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Any discrepancies in totals are due to rounding.
¹ Including government draft of a supplementary federal budget for 2021 of 24 March 2021.
² As per accounts.
³ 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.
⁴ 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.
⁵ Negative values denote accumulation of reserves.
⁶ (-) debt repayment; (+) borrowing.
Source: Federal Ministry of Finance
Federal revenue in the period from January to March 2021 totalled approximately €68.1bn, down by 20.3% (roughly €17.4bn) compared with the same period last year. This decline is due primarily to tax revenue shortfalls relating 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 receipts (also taking into account transfers of own resources to the EU) declined by 14.3% (roughly €10.6bn) compared with the same period in 2020. Receipts from value added taxes have been particularly affected, falling by around €3.1bn. Revenue from the solidarity surcharge also fell, by 35.7% (approximately €1.8bn), largely due to the abolition this year of the requirement to pay solidarity surcharge for approximately 90% of wages tax and income tax payers.
The category of “other revenue” also posted a decline of 60.0% (about €6.7bn) on the year during the January–March period. This was mainly due to the fact that the Federation’s share of the Bundesbank’s net profits was not remitted. In the previous year, the Bundesbank transferred approximately €5.9bn to the Federation, of which €2.5bn remained in the federal budget. The other €3.4bn had to be allocated to the special investment and redemption fund to repay the fund’s debts.
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 three months of 2021 totalled around €129.6bn, an increase of 40.3% (roughly €37.2bn) over the same period last year. A breakdown by economic category shows that higher spending in the January–March period was driven mainly by consumption spending, which was up by 32.6% (approximately €28.2bn). Ongoing grants and subsidies to companies and social security funds made up most of this rise. The former were up by 111.5% on the year (roughly €9.3bn), due mainly to the pandemic-related assistance that is being provided to businesses. The government draft of the supplementary budget includes €65.0bn for these ongoing subsidies in 2021; by the end of March, €11.0bn had been disbursed. Grants to social security funds were up by 29.5% (around €11.5bn) on the year. This includes roughly €7.2bn in disbursements to the health fund to cover costs caused by the Covid-19 pandemic. These grants also include €3.0bn in disbursements to the health fund’s liquidity reserves for a programme to future-proof hospitals. The increase in consumption spending was tempered by a decline in interest expenditure, which was down by 32.0% (about €1.4bn) on the year.
Investment spending totalled approximately €14.8bn in March 2021, an increase of 155.7% (roughly €9.0bn) over the same period last year. The main factor driving this increase was liquidity assistance provided to the Federal Employment Agency (roughly €8.9bn so far this year). In contrast, fixed asset investment was down by 51.6% (about €0.9bn) due to a decline in spending on construction projects. About half of the year-on-year decline in construction spending can be attributed to a special factor that will affect spending over the whole year: as of 2021, investments in trunk road construction are being outsourced to Autobahn GmbH des Bundes (Federal Autobahn GmbH). These funds are being provided to Autobahn GmbH des Bundes in the form of investment grants, which were up by approximately €0.4bn on the year in March 2021. Approximately €5.5bn has been earmarked for these investment grants 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 €61.5bn for the January–March 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
19.0
21,116
21,773
+3.1
Economic cooperation and development
12,127
2.7
12,324
2.3
1,997
2,160
+8.2
Defence
45,471
10.3
47,019
8.6
10,162
10,255
+0.9
Government, central administration
19,199
4.3
22,707
4.1
5,095
5,403
+6.0
Revenue administration
5,342
1.2
5,922
1.1
1,273
1,340
+5.3
Education, science, research, cultural affairs
28,645
6.5
30,809
5.6
4,771
4,439
-7.0
Support for school and university students and training programme participants
6,045
1.4
5,162
0.9
1,078
1,142
+6.0
Science, research and development outside of higher education institutions
15,236
3.4
18,207
3.3
2,262
2,055
-9.2
Social security, family affairs and youth, labour market policy
218,365
49.4
279,711
51.1
52,690
85,826
+62.9
Social insurance including unemployment insurance
129,829
29.4
134,149
24.5
37,773
51,014
+35.1
of which:
General pension insurance
93,004
21.1
97,401
17.8
29,539
30,930
+4.7
Health insurance
15,884
3.6
19,010
3.5
3,952
6,841
+73.1
Unemployment insurance
6,913
1.6
3,350
0.6
0
8,924
-
Labour market policy
40,876
9.3
45,360
8.3
8,989
10,524
+17.1
of which:
Basic income support for jobseekers under Book II of the Social Code
20,658
4.7
23,700
4.3
5,211
5,612
+7.7
Government housing and heating allowances under Book II of the Social Code
10,097
2.3
11,200
2.0
1,562
2,731
+74.8
Family assistance, welfare services, etc.
10,343
2.3
11,392
2.1
2,464
2,708
+9.9
Social benefits for the consequences of war and political events
2,039
0.5
2,269
0.4
595
676
+13.6
Other social affairs
24,149
5.5
74,751
13.6
110
18,149
X
Health, environment, sport, recreation
19,001
4.3
24,074
4.4
1,059
4,864
+359.3
Housing, urban development, regional planning and local community services
1,783
0.4
2,972
0.5
249
259
+3.8
Housing, home ownership savings premium
893
0.2
1,675
0.3
163
226
+38.7
Food, agriculture and forestry
1,469
0.3
2,611
0.5
127
216
+70.2
Energy and water management, trade and services
5,509
1.2
14,780
2.7
2,464
1,262
-48.8
Regional support measures
1,400
0.3
2,968
0.5
158
141
-11.1
Mining, manufacturing and construction
2,316
0.5
1,491
0.3
2,018
381
-81.1
Transport and communication
22,961
5.2
33,483
6.1
3,944
3,969
+0.6
Roads
9,791
2.2
9,815
1.8
1,620
807
-50.2
Railways and public transport
8,156
1.8
16,321
3.0
1,255
1,381
+10.0
Financial management
48,585
11.0
55,375
10.1
5,890
6,946
+17.9
Interest expenditure and borrowing-related expenditure
6,457
1.5
10,267
1.9
4,276
2,911
-31.9
Total expenditure²
441,798
100.0
547,726
100.0
92,308
129,552
+40.3
¹ Including government draft of a supplementary federal budget for 2021 of 24 March 2021.
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.
Trends in federal expenditure by economic category
Trends in federal expenditure by economic category
Consumption expenditure
391,450
88.6
451,569
82.4
86,501
114,706
+32.6
Human resources expenditure
35,409
8.0
35,959
6.6
9,627
9,873
+2.6
Salary payments
26,249
5.9
26,816
4.9
6,960
7,233
+3.9
Pensions
9,160
2.1
9,144
1.7
2,666
2,640
-1.0
Operating expenditure
36,370
8.2
44,827
8.2
6,502
6,575
+1.1
Maintenance of immovable property
1,801
0.4
1,164
0.2
354
215
-39.3
Military procurement
16,833
3.8
18,155
3.3
2,327
2,304
-1.0
Other
17,736
4.0
25,507
4.7
3,820
4,055
+6.2
Interest expenditure
6,413
1.5
10,261
1.9
4,275
2,909
-32.0
Ongoing grants and subsidies
312,053
70.6
356,500
65.1
65,722
94,856
+44.3
to public administrations
75,607
17.1
39,670
7.2
7,362
13,928
+89.2
to other areas
236,446
53.5
316,830
57.8
58,360
80,928
+38.7
of which:
Companies
49,569
11.2
101,783
18.6
8,347
17,658
+111.5
Pensions, benefits, etc.
30,735
7.0
36,535
6.7
7,763
8,420
+8.5
Social security funds
134,613
30.5
148,635
27.1
39,072
50,615
+29.5
Other asset transfers
1,205
0.3
4,022
0.7
376
493
+31.1
Investment expenditure
50,348
11.4
61,852
11.3
5,807
14,846
+155.7
Financial assistance
38,756
8.8
53,751
9.8
3,980
13,961
+250.8
Grants and subsidies
30,652
6.9
39,366
7.2
3,841
4,089
+6.5
Loans, guarantees
7,630
1.7
6,680
1.2
137
9,548
X
Acquisition of holdings; capital contributions
473
0.1
7,704
1.4
2
323
X
Fixed asset investment
11,592
2.6
8,101
1.5
1,827
885
-51.6
Construction projects
8,192
1.9
4,554
0.8
1,369
487
-64.4
Acquisition of movable assets
2,816
0.6
3,410
0.6
349
388
+11.2
Acquisition of real property
585
0.1
137
0.0
109
10
-90.8
General reduction/increase in expenditure
0
0.0
34,305
6.3
0
0
X
Total expenditure²
441,798
100.0
547,726
100.0
92,308
129,552
+40.3
¹ Including government draft of a supplementary federal budget for 2021 of 24 March 2021.
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.
Income tax and corporation tax
(incl. final withholding tax on interest and capital gains)
140,012
45.0
134,358
43.7
36,470
35,487
-2.7
of which:
Wages tax
89,075
28.6
84,651
27.5
20,722
19,312
-6.8
Assessed income tax
25,067
8.1
24,814
8.1
7,951
7,576
-4.7
Non-assessed tax on earnings
10,761
3.5
9,200
3.0
2,462
2,072
-15.8
Final withholding tax on interest and capital gains
2,976
1.0
2,794
0.9
1,088
1,425
+31.0
Corporation tax
12,134
3.9
12,899
4.2
4,247
5,101
+20.1
Value added taxes (VAT)
94,391
30.3
114,323
37.2
28,486
25,364
-11.0
Trade tax apportionment paid to Federation and Länder
1,574
0.5
1,789
0.6
68
136
+100.0
Energy duty
37,635
12.1
39,850
13.0
4,966
4,126
-16.9
Tobacco duty
14,651
4.7
14,190
4.6
2,413
2,585
+7.1
Solidarity surcharge
18,676
6.0
9,950
3.2
4,930
3,171
-35.7
Insurance tax
14,553
4.7
14,890
4.8
6,766
6,776
+0.1
Electricity duty
6,561
2.1
6,880
2.2
1,708
1,692
-0.9
Motor vehicle tax
9,526
3.1
9,545
3.1
2,634
2,567
-2.5
Alcohol duty including alcopops duty
2,249
0.7
2,102
0.7
572
395
-30.9
Coffee duty
1,060
0.3
1,070
0.3
251
252
+0.4
Aviation tax
292
0.1
630
0.2
153
68
-55.6
Sparkling wine duty and intermediate products duty
428
0.1
394
0.1
123
79
-35.8
Other taxes accruing to the Federation
1
0.0
2
0.0
1
1
-
Deductions
Consolidation assistance for the Länder
1,067
X
800
X
0
0
-
Supplementary grants to Länder
8,751
X
9,179
X
2,405
2,322
-3.5
EU own resources (GNI-based)
25,616
X
33,280
X
7,655
10,729
+40.2
EU own resources (VAT-based)
2,473
X
4,430
X
824
1,515
+83.9
Grants to Länder for public transport
11,457
X
9,268
X
2,202
2,317
+5.2
Grants to Länder for motor vehicle tax and HGV toll
8,992
X
8,992
X
2,248
2,248
-
Other revenue
27,831
8.9
23,290
7.6
11,243
4,498
-60.0
Revenue from economic activity
7,263
2.3
5,352
1.7
5,926
49
-99.2
Interest revenue
364
0.1
385
0.1
43
83
+93.0
Loan repayments, holdings, privatisation proceeds
1,342
0.4
1,253
0.4
322
324
+0.6
Total revenue²
311,085
100.0
307,314
100.0
85,449
68,066
-20.3
¹ Including government draft of a supplementary federal budget for 2021 of 24 March 2021.
² 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
15,951
-4.0
50,854
-4.7
220,800
+5.5
Assessed income tax
15,443
-6.0
17,826
-4.7
59,300
+0.5
Non-assessed taxes on earnings
1,929
+14.1
4,260
-13.8
18,400
-14.4
Final withholding tax on interest and capital gains
(including the former withholding tax on interest income)
841
+3.5
3,238
+31.0
6,350
-6.1
Corporation tax
7,581
+2.3
10,203
+20.1
25,950
+6.9
Value added taxes (VAT)
17,616
+21.8
54,795
-8.8
248,100
+13.0
Trade tax apportionment paid to Federation and Länder
11
+93.1
252
+53.4
4,318
+13.7
Increased trade tax apportionment
0
X
0
X
0
X
Total joint taxes
59,371
+3.4
141,429
-4.6
583,218
+7.2
Taxes accruing to the Federation
Energy duty
2,286
-27.3
4,126
-16.9
39,850
+5.9
Tobacco duty
1,121
-2.7
2,585
+7.1
14,190
-3.1
Alcohol duty
121
-14.9
395
-29.7
2,100
-6.2
Insurance tax
866
+3.9
6,776
+0.2
14,890
+2.3
Electricity duty
695
+30.6
1,692
-1.0
6,880
+4.9
Motor vehicle tax
896
-2.8
2,567
-2.5
9,545
+0.2
Aviation tax
29
-18.3
68
-55.3
630
+115.7
Solidarity surcharge
1,384
-41.6
3,171
-35.7
9,950
-46.7
Other taxes accruing to the Federation
108
+4.1
332
-13.7
1,468
-2.1
Total taxes accruing to the Federation
7,506
-18.7
21,712
-11.4
99,503
-5.8
Taxes accruing to the Länder
Inheritance tax
822
+9.9
2,110
+6.5
7,900
-8.1
Real property transfer tax
1,759
+16.1
4,716
+4.2
16,100
+0.3
Betting and lottery tax
201
+13.8
578
+6.6
2,115
+3.5
Beer duty
35
-15.3
118
-9.6
606
+7.0
Other taxes accruing to the Länder
176
+2.7
235
+3.5
522
+2.4
Total taxes accruing to the Länder
2,993
+12.9
7,757
+4.7
27,243
-1.9
EU own resources
Customs duties
414
+24.9
983
-11.8
4,950
+5.3
EU own resources (VAT-based)
259
+98.9
1,515
+84.0
4,430
+79.1
EU own resources (GNI-based)
1,832
+51.5
10,729
+40.2
33,280
+29.9
Total EU own resources
2,504
+49.9
13,227
+37.9
42,660
+30.1
Federation³
29,877
-4.0
66,425
-12.9
296,912
+4.9
Länder³
32,435
+4.0
79,525
-3.3
323,938
+2.4
EU
2,504
+49.9
13,227
+37.9
42,660
+30.1
Local authorities’ share of income tax and value added tax
5,468
-3.3
12,703
-4.1
51,404
+2.6
Total tax revenue (excluding local authority taxes)
70,284
+0.9
171,881
-5.2
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) was up by 0.9% in March 2021 compared with the same month the previous year. This was partly the result of a significant increase in revenue from value added taxes, which was related to the deferred deadline for paying import VAT. 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 rose by 3.4% on the year in March. In addition to the increase in VAT receipts, revenue growth was also recorded for withholding tax on interest and capital gains, non-assessed taxes on earnings and corporation tax. Revenue from taxes accruing solely to the Federation was down by 18.7% on the year in March, while receipts from taxes accruing to the Länder were up by 12.9%.
Transfers of own resources to the EU, including customs duties, were up by €0.8bn (49.9%) on the year in March 2021. Monthly fluctuations occur over the course of the year based on the EU’s financing needs at any given time. In general, monthly requisitions are based on the annual EU budget that is in force for the respective year.
Total tax receipts fell by 5.2% on the year in the first quarter of 2021. Revenue from joint taxes was down by 4.6%, and receipts from taxes accruing solely to the Federation were down by 11.4%. Revenue from taxes accruing solely to the Länder was up by 4.7%.
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 4.0% on the year in March 2021. The Federation’s take from joint taxes increased by 4.8% on the year, mainly due to a rise in revenue from value added taxes. Revenue from purely federal taxes was down sharply, by 18.7%, and federal transfers of own resources to the EU were significantly higher on the year, both of which reduced the Federation’s tax revenue. In contrast, supplementary grants that the Federation pays to the Länder were slightly down on the year in March.
Länder tax receipts were up sharply, by 4.0% on the year, in March 2021. The revenue from joint taxes that is allocated to the Länder rose by 3.5%; as was the case with the Federation, this rise was driven mainly by a sharp increase in receipts from value added taxes. In addition, the yield from taxes that accrue exclusively to the Länder posted a robust gain of 12.9%. Local authorities’ take from their share of joint taxes was down by 3.3% on the year.
Gross wages tax revenue in March 2021 was down by 2.1% on the year. Cash receipts in March included wages tax that was remitted for February 2021. As a result of the ongoing coronavirus pandemic and the lockdown measures, many companies are continuing to take advantage of the government’s short-time work scheme. This in turn has a negative impact on wages tax revenue. Revenue figures for March 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 thresholds. Child benefit payments – which are financed from wages tax receipts – rose by 6.7% 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 4.0% year-on-year decline in cash receipts from wages tax in the month of March. In the first quarter of 2021, cash receipts from wages tax were 4.7% lower than in the previous year.
Gross receipts from corporation tax were up by 2.3% in March 2021, the first month in the year when prepayments are due. Prepayments for the current year fell by about 8%. Because the balance between back payments and refunds resulting from assessment activities was significantly better in March 2021 than in March 2020, the overall result was an increase in gross receipts from corporation tax. Investment allowance payments had only a minimal impact on the overall outcome due to their low volume. As a result, there was also a clear rise in cash receipts from corporation tax, which were up by 2.3% on the year. In cumulative terms, cash receipts from corporation tax grew by 20.1% on the year in the first quarter of 2021.
Gross revenue from assessed income tax was down by 6.9% on the year in March 2021. For this tax, too, March is when the first instalment of prepayments fall due. In March 2021, prepayments for the current year remained at the same level as in March 2020. However, retroactive prepayments for previous years posted a significant decline. Given that the balance between back payments and refunds remained largely unchanged, gross revenue from assessed income tax dropped accordingly. Employee refunds declined by 18.5% 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 clear year-on-year drop of 6.0% in March. In cumulative terms, cash receipts from assessed income tax fell by 4.7% on the year in the first quarter of 2021.
Gross receipts from non-assessed taxes on earnings were up by 16.1% on the year in March 2021. Refunds by the Federal Central Tax Office, which are financed from this revenue, totalled about €132m (up by 54.4% on the year). Overall, cash receipts from non-assessed taxes on earnings grew by 14.1% in March 2021 compared with the same period last year. Cumulatively, cash receipts from non-assessed taxes on earnings were down by 13.8% on the year in the first quarter of 2021.
Final withholding tax on interest and capital gains
Revenue from final withholding tax on interest and capital gains grew by 3.5% on the year in March 2021. Taken cumulatively, cash receipts from final withholding tax on interest and capital gains were up by 31.0% in the first quarter of 2021 compared with the same period last year.
Receipts from value added taxes rose sharply in March 2021, by 21.8% on the year. This sharp rise in revenue 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 payment date was close to the end of the month, a significant proportion of the payments that were due on 26 February was not reflected in the February cash figures, thereby increasing receipts in March 2021. The shift in the payment date led to a corresponding revenue shortfall for import VAT in January. As a result, cumulative revenue in the first quarter of 2021 posted a sharp drop, falling by 33.0% in year-on-year terms. This also impacted on cumulative cash receipts from value added taxes, which slid by 8.8% in the first quarter of 2021 compared with the first quarter of 2020.
In March 2021, revenue from taxes accruing solely to the Federation was down by 18.7% compared with the same month last year. Energy duty, alcohol duty, tobacco duty and aviation tax all posted declines in revenue, falling by 27.3%, 14.9%, 2.7% and 18.3%, respectively. Revenue from the solidarity surcharge also fell, by 41.6%, mainly due to the abolition of the requirement to pay solidarity surcharge for approximately 90% of wages tax and income tax payers. Receipts from electricity duty showed steep growth of 30.6%. Revenue growth was also recorded for insurance tax and coffee duty, whose yields increased by 3.9% and 12.9%, respectively. Trends in revenue from other taxes had only a minor impact on overall receipts from federal taxes. In cumulative terms, cash receipts from taxes accruing solely to the Federation fell by 11.4% on the year in the first quarter of 2021.
Receipts from taxes accruing solely to the Länder were up sharply in March 2021, by 12.9% on the year. Almost all of these taxes posted revenue gains, with significant increases in some cases. Clear revenue growth was seen with real property transfer tax (+16.1%), inheritance tax (+9.9%), fire protection tax (+2.7%) and betting and lottery tax (+13.8%). Receipts from beer duty declined by 15.3%. In cumulative terms, revenue from taxes accruing solely to the Länder was up by 4.7% on the year in the first quarter of 2021.
Borrowing trends for the Federation (budget and special funds, excluding loan financing) in March 2021
Borrowing trends for the Federation (budget and special funds, excluding loan financing) in March 2021
in €m
Total
1,235,148
40,458
-24,972
1,250,634
15,486
769
broken down by purpose
Federal budget
1,193,303
37,958
-22,823
1,208,438
15,135
781
Financial Market Stabilisation Fund (loans for expenses pursuant to section 9 (1) of the Stabilisation Fund Act (Stabilisierungsfondsgesetz))
22,771
1,053
-1,053
22,771
0
-15
Investment and Redemption Fund
16,043
534
-534
16,043
0
-14
Economic Stabilisation Fund (loans for recapitalisation measures pursuant to section 22 of the Stabilisation Fund Act)
3,030
914
-563
3,381
351
17
broken down by debt type
Conventional federal securities
1,153,873
39,466
-24,962
1,168,377
14,504
602
30-year federal bonds
255,234
2,065
-
257,299
2,065
208
10-year federal bonds
528,616
8,248
-
536,864
8,248
250
Federal notes
160,966
2,069
-
163,035
2,069
64
Federal Treasury notes
88,779
4,631
-11,400
82,010
-6,769
55
Treasury discount papers issued by the Federation
120,278
22,452
-13,562
129,168
8,890
26
Inflation-linked federal securities
60,045
642
-
60,687
642
174
30-year inflation-linked federal bonds
9,532
172
-
9,704
172
76
10-year inflation-linked federal bonds
50,513
470
-
50,983
470
98
Green federal securities
10,676
350
-
11,026
350
11
10-year green federal bonds
6,390
-
-
6,390
-
-
Green federal notes
4,286
350
-
4,636
350
11
Securitised loans
6,080
-
-10
6,070
-10
-18
Other loans and ordinary debts
4,474
-
-
4,474
-
-
Additional information
Liabilities from the indexing of inflation-linked federal securities1
3,712
3,857
145
-
Reserves in accordance with the Final Payment Financing Act (Schlusszahlungsfinanzierungsgesetz)2
3,585
3,617
31
-
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 April 2021
Borrowing trends for the Federation (loan financing) in April 2021
in €m
Total
75,132
3,400
-
78,532
3,400
88
broken down by purpose
Financial Market Stabilisation Fund (loans for resolution authorities pursuant to section 9 (5) of the Stabilisation Fund Act)¹
37,100
3,400
-
40,500
3,400
88
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.
Source: Federal Ministry of Finance