1. Trends in the federal budget

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

325.4

136.1

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

+2.0

Revenue (€bn)2

330.4

133.2

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

+2.5

Tax revenue (€bn)

309.4

122.2

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

+0.7

Fiscal balance (€bn)

5.0

-2.9

Financing/use of surplus:

-5.0

2.9

Cash resources (€bn)

-

43.8

Seigniorage (€bn)

0.3

0.1

reserve funds balance (€bn)

5.3

0.0

Net borrowing/current financial market balance3 (€bn)

0.0

-40.9

2. Credit market funds

Debt level:

30 April 2018

Borrowing

(increase)

May 2018

Debt repayment

(decrease)

May 2018

Debt level:
31 May 2018

Change in debt level (balance)

May 2018

(in €m)

Budget borrowing

1,067,772

15,192

-2,027

1,080,938

13,165

broken down by purpose

Federal budget

1,026,369

15,192

-2,027

1,039,534

13,165

Financial Market Stabilisation Fund

22,467

-

-

22,467

-

Investment and Redemption Fund

18,936

0

-

18,936

0

broken down by dept type

Federal securities

1,054,456

15,192

-2,027

1,067,622

13,165

Federal bonds

703,750

3,444

-

707,194

3,444

30-year federal government bonds

209,412

1,488

-

210,900

1,488

10-year federal government bonds

494,338

1,956

-

496,294

1,956

Inflation-linked federal securities

61,301

812

-

62,113

812

30-year inflation-linked federal government bonds

6,776

240

-

7,016

240

10-year inflation-linked federal government bonds

54,525

572

-

55,097

572

5-year inflation-linked federal government debentures

0

-

-

0

-

Federal notes

179,844

3,049

-

182,893

3,049

Federal Treasury notes

98,072

4,559

-

102,631

4,559

Treasury discount papers issued by the Federation

9,963

3,329

-2,008

11,284

1,321

Other federal securities

1,526

-

-19

1,507

-19

Securitised loans

8,841

-

-

8,841

-

Other loans and ordinary debts

4,475

-

-

4,475

-

broken down by maturity

Short term (up to one year)

151,278

 

 

152,412

1,133

Medium term (one to four years)

323,097

 

 

327,679

4,583

Long term (over four years)

593,397

 

 

600,847

7,450

Additional information:1

Liabilities from the capital indexing of inflation-linked federal securities

3,406

 

 

4,050

644

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

3,422

 

 

3,443

21

3. General government tax revenue

Total tax revenue (provisional, in €m)

Period

Total tax revenue

Projection for 20181

710,545

May

51,621

January to May

274,658

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 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

Eurogroup and informal ECOFIN Council meetings in Vienna 7-8 September 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.