Germany government assets in currency and deposits
Germany government assets in currency and deposits stood at 379 EUR billion in Q1 2026, according to Deutsche Bundesbank. It is one of the indicators in the General government financial accounts table (Value · Quarterly), with a complete series running from Q1 1999 to Q1 2026. The complete series with an interactive chart, free to download.
This indicator in the General government financial accounts table
| Indicator | Q1-2026 | Q4-2025 | Q3-2025 | Q2-2025 | Q1-2025 | Q4-2024 | Q3-2024 | Q2-2024 | Q1-2024 | Q4-2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency and deposits3 | 379 | 361.3 | 374.1 | 374.4 | 348.3 | 347.4 | 361.4 | 362.7 | 380 | 389.4 | |
| Currency | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | |
| Transferable deposits | 91.9 | 94.6 | 88.9 | 94.2 | 91.1 | 97 | 93.7 | 97.6 | 91 | 96 |
Understanding germany government assets in currency and deposits
Liquid claims held by public administrations in the form of physical money and banking balances constitute this portfolio division. It combines circulating banknotes and coins held in institutional vaults with demand deposits, time deposits, and contractual savings placed at commercial and central banking institutions. Unlike its sibling divisions covering debt securities or equity investments, these claims maintain nominal face value and carry no exposure to price volatility on secondary trading venues. It acts as the parent grouping for transferable sight deposits used in daily operations alongside non-transferable fixed-term accounts established for short-term liquidity management.
Treasury cash management causes pronounced intra-year fluctuations, as major tax collection dates generate temporary liquidity surges while sovereign debt redemptions deplete reserves. Comparing the same calendar period across consecutive years is therefore far more illuminating than evaluating quarter-on-quarter movements, which predominantly reflect operational cash smoothing rather than fundamental fiscal shifts. Initial figures undergo routine revisions as administrative reporting from local authorities and social security entities catches up with banking-sector reports. Analysts must not mistake expanding deposit balances for an operating fiscal surplus, because administrations frequently accumulate cash buffers through debt issuance to prepare for large refinancing obligations.
Frequently asked questions
- What distinguishes this category from transferable deposits?
- This broader category aggregates both immediately accessible payment accounts and restricted or fixed-term deposits that require notice or agreed maturity periods before withdrawal. Transferable deposits represent only the portion available instantly for transactions.
- Does this total fluctuate based on market interest rates?
- Because deposits and cash are recorded at nominal balance values, their balance sheet value does not rise or fall with bond price fluctuations. Only interest earnings and net cash transactions alter the reported stock.
- Why do cash reserves fluctuate so sharply within a single year?
- Mismatches between uneven seasonal tax revenue inflows and scheduled public debt redemptions require government treasuries to maintain dynamic liquidity buffers.