State Regulation :
The Berlin budget law authorizes the use of derivatives up to 40 percent of the amount of the outstanding debt at the end of the preceding year (§ 2 paragraph 8 Budget law 2022/2023).
Instruments:
Swaps, caps and floors, swaptions and forward rate agreements are used as hedging instruments. Berlin does not take currency risks. Non-Euro issues have to be swapped into Euro via currency swaps or alternatively via interest-/currency swaps.