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Any discrepancies in totals are due to rounding.
¹ Supplementary budget pursuant to the Act Adopting a Supplement to the Federal Budget for the 2021 Fiscal Year (Gesetz über die Feststellung eines Zweiten Nachtrags zum Bundeshaushaltsplan für das Haushaltsjahr 2020) of 3 June 2021 (Federal Law Gazette I No 29, p. 1410).
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 for the first five months of the year totalled roughly €113.3bn, down by 4.8% (about €5.7bn) on the year. Tax revenue (also taking into account transfers of own resources to the EU) declined by 2.0% (about €2.1bn) compared with the same period in 2020. Receipts from value added taxes rose by 8.6% (around €3.5bn) on the year. Revenue from the solidarity surcharge fell by 40.3% (approximately €2.8bn), largely due to the abolition this year of the solidarity surcharge for approximately 90% of wages tax and income tax payers. Payments to the EU (GNI-based own resources and VAT-based own resources) increased by about €3.2bn in year-on-year terms.
The category of “other revenue” also posted a decline of 28.9% (about €3.6bn) on the year during the January-May 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 five months of 2021 totalled approximately €201.3bn, up by 23.3% (roughly €38.0bn) on the year. A breakdown by economic category shows that higher spending in the January–May period was driven mainly by consumption spending, which was up by 16.7% (approximately €25.6bn). Ongoing grants to public administrations and social security funds made up most of this rise. Grants to public administrations rose by 41.5% (about €6.2bn), partly due to a year-on-year rise of approximately €1.8bn in pandemic-related compensation payments under section 21 of the Hospital Financing Act (Krankenhausfinanzierungsgesetz). A total of €4.5bn was made available for this purpose up until the end of May 2021. The allocation of approximately €2.5bn to the energy and climate fund also contributed to the rise in grants to public administrations. Last year, the allocation to the energy and climate fund from the federal budget was not made until November. Grants to social security funds were up by 22.7% (around €13.8bn) on the year. This includes roughly €8.7bn in disbursements to the health fund to cover costs caused by the Covid-19 pandemic, and €3.0bn in disbursements to the health fund’s liquidity reserves for a programme to future-proof hospitals. Interest expenditure was up by 31.9% (about €0.8bn) on the year.
Investment spending totalled €22.5bn, an increase of 123.6% (roughly €12.4bn) over May 2020. The main factor driving this increase was liquidity assistance provided to the Federal Employment Agency (roughly €12.1bn so far this year). In contrast, fixed asset investment was down by 50.0% (about €1.7bn) 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 €0.9bn on the year in May 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 €88.0bn for the five-month period from January to May 2021.
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
34,610
35,485
+2.5
Economic cooperation and development
12,127
2.7
12,324
2.3
3,418
3,207
-6.2
Defence
45,471
10.3
47,019
8.6
16,566
17,188
+3.8
Government, central administration
19,199
4.3
22,707
4.1
8,225
8,469
+3.0
Revenue administration
5,342
1.2
5,922
1.1
2,146
2,229
+3.9
Education, science, research, cultural affairs
28,645
6.5
31,829
5.8
8,107
8,162
+0.7
Support for school and university students and training programme participants
6,045
1.4
5,182
0.9
1,566
1,703
+8.7
Science, research and development outside of higher education institutions
15,236
3.4
18,207
3.3
4,275
4,080
-4.6
Social security, family affairs and youth, labour market policy
218,365
49.4
284,649
52.0
98,780
131,126
+32.7
Social insurance including unemployment insurance
129,829
29.4
134,149
24.5
58,371
75,438
+29.2
of which:
General pension insurance
93,004
21.1
97,401
17.8
45,168
47,300
+4.7
Health insurance
15,884
3.6
19,010
3.5
6,617
9,446
+42.8
Unemployment insurance
6,913
1.6
3,350
0.6
0
12,080
-
Labour market policy
40,876
9.3
45,360
8.3
15,131
17,983
+18.8
of which:
Basic income support for jobseekers under Book II of the Social Code
20,658
4.7
23,700
4.3
8,751
9,755
+11.5
Government housing and heating allowances under Book II of the Social Code
10,097
2.3
11,200
2.0
2,603
4,443
+70.7
Family assistance, welfare services, etc.
10,343
2.3
11,395
2.1
4,130
4,567
+10.6
Social benefits for the consequences of war and political events
2,039
0.5
2,269
0.4
903
986
+9.2
Other social affairs
24,149
5.5
79,621
14.5
15,586
27,462
+76.2
Health, environment, sport, recreation
19,001
4.3
25,114
4.6
5,950
7,985
+34.2
Housing, urban development, regional planning and local community services
1,783
0.4
2,972
0.5
411
608
+48.2
Housing, home ownership savings premium
893
0.2
1,675
0.3
267
467
+75.1
Food, agriculture and forestry
1,469
0.3
2,611
0.5
254
443
+74.6
Energy and water management, trade and services
5,509
1.2
14,620
2.7
2,918
2,132
-26.9
Regional support measures
1,400
0.3
2,968
0.5
318
290
-8.8
Mining, manufacturing and construction
2,316
0.5
1,491
0.3
2,076
458
-77.9
Transport and communication
22,961
5.2
33,683
6.1
7,096
7,015
-1.2
Roads
9,791
2.2
9,815
1.8
2,893
1,891
-34.6
Railways and public transport
8,156
1.8
16,321
3.0
2,306
2,310
+0.2
Financial management
48,585
11.0
48,336
8.8
5,137
8,349
+62.5
Interest expenditure and borrowing-related expenditure
6,457
1.5
10,267
1.9
2,504
3,295
+31.6
Total expenditure²
441,798
100.0
547,726
100.0
163,262
201,305
+23.3
¹ Supplementary budget pursuant to the Act Adopting a Supplement to the Federal Budget for the 2021 Fiscal Year (Gesetz über die Feststellung eines Zweiten Nachtrags zum Bundeshaushaltsplan für das Haushaltsjahr 2020) of 3 June 2021 (Federal Law Gazette I No 29, p. 1410).
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.
Source: Federal Ministry of Finance
Trends in federal expenditure by economic category
Trends in federal expenditure by economic category
Consumption expenditure
391,450
88.6
461,191
84.2
153,218
178,847
+16.7
Human resources expenditure
35,409
8.0
35,960
6.6
15,258
15,675
+2.7
Salary payments
26,249
5.9
26,817
4.9
11,147
11,593
+4.0
Pensions
9,160
2.1
9,144
1.7
4,111
4,082
-0.7
Operating expenditure
36,370
8.2
44,823
8.2
11,491
12,077
+5.1
Maintenance of immovable property
1,801
0.4
1,164
0.2
648
389
-40.0
Military procurement
16,833
3.8
18,155
3.3
4,332
4,666
+7.7
Other
17,736
4.0
25,504
4.7
6,511
7,022
+7.8
Interest expenditure
6,413
1.5
10,261
1.9
2,487
3,280
+31.9
Ongoing grants and subsidies
312,053
70.6
366,125
66.8
123,408
147,104
+19.2
to public administrations
75,607
17.1
40,670
7.4
14,843
21,008
+41.5
to other areas
236,446
53.5
325,455
59.4
108,565
126,096
+16.1
of which:
Companies
49,569
11.2
104,429
19.1
28,055
30,397
+8.3
Pensions, benefits, etc.
30,735
7.0
36,535
6.7
12,942
14,326
+10.7
Social security funds
134,613
30.5
153,495
28.0
60,625
74,409
+22.7
Other asset transfers
1,205
0.3
4,022
0.7
573
712
+24.3
Investment expenditure
50,348
11.4
59,268
10.8
10,044
22,458
+123.6
Financial assistance
38,756
8.8
51,165
9.3
6,562
20,718
+215.7
Grants and subsidies
30,652
6.9
39,856
7.3
6,340
7,135
+12.5
Loans, guarantees
7,630
1.7
6,680
1.2
214
13,260
X
Acquisition of holdings; capital contributions
473
0.1
4,628
0.8
8
323
X
Fixed asset investment
11,592
2.6
8,103
1.5
3,482
1,740
-50.0
Construction projects
8,192
1.9
4,554
0.8
2,450
1,008
-58.9
Acquisition of movable assets
2,816
0.6
3,412
0.6
866
712
-17.8
Acquisition of real property
585
0.1
137
0.0
166
21
-87.3
General reduction/increase in expenditure
0
0.0
27,267
5.0
0
0
X
Total expenditure²
441,798
100.0
547,726
100.0
163,262
201,305
+23.3
¹ Supplementary budget pursuant to the Act Adopting a Supplement to the Federal Budget for the 2021 Fiscal Year (Gesetz über die Feststellung eines Zweiten Nachtrags zum Bundeshaushaltsplan für das Haushaltsjahr 2020) of 3 June 2021 (Federal Law Gazette I No 29, p. 1410).
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.
Source: Federal Ministry of Finance
Income tax and corporation tax
(incl. final withholding tax on interest and capital gains)
140,012
45.0
134,358
43.7
49,940
50,774
+1.7
of which:
Wages tax
89,075
28.6
84,651
27.5
34,590
31,583
-8.7
Assessed income tax
25,067
8.1
24,814
8.1
7,222
7,618
+5.5
Non-assessed tax on earnings
10,761
3.5
9,200
3.0
3,748
3,758
+0.3
Final withholding tax on interest and capital gains
2,976
1.0
2,794
0.9
1,485
2,099
+41.3
Corporation tax
12,134
3.9
12,899
4.2
2,894
5,716
+97.5
Value added taxes (VAT)
94,391
30.3
114,323
37.2
41,129
44,668
+8.6
Trade tax apportionment paid to Federation and Länder
1,574
0.5
1,789
0.6
546
638
+16.8
Energy duty
37,635
12.1
39,850
13.0
10,420
9,663
-7.3
Tobacco duty
14,651
4.7
14,190
4.6
5,080
5,302
+4.4
Solidarity surcharge
18,676
6.0
9,950
3.2
6,963
4,158
-40.3
Insurance tax
14,553
4.7
14,890
4.8
8,658
8,860
+2.3
Electricity duty
6,561
2.1
6,880
2.2
2,683
2,811
+4.8
Motor vehicle tax
9,526
3.1
9,545
3.1
4,277
4,155
-2.9
Alcohol duty including alcopops duty
2,249
0.7
2,102
0.7
871
778
-10.7
Coffee duty
1,060
0.3
1,070
0.3
418
440
+5.3
Aviation tax
292
0.1
630
0.2
161
108
-32.9
Sparkling wine duty and intermediate products duty
428
0.1
394
0.1
178
130
-27.0
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
2,302
-4.3
EU own resources (GNI-based)
25,616
X
33,280
X
12,692
15,178
+19.6
EU own resources (VAT-based)
2,473
X
4,430
X
1,389
2,143
+54.3
Grants to Länder for public transport
11,457
X
9,268
X
3,732
3,862
+3.5
Grants to Länder for motor vehicle tax and HGV toll
8,992
X
8,992
X
4,496
4,496
-
Other revenue
27,831
8.9
23,290
7.6
12,367
8,795
-28.9
Revenue from economic activity
7,263
2.3
5,352
1.7
3,978
1,511
-62.0
Interest revenue
364
0.1
385
0.1
74
120
+62.2
Loan repayments, holdings, privatisation proceeds
1,342
0.4
1,253
0.4
374
364
-2.7
Total revenue²
311,085
100.0
307,314
100.0
118,978
113,301
-4.8
¹ Supplementary budget pursuant to the Act Adopting a Supplement to the Federal Budget for the 2021 Fiscal Year (Gesetz über die Feststellung eines Zweiten Nachtrags zum Bundeshaushaltsplan für das Haushaltsjahr 2020) of 3 June 2021 (Federal Law Gazette I No 29, p. 1410).
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.
Source: Federal Ministry of Finance
2021 trends in tax revenue (excluding local authority taxes)
2021 trends in tax revenue (excluding local authority taxes)¹
Joint taxes
Wages tax²
13,918
-8.0
83,211
-3.3
211,300
+1.0
Assessed income tax
-218
X
17,926
+5.5
61,150
+3.7
Non-assessed taxes on earnings
2,279
+82.7
7,851
+4.1
21,400
-0.5
Final withholding tax on interest and capital gains
(including the former withholding tax on interest income)
695
+99.2
4,771
+41.4
7,500
+10.9
Corporation tax
-21
X
11,432
+97.5
28,150
+16.0
Value added taxes
22,740
+37.8
95,852
+8.9
245,400
+11.8
Trade tax apportionment paid to Federation and Länder
215
+9.1
1,465
+11.2
4,419
+16.3
Increased trade tax apportionment
0
X
-0
X
0
X
Total joint taxes
39,609
+23.0
222,507
+6.4
579,319
+6.4
Taxes accruing to the Federation
Energy duty
3,114
+17.8
9,663
-7.3
39,150
+4.0
Tobacco duty
1,251
+21.7
5,302
+4.4
14,460
-1.3
Alcohol duty
249
+48.8
778
-9.6
1,935
-13.5
Insurance tax
1,069
+3.6
8,860
+2.3
14,890
+2.3
Electricity duty
541
+10.4
2,811
+4.8
6,740
+2.7
Motor vehicle tax
769
+12.0
4,155
-2.9
9,545
+0.2
Aviation tax
14
+286.5
108
-32.7
450
+54.1
Solidarity surcharge
495
-54.6
4,158
-40.3
10,050
-46.2
Other taxes accruing to the Federation
112
+11.8
572
-5.7
1,401
-6.6
Total taxes accruing to the Federation
7,611
+5.1
36,407
-8.3
98,621
-6.6
Taxes accruing to the Länder
Inheritance tax
755
-1.0
3,636
+7.2
8,500
-1.2
Real property transfer tax
1,383
+17.8
7,502
+8.8
16,700
+4.0
Betting and lottery tax
160
+16.4
920
+12.4
2,170
+6.2
Beer duty
48
+124.7
214
+16.9
585
+3.3
Other taxes accruing to the Länder
36
+10.4
307
+5.4
522
+2.4
Total taxes accruing to the Länder
2,382
+12.0
12,580
+8.6
28,477
+2.5
EU own resources
Customs duties
410
+0.2
1,871
-1.9
4,950
+5.3
EU own resources (VAT-based)
333
-4.8
2,143
+54.2
4,430
+79.1
EU own resources (GNI-based)
2,355
-22.1
15,178
+19.6
33,290
+30.0
Total EU own resources
3,097
-18.1
19,192
+20.0
42,670
+30.1
Federation³
20,638
+29.1
107,288
-0.4
293,760
+3.8
Länder³
23,378
+20.4
127,697
+6.9
324,596
+2.6
EU
3,097
-18.1
19,192
+20.0
42,670
+30.1
Local authorities’ share of income tax and value added tax
2,899
+3.3
19,188
-0.0
50,341
+0.5
Total tax revenue (excluding local authority taxes)
50,012
+19.1
273,364
+4.2
711,367
+4.3
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 May 2021.
Source: Federal Ministry of Finance
Total tax revenue (excluding local authority taxes) was up by 19.1% on the year in May 2021. However, it is important to note the low baseline figure, as May 2020 saw a significant drop in tax receipts as a result of tax measures to mitigate the pandemic’s impact (e.g. deferrals). Compared with May 2019, i.e. the corresponding month before the crisis, tax revenue in May 2021 was down by 4.6%, approximately €2.4bn. Total receipts from joint taxes rose by 23.0% on the year in May 2021. Revenue from taxes accruing solely to the Federation was up by 5.1% on the year in May, while receipts from taxes accruing to the Länder increased by 12.0%.
Transfers of own resources to the EU, including customs duties, were down by almost €0.7bn (18.1%) on the year in May 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.
In the five months from January to May 2021, tax receipts (excluding local authority taxes) increased by 4.2% compared with the same period in 2020. Revenue from joint taxes rose by 6.4%, while receipts from taxes accruing solely to the Federation declined by 8.3%. Revenue from taxes accruing solely to the Länder was up by 8.6%.
Distribution among the Federation, Länder and local authorities
The Federation’s tax receipts (after accounting for supplementary federal grants to the Länder) were up by 29.1% on the year in May 2021. Revenue from purely federal taxes was up by 5.1%, while federal transfers of own resources to the EU declined, both of which contributed to boosting the Federation’s tax revenue. In contrast, supplementary grants that the Federation pays to the Länder were slightly down on the year in May.
Länder tax receipts also increased markedly on the year in May 2021, by 20.4%. The revenue from joint taxes that is allocated to the Länder rose by 23.7%. In addition, the yield from taxes that accrue exclusively to the Länder posted a robust gain of 12.0%. Local authorities’ take from their share of joint taxes was 3.3% higher than in the same period last year.
Gross revenue from wages tax was up by 8.3% in year-on-year terms in May 2021, despite the various tax relief measures that had a negative impact on receipts (the increase in the basic personal allowance and the related shift in the other tax thresholds). Cash receipts in May included wages tax that was remitted for April 2021. Although businesses clearly continued to avail themselves of the short-time work scheme (cf. the report on economic trends in the present issue of the monthly report), they did so to a lesser degree than in April 2020, which was the peak month of short-time work uptake during the pandemic. Nevertheless, May saw an 8.0% year-on-year decline in overall cash receipts from wages tax. Key factors here were (a) the €15 rise in child benefit enacted under the Second Family Tax Burden Reduction Act (Zweites Familienentlastungsgesetz) and (b) the disbursement of a €150 child bonus, which was financed from the May 2021 wages tax revenue. In cumulative terms, cash receipts from wages tax were down by 3.3% on the year in the first five months of 2021.
Corporation tax refunds totalling approximately €21m were paid out in May 2021, down from the approximately €225m refunded in the same month of 2020. Part of this difference can most likely be attributed to pandemic-related measures taken on the basis of secondary legislation, including deferrals and lump-sum reductions of prepayments that had already been made, which had the effect of noticeably reducing last year’s baseline. Because of their low volume, investment allowance payments had hardly any influence on receipts in May 2021. Cumulatively, cash receipts from corporation tax increased by 97.5% in year-on-year terms in the first five months of 2021.
Gross receipts from assessed income tax rose by 27.3% on the year in May 2021. As with corporation tax, it is likely that pandemic-related tax measures lowered the 2020 baseline in a noticeable way. Employee refunds declined by 22.9% on the year in May. 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 totalled approximately -€218m in May 2021 (compared with -€999m in May 2020). In cumulative terms, cash receipts from assessed income tax were up by 5.5% on the year in the first five months of 2021.
Gross receipts from non-assessed taxes on earnings were up by 76.4% on the year in May 2021. Refunds by the Federal Central Tax Office, which are financed from this revenue, totalled about €49m (down by 32.9% on the year). Overall, cash receipts from non-assessed taxes on earnings grew by 82.7% in May 2021 compared with the same period last year. Cumulatively, cash receipts from non-assessed taxes on earnings were up by 4.1% on the year in the first five months of 2021.
Final withholding tax on interest and capital gains
Revenue from final withholding tax on interest and capital gains grew by 99.2% on the year in May 2021. Cumulative cash receipts from this tax were up by 41.4% on the year in the first five months of 2021.
Revenue from value added taxes rose by 37.8% in year-on-year terms in May 2021. Receipts from domestic VAT were up by 34.7%, and receipts from import VAT were up by 46.8%. Two factors played a role in this increase: first, the comprehensive pandemic-related tax relief for businesses (e.g. tax deferrals and postponed enforcement measures), which had a significant impact on last year’s revenue in particular. Second, import VAT is probably benefiting from the gradual recovery of foreign trade, which plummeted last spring as a result of the pandemic, while domestic VAT is likely to be experiencing a boost due to the significant year-on-year growth in retail sales recorded in March and April 2021. Cumulatively, cash receipts from value added taxes rose by 8.9% on the year in the first five months of 2021.
In May 2021, revenue from taxes accruing solely to the Federation was up by 5.1% on the year. Significant revenue gains were posted for energy duty (up by 17.8%), electricity duty (up by 10.4%), motor vehicle tax (up by 12.0%), tobacco duty (up by 21.7%) and alcohol duty (up by 48.8%). It is fair to assume that energy duty receipts were affected by the very sharp pandemic-related drop in mobility in spring 2020. Although mobility remains noticeably restricted this spring, it is nonetheless above the level seen around the same time last year. Revenue from the solidarity surcharge fell by 54.6%, mainly as a result of its near-complete abolition. 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 were down by 8.3% on the year in the January–May period.
Receipts from taxes accruing solely to the Länder were up sharply in May 2021, by 12.0% on the year. Some of these taxes posted significant revenue growth, including real property transfer tax (up by 17.8%), fire protection tax (up by 10.4%) and betting and lottery tax (up by 16.4%). Receipts from beer duty climbed by 124.7%. Inheritance tax revenue posted a slight decline of 1.0%. In cumulative terms, cash receipts from taxes accruing solely to the Länder were up by a total of 8.6% on the year in the first five months of 2021.
Borrowing trends for the Federation (budget and special funds, excluding loan financing) in May 2021
Borrowing trends for the Federation (budget and special funds, excluding loan financing) in May 2021
in €m
Total
1,253,311
47,314
-15,236
1,285,389
32,078
-500
broken down by purpose
Federal budget
1,210,833
47,284
-15,236
1,242,882
32,048
-500
Financial Market Stabilisation Fund (loans for expenses pursuant to section 9 (1) of the Stabilisation Fund Act (Stabilisierungsfondsgesetz))
22,779
-1
-
22,778
-1
-
Investment and Redemption Fund
16,058
-
-
16,058
-
-
Economic Stabilisation Fund (loans for recapitalisation measures pursuant to section 22 of the Stabilisation Fund Act)
3,640
31
-
3,671
31
-
broken down by debt type
Conventional federal securities
1,170,696
41,048
-15,184
1,196,561
25,865
-43
30-year federal bonds
259,079
929
-
260,008
929
129
10-year federal bonds
549,849
10,790
-
560,639
10,790
-363
Federal notes
146,101
3,935
-
150,036
3,935
101
Federal Treasury notes
85,681
4,051
-
89,732
4,051
54
Treasury discount papers issued by the Federation
129,986
21,344
-15,184
136,146
6,160
35
Inflation-linked federal securities
61,096
713
-
61,809
713
139
30-year inflation-linked federal bonds
9,731
155
-
9,886
155
65
10-year inflation-linked federal bonds
51,365
558
-
51,923
558
75
Green federal securities
11,026
5,500
-
16,526
5,500
-593
30-year green federal bonds
-
5,500
-
5,500
5,500
-593
10-year green federal bonds
6,390
-
-
6,390
-
-
Green federal notes
4,636
-
-
4,636
-
-
Securitised loans
6,020
-
-
6,020
-
-3
Loans through repurchase transactions
-
52
-52
-
-
-
Other loans and ordinary debts
4,474
-
-
4,474
-
-
Additional information
Liabilities from the indexing of inflation-linked federal securities1
3,994
4,635
641
-
Reserves in accordance with the Final Payment Financing Act (Schlusszahlungsfinanzierungsgesetz)2
3,932
3,972
41
-
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).
Any discrepancies in totals are due to rounding.
Source: Federal Ministry of Finance
Borrowing trends for the Federation (loan financing) in May 2021
Borrowing trends for the Federation (loan financing) in May 2021
in €m
Total
78,532
2,300
-1,408
79,424
892
53
broken down by purpose
Financial Market Stabilisation Fund (loans for resolution authorities pursuant to section 9 (5) of the Stabilisation Fund Act)¹
40,500
2,300
-
42,800
2,300
45
Economic Stabilisation Fund (loans for KfW pursuant to section 23 of the Stabilisation Fund Act)²
38,032
-
-1,408
36,624
-1,408
8
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