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Federal budget trends up to and including April 2023
Table: Trends in the federal budget
Expenditure (€bn)²
480.7
476.3
157.2
Year-on-year change in % (year to date)
+1.2
Revenue (€bn)³
364.7
389.9
114.9
Year-on-year change in % (year to date)
+0.3
Tax revenue (€bn)
337.2
358.1
106.9
Year-on-year change in % (year to date)
-0.2
Balance of pass-through funds (€bn)
0.0
0.0
0.0
Fiscal balance (€bn)
-116.0
-86.4
-42.3
Financing/use of surplus:
116.0
86.4
42.3
Cash resources (€bn)
-
-
224.5
Seigniorage (€bn)
0.1
0.2
0.0
Movements in reserves⁴ (€bn)
0.5
40.5
0.0
Net borrowing⁵ (€bn)
115.4
45.6
- 182,2
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 for the period from January to April 2023 totalled €114.9bn, up by 0.3% (€0.3bn) on the year. Federal tax revenue remained roughly at the same level as last year, declining by only 0.2% (€0.2bn). Further information on tax revenues is provided in the article “Tax revenues and economic environment in April 2023” [in German only] in the current edition of the monthly report.
The category of “other income” recorded a gain of 7.6% (€0.6bn) on the year in the January–April period. Within this category, revenue from fees and other income from guarantees increased by €0.2bn, and interest revenue from the Federation’s cash management system was also up by €0.2bn.
Federal expenditure totalled €157.2bn in the January–April 2023 period, a year-on-year increase of 1.2% (€1.9bn). A breakdown by economic category shows that the increase in expenditure was driven by investment spending, which was up by 50.2% (€5.3bn) on the year. This significant rise is primarily due to a special factor: a €6.3bn loan that was granted to the IMF’s Resilience and Sustainability Trust in January 2023 was recorded as an investment item, as required under budget law. After adjusting for this effect, investment spending was down by 9.0% (€1.0bn) on the year, which can be attributed to a year-on-year decline of €2.3bn in liquidity assistance to the Federal Employment Agency. Fixed asset investment was €0.2bn lower than in the same period last year.
Consumption spending was down by 2.4% (€3.5bn) on the year. There were several contrasting trends overall: Due to the general increase in interest rates, interest expenditure rose sharply, by €13.4bn. In contrast, ongoing grants and subsidies declined by 15.9% (€18.4bn), mainly because much less funding had to be made available to combat the adverse effects of the Covid-19 pandemic than in 2022. For example, federal payments to the health fund to cover pandemic-related costs totalled €1.2bn, a decline of €13.1bn. Pandemic-related assistance to businesses totalled €0.2bn, down by €5.3bn on the year. Pandemic-related compensation payments under section 21 of the Hospital Financing Act (Krankenhausfinanzierungsgesetz) amounted to €0.5bn in the first four months of 2023, €3.7bn less than in the same period last year. The decline in ongoing grants and subsidies was offset somewhat by the €2.0bn increase in spending on the citizen’s benefit.
The federal budget recorded a deficit of €42.3bn for the January–April 2023 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
108,785
22.6
108,723
22.8
29,482
33,097
+12.3
Economic cooperation and development
13,615
2.8
12,005
2.5
2,364
3,422
+44.7
Defence
51,608
10.7
52,027
10.9
14,194
16,387
+15.4
Government, central administration
22,069
4.6
22,471
4.7
7,240
7,462
+3.1
Revenue administration
6,150
1.3
6,766
1.4
1,953
1,957
+0.2
Education, science, research, cultural affairs
28,009
5.8
33,483
7.0
6,015
6,855
+14.0
Support for school and university students and training programme participants
4,127
0.9
5,646
1.2
1,276
2,094
+64.0
Science, research and development outside of higher education institutions
16,638
3.5
20,273
4.3
2,837
2,695
-5.0
Social security, family affairs and youth, labour market policy
253,717
52.8
214,183
45.0
95,973
80,176
-16.5
Social security funds including unemployment insurance
136,757
28.5
136,461
28.7
53,157
53,297
+0.3
of which:
General pension insurance
99,373
20.7
103,082
21.6
39,792
41,400
+4.0
Health insurance
15,867
3.3
18,975
4.0
5,173
5,969
+15.4
Labour market policy
42,625
8.9
44,351
9.3
13,025
15,521
+19.2
of which:
Citizen’s benefit under Book II of the Social Code
22,276
4.6
23,760
5.0
6,864
8,833
+28.7
Government housing and heating allowances under Book II of the Social Code
9,729
2.0
10,400
2.2
3,148
3,672
+16.6
Family assistance, welfare services, etc.
11,711
2.4
14,984
3.1
3,764
4,407
+17.1
Social benefits under Book XII of the Social Code and the Asylum Seekers Benefits Act (Asylbewerberleistungsgesetz)
8,690
1.8
9,075
1.9
3,110
4,076
+31.1
Other social affairs
48,857
10.2
4,116
0.9
21,314
805
-96.2
Health, environment, sport, recreation
18,489
3.8
9,437
2.0
8,119
1,608
-80.2
Housing, urban development, regional planning and local community services
2,664
0.6
3,909
0.8
350
414
+18.5
Housing, home ownership savings premium
1,589
0.3
2,540
0.5
269
347
+29.1
Food, agriculture and forestry
1,701
0.4
2,134
0.4
238
222
-6.8
Energy and water management, trade and services
8,795
1.8
20,979
4.4
2,295
8,251
+259.5
Regional support measures
1,970
0.4
3,364
0.7
313
250
-20.3
Monetary and insurance system
2,227
0.5
6,899
1.4
800
6,705
+738.1
Other trade and services
514
0.1
5,954
1.3
190
118
-38.0
Transport and communication
28,125
5.9
28,008
5.9
5,424
5,793
+6.8
Roads
9,243
1.9
9,459
2.0
1,471
1,594
+8.4
Railways and public transport
11,852
2.5
10,875
2.3
1,987
2,009
+1.1
Financial management
30,403
6.3
55,435
11.6
7,430
20,782
+179.7
Real property and capital assets, special funds and financial grants
13,948
2.9
16,925
3.6
1,579
1,575
-0.3
Interest expenditure and borrowing-related expenditure
15,293
3.2
39,864
8.4
5,282
18,712
+254.2
Total expenditure¹
480,688
100.0
476,291
100.0
155,326
157,198
+1.2
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.
Source: Federal Ministry of Finance
Trends in federal expenditure by economic category
Trends in federal expenditure by economic category
Consumption expenditure
434,477
90.4
411,688
86.4
144,701
141,235
-2.4
Human resources expenditure
37,843
7.9
41,669
8.7
13,266
13,589
+2.4
Salary payments
28,193
5.9
31,775
6.7
9,761
9,963
+2.1
Pensions
9,650
2.0
9,894
2.1
3,505
3,626
+3.5
Operating expenditure
45,075
9.4
49,147
10.3
10,233
11,102
+8.5
Maintenance of immovable property
1,154
0.2
1,082
0.2
294
330
+12.2
Military procurement
18,981
3.9
18,477
3.9
3,525
3,964
+12.5
Other
24,939
5.2
29,588
6.2
6,415
6,808
+6.1
Interest expenditure
15,264
3.2
39,841
8.4
5,274
18,702
+254.6
Ongoing grants and subsidies
335,039
69.7
279,324
58.6
115,309
96,932
-15.9
to public administrations
47,360
9.9
36,875
7.7
14,683
13,350
-9.1
to other areas
287,679
59.8
242,448
50.9
100,626
83,582
-16.9
of which:
Companies
48,308
10.0
37,812
7.9
14,439
7,491
-48.1
Pensions, benefits, etc.
34,538
7.2
38,950
8.2
10,707
13,318
+24.4
Social security funds
176,328
36.7
143,728
30.2
68,032
56,731
-16.6
Other asset transfers
1,256
0.3
1,707
0.4
619
910
+47.0
Investment expenditure
46,211
9.6
71,475
15.0
10,625
15,963
+50.2
Financial assistance
39,664
8.3
63,378
13.3
9,317
14,858
+59.5
Grants and subsidies
34,001
7.1
41,360
8.7
5,471
7,295
+33.3
Loans, guarantees
3,560
0.7
20,641
4.3
3,847
7,548
+96.2
Acquisition of holdings; capital contributions
2,103
0.4
1,377
0.3
0
16
X
Fixed asset investment
6,546
1.4
8,097
1.7
1,307
1,104
-15.5
Construction projects
4,053
0.8
5,311
1.1
702
557
-20.7
Acquisition of movable assets
2,303
0.5
2,631
0.6
596
521
-12.6
Acquisition of real property
190
0.0
154
0.0
9
26
+188.9
General reduction/increase in expenditure
0
0.0
-6,872
-1.4
0
0
X
Total expenditure¹
480,688
100.0
476,291
100.0
155,326
157,198
+1.2
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.
Source: Federal Ministry of Finance
Income tax and corporation tax (incl. final withholding tax on interest and capital gains)
171,830
47.1
175,337
45.0
50,495
48,603
-3.7
of which:
Wages tax
96,564
26.5
109,799
28.2
30,326
29,323
-3.3
Assessed income tax
32,900
9.0
24,170
6.2
9,122
8,333
-8.6
Non-assessed tax on earnings
16,313
4.5
16,175
4.1
3,317
3,967
+19.6
Final withholding tax on interest and capital gains
2,886
0.8
3,168
0.8
1,529
1,066
-30.3
Corporation tax
23,167
6.4
22,025
5.6
6,200
5,914
-4.6
Value added taxes
132,813
36.4
141,668
36.3
45,709
46,036
+0.7
Trade tax apportionment paid to Federation and Länder
2,573
0.7
2,503
0.6
622
567
-8.8
Energy duty
33,667
9.2
36,965
9.5
7,229
7,189
-0.6
Tobacco duty
14,229
3.9
15,630
4.0
3,574
3,773
+5.6
Solidarity surcharge
11,978
3.3
12,500
3.2
3,471
3,502
+0.9
Insurance tax
15,672
4.3
16,270
4.2
8,117
8,692
+7.1
Electricity duty
6,830
1.9
6,800
1.7
2,376
2,323
-2.2
Motor vehicle tax
9,499
2.6
9,470
2.4
3,397
3,401
+0.1
Alcohol duty including alcopops duty
2,194
0.6
2,172
0.6
678
716
+5.6
Coffee duty
1,063
0.3
1,060
0.3
374
353
-5.6
Aviation tax
1,140
0.3
1,535
0.4
219
381
+74.0
Sparkling wine duty and intermediate products duty
379
0.1
390
0.1
122
136
+11.5
Other taxes accruing to the Federation
2
0.0
2
0.0
1
1
+0.0
Deductions
Consolidation assistance for the Länder
800
X
800
X
0
0
X
Supplementary grants to Länder
10,675
X
11,080
X
2,415
2,693
+11.5
EU own resources (GNI-based)
25,574
X
27,070
X
9,549
8,010
-16.1
EU own resources (VAT-based)
4,838
X
5,100
X
1,580
1,700
+7.6
EU own resources (plastics)
1,377
X
1,380
X
0
460
X
Grants to Länder for public transport
14,444
X
9,754
X
3,420
3,633
+6.2
Grants to Länder for motor vehicle tax and HGV toll
8,992
X
8,992
X
2,248
2,248
+0.0
Other revenue
27,485
7.5
31,795
8.2
7,448
8,013
+7.6
Revenue from economic activity
5,562
1.5
4,453
1.1
1,204
1,166
-3.2
Interest revenue
578
0.2
1,258
0.3
164
399
+143.3
Loan repayments, holdings, privatisation proceeds
1,413
0.4
2,135
0.5
365
244
-33.2
Total revenue²
364,653
100.0
389,921
100.0
114,619
114,943
+0.3
¹ Any discrepancies in relation to the table “2023 trends in tax revenue (excluding local authority taxes)” are due to the methodology used. 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
2023 trends in tax revenue (excluding local authority taxes)
2023 trends in tax revenue (excluding local authority taxes)¹
Joint taxes
Wages tax²
19,855
-1.8
75,524
-1.2
241,000
+6.1
Assessed income tax
-112
19,616
-8.6
78,000
+0.8
Non-assessed taxes on earnings
1,557
-1.4
8,128
+20.8
36,800
+12.9
Final withholding tax on interest and capital gains
(including the former withholding tax on interest income)
636
-6.4
2,421
-30.3
6,250
-4.7
Corporation tax
1,128
-7.7
11,828
-4.6
46,500
+0.4
Value added taxes
19,788
-4.7
93,310
-1.1
289,400
+1.6
Total joint taxes
42,852
-4.8
210,827
-1.9
697,950
+3.4
Trade tax apportionments paid to Federation and Länder
Trade tax apportionments
1,231
+0.1
1,600
-13.2
6,252
-1.5
Increased trade tax apportionments
0
-82.2
0
-96.7
0
X
Total trade tax apportionments
1,231
+0.1
1,600
-13.2
6,252
-1.5
Taxes accruing to the Federation
Energy duty
2,827
+1.8
7,189
-0.6
36,050
+7.1
Tobacco duty
1,104
-8.2
3,773
+5.6
15,020
+5.6
Alcohol duty
185
+26.5
716
+5.5
2,200
+0.4
Insurance tax
1,054
+11.9
8,692
+7.1
16,600
+5.9
Electricity duty
574
-2.7
2,323
-2.2
6,770
-0.9
Motor vehicle tax
769
-4.2
3,401
+0.1
9,470
-0.3
Aviation tax
109
+55.7
381
+74.2
1,500
+31.6
Solidarity surcharge
614
-2.6
3,502
+0.9
12,300
+2.7
Other taxes accruing to the Federation
120
-16.4
491
-1.3
1,469
+1.6
Total taxes accruing to the Federation
7,358
+0.7
30,468
+3.1
101,379
+4.9
Taxes accruing to the Länder
Inheritance tax
804
+7.7
3,172
-11.2
9,000
-2.5
Real property transfer tax
904
-33.9
4,266
-33.6
13,000
-24.1
Betting and lottery tax
230
-0.3
896
-3.9
2,560
-0.4
Beer duty
45
-7.2
171
-0.2
615
+2.5
Other taxes accruing to the Länder
37
+3.6
331
+10.8
630
+8.7
Total taxes accruing to the Länder
2,021
-16.8
8,836
-22.5
25,805
-14.3
EU own resources
Customs duties
492
-11.9
1,986
-1.6
6,800
-0.4
VAT-based own resources
382
-3.1
1,700
+7.6
5,100
+5.4
GNI-based own resources
1,906
-16.1
8,010
-11.8
27,470
+7.4
Plastics own resources
104
-10.8
460
-0.8
1,380
+0.2
Total EU own resources
2,885
-13.7
12,156
-7.5
40,750
+5.5
Federation³
22,622
-0.9
108,322
+0.6
359,929
+6.7
Länder³
24,814
-6.6
116,016
-4.2
380,731
-1.0
EU
2,885
-13.7
12,156
-7.5
40,750
+5.5
Local authorities’ share of income tax and value added tax
3,633
-4.7
17,224
-3.2
56,776
+4.1
Total tax revenue (excluding local authority taxes)
53,953
-4.6
253,718
-2.3
838,186
+2.9
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 2023. Source: Federal Ministry of Finance
Total tax revenue (excluding local authority taxes) was down by 4.6% on the year in April 2023 (see the table “2023 trends in tax revenue (excluding local authority taxes)”). In particular, the yield from joint taxes fell by about 5%. Tax relief measures contributed significantly to this decline. Receipts from taxes accruing to the Federation climbed by almost 1% on the year, due to higher revenue from energy duty, insurance tax and aviation tax in particular, while the yield from tobacco duty declined. The fall in receipts from taxes accruing to the Länder, which has persisted since the second half of 2022, continued in April 2023, with a year-on-year decline of about 17%. This can be attributed primarily to the sustained decrease in revenue from real property transfer tax. In contrast, inheritance tax receipts rose in April 2023.
Joint taxes In accordance with Article 106 (3) of the Basic Law (Grundgesetz), revenue from income tax, corporation tax and VAT accrues jointly to the Federation and the Länder. The local authorities also receive shares of receipts from income tax and VAT (Article 106 (5) and (5a) of the Basic Law). Under the budget system, income tax is broken down further into the following tax categories for statistical purposes: wages tax, assessed income tax, non-assessed taxes on earnings, and final withholding tax on interest and capital gains. The statistical category of “value added taxes” is subdivided into (domestic) VAT and import VAT. Revenue from joint taxes makes up approximately 75% of total tax receipts (based on the reference year 2022). The two highest-yielding tax types are value added taxes (approximately 32 percentage points) and wages tax (approximately 25 percentage points).
Allocation of tax revenue to the different levels of government
The substantial decline in receipts from joint taxes manifested itself in lower tax revenue for the Federation, Länder and local authorities. The Federation’s tax receipts (after accounting for supplementary federal grants that, under the fiscal equalisation system, are paid from the Federation’s revenues to Länder with below-average capacity) fell by nearly 1% on the year in April 2023. This decline in the Federation’s receipts was offset by (a) a rise in revenue from taxes accruing solely to the Federation and (b) a decline in transfers of EU own resources from the federal budget. In addition, the fixed payments from the Federation to the Länder in the vertical distribution of VAT revenue in accordance with section 1 of the Fiscal Equalisation Act (Finanzausgleichsgesetz) declined on the year, as did supplementary federal grants to the Länder in accordance with section 11 of the Fiscal Equalisation Act. In contrast, public transport subsidies to the Länder rose.
The tax receipts of the Länder fell by nearly 7% on the year in April, due to substantial decreases in revenue from both joint taxes and taxes accruing solely to the Länder. Mirroring the Federation’s trend, the rate of decline in Länder revenue from value added taxes was higher than the rate of decline in overall value added tax revenue. Local authorities’ take from their share of joint taxes was down by approximately 5% on the year.
Gross revenue from wages tax was up by only 1% on the year in April 2023, despite the sustained upwards trend in employment levels. This was primarily a result of the extensive tax relief measures. In particular, the basic personal allowance was increased as of 1 January 2023, and tax bracket thresholds were adjusted. Both measures were introduced in the Inflation Compensation Act (Inflationsausgleichsgesetz). If it hadn’t been for the effect of these measures and those contained in the 2022 Annual Tax Act (Jahressteuergesetz 2022), gross revenue from wages tax would have increased by an estimated 6%. In addition, the Inflation Compensation Act increased the child benefit as of 1 January 2023. As a result, child benefit payments – which are financed from gross wages tax revenue – recorded a substantial year-on-year increase of more than 15% in April 2023. On balance, cash receipts from wages tax were down by around 2% on the year in April.
Considering the revenue shortfalls caused by the above-mentioned changes to tax law, the revenue situation for wages tax was positive, due mainly to current labour market trends. The labour market’s performance remains robust in the face of the current economic challenges. Based on the most recent figures, employment continued to rise in March. In addition, short-time work levels remained substantially lower than in 2022, which significantly reduced the negative impact of short-time work on wages tax revenue.
Receipts from assessed income tax and corporation tax in April 2023 were primarily derived from assessment activities for the years up to 2022. In the case of assessed income tax, retrospective prepayments for pending assessments were down on the year, while back payments for past periods rose slightly. Refunds recorded a somewhat more marked rise. After accounting for research allowance, investment allowance and owner-occupied homes premium payments, the impact of which was relatively small, net revenue from assessed income tax declined by nearly €0.7bn overall, to €0.1bn.
As for corporation tax, retroactive prepayments were up sharply. Back payments remained at the same level as last year, while refunds increased. In the case of corporation tax, too, the amounts deducted for research allowance and investment allowance payments were relatively small. On balance, net revenue from corporation tax totalled €1.1bn, a slight decline of €0.1bn.
Revenue from value added taxes was down by nearly 5% on the year in April 2023. Cumulative revenue for the January–April 2023 period declined by more than 1%. Receipts from (domestic) VAT were down by nearly 4%, and receipts from import VAT fell by more than 7%. In the case of import VAT, this represents a continuation of the weakening of revenue trends in year-on-year terms. Over the January–April 2023 period, receipts rose by only about 6%, compared with an increase of nearly 30% in the final quarter of 2022. This reflects the decline in nominal imports of goods since mid-2022, which is partly due to price-related factors. Imports fell by more than 5% on the year in March 2023.
In the case of (domestic) VAT, the temporary reduction in the VAT rate on gas and district heating continues to have a noticeable dampening effect. In addition, the fall in purchasing power due to high inflation and consumers’ uncertainty regarding future economic trends are putting pressure on real consumption. For example, nominal retail sales (the decisive figure for tax revenue) remained almost stagnant in March 2023, meaning that the rate of change was well below the rate of inflation. Over the course of the year to date, it is fair to assume that the effects of the nominal stimuli from retail on VAT receipts have not even balanced out the revenue shortfalls resulting from the temporary reduction in the VAT rate on gas and district heating.
Borrowing trends for the Federation (budget and special funds, excluding loan financing) in April 2023
Borrowing trends for the Federation (budget and special funds, excluding loan financing) in April 2023
in €m
Total
1,462,714
48,386
-47,513
1,463,587
873
-9,093
broken down by purpose
Federal budget
1,368,970
46,775
-47,513
1,368,232
-738
-9,093
Financial Market Stabilisation Fund (loans for expenses pursuant to section 9 (1) of the Stabilisation Fund Act (Stabilisierungsfondsgesetz))
22,919
108
-
23,027
108
-
Investment and Redemption Fund
16,279
43
-
16,322
43
-
Economic Stabilisation Fund (loans for recapitalisation measures pursuant to section 22 of the Stabilisation Fund Act)
1,360
-741
-
619
-741
-
Economic Stabilisation Fund (loans to mitigate the impact of the energy crisis pursuant to section 26a of the Stabilisation Fund Act, excluding the granting of loans)
52,384
1,980
-
54,363
1,980
-
Special fund for the Bundeswehr
802
221
-
1,023
221
-
broken down by debt type
Conventional federal securities
1,339,855
47,802
-31,787
1,355,870
16,014
-1,409
30-year federal bonds
322,877
3,832
-
326,709
3,832
-757
15-year federal bonds
57,880
1,239
-
59,118
1,239
-207
10-year federal bonds
524,856
7,011
-
531,867
7,011
-335
7-year federal bonds
50,999
4,021
-
55,021
4,021
-32
Federal notes
175,214
6,563
-17,739
164,038
-11,177
-105
Federal Treasury notes
98,654
5,290
-
103,944
5,290
-26
Treasury discount papers issued by the Federation
109,374
19,846
-14,048
115,172
5,798
52
Inflation-linked federal securities
73,591
583
-15,675
58,498
-15,092
-7,670
Green federal securities
39,459
-
-
39,460
-
-
Additional issuances of the Federation
-
-
-
-
-
-
Securitised loans
5,335
-
-50
5,285
-50
-24
Loans through repurchase transactions
-
-
-
-
-
-
Other loans and ordinary debts
4,474
-
-
4,474
-
-
For information purposes:
Liabilities from the indexing of inflation-linked federal securities
15,497
X
X
12,388
-3,109
X
Reserves in accordance with the Final Payment Financing Act (Schlusszahlungsfinanzierungsgesetz)
9,327
X
X
13,101
3,774
X
Liabilities 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, the total given for reserves to make provision for final payments on inflation-linked federal securities pursuant to the Finance Payment Financing Act includes 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).
