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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
Federal revenue in the first two months of 2021 totalled approximately €37.7bn, down by 20.9% (roughly €9.9bn) compared with the same period last year. This decline is due primarily to the effects of the Covid-19 pandemic and the associated tax-related assistance measures that have been adopted to help manage the crisis. Tax revenue (also taking into account transfers of own resources to the EU) declined by 21.0% (about €9.2bn) compared with the same period in 2020. Receipts from value added taxes, which were down by roughly €4.7bn on the year, have been particularly affected.
The category of “other revenue” posted a decline of 19.7% (about €0.7bn) on the year during this period. This was mainly due to a decline in administrative fines paid to the Federal Cartel Office.
In 2020, extraordinary measures were taken to fight the coronavirus pandemic and to mitigate its economic and social consequences. Budget execution in 2021 will also be heavily influenced by measures to counteract the pandemic and its effects.
Federal expenditure in the first two months of 2021 totalled approximately €89.7bn, an increase of 36.1% (about €23.8bn) over the same period last year. A breakdown by economic category shows that higher spending in January and February was driven mainly by consumption spending, which was up by 29.1% (approximately €18.1bn). Ongoing grants to social security funds, which were up by €10.0bn (35.1%) on the year, accounted for the bulk of this increase. This includes roughly €6.0bn in disbursements to the health fund to cover costs caused by the SARS-CoV-2 pandemic. This means that about 78% of the budgeted funds (about €7.7bn) have been disbursed. These grants also include €3.0bn in disbursements to the health fund’s liquidity reserves for a programme to future-proof hospitals; this is the full amount that was budgeted for this purpose. Ongoing subsidies to companies were up by 77.7% on the year (roughly €4.6bn), due mainly to the pandemic-related assistance that is being provided to businesses. The federal budget includes €39.5bn for these ongoing subsidies in 2021; by the end of February, €6.2bn had been disbursed. The increase in consumption spending was tempered by a decline in interest expenditure, which was down by 20.8% (about €1.1bn) on the year.
Investment spending totalled approximately €9.5bn in the January–February 2021 period, an increase of 152.9% (roughly €5.7bn) over the same period last year. The main factor driving this increase was liquidity assistance provided to the Federal Employment Agency (roughly €5.4bn so far this year). In contrast, fixed asset investment was down by 50.6% (about €0.6bn) due to a decline in spending on construction projects. The year-on-year decline in construction spending is due mainly to a special factor that will affect the entire year: starting in 2021, investments in highway construction are being outsourced to Autobahn GmbH des Bundes (Federal Autobahn GmbH). These funds will be provided in the form of investment grants. Approximately €5.5bn has been earmarked for this purpose in 2021. As a result, about €4.7bn less has been budgeted for construction investment in 2021 than in 2020 (and about €4.2bn less than the amount that was actually spent on construction investment in 2020).
The federal budget recorded a deficit of €52.0bn for the January–February 2021 period.
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.
Trends in federal expenditure by function
Trends in federal expenditure by function
General public services
95,479
21.6
103,911
20.8
14,041
14,292
+1.8
Economic cooperation and development
12,127
2.7
12,324
2.5
1,479
1,517
+2.6
Defence
45,471
10.3
47,019
9.4
6,672
6,712
+0.6
Government, central administration
19,199
4.3
22,707
4.6
3,306
3,472
+5.0
Revenue administration
5,342
1.2
5,922
1.2
826
883
+6.9
Education, science, research, cultural affairs
28,645
6.5
30,809
6.2
2,620
2,504
-4.4
Support for school and university students and training programme participants
6,045
1.4
5,162
1.0
731
784
+7.3
Science, research and development outside of higher education institutions
15,236
3.4
18,207
3.7
1,215
1,193
-1.8
Social security, family affairs and youth, labour market policy
218,365
49.4
253,236
50.8
37,612
60,304
+60.3
Social insurance including unemployment insurance
129,829
29.4
134,149
26.9
27,663
37,034
+33.9
of which:
General pension insurance
93,004
21.1
97,401
19.5
21,895
22,930
+4.7
Health insurance
15,884
3.6
19,010
3.8
2,615
5,512
+110.8
Unemployment insurance
6,913
1.6
3,350
0.7
0
5,413
-
Labour market policy
40,876
9.3
45,360
9.1
5,848
6,860
+17.3
of which:
Basic income support for jobseekers under Book II of the Social Code
20,658
4.7
23,700
4.8
3,526
3,746
+6.2
Government housing and heating allowances under Book II of the Social Code
10,097
2.3
11,200
2.2
990
1,775
+79.3
Family assistance, welfare services, etc.
10,343
2.3
11,392
2.3
1,662
1,775
+6.8
Social benefits for the consequences of war and political events
2,039
0.5
2,269
0.5
436
481
+10.5
Other social affairs
24,149
5.5
48,276
9.7
61
12,102
X
Health, environment, sport, recreation
19,001
4.3
13,923
2.8
410
3,548
+765.4
Housing, urban development, regional planning and local community services
1,783
0.4
2,972
0.6
93
128
+38.4
Housing, home ownership savings premium
893
0.2
1,675
0.3
77
112
+45.6
Food, agriculture and forestry
1,469
0.3
2,611
0.5
55
110
+101.2
Energy and water management, trade and services
5,509
1.2
14,780
3.0
2,235
984
-56.0
Regional support measures
1,400
0.3
2,968
0.6
75
72
-3.6
Mining, manufacturing and construction
2,316
0.5
1,491
0.3
1,987
309
-84.5
Transport and communication
22,961
5.2
33,483
6.7
2,472
2,581
+4.4
Roads
9,791
2.2
9,815
2.0
955
368
-61.4
Railways and public transport
8,156
1.8
16,321
3.3
813
949
+16.7
Financial management
48,585
11.0
42,895
8.6
6,363
5,244
-17.6
Interest expenditure and borrowing-related expenditure
6,457
1.5
5,787
1.2
5,291
4,190
-20.8
Total expenditure¹
441,798
100.0
498,620
100.0
65,901
89,695
+36.1
1 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.
Trends in federal expenditure by economic category
Trends in federal expenditure by economic category
Consumption expenditure
391,450
88.6
410,463
82.3
62,147
80,203
+29.1
Human resources expenditure
35,409
8.0
35,959
7.2
6,789
6,987
+2.9
Salary payments
26,249
5.9
26,816
5.4
4,882
5,090
+4.3
Pensions
9,160
2.1
9,144
1.8
1,906
1,897
-0.5
Operating expenditure
36,370
8.2
44,827
9.0
3,885
4,016
+3.4
Maintenance of immovable property
1,801
0.4
1,164
0.2
201
105
-47.8
Military procurement
16,833
3.8
18,155
3.6
1,286
1,330
+3.4
Other
17,736
4.0
25,507
5.1
2,397
2,581
+7.7
Interest expenditure
6,413
1.5
5,781
1.2
5,291
4,189
-20.8
Ongoing grants and subsidies
312,053
70.6
322,303
64.6
45,889
64,633
+40.8
to public administrations
75,607
17.1
38,170
7.7
4,303
7,203
+67.4
to other areas
236,446
53.5
284,133
57.0
41,586
57,430
+38.1
of which:
Companies
49,569
11.2
76,283
15.3
5,879
10,449
+77.7
Pensions, benefits, etc.
30,735
7.0
36,535
7.3
5,257
5,590
+6.3
Social security funds
134,613
30.5
147,660
29.6
28,417
38,400
+35.1
Other asset transfers
1,205
0.3
1,593
0.3
295
378
+28.1
Investment expenditure
50,348
11.4
61,852
12.4
3,754
9,492
+152.9
Financial assistance
38,756
8.8
53,751
10.8
2,622
8,933
+240.7
Grants and subsidies
30,652
6.9
39,366
7.9
2,536
2,722
+7.3
Loans, guarantees
7,630
1.7
6,680
1.3
85
5,911
X
Acquisition of holdings; capital contributions
473
0.1
7,704
1.5
2
300
X
Fixed asset investment
11,592
2.6
8,101
1.6
1,132
559
-50.6
Construction projects
8,192
1.9
4,554
0.9
848
290
-65.8
Acquisition of movable assets
2,816
0.6
3,410
0.7
219
266
+21.5
Acquisition of real property
585
0.1
137
0.0
64
4
-93.8
General reduction/increase in expenditure
0
0.0
26,305
5.3
0
0
X
Total expenditure¹
441,798
100.0
498,620
100.0
65,901
89,695
+36.1
1 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.
Income tax and corporation tax
(incl. final withholding tax on interest and capital gains)
140,012
45.0
140,708
44.2
17,541
17,099
-2.5
of which:
Wages tax
89,075
28.6
90,673
28.5
13,670
12,566
-8.1
Assessed income tax
25,067
8.1
25,066
7.9
972
1,012
+4.1
Non-assessed tax on earnings
10,761
3.5
9,200
2.9
1,628
1,156
-29.0
Final withholding tax on interest and capital gains
2,976
1.0
2,794
0.9
730
1,055
+44.5
Corporation tax
12,134
3.9
12,975
4.1
541
1,311
+142.3
Value added taxes (VAT)
94,391
30.3
116,743
36.6
21,922
17,241
-21.4
Trade tax apportionment paid to Federation and Länder
1,574
0.5
1,789
0.6
68
135
+98.5
Energy duty
37,635
12.1
39,850
12.5
1,822
1,840
+1.0
Tobacco duty
14,651
4.7
14,190
4.5
1,261
1,463
+16.0
Solidarity surcharge
18,676
6.0
9,950
3.1
2,563
1,787
-30.3
Insurance tax
14,553
4.7
14,890
4.7
5,933
5,910
-0.4
Electricity duty
6,561
2.1
6,880
2.2
1,176
997
-15.2
Motor vehicle tax
9,526
3.1
9,545
3.0
1,712
1,671
-2.4
Alcohol duty including alcopops duty
2,249
0.7
2,102
0.7
430
274
-36.3
Coffee duty
1,060
0.3
1,070
0.3
171
162
-5.3
Aviation tax
292
0.1
630
0.2
117
39
-66.7
Sparkling wine duty and intermediate products duty
428
0.1
394
0.1
98
61
-37.8
Other taxes accruing to the Federation
1
0.0
2
0.0
0
0
X
Deductions
Consolidation assistance for the Länder
1,067
X
800
X
0
0
X
Supplementary grants to Länder
8,751
X
9,179
X
0
0
X
EU own resources (GNI-based)
25,616
X
33,280
X
6,447
8,897
+38.0
EU own resources (VAT-based)
2,473
X
4,430
X
694
1,256
+81.0
Grants to Länder for public transport
11,457
X
9,268
X
1,468
1,545
+5.2
Grants to Länder for motor vehicle tax and HGV toll
8,992
X
8,992
X
2,248
2,248
+0.0
Other revenue
27,831
8.9
25,770
8.1
3,649
2,931
-19.7
Revenue from economic activity
7,263
2.3
7,852
2.5
65
35
-46.2
Interest revenue
364
0.1
365
0.1
19
47
+147.4
Loan repayments, holdings, privatisation proceeds
1,342
0.4
1,253
0.4
50
111
+122.0
Total revenue¹
311,085
100.0
318,564
100.0
47,608
37,666
-20.9
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.
2021 trends in tax revenue (excluding local authority taxes)
2021 trends in tax revenue (excluding local authority taxes)¹
Joint taxes
Wages tax²
16,874
-3.6
34,903
-5.1
220,800
+5.5
Assessed income tax
768
+17.8
2,384
+4.1
59,300
+0.5
Non-assessed taxes on earnings
705
+5.5
2,331
-28.3
18,400
-14.4
Final withholding tax on interest and capital gains
(including the former withholding tax on interest income)
1,408
+106.0
2,397
+44.4
6,350
-6.1
Corporation tax
1,103
+9,796.5
2,622
+142.2
25,950
+6.9
Value added taxes (VAT)
21,285
-18.8
37,180
-18.5
248,100
+13.0
Trade tax apportionment paid to Federation and Länder
189
+34.9
241
+52.0
4,318
+13.7
Increased trade tax apportionment
0
-99.8
0
X
0
X
Total joint taxes
42,332
-7.8
82,057
-9.7
583,218
+7.2
Taxes accruing to the Federation
Energy duty
1,508
+3.7
1,840
+1.0
39,850
+5.9
Tobacco duty
866
+7.9
1,463
+16.0
14,190
-3.1
Alcohol duty
230
+3.6
274
-34.7
2,100
-6.2
Insurance tax
5,068
-0.4
5,910
-0.4
14,890
+2.3
Electricity duty
412
-30.5
997
-15.2
6,880
+4.9
Motor vehicle tax
808
+10.9
1,671
-2.4
9,545
+0.2
Aviation tax
29
-64.0
39
-66.7
630
+115.7
Solidarity surcharge
514
-55.1
1,787
-30.3
9,950
-46.7
Other taxes accruing to the Federation
119
-11.1
223
-20.3
1,468
-2.1
Total taxes accruing to the Federation
9,553
-6.7
14,206
-7.0
99,503
-5.8
Taxes accruing to the Länder
Inheritance tax
664
+8.7
1,288
+4.4
7,900
-8.1
Real property transfer tax
1,526
+2.8
2,958
-1.8
16,100
+0.3
Betting and lottery tax
176
+8.3
377
+3.1
2,115
+3.5
Beer duty
44
+5.1
83
-6.9
606
+7.0
Other taxes accruing to the Länder
34
+3.6
59
+5.7
522
+2.4
Total taxes accruing to the Länder
2,444
+4.8
4,764
+0.2
27,243
-1.9
EU own resources
Customs duties
345
-26.8
569
-27.3
4,950
+5.3
EU own resources (VAT-based)
776
+198.4
1,256
+81.2
4,430
+79.1
EU own resources (GNI-based)
5,495
+127.4
8,897
+38.0
33,280
+29.9
Total EU own resources
6,616
+110.1
10,723
+35.3
42,660
+30.1
Federation3
20,292
-23.3
36,549
-19.0
296,912
+4.9
Länder3
24,220
-5.8
47,090
-7.8
323,938
+2.4
EU
6,616
+110.1
10,723
+35.3
42,660
+30.1
Local authorities’ share of income tax and value added tax
3,546
-2.6
7,235
-4.8
51,404
+2.6
Total tax revenue (excluding local authority taxes)
54,674
-7.2
101,597
-9.1
714,914
+4.8
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 Revenue Estimates of November 2020.
Total tax revenue (excluding local authority taxes) in February 2021 was down by 7.2% compared with the same month last year. The economic effects of the coronavirus pandemic continued to have a negative impact on tax revenue. As in previous months, pandemic-related measures (deferrals, waived enforcement measures, reductions in prepayments) taken on the basis of secondary legislation also affected tax revenue. Receipts from joint taxes were down by 7.8% on the year in February. VAT revenue from December 2020 was not reflected in cash receipts until February 2021; this means that February’s VAT revenue figures were negatively affected by the temporary reduction of VAT rates during the second half of 2020. Revenue figures for import VAT were also significantly lower in February because the payment deadline was pushed back to the end of the month. In contrast, the yields from corporation tax and final withholding tax on interest and capital gains were up sharply in year-on-year terms. Revenue from taxes accruing solely to the Federation was down by 6.7% on the year in February, while receipts from taxes accruing to the Länder were up by 4.8%.
Transfers of own resources to the EU, including customs duties, were up by €3.5bn on the year in February 2021. Monthly fluctuations occur over the course of the year based on the EU’s financing needs at any given time. In general, they are based on the annual EU budget that is in force for the respective year.
In the first two months of 2021, total tax receipts were down by 9.1% on the year. Revenue from joint taxes was down by 9.7%, and receipts from taxes accruing solely to the Federation were down by 7.0%. Revenue from taxes accruing solely to the Länder was up slightly by 0.2%.
Distribution among the Federation, Länder and local authorities
The Federation’s tax receipts (after accounting for supplementary federal grants to the Länder) were down by 23.3% on the year in February 2021. The Federation’s take from joint taxes fell by 8.8% on the year, mainly due to a decline in revenue from value added taxes. In addition, revenue from purely federal taxes was down sharply by 6.7%, and federal transfers of own resources to the EU were significantly higher on the year. In contrast, supplementary grants that the Federation pays to the Länder were slightly down on the year in February.
Länder tax receipts were also down markedly on the year in February 2021, by 5.8%. The revenue from joint taxes that is allocated to the Länder fell by 7.6%; as was the case with the Federation, this decline was driven mainly by a sharp drop in receipts from value added taxes. In contrast, the yield from taxes that accrue exclusively to the Länder posted a substantial gain of 4.8%. Local authorities’ take from their share of joint taxes was down by 2.6% on the year.
Gross wages tax revenue in February 2021 was down by 2.1% on the year. Cash receipts in February included wages tax that was remitted for January 2021. The current lockdown measures, which took effect in November 2020 and were intensified on 16 December 2020, led to an increase in short-time work. This in turn had a negative impact on wages tax revenue. Revenue figures for February were also lower due to (a) the increase in the basic personal allowance, which was enacted as part of the Second Family Tax Burden Reduction Act (Zweites Familienentlastungsgesetz) and (b) the related shift in the other tax bracket thresholds. Child benefit payments – which are financed from wages tax receipts – rose by 7.0% on the year due to the €15 per child increase in child benefit enacted under the Second Family Tax Burden Reduction Act. These factors led to a 3.6% year-on-year decline in cash receipts from wages tax in the month of February. In cumulative terms, cash receipts from wages tax were down by 5.1% on the year in the first two months of 2021.
Gross revenue from corporation tax totalled approximately €1.1bn in February 2021. The corresponding amount in the same month last year was only €11m. This increase resulted mainly from routine tax assessments. Investment allowance payments had only a minimal impact on the overall outcome due to their low volume. As a result, cash receipts from corporation tax in February were also up sharply on the year by €1.1bn. In cumulative terms, cash receipts from corporation tax were up by €1.5bn on the year in the first two months of 2021.
Gross receipts from assessed income tax rose by 4.6% on the year in February 2021. Employee refunds declined by 8.5% on the year; after these are subtracted from the gross figure (along with investment allowance payments and owner-occupied homes premiums, which are insignificant in terms of amount), net cash receipts from assessed income tax posted a strong year-on-year gain of 17.8% in February. In cumulative terms, cash receipts from assessed income tax were up by 4.1% on the year in the first two months of 2021.
Gross receipts from non-assessed taxes on earnings were up by 3.5% on the year in February 2021. Refunds by the Federal Central Tax Office, which are financed from this revenue, totalled about €74m (down by 11.7% on the year). Overall, cash receipts from non-assessed taxes on earnings grew by 5.5% on the year in February 2021. Cumulatively, cash receipts from non-assessed taxes on earnings were down by 28.3% on the year in the first two months of 2021.
Final withholding tax on interest and capital gains
Revenue from final withholding tax on interest and capital gains totalled €1.4bn in February, up sharply by €0.7bn in year-on-year terms. Taken cumulatively, cash receipts from final withholding tax on interest and capital gains were up by 44.4% on the year in the first two months of 2021.
Receipts from value added taxes were down by 18.8% on the year in February. Long-term extensions for declaring and remitting VAT have been granted to most businesses. As a result, cash receipts from domestic VAT in January 2021 included most of the VAT collected by businesses in December 2020. Revenue from domestic VAT was down by 5.9% on the year in February, due in part to the temporary reduction of VAT rates in the second half of 2020. Revenue from import VAT was down by 67.1% on the year in February. This steep decline is related to the deferred deadline for paying import VAT on goods imported in December 2020. Under the Second Coronavirus Tax Assistance Act (Zweites Corona-Steuerhilfegesetz), the deadline was pushed back from 16 January 2021 to 26 February 2021. Because the new payment deadline was so close to the end of the month, a large part of these payments was not reflected in the cash figures for February. Cumulatively, cash receipts from value added taxes were down by 18.5% on the year in the first two months of 2021.
In February 2021, revenue from taxes accruing solely to the Federation was down by 6.7% compared with the same month last year. For some taxes, the tax measures that were introduced to improve the liquidity of companies resulted in a decline in revenue. Coffee duty, electricity duty and aviation tax all posted declines in revenue (down by 23.6%, 30.5% and 64.0%, respectively). Revenue from the solidarity surcharge also fell, by 55.1%, due to the abolition of the surcharge for approximately 90% of wages tax and income tax payers. However, the decline in solidarity surcharge receipts was tempered somewhat by increases in revenue from the taxes that make up its base (especially corporation tax and final withholding tax on interest and capital gains). Insurance tax revenue was down slightly on the year by 0.4%. In contrast, tobacco duty and alcohol duty posted increases in revenue (up by 7.9% and 3.6%, respectively). Trends in revenue from other taxes had only a minor impact on overall receipts from federal taxes. Cumulatively, cash receipts from taxes accruing solely to the Federation were down by 7.0% on the year in the first two months of 2021.
Receipts from taxes accruing solely to the Länder were up by 4.8% on the year in February 2021. All of these taxes posted revenue gains, with robust rates of growth in some cases such as real property transfer tax (up by 2.8%), inheritance tax (up by 8.7%), fire protection tax (up by 3.5%), betting and lottery tax (up by 8.3%) and beer duty (up by 5.1%). In cumulative terms, cash receipts from taxes accruing solely to the Länder were up by 0.2% on the year in the first two months of 2021.
Borrowing trends for the Federation (budget and special funds, excluding loan financing) in February 2021
Borrowing trends for the Federation (budget and special funds, excluding loan financing) in February 2021
in €m
Total
1,216,393
32,432
-13,678
1,235,148
18,754
24
broken down by purpose
Federal budget
1,175,246
31,735
-13,678
1,193,303
18,057
24
Financial Market Stabilisation Fund (loans for expenses pursuant to section 9 (1) of the Stabilisation Fund Act (Stabilisierungsfondsgesetz))
22,771
-
-
22,771
-
-
Investment and Redemption Fund
16,043
-
-
16,043
-
-
Economic Stabilisation Fund (loans for recapitalisation measures pursuant to section 22 of the Stabilisation Fund Act)
2,333
698
-
3,030
698
-
broken down by debt type
Conventional federal securities
1,136,993
30,436
-13,556
1,153,873
16,880
-253
30-year federal bonds
253,679
1,556
-
255,234
1,556
498
10-year federal bonds
524,196
4,420
-
528,616
4,420
-897
Federal notes
159,444
1,522
-
160,966
1,522
62
Federal Treasury notes
84,239
4,540
-
88,779
4,540
65
Treasury discount papers issued by the Federation
115,436
18,398
-13,556
120,278
4,842
21
Inflation-linked federal securities
58,829
1,216
-
60,045
1,216
278
30-year inflation-linked federal bonds
9,512
20
-
9,532
20
11
10-year inflation-linked federal bonds
49,317
1,196
-
50,513
1,196
267
Green federal securities
9,896
780
-
10,676
780
27
10-year green federal bonds
6,390
-
-
6,390
-
-
Green federal notes
3,506
780
-
4,286
780
27
Securitised loans
6,202
-
-122
6,080
-122
-28
Other loans and ordinary debts
4,474
-
-
4,474
-
-
Additional information
Liabilities from the indexing of inflation-linked federal securities1
3,508
3,712
204
-
Reserves in accordance with the Final Payment Financing Act (Schlusszahlungsfinanzierungsgesetz)2
3,585
3,585
-
-
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.
2 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).
Borrowing trends for the Federation (loan financing) in February 2021
Borrowing trends for the Federation (loan financing) in February 2021
in €m
Total
70,532
3,200
-
73,732
3,200
71
broken down by purpose
Financial Market Stabilisation Fund (loans for resolution authorities pursuant to section 9 (5) of the Stabilisation Fund Act)¹
32,500
3,200
-
35,700
3,200
71
Economic Stabilisation Fund (loans for KfW pursuant to section 23 of the Stabilisation Fund Act)²
38,032
-
-
38,032
-
-
Any discrepancies in totals are due to rounding.
¹ Under section 9 (5) of the Stabilisation Fund Act, the Federal Ministry of Finance is empowered to borrow up to €60bn for the Financial Market Stabilisation Fund so that the Fund can grant loans to resolution authorities for the purpose of refinancing (as per section 8 (10) of the Stabilisation Fund Act) assets that they have taken over. Such borrowing is neutral overall in terms of debt, because it replaces the funds that resolution authorities would otherwise have to borrow on the market. However, it does increase the debt level in federal securities.
² Under section 24 (1) in conjunction with section 23 of the Stabilisation Fund Act, the Federal Ministry of Finance is authorised to borrow up to €100bn for the Economic Stabilisation Fund for the purpose of granting loans. Under section 23 of the Stabilisation Fund Act, the Economic Stabilisation Fund can grant loans to KfW for the purpose of refinancing the special programmes assigned to it by the federal government in response to the coronavirus crisis.