Inhalt

Federal budget trends up to and including November 2019

Table: Trends in the federal budget

 

Actual 20182019 targetActual1 November 2019

Expenditure (€bn)2

336.7

356.4

313.4

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

+3.0

Revenue (€bn)3

347.6

350.6

306.2

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

 

 

+1.9

Tax revenue (€bn)

322.4

325.5

281.1

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

+1.2

Balance of pass-through funds(€bn)

0.0

0.0

0.0

Fiscal balance (€bn)

10.9

-5.8

-7.2

Financing/use of surplus

-10.9

5.8

7.2

Cash resources (€bn)

-

-

60.5

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

-53.5

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

2With 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.

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

surpluses and seigniorage. Excluding revenue from internal offsetting.

4Negative values denote accumulation of reserves.

5(-) debt repayment; (+) borrowing
Source: Federal Ministry of Finance

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Revenue

Federal revenue in the period from January to November 2019 totalled approximately €306.2bn, a year-on-year gain of 1.9% (about €5.6bn).

Tax revenue (including transfers of EU own resources to the EU) increased by 1.2% (approximately €3.3bn) compared with the same period last year. Other revenue was up by 10.2% (roughly €2.3bn) on the year in the January–November period. This is attributable mainly to higher revenue from the distance-based commercial vehicle toll (up by about €2.0bn) and an increase in allocations from the Bundesbank’s profits (up by about €0.5bn).

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Expenditure

Federal expenditure in the January–November 2019 period totalled approximately €313.4bn, a rise of 3.0% (about €9.0bn) over the same period last year. Federal spending is separated into consumption and investment spending.

Consumption spending was up by 2.4% (about €6.6bn) on the year over the January–November period. Both human resources expenditure and operating expenditure posted significant year-on-year increases (up by 6.3% and 10.7%, respectively). The latter category includes military procurement spending, which saw a surge of 21.2% (about €1.9bn) on the year. Ongoing grants to “other areas” were also higher than in 2018 (up by 3.7%, or approximately €6.6bn), with particularly marked increases in grants to companies (up by 6.7%, or about €1.7bn) and to social security funds (up by 3.7%, or about €4.4bn). In contrast, ongoing grants for pensions and benefits were down slightly on the year, by 1.1%, mainly as a result of a 2.6% 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 down by 27.1% on the year.

Investment spending totalled approximately €29.6bn in the January–November period, a rise of 8.7% (roughly €2.4bn) over 2018. This was partly a result of year-on-year increases in fixed asset investment (up by 13.5%, or €1.1bn) and in expenditure on financial assistance (up by 6.7%, or €1.3bn). Within the latter category, the rise was driven primarily by higher spending on programmes to promote digital technology, nationwide broadband expansion, and the 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 €7.2bn for the period from January to November 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 any given 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

November 2018

January to

November 2019

in €m

share in %

in €m

share in %

in €m

in %

General public services

80,341

 23.9

89,945

 25.2

69,497

76,461

10.0

Economic cooperation and development

9,245

 2.7

10,163

 2.9

6,675

7,177

7.5

Defence

38,303

 11.4

42,649

 12.0

33,621

36,746

9.3

Government, central administration

16,897

 5.0

19,039

 5.3

14,500

17,382

9.8

Revenue administration

4,755

 1.4

5,329

 1.5

3,795

4,605

10.1

Education, science, research, cultural affairs

23,071

 6.9

25,696

 7.2

18,540

19,136

3.2

Support for school and university students and training programme participants

3,498

 1.0

4,062

 1.1

2,991

2,853

-4.6

Science, research and development outside of higher education institutions

12,861

 3.8

14,444

 4.1

9,602

10,205

6.3

Social security, family affairs and youth, labour market policy

172,190

 51.1

179,537

 50.4

165,159

169,865

2.8

Social insurance including unemployment insurance

114,730

 34.1

119,249

 33.5

111,964

116,081

3.7

of which:

 

 

 

 

 

 

 

General pension insurance

85,190

 25.3

89,173

 25.0

83,995

87,870

4.6

Labour market policy

36,810

 10.9

37,631

 10.6

33,654

33,250

-1.2

of which:

 

 

 

 

 

 

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

20,543

 6.1

20,600

 5.8

19,125

18,621

-2.6

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

7,023

 2.1

6,700

 1.9

6,506

5,972

-8.2

Family assistance, welfare services, etc.

8,970

 2.7

9,191

 2.6

8,351

8,593

2.9

Social benefits for the consequences of war and political events

1,830

 0.5

2,098

0.6

1,741

1,818

4.4

Health, environment, sport, recreation

2,477

 0.7

3,720

1.0

1,876

2,265

20.7

Housing, urban development, regional planning and local community services

2,947

 0.9

3,783

1.1

2,536

2,760

8.8

Housing, home ownership savings premium

2,202

 0.7

2,785

0.8

2,132

2,264

6.2

Food, agriculture and forestry

1,087

 0.3

1,423

0.4

592

791

33.5

Energy and water management, trade and services

4,316

 1.3

5,100

1.4

3,200

3,465

8.3

Regional support measures

694

 0.2

1,304

0.4

497

663

33.3

Mining, manufacturing and construction

1,411

 0.4

1,403

0.4

1,332

1,248

-6.3

Transport and communication

21,943

 6.5

22,134

6.2

17,993

19,021

5.7

Roads

10,620

 3.2

10,790

3.0

8,763

9,427

7.6

Railways and public transport

6,903

 2.1

6,267

1.8

5,360

5,527

3.1

Financial management

28,339

 8.4

25,062

7.0

25,323

19,994

-21.0

Interest expenditure and borrowing-related expenditure

16,451

 4.9

17,533

4.9

16,278

12,045

-26.0

Total expenditure1

336,710

 100.0

356,400

 100.0

304,392

313,415

3.0

1Excluding 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

November 2018

January to

November 2019

in €m

share in %

in €m

share in %

in €m

in %

Consumption expenditure

298,613

88.7

318,614

89.4

277,152

283,795

+2.4

Human resources expenditure

32,718

9.7

34,646

9.7

30,438

32,365

+6.3

Salary payments

23,921

7.1

25,596

7.2

21,988

23,616

+7.4

Pensions

8,797

2.6

9,049

2.5

8,450

8,749

+3.5

Operating expenditure

30,058

8.9

35,570

10.0

24,274

26,866

+10.7

Administrative expenditure (excl. human resources)

1,627

0.5

1,571

0.4

13,511

14,347

+6.2

Military procurement

11,813

3.5

15,568

4.4

8,843

10,715

+21.2

Other

16,618

4.9

18,432

5.2

1,920

1,803

 -6.1

Interest expenditure

16,447

4.9

17,524

4.9

16,274

11,857

 -27.1

Ongoing grants and subsidies

218,604

64.9

229,909

64.5

205,407

211,795

+3.1

to public administrations

28,278

8.4

29,151

8.2

26,212

25,968

 -0.9

to other areas

190,326

56.5

200,759

56.3

179,195

185,827

+3.7

of which:

 

 

 

 

 

 

 

Companies

28,291

8.4

32,383

9.1

24,817

26,473

+6.7

Pensions, benefits, etc.

29,482

8.8

29,850

8.4

27,498

27,183

 -1.1

Social security funds

120,764

35.9

124,882

35.0

117,156

121,506

+3.7

Other asset transfers

786

0.2

965

0.3

759

912

+20.2

Investment expenditure

38,097

11.3

38,946

10.9

27,240

29,619

+8.7

Financial assistance

27,899

8.3

27,969

7.8

19,056

20,329

+6.7

Grants and subsidies

26,030

7.7

26,297

7.4

18,133

19,333

+6.6

Loans, guarantees

1,480

0.4

1,170

0.3

788

604

 -23.4

Acquisition of holdings; capital contributions

390

0.1

502

0.1

136

391

+187.5

Fixed asset investment

10,198

3.0

10,977

3.1

8,183

9,291

+13.5

Construction projects

7,903

2.3

8,086

2.3

6,598

6,866

+4.1

Acquisition of movable assets

1,567

0.5

2,119

0.6

1,160

1,710

+47.4

Acquisition of real property

727

0.2

771

0.2

426

715

+67.8

General reduction/increase in expenditure

0

0.0

-1,160

-0.3

0

0

X

Total expenditure1

336,710

100.0

356,400

100.0

304,392

313,415

+3.0

1Excluding 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

November 2018

January to

November 2019

in €m

share in %

in €m

share in %

in €m

in %

Tax revenue

322,386

92.7

325,491

92.8

277,825

281,108

+1.2

Federal share of joint taxes:

264,106

76.0

273,027

77.9

229,604

235,100

+2.4

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

145,535

41.9

150,063

42.8

120,815

124,676

+3.2

of which:

 

 

 

 

 

 

 

Wages tax

88,520

25.5

92,301

26.3

75,641

79,972

+5.7

Assessed income tax

25,678

7.4

26,688

7.6

18,949

19,907

+5.1

Non-assessed taxes on earnings

11,592

3.3

10,870

3.1

10,586

10,672

+0.8

Final withholding tax on interest and capital gains

3,033

0.9

3,339

1.0

2,849

2,066

 -27.5

Corporation tax

16,713

4.8

16,865

4.8

12,790

12,060

 -5.7

Value added taxes (VAT)

115,712

33.3

120,126

34.3

107,280

108,884

+1.5

Trade tax apportionment

2,058

0.6

2,038

0.6

1,509

1,540

+2.1

Energy duty

40,882

11.8

41,100

11.7

32,368

32,217

 -0.5

Tobacco duty

14,339

4.1

14,220

4.1

12,473

12,793

+2.6

Solidarity surcharge

18,927

5.4

19,700

5.6

16,044

16,645

+3.7

Insurance tax

13,779

4.0

14,050

4.0

13,128

13,467

+2.6

Electricity duty

6,858

2.0

7,000

2.0

6,337

6,097

 -3.8

Motor vehicle tax

9,047

2.6

9,080

2.6

8,507

8,747

+2.8

Alcohol duty including alcopops duty

2,135

0.6

2,122

0.6

1,917

1,904

 -0.7

Coffee duty

1,037

0.3

1,045

0.3

931

951

+2.1

Aviation tax

1,187

0.3

1,215

0.3

1,057

1,062

+0.5

Sparkling wine duty and intermediate products duty

395

0.1

396

0.1

363

370

+1.9

Other taxes accruing to the Federation

2

0.0

2

0.0

2

3

+50.0

Deductions

 

 

 

 

 

 

 

Consolidation assistance for the Länder

 800

X

800

X

800

800

+0.0

Supplementary grants to Länder

8,486

X

7,783

X

6,724

5,820

 -13.4

EU own resources (GNI-based)

21,147

X

28,640

X

18,417

22,307

+21.1

EU own resources (VAT-based)

2,385

X

2,600

X

2,184

2,399

+9.8

Grants to Länder for public transport

8,498

X

8,651

X

7,790

7,930

+1.8

Grants to Länder for motor vehicle tax and HGV toll

8,992

X

8,992

X

8,992

8,992

+0.0

Other revenue

25,200

7.3

25,123

7.2

22,767

25,080

+10.2

Revenue from economic activity

5,682

1.6

5,640

1.6

5,350

5,965

+11.5

Interest revenue

340

0.1

280

0.1

273

241

 -11.7

Loan repayments, holdings, privatisation proceeds

2,371

0.7

2,314

0.7

1,972

1,682

 -14.7

Total revenue1

347,586

100.0

350,614

100.0

300,592

306,188

+1.9

1With 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 November 2019

 

2019 trends in tax revenue (excluding local authority taxes)

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

2019

November

Year-on-year
change 

January

to November

Year-on-year

change  

2019 estimates4

Year-on-year
change

in €m

in %

in €m

in %

in €m

in %

Joint taxes
Wages tax2

17,416

+7.1

192,758

+5.8

219,900

+5.6

Assessed income tax

-263

X

46,841

+5.1

62,500

+3.5

Non-assessed taxes on earnings

881

+7.0

21,383

+1.0

23,230

+0.2

Final withholding tax on interest and capital gains

(including the former withholding tax on interest income)

427

+13.8

4,695

 -27.5

4,882

 -29.2

Corporation tax

-622

X

24,120

 -5.7

32,160

 -3.8

Value added taxes (VAT)

21,996

+5.8

221,960

+3.8

243,300

+3.6

Trade tax apportionment

221

 -8.5

3,718

 -4.1

4,783

 -3.7

Increased trade tax apportionment

51

 -22.9

2,643

 -16.0

3,381

 -17.7

Total joint taxes

40,109

+5.7

518,119

+3.4

594,136

+3.1

Federal taxes

 

 

 

 

 

 

Energy duty

3,379

+2.2

32,217

 -0.5

40,600

 -0.7

Tobacco duty

1,359

+13.0

12,793

+2.6

14,300

 -0.3

Alcohol duty (formerly spirits duty)

157

 -1.2

1,903

 -0.6

2,130

 -0.1

Insurance tax

943

+3.1

13,467

+2.6

14,100

+2.3

Electricity duty

574

+2.1

6,097

 -3.8

6,650

 -3.0

Motor vehicle tax

699

 -5.7

8,747

+2.8

9,340

+3.2

Aviation tax

114

 -2.9

1,062

+0.4

1,210

+2.0

Nuclear fuel duty

0

X

0

X

-1

X

Solidarity surcharge

1,047

+7.0

16,645

+3.7

19,450

+2.8

Other taxes accruing to the Federation

128

+1.5

1,324

+2.0

1,468

+2.2

Total taxes accruing to the Federation

8,399

+3.6

94,255

+1.2

109,248

+0.6

Taxes accruing to the Länder

 

 

 

 

 

 

Inheritance tax

568

+22.6

6,326

+2.8

6,857

+0.6

Real property transfer tax

1,315

+6.6

14,297

+10.7

15,460

+9.8

Betting and lottery tax

176

 -2.9

1,810

+3.8

1,983

+4.7

Beer duty

48

 -13.3

572

 -7.5

610

 -6.9

Other taxes accruing to the Länder

23

 -4.4

441

+3.2

482

+3.2

Total taxes accruing to the Länder

2,130

+8.8

23,446

+7.2

25,392

+6.2

EU own resources

 

 

 

 

 

Customs duties

477

+1.1

4,703

+1.4

5,090

+0.7

VAT-based own resources

104

 -48.1

2,399

+9.8

2,500

+4.8

GNI-based own resources

670

 -64.0

22,307

+21.1

24,120

+14.1

Total EU own resources

1,252

 -50.6

29,409

+16.5

31,710

+10.9

Federation3

24,086

+10.9

282,690

+1.2

328,223

+1.8

Länder3

22,392

+6.1

284,242

+3.6

322,731

+2.8

EU

1,252

 -50.6

29,409

+16.5

31,710

+10.9

Local authorities’ share of income and value added tax

3,385

+9.3

44,182

+6.0

51,202

+5.4

Total tax revenue (excluding local authority taxes)

51,115

+5.5

640,523

+3.2

733,866

+2.8

1Methodology: 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.

2After deduction of child benefit refunds by the Federal Central Tax Office
3After supplementary grants; any discrepancies with the table on trends in federal revenue are due to the methodology used (see footnote 1).
4Results of the Working Party on Tax Estimates of November 2019.
Source: Federal Ministry of Finance
Tabelle vergrößern

Total tax revenue (excluding local authority taxes) was up by 5.5% on the year in November 2019. This increase was mainly driven by higher receipts from joint taxes. The relatively large rise in revenue from wages tax is due to a one-off technical effect. Revenue from non-assessed taxes on earnings and from final withholding tax on interest and capital gains also posted year-on-year growth. The take from value added taxes rose significantly, and revenue from taxes accruing to the Federation was also higher than in November 2018. Receipts from taxes accruing to the Länder saw a marked increase of 8.8%

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EU own resources

Transfers of own resources to the EU, including customs duties, totalled approximately €1.3bn in November 2019, a sharp decline of 50.6% on the year. Both GNI-based and VAT-based own resources were lower than in November 2018. In February each year, large transfers are made to the EU for agricultural payments. Usually, these transfers are then reduced over the course of the year (generally until August). This was not the case this year, resulting in the unusually low transfers of own resources seen this month. 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-November 2019 period

Total tax receipts were up by 3.2% on the year in the January–November 2019 period. Revenue from joint taxes grew by 3.4%. Taxes accruing to the Federation posted an increase of 1.2%, while taxes accruing to the Länder were up by 7.2%.

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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 10.9% on the year in November 2019. This can be attributed primarily to the lower transfers of own resources to the EU, as described above. November 2019 also saw a 4.3% 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. A 3.6% climb in revenue from taxes accruing solely to the Federation also contributed to the positive trend.

The tax revenue collected by the Länder (after accounting for supplementary federal grants) grew by 6.1% on the year in November. This gain was due mainly to the yield from the share of joint taxes allocated to the Länder, which was up by 6.6% on the year, partly due to the higher percentage of VAT revenue that is going to the Länder in 2019. Revenue from taxes that accrue only to the Länder was also up on the year in November, by 8.8%. The share of joint taxes allocated to local authorities was 9.3% higher than in November 2018.

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Joint taxes

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Wages tax

Wages tax receipts increased at a very healthy rate in November, with gross revenue up by 7.0% on the year, following an understated rise in the previous month. This can be attributed to a shift of wages tax revenue from previous months to the current month, which was a result of a technical adjustment in one Land. Child benefit payments, which are financed from wages tax receipts, rose by 8.5% on the year owing, among other things, to an increase in monthly child benefit of €10 per child starting in July this year. On balance, cash receipts from wages tax rose by 7.1% on the year in November 2019. Cumulative cash receipts for the January–November 2019 period were up significantly, by 5.8% on the year.

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Corporation tax

Approximately €0.6bn in corporation tax refunds was paid out in November, which tends to be a low-revenue month for this tax. In November 2018, refunds totalled €0.2bn, meaning that this month’s result represents a slight decrease in year-on-year terms. Investment allowance payments now have only a marginal impact on results. Cumulative cash receipts were down by 5.7% on the year for the January–November 2019 period. 

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Assessed income tax

As with corporation tax, receipts from assessed income tax in November were determined mainly by assessment activity. Gross receipts from this tax climbed to around €0.8bn, a year-on-year rise of 19.2%. Employee refunds fell slightly, by 0.5%. After subtracting investment allowance payments and owner-occupied homes premiums, which are insignificant in terms of amount, the refund volume in November 2019 was approximately €0.3bn, which was lower than last year. In cumulative terms, cash receipts from assessed income tax were up by 5.1% on the year in the January–November 2019 period.

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Non-assessed taxes on earnings

November 2019 saw a 3.0% year-on-year rise in gross receipts from non-assessed taxes on earnings. After factoring in a 18.6% 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 7.0% in November. Overall, the trend in revenue from non-assessed taxes on earnings tends to be very volatile over the course of the year, reflecting dividend distribution dates. The cumulative result provides a more solid basis for analysis: over the January–November 2019 period, cash receipts from non-assessed taxes on earnings were up by 1.0% 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 recorded a year-on-year increase of 13.8% in November 2019. In cumulative terms, cash receipts from this tax were down by 27.5% in January–November 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 5.8% on the year in November 2019. Domestic VAT revenue rose by 9.1% in year-on-year terms, while receipts from import VAT declined by 2.8%. Cumulative cash receipts from value added taxes rose by 3.8% on the year in the period from January to November 2019.

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Taxes accruing to the Federation

The yield from taxes accruing solely to the Federation saw a year-on-year increase of 3.6% in November 2019. Revenue from tobacco duty rose by 13.0%. Receipts from the solidarity surcharge climbed by 7.0% on the year thanks to growth in revenues from income and corporation tax (which constitute its tax base). Significant revenue gains were also posted for energy duty (up by 2.2%), insurance tax (up by 3.1%) and electricity duty (up by 2.1%). In contrast, revenue drops were recorded for motor vehicle tax (down by 5.7%) and aviation tax (down by 2.9%). Changes in revenue from other taxes had only a minor impact on the overall results for federal taxes.

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Taxes accruing to the Länder

Receipts from taxes accruing solely to the Länder were up by 8.8% on the year in November 2019. This was mainly due to growth in revenue from real property transfer tax (up by 6.6%) and inheritance tax (up by 22.6%). Fire protection tax, beer duty, and betting and lottery tax all posted declines in revenue (down by 4.4%, 13.3% and 2.9%, respectively).

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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 October2019

November 2019

November 2019

30 November 2019

November 2019

Budget borrowing

1,076,109

16,359

-47

1,092,420

16,312

broken down by purpose

Federal budget

1,011,584

14,359

-47

1,025,896

14,312

Financial Market Stabilisation Fund

45,312

2,000

-

47,312

2,000

Investment and Redemption Fund

19,212

0

-

19,212

0

broken down by debt type

Federal securities

1,064,054

16,359

-17

1,080,395

16,342

Federal bonds

714,198

3,574

-

717,772

3,574

30-year federal bonds

229,026

1,388

-

230,414

1,388

10-year federal bonds

485,172

2,186

-

487,358

2,186

Inflation-linked federal securities

69,549

335

-

69,884

335

30-year inflation-linked federal bonds

8,511

37

-

8,548

37

10-year inflation-linked federal bonds

61,037

298

-

61,335

298

Federal notes

169,858

4,990

-

174,848

4,990

Federal Treasury notes

94,189

4,063

-

98,252

4,063

Treasury discount papers issued by the Federation

15,046

3,397

-

18,443

3,397

Other federal securities

1,213

-

-17

1,195

-17

Securitised loans

7,580

-

-30

7,550

-30

Other loans and ordinary debts

4,475

-

-

4,475

-

broken down by maturity

up to one year

171,579

 

 

174,563

2,985

one to four years

327,876

 

 

330,984

3,108

over four years

576,654

 

 

586,873

10,219

Additional information1

Liabilities from the indexing of inflation-linked federal securities

5,749

 

 

5,925

175

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

4,535

 

 

4,554

19

1Liabilities 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

Guarantees
 

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 schedule1 of the monthly reports 
Monthly reportReporting periodPublication date
January 2020 issueDecember 201931 January 2020
February 2020 issueJanuary 202021 February 2020
March 2020 issueFebruary 202020 March 2020
April 2020 issueMarch 202021 April 2020
May 2020 issueApril 202022 May 2020
June 2020 issueMay 202019 June 2020
July 2020 issueJune 202021 July 2020
August 2020 issueJuly 202020 August 2020
September 2020 issueAugust 202022 September 2020
October 2020 issueSeptember 202022 October 2020
November 2020 issueOctober 202020 November 2020
December 2020 issueNovember 202022 December 2020

1In 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

20–21 January 2020

Eurogroup and ECOFIN Council meetings in Brussels

17–18 February 2020

Eurogroup and ECOFIN Council meetings in Brussels

22–23 February 2020

Meeting of G20 finance ministers and central bank governors in Riyadh, Saudi Arabia.

16–17 March 2020

Eurogroup and ECOFIN Council meetings in Brussels

16–17 April 2020

Meeting of G20 finance ministers and central bank governors in Washington, D.C.

17–19 April 2020

Spring meetings of the IMF and World Bank in Washington, D.C.

Click here for the full schedule (in German)