Germany government assets: long-term debt securities
Germany government assets: long-term debt securities stood at 157.7 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total financial assets | 2,084.8 | 2,021.1 | 1,968.2 | 1,906.8 | 1,878.4 | 1,836.8 | 1,834 | 1,780.8 | 1,791.7 | 1,767.7 | |
| Debt securities | 158.4 | 156.3 | 152.3 | 149.3 | 145.5 | 145.1 | 146.4 | 142.8 | 143.5 | 140.4 | |
| Long-term debt securities | 157.7 | 155.8 | 151.2 | 148.8 | 145.2 | 144.7 | 145.8 | 141.6 | 141.4 | 138 |
Understanding germany government assets: long-term debt securities
Tradable fixed-income securities carrying an original maturity exceeding one year that are held by public entities make up this specific category. The series encompasses multi-year sovereign bonds, regional authority debentures, covered banking bonds, and corporate obligations held primarily by social insurance funds and statutory reserve institutions. Money-market instruments with an original lifespan of one year or less are excluded and classified under short-term paper, while unsecuritized loan claims belong to a separate asset division. Unlike short-dated paper used for interim liquidity management, these holdings represent medium- and long-term capital investments that expose the public sector to duration risk and broad yield curve movements.
Market-price valuation governs this line item, making it particularly sensitive to changes in long-term benchmark interest rates. An upward movement in sovereign bond yields depresses the market value of existing portfolios, producing balance-sheet reductions without any actual asset disposals having taken place. Evaluating annual movements rather than quarter-to-quarter shifts gives a more coherent picture of asset allocation, as high-frequency changes often reflect bond market swings rather than intentional fiscal restructuring. Initial figures are adjusted in subsequent releases as detailed security-by-security portfolio reports and institutional audits are completed. Users comparing this series against gross public debt should recognize that these assets are often ring-fenced within specialized insurance schemes and cannot be liquidated to redeem general sovereign borrowings.
Frequently asked questions
- Which public institutions hold the majority of these long-term paper investments?
- Statutory social security funds, public pension reserves, and special investment or resolution agencies hold the bulk of these assets to support long-term funding obligations.
- How does a change in general interest rates affect this specific balance?
- Because long-dated bonds carry significant duration, changes in market interest rates cause inverse shifts in the market valuation of these securities, altering reported totals without any buying or selling.
- How does this series differ from long-term loans on the government balance sheet?
- Long-term debt securities are standardized, negotiable paper traded on financial markets, whereas loans represent non-marketable, direct bilateral credit agreements with counterparties.