 -1,216 22,415 -
Investment and Redemption Fund 18,919 342 -342 18,919 0

broken down by dept type

Federal securities 1,070,141 18,048 -15,023 1,073,167 3,026

Federal bonds

692,000 7,233 - 699,233 7,233

30-year federal government bonds

206,288 1,637 - 207,925 1,637

10-year federal government bonds

485,712 5,596 - 491,308 5,596

Inflation-linked federal securities

74,308 925 - 75,233 925

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

6,716 25 - 6,741 25

10-year inflation-linked federal government bonds

53,137 900 - 54,038 900

Inflation-linked federal government debentures

14,455 0 - 14,455 0

Federal notes

190,269 3,542 - 193,811 3,542

Federal Treasury notes

102,941 4,341 -13,000 94,282 -8,659

Treasury discount papers issued by the Federation

9,033 2,006 -2,008 9,031 -1

Other federal securities

1,590 - -15 1,575 -15
Securitised loans 8,861 - - 8,861 -
Other loans and ordinary debts 4,475 - - 4,475 -

broken down by maturity

Short term (up to one year) 166,876     165,969 -907
Medium term (one to four years) 326,966     319,050 -7,916
Long term (over four years) 589,635     601,489 11,849

for information purposes only

Liabilities resulting from inflation

adjustments of inflation-linked securities

5,086 4,421 -665

Reserve for inflation adjustments of the principal of the inflation-linked

securities according to Schlussfinanzierungsgesetz

3,643 3,656 13

3. General government tax revenue

Total tax revenue (provisional, in €m)

Period

Total tax revenue

Projection for 20181

703,046

March

67,995

January to March

172,110

4. Guarantees

Guarantees (in €bn)

Purpose of guarantees

Authorised ammount

Amount allocated
as of
31 March 2018

Amount allocated

as of
31 March 2017

Export credit guarantees

160.0 119.5 124.8

Loans to foreign debtors, direct foreign investment,

EIB loans, KfW shareholding in EIF

65.0 42.9 44.5

Financial cooperation projects

28.5 20.3 17.5

Food stockpiling

0.7 0.0 0.0

Domestic guarantees

158.0 102.3 102.6

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 15.0

5. Key dates on the fiscal policy agenda

Event

Date

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 Luxembourg

     21-22 June 2018

Eurogroup and ECOFIN Council meetings in Brussels

12-13 June 2018

Meeting of G20 finance ministers and central bank

governors in Buenos Aires, Argentinia

21-22 July 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.