1. Trends in the federal budget

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

325.4

111.8

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

+1.9

Revenue (€bn)2

330.4

107.8

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

+0.9

Tax revenue (€bn)

309.4

98.7

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

-1.1

Fiscal balance (€bn)

5.0

-4.0

Financing/use of surplus:

-5.0

4.0

Cash resources (€bn)

-

57.4

Seigniorage (€bn)

0.3

-0.1

reserve funds balance (€bn)

5.3

0.0

Net borrowing/current financial market balance3 (€bn)

0.0

-53.3

2. Credit market funds

Debt level:

31 March 2018

Borrowing

(increase)

April 2018

Debt repayment

(decrease)

April 2018

Debt level:
30 April 2018

Change in debt level (balance)

April 2018

(in €m)

Budget borrowing 1,086,503 15,346 -34,077 1,067,772 -18,731

broken down by purpose

Federal budget

1,045,169

15,276

-34,077

1,026,369

-18,801

Financial Market Stabilisation Fund

22,415

52

-

22,467

52

Investment and Redemption Fund

18,919

18

-

18,936

18

broken down by dept type

Federal securities

1,073,167

15,346

-34,057

1,054,456

-18,711

Federal bonds

699,233

4,517

-

703,750

4,517

30-year federal government bonds

207,925

1,487

-

209,412

1,487

10-year federal government bonds

491,308

3,030

-

494,338

3,030

Inflation-linked federal securities

75,233

1,067

-15,000

61,301

-13,933

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

6,741

35

-

6,776

35

10-year inflation-linked federal government bonds

54,038

487

-

54,525

487

Inflation-linked federal government debentures

14,455

545

-15,000

0

-14,455

Federal notes

193,811

3,032

-17,000

179,844

-13,968

Federal Treasury notes

94,282

3,790

-

98,072

3,790

Treasury discount papers issued by the Federation

9,031

2,939

-2,007

9,963

932

Other federal securities

1,575

0

-49

1,526

-49

Securitised loans

8,861

-

-20

8,841

-20

Other loans and ordinary debts

4,475

-

-

4,475

-

broken down by maturity

Short term (up to one year)

165,969

 

 

151,278

-14,691

Medium term (one to four years)

319,050

 

 

323,097

4,047

Long term (over four years)

601,484

 

 

593,397

-8,087

Additional information:1

Liabilities from the capital indexing of inflation-linked federal securities

4,421

 

 

3,406

-1,015

Reserves in accordance with the Final Payment Financing Act ( Schlusszahlungsfinanzierungsgesetz )

3,656

 

 

3,422

-234

3. General government tax revenue

Total tax revenue (provisional, in €m)

Period

Total tax revenue

Projection for 20181

710,545

April

50,927

January to April

223,037

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

Eurogroup and ECOFIN Council meetings in Brussels

                                                        24-25 May 2018

Meeting of G7 finance ministers and central bank

governors in Whistler, Canada

31 May to 2 June 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.