Inhalt

Federal budget trends up to and including September 2019

Table: Trends in the federal budget

 

Actual 2018 2019 target Actual1 September 2019

Expenditure (€bn)2

336.7

356.4

256.4

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

 

 

+3.7
Revenue (€bn)3

347.6

350.6

255.7

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

 

 

+0.9
Tax revenue (€bn)

322.4

325.5

234.8

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

 

 

+0.2
Balance of pass-through funds(€bn)

0.0

0.0

0.0

Fiscal balance (€bn)

10.9

-5.8

-0.7

Financing/use of surplus

-10.9

5.8

0.7

Cash resources (€bn)

-

-

57.9

Seigniorage (€bn)

0.3

0.3

0.2

Movements in reserves4 (€bn)

-11.2

5.5

0.0
Net borrowing5 (€bn)

0.0

0.0

-57.4

Any discrepancies in totals are due to rounding.
1 As per accounts.

2 With the exception of expenditure on the repayment of debt incurred on the credit market, allocations to reserves

and expenditure made to cover a cash deficit. Excluding expenditure from internal offsetting.

3 With the exception of revenue from loans on the credit market, withdrawals from reserves, revenue from cash

surpluses and seigniorage. Excluding revenue from internal offsetting.

4 Negative values denote accumulation of reserves.
5 (-) debt repayment; (+) borrowing
Source: Federal Ministry of Finance

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Revenue

Federal revenue for the period from January to September 2019 totalled approximately €255.7bn, representing a rise of 0.9% (around €2.3bn) over the same period in 2018.

Tax revenue (including transfers of EU own resources to the EU) increased by 0.2% (approximately €0.4bn) compared with the same period last year. Other revenue was up by 9.9% (roughly €1.9bn) on the year in the January–September period. This increase is attributable mainly to higher revenue from the distance-based commercial vehicle toll (up by about €1.8bn) and an increase in allocations from the Bundesbank’s profits (up by about €0.5bn).

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Expenditure

Federal expenditure in the first nine months of 2019 totalled €256.4bn, up by 3.7% (about €9.0bn) over the same period last year. Federal spending is separated into consumption and investment spending.

Consumption spending was up by 3.0% (about €6.8bn) on the year during the January–September period. This figure includes a 4.2% (€6.2bn) year-on-year increase in ongoing grants to “other areas”, which was driven primarily by higher ongoing subsidies to companies (up by 8.1% or €1.6bn) and by higher subsidies to social security funds (up by 3.6% or €3.5bn). In contrast, ongoing grants for pensions and benefits were down slightly on the year, by 1.0%, mainly due to a 2.5% decline in spending on basic income support for jobseekers. The rise in consumption spending was also tempered by a decline in interest expenditure, which was 21.2% lower on the year.

Investment spending totalled approximately €22.2bn in the January–September period, representing an increase of 11.3% over the same period last year. This was driven partly by a surge in fixed asset investment, which rose by 15.9% on the year, as well as by an increase in construction spending (up by around €0.3bn) and acquisitions of movable and immovable assets (which increased by approximately €0.6bn). Another factor was the year-on-year increase in expenditure on financial assistance programmes funded by the government, with higher spending on programmes to promote digital technology and on a new home ownership-related child benefit. It should be noted, however, that payments of this new child benefit only started on 1 January 2019.

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Fiscal balance

The federal budget recorded a deficit of €0.7bn for the period from January to September 2019.

Revenue and expenditure are subject to strong fluctuations over the course of the fiscal year and thus have an uneven effect on cash funds in individual months. Net borrowing also tends to fluctuate considerably over the course of the year. This means that the fiscal balance at this point in the year and the corresponding net borrowing figures are not reliable indicators of the end-of-year figures for the fiscal balance and net borrowing.

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Trends in federal expenditure by function

 

Trends in federal expenditure by function

Trends in federal expenditure by function

Actual 2018

2019 target

Actual

Year-on-year

change
(year to date)

January to

September 2018

January to

September 2019

in €m

share in %

in €m

share in %

in €m

in %
General public services

80,341

 23.9

89,945

 25.2

54,363

60,845

11.9

Economic cooperation and development

9,245

 2.7

10,163

 2.9

4,550

4,985

9.5

Defence

38,303

 11.4

42,649

 12.0

26,492

29,590

11.7

Government, central administration

16,897

 5.0

19,039

 5.3

13,074

14,190

8.5

Revenue administration

4,755

 1.4

5,329

 1.5

3,354

3,756

12.0
Education, science, research, cultural affairs

23,071

 6.9

25,696

 7.2

13,990

14,812

5.9

Support for school and university students and training programme participants

3,498

 1.0

4,062

 1.1

2,503

2,308

-7.8

Science, research and development outside of higher education institutions

12,861

 3.8

14,444

 4.1

7,198

7,999

11.1
Social security, family affairs and youth, labour market policy

172,190

 51.1

179,537

 50.4

135,665

140,033

3.2

Social insurance including unemployment insurance

114,730

 34.1

119,249

 33.5

92,909

96,132

3.5

of which:

 

 

 

 

 

 

 

General pension insurance

85,190

 25.3

89,173

 25.0

69,941

72,938

4.3

Labour market policy

36,810

 10.9

37,631

 10.6

27,129

27,100

-0.1

of which:

 

 

 

 

 

 

Basic income support for jobseekers under Book II of the Social Code

20,543

 6.1

20,600

 5.8

15,818

15,419

-2.5

Government housing and heating allowances under Book II of the Social Code

7,023

 2.1

6,700

 1.9

5,073

4,906

-3.3

Family assistance, welfare services, etc.

8,970

 2.7

9,191

 2.6

6,797

7,007

3.1

Social benefits for the consequences of war and political events

1,830

 0.5

2,098

0.6

1,477

1,629

10.3

Health, environment, sport, recreation

2,477

 0.7

3,720

1.0

1,474

1,720

16.6

Housing, urban development, regional planning and local community services

2,947

 0.9

3,783

1.1

1,861

2,070

11.2

Housing, home ownership savings premium

2,202

 0.7

2,785

0.8

1,622

1,800

10.9
Food, agriculture and forestry

1,087

 0.3

1,423

0.4

394

566

43.6

Energy and water management, trade and services

4,316

 1.3

5,100

1.4

2,612

2,840

8.7

Regional support measures

694

 0.2

1,304

0.4

327

425

30.0

Mining, manufacturing and construction

1,411

 0.4

1,403

0.4

1,213

1,159

-4.5
Transport and communication

21,943

 6.5

22,134

6.2

13,723

14,652

6.8

Roads

10,620

 3.2

10,790

3.0

6,524

7,154

9.7

Railways and public transport

6,903

 2.1

6,267

1.8

3,957

4,242

7.2
Financial management

28,339

 8.4

25,062

7.0

23,249

18,891

-18.7

Interest expenditure and borrowing-related expenditure

16,451

 4.9

17,533

4.9

15,661

12,343

-21.2
Total expenditure 1

336,710

 100.0

356,400

 100.0

247,331

256,429

3.7

1 Excluding expenditure from internal offsetting.
Source: Federal Ministry of Finance
Tabelle vergrößern

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Trends in federal expenditure by economic category

 

Trends in federal expenditure by economic category

Trends in federal expenditure by economic category

Actual 2018

2019 target

Actual

Year-on-year

change

(year to date)

January to

September 2018

January to

September 2019

in €m

share in %

in €m

share in %

in €m

in %
Consumption expenditure

298,613

88.7

318,614

89.4

227,379

234,224

+3.0

Human resources expenditure

32,718

9.7

34,646

9.7

24,973

26,314

+5.4

Salary payments

23,921

7.1

25,596

7.2

18,000

19,039

+5.8

Pensions

8,797

2.6

9,049

2.5

6,973

7,275

+4.3

Operating expenditure

30,058

8.9

35,570

10.0

18,733

21,110

+12.7

Administrative expenditure (excl. human resources)

1,627

0.5

1,571

0.4

10,770

11,359

+5.5

Military procurement

11,813

3.5

15,568

4.4

6,464

8,364

+29.4

Other

16,618

4.9

18,432

5.2

1,500

1,387

 -7.5

Interest expenditure

16,447

4.9

17,524

4.9

15,658

12,334

 -21.2

Ongoing grants and subsidies

218,604

64.9

229,909

64.5

167,349

173,594

+3.7

to public administrations

28,278

8.4

29,151

8.2

21,420

21,508

+0.4

to other areas

190,326

56.5

200,759

56.3

145,929

152,086

+4.2

of which:

 

 

 

 

 

 

 

Companies

28,291

8.4

32,383

9.1

19,624

21,210

+8.1

Pensions, benefits, etc.

29,482

8.8

29,850

8.4

22,686

22,468

 -1.0

Social security funds

120,764

35.9

124,882

35.0

96,931

100,399

+3.6

Other asset transfers

786

0.2

965

0.3

666

873

+31.1

Investment expenditure

38,097

11.3

38,946

10.9

19,952

22,205

+11.3

Financial assistance

27,899

8.3

27,969

7.8

13,871

15,159

+9.3

Grants and subsidies

26,030

7.7

26,297

7.4

13,144

14,425

+9.7

Loans, guarantees

1,480

0.4

1,170

0.3

614

499

 -18.7

Acquisition of holdings; capital contributions

390

0.1

502

0.1

113

235

+108.0

Fixed asset investment

10,198

3.0

10,977

3.1

6,081

7,046

+15.9

Construction projects

7,903

2.3

8,086

2.3

4,886

5,223

+6.9

Acquisition of movable assets

1,567

0.5

2,119

0.6

868

1,332

+53.5

Acquisition of real property

727

0.2

771

0.2

327

491

+50.2
General reduction/increase in expenditure

0

0.0

-1,160

-0.3

0

0

X

Total expenditure 1

336,710

100.0

356,400

100.0

247,331

256,429

+3.7

1 Excluding expenditure from internal offsetting.
Source: Federal Ministry of Finance
Tabelle vergrößern

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Trends in federal revenue

 

Trends in federal revenue

Trends in federal revenue

Actual 2018

2019 target

Actual

Year-on-year

change

(year to date)

January to

September 2018

January to

September 2019

in €m

share in %

in €m

share in %

in €m

in %

Tax revenue

322,386

92.7

325,491

92.8

234,410

234,814

+0.2

Federal share of joint taxes:

264,106

76.0

273,027

77.9

194,801

199,168

+2.2

Income tax and corporation tax
(incl. final withholding tax on interest and capital gains)

145,535

41.9

150,063

42.8

106,331

109,538

+3.0

of which:

 

 

 

 

 

 

 

Wages tax

88,520

25.5

92,301

26.3

61,910

65,628

+6.0

Assessed income tax

25,678

7.4

26,688

7.6

19,216

20,033

+4.3

Non-assessed taxes on earnings

11,592

3.3

10,870

3.1

9,717

9,736

+0.2

Final withholding tax on interest and capital gains

3,033

0.9

3,339

1.0

2,532

1,698

 -32.9

Corporation tax

16,713

4.8

16,865

4.8

12,956

12,443

 -4.0

Value added taxes (VAT)

115,712

33.3

120,126

34.3

87,367

88,553

+1.4

Trade tax apportionment

2,058

0.6

2,038

0.6

1,103

1,076

 -2.4

Energy duty

40,882

11.8

41,100

11.7

25,445

25,304

 -0.6

Tobacco duty

14,339

4.1

14,220

4.1

9,796

9,750

 -0.5

Solidarity surcharge

18,927

5.4

19,700

5.6

14,067

14,560

+3.5

Insurance tax

13,779

4.0

14,050

4.0

11,582

11,855

+2.4

Electricity duty

6,858

2.0

7,000

2.0

5,208

4,944

 -5.1

Motor vehicle tax

9,047

2.6

9,080

2.6

7,091

7,337

+3.5

Alcohol duty including alcopops duty

2,135

0.6

2,122

0.6

1,589

1,580

 -0.6

Coffee duty

1,037

0.3

1,045

0.3

750

771

+2.8

Aviation tax

1,187

0.3

1,215

0.3

818

837

+2.3
Sparkling wine duty and intermediate products duty

395

0.1

396

0.1

301

307

+2.0
Other taxes accruing to the Federation

2

0.0

2

0.0

2

2

+0.0
Deductions

 

 

 

 

 

 

 
Consolidation assistance for the Länder

 800

X

800

X

800

800

+0.0

Supplementary grants to Länder

8,486

X

7,783

x

6,652

5,820

 -12.5

EU own resources (GNI-based)

21,147

X

28,640

x

14,690

19,664

+33.9

EU own resources (VAT-based)

2,385

X

2,600

x

1,782

2,086

+17.1

Grants to Länder for public transport

8,498

X

8,651

x

6,373

6,488

+1.8

Grants to Länder for motor vehicle tax and HGV toll

8,992

X

8,992

x

6,744

6,744

+0.0

Other revenue

25,200

7.3

25,123

7.2

19,033

20,916

+9.9

Revenue from economic activity

5,682

1.6

5,640

1.6

4,985

5,504

+10.4

Interest revenue

340

0.1

280

0.1

243

214

 -11.9

Loan repayments, holdings, privatisation proceeds

2,371

0.7

2,314

0.7

1,624

1,496

 -7.9

Total revenue 1

347,586

100.0

350,614

100.0

253,442

255,730

+0.9

1 With the exception of revenue from loans on the credit market, withdrawals from reserves, revenue from cash surpluses and seigniorage.
Excluding revenue from internal offsetting.
Source: Federal Ministry of Finance
Tabelle vergrößern

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Tax revenue in September 2019

 

2019 trends in tax revenue (excluding local authority taxes)1

2019 trends in tax revenue (excluding local authority taxes)

2019

September

Year-on-year
change 

January

to September

Year-on-year

change  

2019 estimates 4

Year-on-year
change

in €m

in %

in €m

in %

in €m

in %
Joint taxes            
Wages tax2

16,460

+5.0

159,028

+6.1

219,350

+5.3
Assessed income tax

14,743

+7.0

47,136

+4.3

60,200

 -0.4
Non-assessed taxes on earnings

1,145

+12.1

19,488

+0.3

24,120

+4.1

Final withholding tax on interest and capital gains

(including the former withholding tax on interest income)

326

 -12.5

3,860

 -32.9

4,731

 -31.4
Corporation tax

7,574

 -1.0

24,886

 -4.0

32,730

 -2.1
Value added taxes (VAT)

20,915

+9.0

180,560

+3.6

242,900

+3.4
Trade tax apportionment

0

 -46.7

2,598

 -2.4

4,815

 -3.1
Increased trade tax apportionment

0

 -53.5

1,856

 -14.1

3,427

 -16.6
Total joint taxes

61,163

+6.0

439,412

+3.3

592,273

+2.8

Taxes accruing to the Federation
Energy duty

3,671

+5.7

25,304

 -0.6

40,250

 -1.5
Tobacco duty

923

 -14.6

9,750

 -0.5

14,260

 -0.6
Alcohol duty (formerly spirits duty)

174

+1.5

1,579

 -0.5

2,130

 -0.1
Insurance tax

670

+4.8

11,855

+2.4

14,130

+2.5
Electricity duty

541

 -4.3

4,944

 -5.1

6,650

 -3.0
Motor vehicle tax

689

+5.4

7,337

+3.5

9,150

+1.1
Aviation tax

109

 -2.3

837

+2.3

1,230

+3.6
Nuclear fuel duty

0

X

0

X

-1

X
Solidarity surcharge

2,248

+4.9

14,560

+3.5

19,400

+2.5
Other taxes accruing to the Federation

115

 -3.1

1,082

+2.5

1,442

+0.4
Total taxes accruing to the Federation

9,139

+2.0

77,248

+0.8

108,642

+0.1

Taxes accruing to the Länder
Inheritance tax

546

+16.0

5,189

+2.5

6,633

 -2.6
Real property transfer tax

1,298

+14.2

11,566

+10.8

15,440

+9.6
Betting and lottery tax

158

+15.4

1,487

+5.2

1,938

+2.3
Beer duty

52

 -22.0

470

 -8.0

650

 -0.8
Other taxes accruing to the Länder

37

+6.3

392

+3.0

475

+1.7
Total taxes accruing to the Länder

2,092

+13.3

19,104

+7.3

25,136

+5.1

EU own resources
Customs duties

458

 -4.6

3,806

+0.7

4,800

 -5.1
VAT-based own resources

209

+3.8

2,086

+17.1

2,600

+9.0
GNI-based own resources

1,973

+6.1

19,664

+33.9

26,590

+25.7
Total EU own resources

2,639

+3.9

25,556

+26.2

33,990

+18.9

Federation3

32,783

+4.8

236,817

+0.3

324,270

+0.6

Länder 3

31,987

+6.4

239,562

+3.5

321,842

+2.5

EU

2,639

+3.9

25,556

+26.2

33,990

+18.9

Local authorities’ share of income and value added tax

5,443

+7.1

37,634

+5.8

50,748

+4.5

Total tax revenue (excluding local authority taxes)

72,852

+5.6

539,569

+3.1

730,851

+2.4

1 Methodology: Total cash income from the various taxes is recorded and allocated to the various government levels as stipulated by law.

Tax amounts actually received in the current month by individual government levels may differ from the target amounts for technical reasons.
2 After deduction of child benefit refunds by the Federal Central Tax Office
3 After supplementary grants; any discrepancies with the table on trends in federal revenue are due to the methodology used (see footnote 1).
4 Results of the Working Party on Tax Estimates of May 2019.
Source: Federal Ministry of Finance
Tabelle vergrößern

Total tax revenue (excluding local authority taxes) was up by 5.6% on the year in September 2019. This increase was mainly driven by higher receipts from joint taxes. Almost all the important joint taxes posted high year-on-year revenue growth in September, especially value added taxes, assessed income tax and wages tax. Revenue from final withholding tax on interest and capital gains and from corporation tax fell in September in comparison with the same month last year. Yields from taxes that accrue solely to the Federation were up on the year in September. Receipts from taxes accruing to the Länder posted a considerable increase once again, rising by 13.3%.

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EU own resources

Transfers of own resources to the EU, including customs duties, totalled approximately €2.6bn in September 2019, a year-on-year increase of 3.9%. Transfers to the EU are based on the planned financial framework for 2019. The overall volume of the 2019 EU budget is higher than that of the 2018 budget. In addition, monthly fluctuations occur over the course of the year based on the EU’s financing needs at any given time.

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Cumulative overview of the January-August 2019 period

Total tax receipts were up by 3.1% on the year in the first nine months of 2019. Revenue from joint taxes grew by 3.3%. Taxes accruing to the Federation posted an increase of 0.8%, while taxes accruing to the Länder were up by 7.3%.

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Distribution among the Federation, Länder and local authorities

The Federation’s tax receipts (after accounting for supplementary federal grants to the Länder) rose by 4.8% on the year in September 2019. This increase was driven by a 5.2% increase in revenue from the Federation’s share of joint taxes – even though the actual percentage of joint tax revenue that is allocated to the Federation is lower in 2019 than it was in 2018 – and by higher receipts from taxes accruing to the Federation, which were up by 2.0%. The tax revenue collected by the Länder in September posted a year-on-year increase of 6.4%. This gain was due mainly to higher yields from the share of joint taxes allocated to the Länder, which were up by 6.7% on the year. Moreover, the VAT revenue distribution system was amended in 2019, with a higher percentage of VAT revenue now going to the Länder. Revenue from taxes that accrue only to the Länder was also up on the year in September, by 13.3%. The share of joint taxes allocated to local authorities was up by 7.1% on the year in September.

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Joint taxes

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Wages tax

Wages tax revenue continued to show positive growth, with gross revenue from this tax increasing by 5.4% on the year in September 2019. This outcome was buoyed by higher employment levels and higher incomes in general compared with the same period last year. In addition, collectively agreed bonuses which were paid for the first time to workers in the metals and electrical industries led to particularly high revenue growth in the previous month. Wages tax levied on some of these payments was not reflected in cash receipts until September. Child benefit payments, which are financed from wages tax receipts, rose by 7.5% on the year due to an increase in monthly child benefit of €10 per child from July onwards. On balance, cash receipts from wages tax rose by 5.0% on the year in September 2019. Cumulative cash receipts for the January–September 2019 period were up sharply, by 6.1% on the year.

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Corporation tax

Gross receipts from corporation tax posted a small decrease of 0.6% in September, a month when prepayments are due and revenue therefore tends to be high. Prepayments for the current year, already at a very high level, fell slightly. Investment allowance payments now have only a marginal impact on results. On balance, cash receipts from corporation tax dropped by 1.0% in September. Cumulative cash receipts were down by 4.0% on the year for the January-September 2019 period.

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Assessed income tax

As with corporation tax, prepayments for assessed income tax are due in September. Gross receipts from assessed income tax were up significantly, by 6.3%, in September 2019 compared with the same period last year. Prepayments were up by more than 6%, which made a particularly strong contribution to the positive revenue trend. At the same time, employee refunds fell slightly, by 1.2%. After subtracting investment allowance payments and owner-occupied homes premiums, which are insignificant in terms of amount, net receipts from assessed income tax were up by 7.0% on the year in September 2019. In cumulative terms, cash receipts from assessed income tax were up by 4.3% on the year in the first nine months of 2019.

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Non-assessed taxes on earnings

September 2019 saw a 10.7% year-on-year rise in gross receipts from non-assessed taxes on earnings. After factoring in a 24.1% decline in refunds paid out by the Federal Central Tax Office, which are financed from this revenue, cash receipts from non-assessed taxes on earnings were up by 12.1% in September. Overall, the trend in revenue from non-assessed taxes on earnings tends to be very volatile over the course of the year due to fluctuations in dividend distribution dates. The cumulative result provides a more solid basis for analysis: over the period from January to September 2019, cash receipts from non-assessed taxes on earnings were up by 0.3% on the year.

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Final withholding tax on interest and capital gains

Revenue from final withholding tax on interest and capital gains posted a year-on-year decline of 12.5% in September. In cumulative terms, cash receipts from this tax were down by 32.9% on the year in the first nine months of 2019. There are no statistics breaking down this figure into its two components, but it can be assumed that capital gains have so far made a significantly smaller contribution to overall revenue from this tax than they did in 2018.

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Value added taxes (VAT)

Receipts from value added taxes were up by 9.0% on the year in September 2019. Domestic VAT revenue was up by 13.5%, while receipts from import VAT declined by 3.6% in year-on-year terms. Cumulative cash receipts from value added taxes were up by 3.6% on the year in the period from January to September 2019.

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Taxes accruing to the Federation

In September 2019, revenue from taxes accruing solely to the Federation was up by 2.0% on the year. Receipts from solidarity surcharge also climbed by 4.9% on the year, benefiting from growth in revenue from income and corporation tax (which constitutes its tax base). Revenue gains were also posted for energy duty (up by 5.7%), motor vehicle tax (up by 5.4%) and insurance tax (up by 4.8%). In contrast, revenue drops were recorded for aviation tax (-2.3%) and tobacco duty (-14.6%). However, around €300 million in revenue from tobacco duty was not reflected in cash receipts until October, which alters the current results for September. Trends in revenue from other taxes had only a minor impact on the overall results for taxes accruing to the Federation.

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Taxes accruing to the Länder

Receipts from taxes accruing solely to the Länder were up by 13.3% on the year in September 2019. This increase was mainly due to growth in revenue from real property transfer tax (up by 14.2%) and inheritance tax (up by 16.0%). The yield from fire protection tax was also higher than a year ago, increasing by 6.3%. Receipts from beer duty had been on the decline since February 2019 due to ongoing refunds triggered by the European Court of Justice ruling of 17 May 2018 (C-30/17) on flavoured beer and mixed beverages containing beer. In September, revenue from beer duty was down by 22.0% on the year. Receipts from betting and lottery tax rose by 15.4% compared with the same period last year.

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Borrowing and guarantees

 

Debt trends for the Federation and its special funds (in €m)

Debt trends for the Federation and its special funds (in €m)

Debt level

Borrowing
(increase)

Debt repayment
(decrease)

Debt level 

Change in debt level
(balance)

31 August 2019

September 2019

September 2019

30 September 2019

September 2019

Budget borrowing

1,084,745

13,517

-13,030

1,085,232

487

broken down by purpose

Federal budget

1,025,077

9,337

-10,850

1,023,564

-1,513
Financial Market Stabilisation Fund

40,592

3,518

-1,518

42,592

2,000
Investment and Redemption Fund

19,076

662

-662

19,076

0

broken down by debt type

Federal securities

1,072,680

13,517

-13,020

1,073,177

497

Federal bonds

707,283

3,795

-

711,077

3,795

30-year federal bonds

226,948

1,135

-

228,082

1,135

10-year federal bonds

480,335

2,660

-

482,995

2,660

Inflation-linked federal securities

68,715

373

-

69,088

373

30-year inflation-linked federal bonds

8,101

278

-

8,379

278

10-year inflation-linked federal bonds

60,614

95

-

60,709

95

Federal notes

180,334

2,934

-

183,268

2,934

Federal Treasury notes

100,056

3,360

-13,000

90,416

-9,640

Treasury discount papers issued by the Federation

15,045

3,055

-

18,100

3,055
Other federal securities

1,247

-

-20

1,227

-20
Securitised loans

7,590

-

-10

7,580

-10
Other loans and ordinary debts

4,475

-

-

4,475

-

broken down by maturity

up to one year

155,194

171,630

16,436
one to four years

353,598

330,431

-23,167
over four years

575,953

583,170

7,217

Additional information 1

Liabilities from the indexing of inflation-linked federal securities

5,963

5,639

-324
Reserves in accordance with the Final Payment Financing Act
(Schlusszahlungsfinanzierungsgesetz)

4,495

4,516

21

1 Liabilities resulting from indexing include the amount by which the original issuance price has increased due to inflation between the start date and the specified reference date.

In contrast, reserves include only the increases that are noted on coupon payment dates (15 April of every year) (section 4(1) of the Final Payment Financing Act) and on

reopening dates for inflation-linked securities (section 4(2) of the Final Payment Financing Act).

Any discrepancies in totals are due to rounding.

Source: Federal Ministry of Finance
Tabelle vergrößern
 

Authorised

amount

Amount allocated

as of 30 September 2019

Amount allocated

as of 30 September 2018

in €bn
Export credit guarantees

148.0

119.4

120.3
Loans to foreign debtors, foreign direct investment, EIB loans

58.0

43.0

42.8
Financial cooperation projects

28.5

24.9

21.1
Food stockpiling

0.7

0.0

0.0
Domestic guarantees

125.0

104.8

101.1
International financial institutions

80.0

60.1

60.0
Treuhandanstalt successor organisations

1.0

1.0

1.0
Interest compensation guarantees

15.0

15.0

15.0

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Calendar

Publication schedule
Monthly report Reporting period Publication date
November 2019 issue October 2019 21 November 2019
December 2019 issue November 2019 20 December 2019
January 2020 issue December 2019 31 January 2020
February 2020 issue January 2020 21 February 2020
March 2020 issue February 2020 20 March 2020
April 2020 issue March 2020 21 April 2020
May 2020 issue April 2020 22 May 2020
June 2020 issue May 2020 19 June 2020
July 2020 issue June 2020 21 July 2020
August 2020 issue July 2020 20 August 2020
September 2020 issue August 2020 22 September 2020
October 2020 issue September 2020 22 October 2020
November 2020 issue October 2020 20 November 2020
December 2020 issue November 2020 22 December 2020

1 In accordance with the IMF’s Special Data Dissemination Standard Plus (SDDS Plus); see http://dsbb.imf.org

Source: Federal Ministry of Finance
Key dates on the fiscal and economic policy agenda

1 November 2019

German-Indian intergovernmental consultations in New Delhi

7–8 November 2019

Eurogroup and ECOFIN Council meetings in Brussels

19 November 2019

G20 Compact with Africa conference in Berlin

4–5 December 2019

Eurogroup and ECOFIN Council meetings in Brussels

20–21 January 2020

Eurogroup and ECOFIN Council meetings in Brussels

17–18 February 2020

Eurogroup and ECOFIN Council meetings in Brussels
Click here for the full schedule (in German)