January 1943
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
FRENCH BUDGET ACCOUNTS
BELGIAN BUDGET AND OFFICIAL FINANCING
[In milliards of Belgian francs]
[In milliards of French francs]
1941
(realised
during
year)
Calendar years
Calendar years
1942
(estimates)
Ordinary budget expenditure
receipts
100
72
deficit
Extraordinary budget expenditure
Costs of occupation
28
25
130
119H
Total deficit
Financing of clearing account with Germany
Other Treasury charges
183
12
8
178
(25)
(10)
Total Treasury credit financing
203
(213)
Borrowing from Bank of France: 1
ordinary advances
special advances
Other credit financing2
5
67
131
*
Expenditure 1
Revenue
1940
1941
16.9
7.6
20.3
15.5
105^
80
Excess of expenditure
Occupation costs
9.3
4.5
4.8
16.3
33
Total budget deficit
Clearing account etc
13.8
3.2
21.1
8.5
Total to be officially financed by borrowing....
17.0
29.6
9.3
5.6
""o.'s"'
14.3
4.7
5.4
3.5
15.4
27.9
1
2
From December 26, 1940 to December 24, 1941.
Difference between total credit financing and the amount borrowed
from Bank of France.
Method of credit financing:2
from central bank
from market: short term
middle term
long term
Total official credit financing
1
All expenditure except costs of occupation.
2
As shown by public debt returns and statements of the National
Bank and Bank of Issue. The total to be officially financed and the
actual amount borrowed are not exactly the same for various technical
reasons (movement of Treasury balances, differences in date of returns,
etc.) but the figures give a close indication.
DUTCH OFFICIAL CREDIT
France:
the payment of occupation costs
and its financing.*
FINANCING
[In millions of florins]
Calendar years
Weekly, in Fr.fcs milliards.
1940
Central bank—
direct
clearing claims etc
168
107
total
•:•:•:•:•:
Total of
'•:•:'•:•:•: special advances
"
ofthe
Bank of France
on account ofthe
costs of occupation
1941
Market borrowing—
short-term
middle- and long-term
total
Total official credit financing
DANISH BUDGETS 1 AND OFFICIAL
(-248)
945
275
697
496
448
900
875
944
1,775
1,219
2,472
FINANCING
[In millions of Danish kroner]
Years ending March 31
.standing to the credit ofthe _
v^Reichskreditkassen
Revenue
Expenditure
Surplus
* The line showing the aggregate of amounts paid on account of the
costs of occupation has been drawn assuming regular payments at the
rate of 400 million French francs a day from June 25,1940 (first payment
August 25, 1940), reduced to 300 million French francs from May 11,
1941. The special advances for the payment of occupation costs and
the amount remaining undrawn on the account of the Reichskreditkassen have been taken from.the weekly returns of the Bank of France.
The amount financed directly by the Treasury is the excess which the
aggregate of amounts paid shows above the special advances.
The amount actually utilised is the difference between the aggregate
paid and the sum remaining undrawn on the account of the Reichskreditkassen. That the amount financed by the Treasury runs for
short periods below zero in the early months reflects the fact that the
special advances from the Bank of France exceeded the amount payable
on account of occupation costs, this being probably due to initial
expenses incidental to the withdrawal of Reichskreditkassenscheine.
JANUARY
1943
Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
1939-40 1940-41 1941-42
621
611
9
Clearing account
Payments to occupying authorities, etc. 2 . .
900
843
918
905
57
13
498
514
4763
4143
Total official credit financing
(-9)
955
877
Financed—from central bank4
in other ways
83
(-92)
932
23
737
139
1
Closed budgets 1939-40 and 1940-41; estimates for 1941-42
(including supplementary).
2
The increase of "sundry debtors" at Danmarks Nationalbank.
3
Including proportions of the "adjustment account" at the
Nationalbank.
4
The increase of the items "clearing accounts" and "sundry
debtors" plus the "adjustment account" and the movement of the
government's current account (or overdraft) at the Nationalbank.
41