Debt trends for the Federation and its special funds (in €m)
|
Debt level |
Borrowing |
Debt repayment |
Debt level |
Change in debt level | |
|---|---|---|---|---|---|
|
29 February 2020 |
March 2020 |
March 2020 |
31 March 2020 |
March 2020 | |
| Budget borrowing |
1,070,707 |
14,114 |
-13,000 |
1,071,821 |
1,114 |
|
broken down by purpose | |||||
| Federal budget |
1,028,827 |
11,648 |
-10,534 |
1,029,941 |
1,114 |
|
Financial Market Stabilisation Fund (loans for expenses pursuant to section 9 (1) of the Financial Market Stabilisation Fund Act (Finanzmarkstabilisierungsfondsgesetz) |
22,680 |
1,779 |
-1,779 |
22,680 |
- |
|
Investment and Redemption Fund |
19,200 |
687 |
-687 |
19,200 |
0 |
|
Financial Market Stabilisation Fund (loans for resolution authorities pursuant to section 9 (5) of the Financial Market Stabilisation Fund Act)1 |
28,000 |
500 |
0 |
28,500 |
500 |
|
Total including loans for resolution authorities1 |
1,098,707 |
14,614 |
-13,000 |
1,100,321 |
1,614 |
|
broken down by debt type | |||||
| Federal securities |
1,087,508 |
14,614 |
-13,000 |
1,089,122 |
1,614 |
|
Conventional federal securities |
1,016,359 |
14,330 |
-13,000 |
1,017,689 |
1,330 |
|
30-year federal bonds |
233,265 |
1,828 |
- |
235,092 |
1,828 |
|
10-year federal bonds |
482,209 |
3,637 |
- |
485,846 |
3,637 |
|
Federal notes |
181,713 |
382 |
- |
182,095 |
382 |
|
Federal Treasury notes |
100,115 |
3,969 |
-13,000 |
91,084 |
-9,031 |
|
Treasury discount papers issued by the Federation |
19,058 |
4,514 |
- |
23,572 |
4,514 |
|
Inflation-linked federal securities |
70,744 |
284 |
- |
71,028 |
284 |
|
30-year inflation-linked federal bonds |
8,744 |
-25 |
- |
8,719 |
-25 |
|
10-year inflation-linked federal bonds |
61,999 |
309 |
- |
62,308 |
309 |
|
Other federal securities |
405 |
- |
- |
405 |
- |
|
Securitised loans |
6,725 |
- |
- |
6,725 |
- |
|
Other loans and ordinary debts |
4,474 |
- |
- |
4,474 |
- |
| broken down by maturity | |||||
|
up to one year |
174,613 |
|
|
179,195 |
4,582 |
|
one to four years |
342,992 |
|
|
333,784 |
-9,208 |
|
more than 4 years |
581,101 |
|
|
587,342 |
6,241 |
|
Additional information1 | |||||
| Liabilities from the indexing of inflation-linked federal securities2 |
6,052 |
|
|
5,310 |
-742 |
| Reserves in accordance with the Final Payment Financing Act (Schlusszahlungsfinanzierungsgesetz)3 |
4,593 |
|
|
4,611 |
18 |
|
1Under section 9 (5) of the Financial Market Stabilisation Fund Act, the Federal Ministry of Finance is empowered to borrow up to €30bn 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 Financial Market 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. 2Liabilities 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. 3In 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 | |||||