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Federal budget trends up to and including May 2023
Table: Trends in the federal budget
Expenditure (€bn)²
480.7
476.3
189.8
Year-on-year change in % (year to date)
-0.7
Revenue (€bn)³
364.7
389.9
142.0
Year-on-year change in % (year to date)
+2.3
Tax revenue (€bn)
337.2
358.1
131.2
Year-on-year change in % (year to date)
+1.4
Balance of pass-through funds (€bn)
0.0
0.0
0.0
Fiscal balance (€bn)
-116.0
-86.4
-47.8
Financing/use of surplus:
116.0
86.4
47.8
Cash resources (€bn)
-
-
212.8
Seigniorage (€bn)
0.1
0.2
0.1
Movements in reserves⁴ (€bn)
0.5
40.5
0.0
Net borrowing⁵ (€bn)
115.4
45.6
-165.1
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 May 2023 totalled €142.0bn, up by 2.3% (€3.2bn) on the year. Federal tax revenue stood at €131.2bn and was thus 1.4% (€1.9bn) higher than in the same period of 2022. Further information on tax revenues is provided in the article “Tax revenues and economic environment in May 2023” [in German only] in the current edition of the monthly report.
The category of “other income” recorded a gain of 14.1% (€1.3bn) on the year in the January–May period. Within this category, interest revenue from the Federation’s cash management system was up by €0.4bn, while revenue from fees and other income from guarantees increased by €0.2bn. In addition, Germany received €0.6bn in disaster relief from the EU Solidarity Fund to help repair the damage caused by the severe floods in summer 2021.
Federal expenditure in the first five months of 2023 totalled €189.8bn, down by 0.7% (€1.4bn) on the year. Broken down by economic category, investment spending was up by 36.3% (€4.8bn), while consumption spending was down by 3.5% (€6.2bn) on the year.
As in previous months, the significant rise in investment spending is 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 fell by 11.5% (€1.5bn) on the year. This can be attributed to a decline in liquidity assistance to the Federal Employment Agency, which was down by roughly €2.8bn on the year. Fixed asset investment was €0.2bn lower than in the same period last year.
In the category of consumption spending, contrasting trends could be observed: due to the general increase in interest rates, interest expenditure rose sharply, by €14.9bn. In contrast, ongoing grants and subsidies declined by 15.8% (€22.3bn) on the year, 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 €16.0bn. Pandemic-related assistance to businesses totalled €0.3bn, down by €6.2bn on the year. Pandemic-related compensation payments under section 21 of the Hospital Financing Act (Krankenhausfinanzierungsgesetz) amounted to €0.5m in the first five months of 2023, €4.1bn less than in the same period last year. The decline in ongoing grants and subsidies was offset somewhat by a €2.5bn increase in spending on the citizen’s benefit and a €1.0bn increase in spending on housing benefit.
The federal budget recorded a deficit of €47.8bn for the January–May 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
36,920
40,737
+10.3
Economic cooperation and development
13,615
2.8
12,005
2.5
3,057
3,900
+27.6
Defence
51,608
10.7
52,027
10.9
17,881
20,630
+15.4
Government, central administration
22,069
4.6
22,471
4.7
8,910
9,052
+1.6
Revenue administration
6,150
1.3
6,766
1.4
2,432
2,437
+0.2
Education, science, research, cultural affairs
28,009
5.8
33,483
7.0
7,859
8,891
+13.1
Support for school and university students and training programme participants
4,127
0.9
5,646
1.2
1,584
2,529
+59.7
Science, research and development outside of higher education institutions
16,638
3.5
20,273
4.3
3,937
3,827
-2.8
Social security, family affairs and youth, labour market policy
253,717
52.8
214,183
45.0
117,139
97,677
-16.6
Social security funds including unemployment insurance
136,757
28.5
136,461
28.7
64,069
64,270
+0.3
of which:
General pension insurance
99,373
20.7
103,082
21.6
48,092
50,059
+4.1
Health insurance
15,867
3.3
18,975
4.0
6,506
7,489
+15.1
Labour market policy
42,625
8.9
44,351
9.3
16,294
19,639
+20.5
of which:
Citizen’s benefit under Book II of the Social Code
22,276
4.6
23,760
5.0
8,507
10,999
+29.3
Government housing and heating allowances under Book II of the Social Code
9,729
2.0
10,400
2.2
3,915
4,595
+17.4
Family assistance, welfare services, etc.
11,711
2.4
14,984
3.1
4,722
5,544
+17.4
Social benefits under Book XII of the Social Code and the Asylum Seekers Benefits Act (Asylbewerberleistungsgesetz)
8,690
1.8
9,075
1.9
4,150
4,762
+14.7
Other social affairs
48,857
10.2
4,116
0.9
25,987
1,027
-96.0
Health, environment, sport, recreation
18,489
3.8
9,437
2.0
9,358
1,957
-79.1
Housing, urban development, regional planning and local community services
2,664
0.6
3,909
0.8
576
622
+8.0
Housing, home ownership savings premium
1,589
0.3
2,540
0.5
464
531
+14.5
Food, agriculture and forestry
1,701
0.4
2,134
0.4
318
309
-2.7
Energy and water management, trade and services
8,795
1.8
20,979
4.4
3,373
8,529
+152.9
Regional support measures
1,970
0.4
3,364
0.7
435
334
-23.1
Monetary and insurance system
2,227
0.5
6,899
1.4
800
6,657
+732.1
Other trade and services
514
0.1
5,954
1.3
231
187
-19.0
Transport and communication
28,125
5.9
28,008
5.9
7,068
7,639
+8.1
Roads
9,243
1.9
9,459
2.0
2,064
2,220
+7.6
Railways and public transport
11,852
2.5
10,875
2.3
2,566
2,729
+6.4
Financial management
30,403
6.3
55,435
11.6
8,580
23,416
+172.9
Real property and capital assets, special funds and financial grants
13,948
2.9
16,925
3.6
2,021
2,006
-0.8
Interest expenditure and borrowing-related expenditure
15,293
3.2
39,864
8.4
5,915
20,817
+251.9
Total expenditure¹
480,688
100.0
476,291
100.0
191,191
189,778
-0.7
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
178,012
171,817
-3.5
Human resources expenditure
37,843
7.9
41,669
8.7
16,324
16,707
+2.3
Salary payments
28,193
5.9
31,775
6.7
12,052
12,262
+1.7
Pensions
9,650
2.0
9,894
2.1
4,272
4,445
+4.0
Operating expenditure
45,075
9.4
49,147
10.3
13,866
14,412
+3.9
Maintenance of immovable property
1,154
0.2
1,082
0.2
376
426
+13.3
Military procurement
18,981
3.9
18,477
3.9
4,653
5,180
+11.3
Other
24,939
5.2
29,588
6.2
8,838
8,805
-0.4
Interest expenditure
15,264
3.2
39,841
8.4
5,906
20,801
+252.2
Ongoing grants and subsidies
335,039
69.7
279,324
58.6
141,264
118,942
-15.8
to public administrations
47,360
9.9
36,875
7.7
18,141
16,337
-9.9
to other areas
287,679
59.8
242,448
50.9
123,123
102,605
-16.7
of which:
Companies
48,308
10.0
37,812
7.9
18,102
10,173
-43.8
Pensions, benefits, etc.
34,538
7.2
38,950
8.2
13,273
16,520
+24.5
Social security funds
176,328
36.7
143,728
30.2
82,760
68,645
-17.1
Other asset transfers
1,256
0.3
1,707
0.4
652
955
+46.5
Investment expenditure
46,211
9.6
71,475
15.0
13,179
17,961
+36.3
Financial assistance
39,664
8.3
63,378
13.3
11,435
16,451
+43.9
Grants and subsidies
34,001
7.1
41,360
8.7
7,362
9,214
+25.2
Loans, guarantees
3,560
0.7
20,641
4.3
4,073
7,221
+77.3
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
1,744
1,510
-13.4
Construction projects
4,053
0.8
5,311
1.1
993
830
-16.4
Acquisition of movable assets
2,303
0.5
2,631
0.6
738
650
-11.9
Acquisition of real property
190
0.0
154
0.0
13
29
+123.1
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
191,191
189,778
-0.7
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
60,207
58,892
-2.2
of which:
Wages tax
96,564
26.5
109,799
28.2
38,445
37,630
-2.1
Assessed income tax
32,900
9.0
24,170
6.2
9,330
8,213
-12.0
Non-assessed tax on earnings
16,313
4.5
16,175
4.1
4,403
5,348
+21.5
Final withholding tax on interest and capital gains
2,886
0.8
3,168
0.8
1,753
1,318
-24.8
Corporation tax
23,167
6.4
22,025
5.6
6,277
6,383
+1.7
Value added taxes
132,813
36.4
141,668
36.3
55,883
58,892
+5.4
Trade tax apportionment paid to Federation and Länder
2,573
0.7
2,503
0.6
883
826
-6.5
Energy duty
33,667
9.2
36,965
9.5
10,264
10,312
+0.5
Tobacco duty
14,229
3.9
15,630
4.0
4,828
5,150
+6.7
Solidarity surcharge
11,978
3.3
12,500
3.2
4,124
4,203
+1.9
Insurance tax
15,672
4.3
16,270
4.2
9,233
9,849
+6.7
Electricity duty
6,830
1.9
6,800
1.7
2,915
2,884
-1.1
Motor vehicle tax
9,499
2.6
9,470
2.4
4,192
4,207
+0.4
Alcohol duty including alcopops duty
2,194
0.6
2,172
0.6
864
899
+4.1
Coffee duty
1,063
0.3
1,060
0.3
457
426
-6.8
Aviation tax
1,140
0.3
1,535
0.4
320
501
+56.6
Sparkling wine duty and intermediate products duty
379
0.1
390
0.1
155
176
+13.5
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
11,937
10,128
-15.2
EU own resources (VAT-based)
4,838
X
5,100
X
1,974
2,125
+7.6
EU own resources (plastics)
1,377
X
1,380
X
0
575
X
Grants to Länder for public transport
14,444
X
9,754
X
4,206
6,041
+43.6
Grants to Länder for motor vehicle tax and HGV toll
8,992
X
8,992
X
4,496
4,496
+0.0
Other revenue
27,485
7.5
31,795
8.2
9,487
10,823
+14.1
Revenue from economic activity
5,562
1.5
4,453
1.1
1,644
1,636
-0.5
Interest revenue
578
0.2
1,258
0.3
199
579
+191.0
Loan repayments, holdings, privatisation proceeds
1,413
0.4
2,135
0.5
372
247
-33.6
Total revenue²
364,653
100.0
389,921
100.0
138,784
141,982
+2.3
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
2023
May
Year-on-year
change
January to May
Year-on-year change
2023 estimates⁴
Year-on-year
change
in €m
in %
in €m
in %
in €m
in %
Joint taxes
Wages tax²
19,140
-0.3
94,664
-1.0
241,000
+6.1
Assessed income tax
-287
19,329
-12.0
78,000
+0.8
Non-assessed taxes on earnings
2,637
+17.3
10,765
+19.9
36,800
+12.9
Final withholding tax on interest and capital gains (including the former withholding tax on interest income)
574
+13.2
2,996
-24.8
6,250
-4.7
Corporation tax
937
+514.5
12,765
+1.7
46,500
+0.4
Value added taxes
25,870
+21.8
119,180
+3.1
289,400
+1.6
Total joint taxes
48,872
+11.5
259,699
+0.4
697,950
+3.4
Trade tax apportionments paid to Federation and Länder
Trade tax apportionments
258
-10.1
1,858
-12.8
6,252
-1.5
Increased trade tax apportionments
0
X
0
-96.7
0
X
Total trade tax apportionments
258
-10.1
1,858
-12.8
6,252
-1.5
Taxes accruing to the Federation
Energy duty
3,123
+2.9
10,312
+0.5
36,050
+7.1
Tobacco duty
1,377
+9.8
5,150
+6.7
15,020
+5.6
Alcohol duty
183
-1.7
898
+4.0
2,200
+0.4
Insurance tax
1,157
+3.7
9,849
+6.7
16,600
+5.9
Electricity duty
561
+4.0
2,884
-1.1
6,770
-0.9
Motor vehicle tax
805
+1.2
4,207
+0.3
9,470
-0.3
Aviation tax
120
+18.3
501
+56.5
1,500
+31.6
Solidarity surcharge
701
+7.5
4,203
+1.9
12,300
+2.7
Other taxes accruing to the Federation
113
-2.2
604
-1.5
1,469
+1.6
Total taxes accruing to the Federation
8,140
+4.4
38,608
+3.4
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
463
-8.4
2,449
-2.9
6,800
-0.4
VAT-based own resources
425
+7.6
2,125
+7.6
5,100
+5.4
GNI-based own resources
2,118
-6.7
10,128
-10.8
27,470
+7.4
Plastics own resources
115
-0.8
575
-0.8
1,380
+0.2
Total EU own resources
3,121
-5.1
15,277
-7.0
40,750
+5.5
Federation³
24,539
+9.0
132,861
+2.0
359,929
+6.7
Länder³
28,374
+11.0
144,390
-1.5
380,731
-1.0
EU
3,121
-5.1
15,277
-7.0
40,750
+5.5
Local authorities’ share of income tax and value added tax
3,613
-0.6
20,837
-2.7
56,776
+4.1
Total tax revenue (excluding local authority taxes)
59,648
+8.5
313,366
-0.4
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
Overall tax revenue (excluding local authority taxes) was up by 8.5% on the year in May 2023 (see the table “2023 trends in tax revenue (excluding local authority taxes)”). In particular, the yield from joint taxes rose by 11.5%. However, this year-on-year increase is significantly overstated due to a special effect that reduced last year’s baseline for import VAT revenue (see below). After adjusting the May 2022 baseline to account for the estimated impact of this special effect, the total tax revenue increase amounts to only about 1½% (or about 3% in the case of joint taxes). Revenue trends continue to be noticeably impacted by tax relief measures, especially the efforts to prevent bracket creep contained in the Inflation Compensation Act (Inflationsausgleichsgesetz).
Receipts from taxes accruing solely to the Federation increased by more than 4%. Key contributing factors here included higher revenues from tobacco duty, energy duty, insurance tax and the solidarity surcharge. The decline in receipts from taxes accruing to the Länder, which has persisted since the second half of 2022, continued in May 2023, with a year-on-year decline of about 26%. Revenue from real property transfer tax fell by about 33%, while the take from inheritance tax was down by about 14%.
Apportionment of tax revenue among the different levels of government
Thanks to the substantial rise in receipts from joint taxes, especially value added taxes, the Federation and the Länderrecorded significant revenue gains. The Federation’s tax receipts (after accounting for supplementary federal grants that, under the fiscal equalisation system, are paid by the Federation to Länderwith below-average capacity) rose by 9% on the year in May 2023. Due to the decline in fixed payments from the Federation to the Länderin accordance with section 1 of the Fiscal Equalisation Act (Finanzausgleichsgesetz), the Federation’s take from value added taxes increased disproportionally (see the table “Apportionment of VAT revenue in May 2023”). At the same time, however, a marked increase in the Federation’s public transport subsidies to the Länderto more than €2.4bn significantly cut into the Federation’s overall revenue.
Thanks to the higher public transport subsidies, the Länderrecorded a substantial gain in their tax receipts, despite the considerable decline in revenue from Ländertaxes as well as the lower fixed payments of VAT revenues allocated to the Länder. In contrast, local authorities’ take from their share of joint taxes fell slightly, by nearly 1% on the year.
Gross revenue from wages tax recorded only a slight year-on-year increase of less than 1% in May 2023. This can be attributed to extensive tax relief measures, particularly those set out in the Inflation Compensation Act (Inflationsausgleichsgesetz) and the 2022 Annual Tax Act (Jahressteuergesetz 2022). Without these relief measures, it is estimated that gross revenue from wages tax would have risen by roughly 5% in May 2023. The Inflation Compensation Act also 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 May 2023. In addition, the vast majority of payments of retirement savings subsidy for 2022 were disbursed in May 2023. The retirement savings subsidy is also financed from gross wages tax receipts. The amount disbursed was almost 17% lower than in May 2022. On balance, cash receipts from wages tax declined slightly and were nearly at the same level as in May 2022.
Wages tax revenue is being buoyed by the ongoing strong performance of the labour market, which remains robust despite the current economic challenges. Employment continued to rise in April from an already high level, albeit only slightly and less markedly than in previous months. Nevertheless, employment levels are noticeably higher than in the same month of 2022. According to the latest projections, short-time work levels showed a sideways movement in March 2023. Current figures on the number of people starting short-time work suggest that declines in short-time work levels in subsequent months are unlikely. This means that the large year-on-year changes seen in the early months of 2023 – when sharp declines from a high level were recorded – are likely to flatten out. Short-time work has a negative impact on wages tax revenue, but this is likely to be relatively minor by now, and not much different from the impact it had a year ago.
As in the previous months, receipts from assessed income tax and corporation tax in May 2023 were primarily derived from assessment activities for the years up to 2022. In the case of assessed income tax, retroactive 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, all of which had a relatively small impact, net revenue from assessed income tax declined by nearly €0.8bn overall, to -€0.3bn.
For corporation tax, retroactive prepayments were up sharply, and back-payments also increased significantly in year-on-year terms, while the volume of refunds declined. Here too, the amounts deducted for research allowance and investment allowance payments were relatively small. On balance, net revenue from corporation tax grew by €0.2bn, to €0.9bn.
Receipts from non-assessed taxes on earnings, which are mainly derived from the taxation of dividends, increased by more than 17%. May is a high-revenue month for this tax, because several large corporations have their annual general meetings in April, and tax on the resulting dividend payments falls due in May.
Revenue from value added taxes surged by nearly 22% on the year in May 2023. This is due primarily to a special effect relating to import VAT: in May 2022, there was a substantial shift in import VAT revenue into June, because the due date for paying import VAT (the 26th of each month) left only a few working days to process payments and post the revenue to government accounts. This greatly reduced the 2022 baseline, which explains the 93% increase in import VAT revenue recorded for May 2023. Without the estimated impact of this effect, there would have been no rise in receipts from import VAT, but rather a decline of approximately 3.5%. This generally reflects the decline in nominal imports of goods since mid-2022, which is partly due to price-related factors. Imports fell by nearly 2% on the year in April 2023. Without the special effect, total receipts from value added taxes would have increased by nearly 4% on the year.
Revenue from (domestic) VAT rose by nearly 7%, despite the temporary reduction in VAT rates on gas and district heating. However, cumulative (domestic) VAT revenue over the January–May period was still down by nearly 2% on the year. In addition to changes in the law affecting VAT on gas and district heating, this also reflects the weak trend in real consumption (see above). For example, nominal retail sales (the decisive figure for VAT revenue) rose by less than 4% on the year, meaning that the rate of change was below the rate of inflation.
Borrowing trends for the Federation (budget and special funds, excluding loan financing) in May 2023
Borrowing trends for the Federation (budget and special funds, excluding loan financing) in May 2023
in €m
Total
1,463,587
45,065
-34,485
1,474,167
10,580
-1,623
broken down by purpose
Federal budget
1,368,232
46,768
-34,485
1,380,515
12,283
-1,623
Financial Market Stabilisation Fund
(loans for expenses pursuant to section 9 (1) of the Stabilisation Fund Act (Stabilisierungsfondsgesetz))
23,027
-
-
23,027
-
-
Investment and Redemption Fund
16,322
-
-
16,322
-
-
Economic Stabilisation Fund
(loans for recapitalisation measures pursuant to section 22 of the Stabilisation Fund Act)
619
-
-
619
-
-
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)
54,363
-1,773
-
52,591
-1,773
-
Special fund for the Bundeswehr
1,023
70
-
1,093
70
-
broken down by debt type
Conventional federal securities
1,355,870
39,397
-34,485
1,360,782
4,912
-1,575
30-year federal bonds
326,709
3,388
-
330,097
3,388
-443
15-year federal bonds
59,118
1,221
-
60,340
1,221
-401
10-year federal bonds
531,867
7,393
-22,472
516,787
-15,079
-754
7-year federal bonds
55,021
3,074
-
58,095
3,074
-29
Federal notes
164,038
4,824
-
168,862
4,824
-1
Federal Treasury notes
103,944
6,547
-
110,491
6,547
-4
Treasury discount papers issued by the Federation
115,172
12,950
-12,013
116,109
937
57
Inflation-linked federal securities
58,498
451
-
58,949
451
6
Green federal securities
39,460
5,217
-
44,677
5,217
-51
Additional issuances of the Federation
-
-
-
-
-
-
Securitised loans
5,285
-
-
5,285
-
-3
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
12,388
X
X
13,085
698
X
Reserves in accordance with the Final Payment Financing Act (Schlusszahlungsfinanzierungsgesetz)
13,101
X
X
13,178
76
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).