7/31/2019 German Ministry Finance Monthly Report May 2012
1/15
7/31/2019 German Ministry Finance Monthly Report May 2012
2/15
Federal Ministry of Finance Monthly Report May 2012
TRENDS IN THE FEDERAL BUDGET
- 2 -
Trends in the federal budget
Actual December
2011Estimated 20121
Provisional outturn2
January to April 2012
Expenditure ( bn) 296.2 312.7 108.2
Infra-annual change in % against the previous year -0.7
Revenue ( bn) 278.5 277.5 81.4
Infra-annual change in % against the previous year 1.5
Tax revenue ( bn) 248.1 249.7 73.9
Infra-annual change in % against the previous year 2.9Financial deficit ( bn) -17.7 -35.2 -26.8
Cash shortfall ( bn) - - -28.1
Adjusted for revenue from coin ( bn) -0.3 -0.4 0.0
Net borrowing/current financial market balance ( bn) -17.3 -34.8 1.3
2As per accounts.
1 Government draft of the supplementary budget as at 21 March 2012.
Trends in the federal budget
Trend in expenditure
Federal expenditure from January to April 2012
inclusive amounted to 108.2bn. This was 0.8bn
(0.7%) less than in the same period last year.
While expenditure on labour-market measures was
down by 1.6bn and the amount paid into the
Health Fund fell by 0.4bn, expenditure in some
other areas, such as the Higher Education Pact
2020, was slightly above the previous years level.
Trend in revenue
At 81.4bn, the Federations revenue up to and
including April 2012 surpassed the total for the
same period last year by 1.3bn (+1.5%). The
revenue from taxes amounted to 73.9bn, which
was 2.1bn (+2.9%) above last years figure for the
period. The working party on tax revenue
forecasting predicts additional tax revenue of
around 3bn for the federal budget.
Administrative revenue, at 7.4bn, was 10.2%
below the previous years figure. The main cause of
this was a drop in the Bundesbanks profit, which
was down 1.6bn on the year.
Financial balance
At this stage of the year, figures on the financial
balance hold little indicative value. Neither
individual items nor the present financial deficit of
26.8bn provide a basis for making any reliable
forecasts as to the further course of the year.
7/31/2019 German Ministry Finance Monthly Report May 2012
3/15
Federal Ministry of Finance Monthly Report May 2012
TRENDS IN THE FEDERAL BUDGET
- 3 -
-28 849
-26 836
-35 163
32
23
0
80 147
81 374
277 537
109 028
108 233
312 700
-100
000
-50 000 0 50 000 100 000 150 000 200 000 250 000 300 000 350 000
January to April 2011
January to April 2012
Estimated 2012
Financial deficit Transit items Revenue Expenditure
million
Estimated: Government draft o f t he supplementary budget as at 21March 2012.
Source: Federal M inistry of Finance
Calculation of the financial deficit
7/31/2019 German Ministry Finance Monthly Report May 2012
4/15
Federal Ministry of Finance Monthly Report May 2012
TRENDS IN THE FEDERAL BUDGET
- 4 -
January to
April 2011
January to
April 2012
m Share in % m Share in %
General public services 54 407 18.4 63 904 20.4 17 466 18 205 +4.2
Economic cooperation and development 5 931 2.0 6 292 2.0 2 000 2 235 +11.8
Defence 31 710 10.7 31 734 10.1 10 220 10 779 +5.5
Government, central administration 6 369 2.2 5 798 1.9 2 095 1 890 -9.8
Revenue administration 3 754 1.3 4 326 1.4 1 164 1 209 +3.9
Education, science, research, cultural affairs 16 086 5.4 17 966 5.7 4 603 5 051 +9.7
Fed. Education and Training Grants Act 1 584 0.5 1 763 0.6 695 705 +1.4
Research and development 9 361 3.2 10 083 3.2 1 926 1 998 +3.7
Social security, war-related social tasks,
indemnification155 255 52.4 155 207 49.6 58 874 57 177 -2.9
Social security 77 976 26.3 78 711 25.2 31 304 31 708 +1.3
Loan/subsidy to the Federal Employment
Agency8 046 2.7 7 238 2.3 5 422 3 205 -40.9
Basic allowance for jobseekers 33 035 11.2 33 065 10.6 9 803 10 405 +6.1
of which: Unemployment benefit II 19 384 6.5 19 600 6.3 5 881 6 645 +13.0
Unemployment benefit II,
government housing and
heating allowances
4 855 1.6 5 000 1.6 1 386 1 597 +15.2
Housing allowance 745 0.3 650 0.2 288 210 -27.1
Upbringing allowance 4 712 1.6 4 904 1.6 1 640 1 654 +0.9
War pensions, war pensioners' welfare 1 684 0.6 1 613 0.5 704 605 -14.1
Health, environment, sport, recreation 1 335 0.5 1 548 0.5 374 388 +3.7
Housing, regional planning and local
community services2 033 0.7 2 066 0.7 520 585 +12.5
Housing 1 366 0.5 1 387 0.4 467 507 +8.6
Food, agriculture and forestry as well as
energy and water supply, trade, services5 656 1.9 5 672 1.8 2 151 2 044 -5.0
Regional promotion 937 0.3 635 0.2 186 125 -32.8
Coal-mining 1 349 0.5 1 200 0.4 1 350 1 182 -12.4
Guarantees 797 0.3 1 500 0.5 140 202 +44.3
Transport and communications 11 645 3.9 12 384 4.0 2 928 2 763 -5.6
Roads (excl. Local Transport Finance Act) 6 115 2.1 6 126 2.0 971 904 -6.9
Commercial enterprises, general real property
and capital assets15 986 5.4 16 407 5.2 4 990 5 179 +3.8
Federal railways fund 5 020 1.7 5 239 1.7 1 464 1 467 +0.2
Railroads of the federation / Deutsche Bahn
AG4 037 1.4 4 016 1.3 930 961 +3.3
General financial management 33 825 11.4 37 546 12.0 17 121 16 840 -1.6
Interest expenditure 32 800 11.1 34 504 11.0 16 818 16 614 -1.2
TOTAL EXPENDITURE 296 228 100.0 312 700 100.0 109 028 108 233 -0.7
Estimated1 ActualInfra-annual
change in %
against the
previous year
20122011
1 Government draft of the supplementary budget as at 21 March 2012
in Mio.
Actual December
Trends in federal expenditure by functions
7/31/2019 German Ministry Finance Monthly Report May 2012
5/15
Federal Ministry of Finance Monthly Report May 2012
TRENDS IN THE FEDERAL BUDGET
- 5 -
44.9%
31.6%
22.3%
36.0%
28.3%
25.1%
36.8%
28.1%
28.5%
0 20 000 40 000 60 000 80 000 100 000 120 000 140 000 160 000 180 000
General financial
management
Commercial enterprises
Transport and
communications
Food, agriculture, trade and
services
Housing
Health and sport
Social security
Education, science
General public services
Es tim ated 2012 Actual January to April 2012
Federal expenditure by functions, January to April 2012
million% = % of estimate
Estimate: Government draft of the supplementary budget as a t 21 March 2012.
7/31/2019 German Ministry Finance Monthly Report May 2012
6/15
Federal Ministry of Finance Monthly Report May 2012
TRENDS IN THE FEDERAL BUDGET
- 6 -
January to
April 2011
January to
April 2012
m Share in % m Share in %
Consumption expenditure 270 850 91.4 277 318 88.7 102 701 102 359 -0.3
Personnel expenditure 27 856 9.4 27 897 8.9 10 051 9 772 -2.8
- Pay 20 702 7.0 20 749 6.6 7 400 7 071 -4.4
- Pensions 7 154 2.4 7 147 2.3 2 651 2 701 +1.9
Current non-personnel expenditure 21 946 7.4 23 825 7.6 5 700 6 442 +13.0
- Administrative expenditure 1 545 0.5 1 283 0.4 463 344 -25.7
- Military procurement 10 137 3.4 10 673 3.4 2 707 2 752 +1.7
- Other 10 264 3.5 11 869 3.8 2 530 3 346 +32.3
Interest expenditure 32 800 11.1 34 504 11.0 16 818 16 614 -1.2
Current allocations and grants 187 554 63.3 190 625 61.0 69 993 69 330 -0.9
- To authorities 15 930 5.4 17 700 5.7 4 655 4 728 +1.6
- Other 171 624 57.9 172 926 55.3 64 356 64 595 +0.4
of which
Private enterprises 23 882 8.1 25 106 8.0 8 403 8 365 -0.5
Pensions, assistance etc. 26 718 9.0 27 161 8.7 8 526 9 274 +8.8
Social insurance funds 115 398 39.0 113 678 36.4 45 627 44 371 -2.8
Other capital transfers 695 0.2 467 0.1 139 200 +43.9
Investment expenditure 25 378 8.6 35 622 11.4 6 326 5 874 -7.1
Financial aid 18 202 6.1 27 625 8.8 5 236 4 696 -10.3
- Allocations and grants 14 589 4.9 14 706 4.7 4 159 4 052 -2.6
- Loans, guarantees 2 825 1.0 4 231 1.4 481 644 +33.9
- Participations, capital contributions 788 0.3 8 687 2.8 596 0 -100.0
Fixed assets expenditure 7 175 2.4 7 997 2.6 1 091 1 178 +8.0
- Building and construction 5 814 2.0 6 519 2.1 860 930 +8.1
- Acquisition of movable property 869 0.3 899 0.3 186 197 +5.9
- Acquisition of real property 492 0.2 578 0.2 44 52 +18.2
General reduction/increase in expenditure 0 0.0 - 240 -0.1 0 0
Total expenditure 296 228 100.0 312 700 100.0 109 028 108 233 -0.7
Estimated1 Actual
Infra-annual
change in %
against the
previous year
2012
Actual December
1
Government draft of the supplementary budget as at 21 March 2012.
2011
in Mio.
Trends in federal expenditure by economic categories
7/31/2019 German Ministry Finance Monthly Report May 2012
7/15
Federal Ministry of Finance Monthly Report May 2012
TRENDS IN THE FEDERAL BUDGET
- 7 -
15.2 %
27.6 %
14.7 %
36.4 %
48.2 %
27.0 %
35.0 %
Loans, guarantees
Allocations and grants
Fixed assets expenditure
Current allocations and
grants
Interest expenditure
Current non-personnel
expenditure
Personnel expenditure
0 50 000 100 000 150 000 200 000 250 000
Es timated 2012 Actual January to April 2012
Trends in federal expenditure by selected economic categories
January to April 2012
milion
% = % of Estimate
Estimate: Government draft of the supplementary budget as a t 21 March 2012.
7/31/2019 German Ministry Finance Monthly Report May 2012
8/15
Federal Ministry of Finance Monthly Report May 2012
TRENDS IN THE FEDERAL BUDGET
- 8 -
January to
April 2012
January to
April 2012
m Share in % m Share in %
I. Tax revenue 248 066 89.1 249 689 90.0 71 856 73 931 +2.9
Federal share of joint taxes: 196 908 70.7 203 249 73.2 59 949 63 654 +6.2
revenue from individual and
corporate income taxes
(incl. interest income deduction)
93 488 33.6 98 514 35.5 26 449 29 190 +10.4
on which:
- Wages tax 59 475 21.4 62 178 22.4 16 989 17 904 +5.4
- Assessed income tax 13 599 4.9 14 589 5.3 3 087 3 898 +26.3
- Non-Assessed taxes on earnings 9 068 3.3 8 013 2.9 3 792 3 014 -20.5
- interest income deduction 3 529 1.3 3 670 1.3 1 819 1 796 -1.3
- Corporation tax 7 817 2.8 9 620 3.5 762 2 577 +238.2
Value added taxes (VAT) 101 899 36.6 103 169 37.2 33 203 34 197 +3.0
Trade tax apportionment 1 520 0.5 1 566 0.6 296 267 -9.8
Energy tax 40 036 14.4 40 150 14.5 7 555 7 577 +0.3
Tobacco duty 14 414 5.2 13 900 5.0 4 062 3 525 -13.2
Solidarity surcharge 12 781 4.6 13 200 4.8 3 864 4 153 +7.5
Insurance tax 10 755 3.9 10 450 3.8 5 553 5 844 +5.2
Electricity tax 7 247 2.6 6 820 2.5 2 437 2 286 -6.2
Motor vehicle tax 8 422 3.0 8 375 3.0 3 062 3 099 +1.2
Nuclear fuel tax 922 0.3 1 470 0.5 0 171 X
Spirits duty 2 151 0.8 2 121 0.8 717 726 +1.3
Coffee duty 1 028 0.4 1 020 0.4 343 357 +4.1
Aviation tax 905 0.3 945 0.3 191 265 +38.7
Supplemental grants to Lnder -12 110 -4.3 -11 563 -4.2 -2 996 -2 812 -6.1
EU GNP own resources -18 003 -6.5 -22 810 -8.2 -7 756 -9 513 +22.7
EU VAT-based own resources -1 890 -0.7 -2 030 -0.7 - 721 - 966 +34.0
Allocations to Lnder for short-haul public
transport-6 980 -2.5 -7 085 -2.6 -2 327 -2 362 +1.5
Grants to the Lnder for motor vehicle tax and
HGV toll-8 992 -3.2 -8 992 -3.2 -2 248 -2 248 +0.0
II. Other revenue 30 455 10.9 27 848 10.0 8 291 7 443 -10.2
Revenue from economic activity 4 971 1.8 4 244 1.5 2 410 1 521 -36.9
Interest revenue 483 0.2 531 0.2 79 93 +17.7
Return on loans, participations, privatization
revenue5 267 1.9 6 713 2.4 1 356 1 203 -11.3
Total revenue 278 520 100.0 277 537 100.0 80 147 81 374 +1.5
1 Government draft of the supplementary budget as at 21 March 2012.
2011
in Mio.
Estimated1 Actual
Infra-annual
change in %
against the
previous year
2012
Actual December
Trends in federal revenue
7/31/2019 German Ministry Finance Monthly Report May 2012
9/15
Federal Ministry of Finance Monthly Report May 2012
TRENDS IN THE FEDERAL BUDGET
- 9 -
18.9%
33.5%
37.0%
25.4%
55.9%
33.1%
31.5%
26.7%
28.8%
26.8%
Energy tax
Electricity tax
Motor vehicle tax
Tobacco duty
Insurance tax
Value added taxes
Solidarity surcharge
Corporation tax
Assessed income tax
Wages tax
0 20 000 40 000 60 000 80 000 100 000 120 000
Es tim ated 2012 Actual January to April 2012
Federal tax revenue (by selected categories)
January to April 2012
mill ion% = % of estimate
Estimate: Government draft of the supplementa ry budget as at 21 March 2012.
7/31/2019 German Ministry Finance Monthly Report May 2012
10/15
Federal Ministry of Finance Monthly Report May 2012
TRENDS IN GENERAL GOVERNMENT TAX REVENUE
- 10 -
Trends in general government tax revenue
2012 AprilChange on the
year
January to
April
Change on the
year
2012
estimates
Change on the
year
in m in % in m in % in m 4 in %
Joint taxes
Wages tax 2 12 124 +6.6 46 230 +5.4 147 450 +5.5
Assessed income tax 714 +40.4 9 170 +26.3 34 700 +8.5
Non-assessed taxes on earnings 958 -61.6 6 030 -20.5 17 650 -2.7
Interest income deduction 617 +0.3 4 083 -1.3 8 020 +0.0
Corporation tax - 316 X 5 155 +238.2 18 300 +17.1
Value added taxes (VAT) 15 113 +6.2 64 079 +4.0 196 350 +3.3Trade tax apportionment 710 -2.7 861 -8.1 3 811 +3.8
Increased trade tax apportionment 709 -0.5 833 -4.4 3 239 +0.6
Total joint taxes 30 630 +3.1 136 441 +6.8 429 520 +4.6
Federal taxes
Energy tax 3 171 +2.4 7 577 +0.3 39 950 -0.2
Tobacco duty 1 220 +4.4 3 525 -13.2 14 200 -1.5
Spirits duty 149 +5.1 725 +1.4 2 120 -1.4
Insurance tax 663 -3.0 5 844 +5.2 11 000 +2.3
Electricity duty 571 -12.4 2 286 -6.2 6 920 -4.5
Motor vehicle tax 771 +8.1 3 099 +1.2 8 400 -0.3
Aviation tax 78 +8.4 265 +38.9 960 +6.1
Nuclear fuel tax 519 X 171 X 1 470 +59.4
Solidarity surcharge 845 +6.7 4 153 +7.5 13 300 +4.1
Other federal taxes 130 +10.4 532 +3.5 1 507 +0.3
Total federal taxes 8 118 +9.1 28 177 +0.8 99 827 +0.7
Lnder taxes
Inheritance tax 334 +0.6 1 391 -7.4 4 280 +0.8
Real property transfer tax 551 +32.0 2 427 +23.0 7 330 +15.2
Lottery and sports betting tax 109 -8.9 482 -1.4 1 419 -0.1
Beer duty 56 -1.6 207 +0.4 700 -0.3
Other Lnder taxes 23 +11.4 196 +5.2 378 +4.6
Total Lnder taxes 1 074 +13.3 4 703 +8.0 14 107 +7.7
EU own resources
Customs duty 349 -8.0 1 475 -1.9 4 750 +3.9
VAT-based own resources 161 +113.0 966 +34.0 2 030 +7.4
GDP-based own resources 1 622 +100.8 9 513 +22.6 22 760 +26.4
Total EU own resources 2 133 +68.8 11 953 +19.8 29 540 +20.8
Federation3 18 451 +1.1 74 086 +3.1 252 254 +1.7
Lnder3 17 287 +2.8 74 677 +6.1 234 206 +4.4
EU 2 133 +68.8 11 953 +19.8 29 540 +20.8
Municipalities' share of income tax and value-
added tax2 301 +7.5 10 079 +7.3 32 204 +5.5
Total tax revenue (excluding 40 172 +4.4 170 795 +5.7 548 204 +4.0
1 Method: Recording the total cash income of the individual taxes and dis tributing these to the various levels as set out by law. For technical
reasons, the tax amounts actual received in the current month from the individual territorial subdivisions may differ from the amounts budgeted.
4
Result of the Working Party on Tax Revenue Estimates in May 2012.
After deduction of child benefit refunds by the Bundeszentralamt fr Finanzen.
3 After supplementary grants; deviation from Table 1.3 on account of the method.
Development of tax revenue in total public budgets in the current year1
7/31/2019 German Ministry Finance Monthly Report May 2012
11/15
Federal Ministry of Finance Monthly Report May 2012
TRENDS IN GENERAL GOVERNMENT TAX REVENUE
- 11 -
Tax revenue of the Federation and Lnder in April 2012
Tax revenue (excluding local authority taxes) in
April 2012 climbed by 4.4% on the year. A
breakdown of this figure shows year-on-year
increases of 3.1% in joint taxes, 9.1% in taxes
accruing solely to the Federation and 13.3% in taxes
accruing solely to the Lnder. The cumulative tax
revenue for January-April 2012 was up by 5.7% on
the year.
Due to a marked increase in transfers to the EU, the
growth in revenue accruing to the Federation, at
1.1%, was lower than the rate of revenue growth in
the Lnder (2.8%) The divergence between the two
rates is somewhat larger for the cumulative period
of January-April 2012, with +3.1% for the
Federation comparing to +6.1% for the Lnder.
Cash receipts from wages tax in April 2012 were up
6.6% over the same month last year. Gross revenue
from wages tax (before deduction of child benefit)
posted a year-on-year increase of 5.2%. This was
markedly below the rate of growth recorded in April
2011 (+6.8%). The volume of child benefit
payments reached the previous years level
(+0.4%). Cash receipts for the January-April 2012
period were up 5.4%.
Cash receipts from assessed income tax registered ayear-on-year improvement of 40.4% in April 2012.
Gross revenue from assessed income tax was up by
15.5% compared with April 2011. While a rise of
around 18% in back payments and a roughly 2%
decrease in refunds contributed to this rise, pre-
payments were down by approximately 8%.
Refunds made to employed persons assessed for
income tax increased by 8.0% in the month under
consideration. The fact that cash receipts posted a
larger rise than gross revenue is due to a statistical
phenomenon (a lower baseline for calculating the
rate of change). In absolute terms, gross revenue (up
32 204
234 206
29 540
252 254
10 079
74 677
11 953
74 086
0 50 000 100 000 150 000 200 000 250 000 300 000
Municipalities` share
of income tax and
value-added tax
Lnder
EU
Federation
Tax revenue es timate in May 2012 January to April 2012
million
Source: Federal M inistry of Finance
Tax revenue excluding local authority taxes, January to April 2012
7/31/2019 German Ministry Finance Monthly Report May 2012
12/15
Federal Ministry of Finance Monthly Report May 2012
TRENDS IN GENERAL GOVERNMENT TAX REVENUE
- 12 -
331m) increased more than the cash receipts (up
205m). For the January-April 2012 period, the risein cash receipts was 26.3%.
Receipts from corporation tax improved in April
2012, rising from 1.0bn to 0.3bn. This was
particularly due to a decline of around 24% in
refunds and an increase of roughly 20% in back
payments compared with April 2011. Similarly, the
January-April outturn rose from 1.5bn in 2011 to
5.2bn in 2012.
Cash receipts from non-assessed taxes on earningsin April fell sharply on the same month last year,
from 2.5bn to 1.0bn. Revenue from this source is
affected by the distribution dates for the profits of
large publicly held companies in April and May.
There have been delays in the booking of cash
receipts here due to the introduction of a new
settlement procedure. Gross revenue for the
January-April 2012 period declined from 8.2bn to
6.6bn. As refunds by the Federal Central Tax
Office were down by 2.6%, the cash receipts were
20.5% lower than for the same period last year.
The volume of receipts from the final withholding
tax on interest and capital gains was essentially the
same as a year ago (0.3%). The figure for the period
between January and April 2012 was down by 1.3%
on the year.
Value-added taxes yielded 6.2% more in April 2012
than a year previously. This 6.2% year-on-year
increase was the same for both import VAT and
(domestic) VAT. Over the January-April 2012
period, value added taxes yielded 4% in additional
revenue.
Taxes accruing solely to the Federation posted a
9.1% revenue increase in April 2012. Almost all of
the individual taxes achieved positive results, in
particular solidarity surcharge (+6.7%), energy duty
(+2.4%), tobacco duty (+4.4%) and motor vehicleduty (+8.1%). Energy duty on motor fuel
consumption saw a 1.3% revenue increase, while
receipts from energy duty on heating rose by an
impressive 28.6% (although this accounts for only
5% of the overall take). The successive increases in
the rate of tobacco duty that have been implemented
since the spring of 2011 have led to considerable
fluctuations in monthly receipts. Revenue was down
by 13.2% in the January-April 2012 period.
Aviation tax yielded 8.4% in additional revenue in
the month under consideration (and cumulative
revenue of 264.8m from January to April 2012).
Electricity duty receipts were down (12.4%), but
such fluctuations in the monthly take are normal.
On a cumulative basis from January to April 2012,
revenue contracted by 6.2%. Insurance tax, too,
recorded a decline in April (3.0%). In the case of
nuclear fuel duty, 519.1m that had previously been
refunded were paid back to the Federation as
expected. For the cumulative period of January-
April 2012, the year-on-year increase in revenue
from purely federal taxes was moderate, at 0.8%.
Receipts from taxes accruing solely to the Lnder in
April 2012 posted a 13.3% gain over April 2011. As
in the previous months, this is again largely thanks
to revenues from real property transfer tax that grew
by 32.0% compared with a year ago, due among
other things to an increase in tax rates in many
instances over the course of the last year. There
were also positive developments in the case of fire
protection tax (up 8.9%) and inheritance tax (up
0.6%). However, betting and lottery tax and beer
duty saw their receipts fall (by 8.9% and 1.6%
respectively). For the cumulative period of January-
April 2012, revenue from Lnder taxes increased by
8.0% over the same period last year
7/31/2019 German Ministry Finance Monthly Report May 2012
13/15
Federal Ministry of Finance Monthly Report May 2012
FEDERAL BORROWING AND MARKET RESOURCES
- 13 -
Federal borrowing and market resources
As on Increase Decrease As on
29 February 2012 31 March 2012
Index Linked Bonds 46 000 2 000 0 48 000
Federal bonds2 638 736 4 000 0 642 736
Special federal bonds 211 000 4 000 0 215 000
Federal savings bonds3 8 003 14 148 7 869
Federal treasury notes 145 000 5 000 19 000 131 000
Treasury discount paper 53 959 6 997 8 933 52 023
Treasury financing paper4 431 11 33 409
German government day-bond 2 170 29 65 2 134
Loans against borrowers' notes 12 061 0 0 12 061
Treuhand medium-term notes 1 115 415 677 852
Total outstanding debt 1 118 475 1 112 084
m
Federal borrowing and market resources1
Federal market resources after absorption of special fund debts
As on As on
29 February 2012 31 March 2012
Short term (up to 1 year) 217 655 214 444
Medium term (1 year to 4 years) 364 983 351 945
Long term (over 4 years) 535 836 545 695
Total outstanding debt 1 118 475 1 112 084
m
1For technical reasons the borrowing figures will be published with a delay of two months. The data for the time period up to and including
December will therefore be published in the February monthly report.
210-year and 30-year federal government bonds (Bunds) and euro equivalent of the bond denominated in US dollars
3 Type A and type B federal savings notes (Bundesschatzbriefe)4
One-year and two-year federal treasury notes (Schtze)
By remaining term
7/31/2019 German Ministry Finance Monthly Report May 2012
14/15
Federal Ministry of Finance Monthly Report May 2012
PUBLICATION SCHEDULE OF THE MONTHLY REPORTS
- 14 -
Budget frameworkallocated amount as on
31 March 2012
allocated amount as on
31 March 2011
Export credit guarantees 135.0 120.3 111.4
Untied loans, direct foreign investments, loans of
the EIB, KfW shareholding in EIF50.0 40.7 35.2
Bilateral financial cooperation projects 9.0 3.8 2.4
Food stockpiling 0.7 0.0 0.0
Domestic guarantees 171.0 108.6 105.8
International financial institutions 62.0 55.9 54.1
Treuhandanstalt-successor organistions 1.2 1.0 1.0
Interest compensation guarantees 8.0 6.0 6.0
Guarantees for loans to Greece under the
Currency Union Financial Stability Act of
7 May 2010
22.4 22.4 22.4
Loan guarantees under the Act on Guarantees
pertaining to the European Stability Mechanism of
27 May 2010
211.0 95.3 9.2
Guaranteed debt
bn
Publication schedule of the Monthly Reports
June 2012 May 2012 June 21, 2012
Publication schedule of the Monthly Reports
Monthly Report Reporting period Publication date
July 2012 June 2012 July 20, 2012
August 2012 July 2012 August 20, 2012
September 2012 August 2012 September 21, 2012
October 2012 September 2012 October 22, 2012
November 2012 October 2012 November 22, 2012
December 2012 November 2011 December 21, 2012
7/31/2019 German Ministry Finance Monthly Report May 2012
15/15
Federal Ministry of Finance Monthly Report May 2012
KEY DATES ON THE FISCAL POLICY AGENDA
- 15 -
Key dates on the fiscal policy agenda
18/19 June 2012
21/22 June 2012
28/29 June 2012
9/10 July 2012 ECOFIN and Eurogroup in Brussels
Key dates on the fiscal policy agenda
European Council in Brussels
Eurogroup and ECOFIN in Luxembourg
G-20 summit in Los Cabos (Mexico)