KfW

from Wikipedia, the free encyclopedia
  KfW
logo
Country GermanyGermany Germany
Seat Frankfurt am Main
legal form Institute of public right
Bank code 500 204 00
BIC KFWI DEFF XXX
founding November 18, 1948
Website kfw.de
Business data 2019
Total assets EUR 506 billion (according to IFRS )
Employee 6,705 (entire group)
management
Board of Directors Peter Altmaier (Chairman)
Board Günther Bräunig (Chair)

The KfW or Kreditanstalt für Wiederaufbau is a development bank . It is the world's largest national development bank and the third largest bank in Germany in terms of total assets . It was founded in 1948 on the basis of the law on the Reconstruction Loan Corporation as an institution under public law . KfW and its subsidiaries DEG , KfW IPEX-Bank and FuB form the KfW banking group .

The Federal Ministry of Finance has legal supervision . Günther Bräunig has been CEO of KfW since the beginning of 2018 .

history

The deputy chairman of the KfW Administrative Council, Hermann Josef Abs, 1949
Partial bond for DM 100 from KfW dated December 31, 1949
Former KfW building in Lindenstrasse / Frankfurt a. Main

The Reconstruction Loan Corporation was founded on November 18, 1948 after the Second World War with the aim of financing the reconstruction of the German economy. Initial funding came mainly from funds of the European Recovery Program ( English European Recovery Program , or ERP often colloquially briefly, Marshall Plan called). The goods delivered via the Marshall Plan, especially cotton, were paid for at KfW and the funds raised in this way could be granted as loans. The first chairman of the KfW Board of Directors was Otto Schniewind , his deputy was Hermann Josef Abs .

In the 1950s KfW had its headquarters at Lindenstrasse 27 in Frankfurt am Main in the Westend-Süd district . Since then, KfW has also been promoting medium-sized companies .

In 1961 KfW was entrusted with the implementation of Financial Cooperation (FC) between the Federal Republic of Germany and developing countries.

The total assets of KfW in 1980 were around 28 billion euros.

As early as 1986, rating agencies rated KfW's creditworthiness with the highest credit rating. KfW was the first German company to register with the United States Securities and Exchange Commission (SEC) and has since been permitted to refinance on the US capital market.

From August 1980 Gerhard Götte (* 1926) was CEO of KfW. Gert Vogt (* 1932) became his successor in 1992.

Since the German reunification , KfW has again moved more into the focus of public interest due to the tasks it has been given to rebuild the East German economy. In 1994 KfW also took over the former state bank of the GDR in Berlin.

From October 1, 1999 to September 11, 2006, Hans Reich was the spokesman for the Executive Board of KfW and was replaced by Ingrid Matthäus-Maier .

At the end of 2000, KfW launched loan securitization programs through which credit institutions can transfer risks from SME loan portfolios (Promise) or from private housing loans (Provide) to the capital market and thereby relieve their balance sheets.

Since 2003 KfW has also been using the brand name KfW Bankengruppe , which was introduced as a result of the merger with the German Compensation Bank (DtA).

With the entry into force of the law passed by the Bundestag on March 29, 2007 to reorganize ERP business development, the ERP special fund formed from the funds of the Marshall Plan in the amount of EUR 4.65 billion became equity and subordinated capital in the amount of EUR 3.25 billion introduced into KfW. The income generated with the newly contributed equity is earmarked for ERP economic development and, together with subsidies from the ERP special fund, covers the funding costs of the ERP economic development carried out by KfW. The income from the previous shares of the ERP special fund in KfW's equity will continue to serve to maintain the substance of the ERP special fund.

In late July 2007 US real estate prices fell. This particular led to the subprime - mortgage market to a crisis . Above all, the short-term refinancing conduits came under pressure as a result. On July 30, 2007 KfW, which held a 38% stake in IKB Deutsche Industriebank and was thus the largest single shareholder , took on the obligation to provide the liquidity lines for the conduit Rhineland Funding of IKB and similar investment vehicles . The provision of the liquidity line is in no way to be equated with a direct assumption of losses in the same amount. According to the IKB, the investment volume of Rhineland Funding as of March 31, 2007 was around EUR 12.7 billion. In addition, KfW took on possible losses from risky items in the IKB balance sheet amounting to up to one billion euros and stabilized the German banking market through this risk relief for IKB .

In the course of these events, the criticism of the management by board spokeswoman Ingrid Matthäus-Maier grew . As a consequence, she resigned her position in April 2008 and announced her early retirement. For a while, Wolfgang Kroh acted as spokesman for the board until he was replaced by Ulrich Schröder on September 1, 2008 , who now received the required post of CEO of KfW and was also able to double his salary. In October 2008 KfW sold its capital stake in IKB to the American financial investor Lone Star and received 137 million euros for this, according to unconfirmed press reports.

After two years in which the institute suffered heavy losses due to its stake in IKB , consolidated profit of EUR 1.1 billion was reported for 2009 and consolidated profit of EUR 2.6 billion for 2010. The balance sheet total on December 31, 2010 was around 442 billion euros (according to IFRS for the entire group).

In April 2012, a new brand identity was introduced, in which, among other things, the old blue-orange logo was replaced. The aim is to make KfW better known and to bring it closer to the needs of customers. The new corporate design and logo was developed by the Metadesign design agency . Since August 2012 KfW has been looked after by the fischerAppelt agency , which is supposed to advertise KfW's new logo and product range.

In March 2013 the federal cabinet decided to change the KfW law. Accordingly, KfW will in future be subject to selected standards of the German Banking Act , compliance with which will be checked by the Federal Financial Supervisory Authority . Nevertheless, KfW retains its special status as a promotional bank .

The total assets of KfW as of December 31, 2015 were around 509 billion euros (according to IFRS for the entire group). As of 2015, KfW is the third largest German bank.

After Ulrich Schröder had been on sick leave since the end of 2016 and was represented by Günther Bräunig, the latter took over the chairmanship of the board at the beginning of 2018.

KfW shareholders and bodies

The capital of KfW is four-fifths of the Federal Republic of Germany , and one-fifth of the federal states held. The Federal Republic is liable for all liabilities and loans of KfW. This federal guarantee is anchored in Section 1a of the KfW Act. The so-called Anstaltslast of the Federal Republic of Germany also exists for KfW . KfW is given the best possible credit rating (AAA) by international rating agencies .

The board of directors, the administrative board and an advisory body for promoting small and medium-sized enterprises ( Mittelstandsrat ) are bodies of KfW. In addition to the chairman Günther Bräunig , Bernd Loewen, Ingrid Hengster, Stefan Peiß and Joachim Nagel are also members of the KfW Executive Board.

The administrative board monitors and advises the board of directors on the management of KfW. According to the KfW Act, it consists of 37 representatives from politics, business and associations. Seven federal ministers are members by law. The chairmanship is alternated annually by the Federal Minister of Finance and the Federal Minister for Economic Affairs and Energy. In 2016, Federal Minister of Economics Sigmar Gabriel held the chair. The Board of Directors has also formed four committees. The Presidential and Nomination Committee deals with legal and administrative matters, the Credit Committee is responsible for dealing with credit matters, the Remuneration Control Committee monitors the appropriate structure of the remuneration systems and the Audit Committee prepares accounting and risk management issues.

As of December 31, 2018, the KfW Group had a total of 6,376 employees.

Domestic promotion

The task of KfW is to carry out public contracts such as promoting medium- sized companies and start-ups, granting investment loans to small and medium-sized companies, as well as financing infrastructure projects and housing construction, financing energy-saving technologies and municipal infrastructure. Further fields of activity are educational loans and film financing.

In 2018, KfW made a total of 46 billion euros available for this, which corresponds to one percent of KfW's total funding volume. KfW promotes environmental and climate protection projects across all fields of activity.

In accordance with the German Banking Act, KfW is not considered a credit institution or financial services institution within the meaning of the German Banking Act, regardless of the business it conducts. The reason for this is that KfW, as a national public-law promotional bank, pursues a special business model and a statutory state mandate and therefore cannot be compared with other credit and financial services institutions in the private, cooperative or public-law sector.

Financing of medium-sized companies and start-ups

KfW promotes German SMEs and start-ups with traditional promotional loans and other innovative financing ( equity investments , subordinated capital). The business area KfW Mittelstandsbank was created in the course of the merger of the DtA ( German Compensation Bank ) with KfW in July 2003. By mid-2005, the low-interest loans granted to small and medium-sized businesses had accumulated a total of around 115 billion euros. In 2012 KfW funded SMEs with more than 17 billion euros.

KfW Bankengruppe has been giving the “KfW Entrepreneurs Award”, known as “Founder Champions” until 2016, to companies in their first five years of business activity since 1998.

Financing for building, living and saving energy

KfW offers a wide range of programs in the area of ​​building, living and saving energy that are used to finance investments in residential real estate. Funding purposes are the creation of residential property through home ownership programs, the energetic building renovation, the modernization of living space, the construction of economical new buildings, the conversion of the heating system to renewable energies and photovoltaic systems.

Some of the KfW funding programs are:

Certain loans, such as funding program 167 for the energy-efficient refurbishment of heating systems, can also be used as a supplement to BAFA grants .

The KfW Efficiency House lending criteria defined by KfW and the German Energy Agency in the versions KfW Efficiency House 40 , KfW Efficiency House 55 , KfW Efficiency House 70 , KfW Efficiency House 85 , KfW Efficiency House 100 and KfW Efficiency House 115 are recognized energy standards for buildings.

Since 2006, the Federal Government has been providing one billion euros annually as part of the Housing, Environment, Growth funding initiative in order to make the CO 2 reduction programs attractive and to meet the national climate protection commitments under the Kyoto Protocol . The annual funding volume should amount to 17 billion euros.

The energetic renovations and energy-efficient new buildings supported by KfW led to a reduction in greenhouse gas emissions of around 540,000 tonnes in 2011, according to the company. In addition, since 2002 KfW has been presenting the so-called KfW “Building and Living” Award, an award endowed with prize money for private individuals and architects who have carried out exemplary (re) buildings or modernizations.

Financing municipal infrastructure

KfW supports municipalities as well as municipal companies and institutions in the financing of infrastructure measures, for example the construction of sports halls, the rehabilitation of sewers or the further development of local public transport. In 2012 KfW granted more than 1,600 loans for this purpose. The KfW IPEX-Bank GmbH finances infrastructure projects in the country such. B. the purchase of trams or subways.

Financing of education and training

In this area, KfW finances the training and further education of schoolchildren, students and specialists. Among other things, it offers student loans and grants for master craftsman training. In 2012 KfW provided around 1.6 billion euros for this.

Global loan

In particular , KfW gives global loans to national state development institutes to finance infrastructure projects, residential construction and energy-efficient renovations. In addition, KfW also grants EU-wide global loans to European partner banks, in particular to promote the SME sector or on behalf of a mandate.

International funding

Export and project finance

The KfW subsidiary KfW IPEX-Bank GmbH finances the buyers, especially German exporters. In addition, investment projects that are of German and European interest are financed worldwide. Because KfW IPEX-Bank offers its business in direct competition with other commercial banks, this business area was separated from the KfW banking group on January 1, 2008 and, in accordance with the agreement with the EU Commission, relocated to a legally independent institute. In contrast to KfW itself, IPEX-Bank is subject to banking supervision and tax liability and refinances itself at market-driven conditions.

Development cooperation

KfW Development Bank supports developing and reforming countries, for example as part of the initiative for climate and environmental protection . KfW Development Bank is responsible for financial cooperation (FC) with state institutions, while the German Investment and Development Company (DEG) finances and supports private companies that are active in developing and emerging countries. DEG's current portfolio (2017) amounts to around 8.3 billion euros. This enables around 700 investment projects in 83 countries. In terms of volume, KfW Development Bank is the most important German instrument for bilateral development cooperation . In 2015 KfW pledged 6.7 billion euros for financial cooperation. KfW raised a significant part of this, namely 4.3 billion euros, as own funds on the capital market.

particularities

Special tasks

In principle, KfW acts on behalf of the public. In addition to the funding programs, KfW also supports the federal government in the privatization of federal companies (advice and processing) and, among other things, takes on contract management for the Federal Agency for Unification-Related Special Tasks (BvS) and for the compensation scheme for securities trading companies (EdW).

KfW continues to hold shares from the partial privatization of Deutsche Telekom AG and Deutsche Post AG , which it manages on behalf of the federal government. In September 2012 KfW placed 60 million Deutsche Post AG shares on the stock exchange. As of April 2013, KfW held less than 25% of the shares in Deutsche Post AG.

In addition, KfW exercised the right of first refusal for the federal government in order to prevent the Chinese electricity grid operator State Grid Corporation of China (SGCC) from getting involved by acquiring 20 percent of the German grid operator 50Hertz Transmission .

Refinancing

KfW does not have any customer deposits - for example, it does not offer current accounts - and rather refinances itself on the capital market . In doing so, it benefits significantly from the guarantee by the Federal Republic of Germany (KfW law). As a result of this federal guarantee, KfW has a high credit rating and receives the best possible credit rating of AAA from all rating agencies .

Role in the accounts

KfW is not part of the public sector . KfW is a bank from the European Central Bank on the MFI is run list. Units that are on this list are assigned to the financial corporations sector under the special regulation of the ESA 1995 . KfW's assets and liabilities are not recorded with the state.

Locations and buildings

West Arcade (left) and Nordarkade (right) at the KfW headquarters in Frankfurt am Main
The house at Bockenheimer Landstrasse 102 in 2011

In addition to its headquarters in Frankfurt am Main , where KfW IPEX-Bank is also based, KfW also has branches in Berlin (takeover of parts of the former state bank of the GDR ) and Bonn (merger with the German compensation bank ). The banking group is also represented in Cologne with DEG . In addition, the KfW Development Bank as well as DEG and IPEX maintain foreign representations in over 80 cities as part of development or export finance - often in cooperation.

Frankfurt

The Westarkade building , a 57-meter-high building for 700 employees right next to the KfW main building, was inaugurated on the former site of the German Library at the southern end of the Palmengarten . This is where KfW IPEX-Bank is housed. With an energy consumption of less than 100 kWh / m²a, the Westarkade is one of the most energy-efficient office buildings in the world. In November 2011, the Westarkade received the title Best Skyscraper in the World , which is awarded by the Council on Tall Buildings and Urban Habitat of the Technical University of Chicago .

KfW also owns and uses other buildings in the immediate vicinity of the West Arcade, including the so-called main building east of the West Arcade, the north and south arcades on both sides of Bockenheimer Landstrasse and a new building from 2010 on the Senckenberganlage. Another new building is currently being built at Bockenheimer Landstrasse 104 and is scheduled for completion in 2015. The neighboring Villa 102 was acquired by KfW in 2012 and should be occupied by the KfW Foundation, which was established in the same year, as soon as the house had undergone extensive renovation. The foundation started its work at the beginning of 2013, the building renovation began in 2014, but was not completed until the end of 2018. It is to be used for internal KfW training courses and as a venue for the KfW Foundation.

Berlin branch with historical corporate archive

KfW branch on Charlottenstrasse in Berlin-Mitte

The archive was set up in a building constructed by Alfred Messel and later expanded by Heinrich Schweitzer for the former Berlin trading company . In the years 1997 to 2000, the house was renovated in accordance with listed buildings and serves as the Berlin branch of KfW. The focus of the historical archive housed here is the research of the importance of the institute for the reconstruction of Germany after 1945 (KfW, Historisches Archiv, Charlottenstrasse 33, 10117 Berlin).

criticism

Transfer to Lehman Brothers

Criticism of the management and internal control mechanisms of KfW came up in September 2008 because KfW had transferred an amount of around 320 million euros to the American investment bank Lehman Brothers on September 15 , even though the bank had filed for bankruptcy a few hours beforehand Money threatened to be lost in the bankruptcy estate. Such a loss could have been prevented through clearing and settlement through the CLS-Bank , which was founded in 1997 specifically for this type of default risk and has been fully operational since 2002 .

After the bank had called on lawyers and had presented the first results, the Board of Directors decided at the end of September to remove the two responsible board members Peter Fleischer and Detlef Leinberger from their offices with immediate effect and to terminate their service contracts.

After receiving numerous reports from those affected, the Frankfurt public prosecutor's office announced at the beginning of October 2008 that there would be an investigation into whether there was an initial suspicion of a criminal offense and whether investigations would have to be initiated against board members. The investigators asked KfW to send audit and auditing reports on the million-euro transfer. On October 22, 2008, the public prosecutor and investigators from the Federal Criminal Police Office searched the KfW headquarters. Investigations were initiated against three active board members (among them the then incumbent KfW boss Ulrich Schröder ), against the two board members who had already been dismissed and against the head of the risk management department at the time. The public prosecutor's office is looking for clues as to whether the accused have violated their obligations by “not preventing the transfer of September 15, 2008, despite knowledge of the emerging liquidity problems at Lehman” (asset management obligations).

It was only through the efforts of the federal government that 200 of the 320 million euros were offset against a debt of the federal debt administration to Lehman, and thus these 200 million flowed back to KfW. Whether or not some of the remaining 120 million euros will flow back depends on what remains for Lehman's creditors at the end of the bankruptcy proceedings.

On May 2, 2010, the Süddeutsche Zeitung reported that the public prosecutor's investigation on the subject of “expensive transfers” would probably be discontinued. However, the Frankfurt public prosecutor's office did not stop the proceedings until September 7, 2010.

Millions lost in Iceland

A spokesman for KfW announced on November 6, 2008 that the bank had invested 288 million euros in promotional activities and investments in Iceland and had lost part of it. In addition, a global loan of 150 million euros paid to the Icelandic Glitnir Bank must first be written off. In addition, KfW invested 138 million euros in bonds with the three Icelandic banks Glitnir, Landsbanki and Kaupthing Bank . According to the Federal Ministry of Finance, in addition to the above-mentioned papers, KfW also holds securities from the Republic of Iceland in the amount of 52 million euros. It is still unclear whether these will also fail. In addition, KfW has given an Icelandic bank a loan of 300 million euros through a Danish subsidiary. However, these are subject to a guarantee from the Danish state.

Coal projects

Between 2006 and 2011 KfW promoted the export of technology for coal extraction and coal-fired power generation abroad through financing totaling 2.8 billion euros. Among other things, the subsidiary KfW IPEX-Bank is involved with 110 million euros in the expansion of a coal port in the Great Barrier Reef . Environmentalists and the Federal Environment Minister are currently calling for KfW to stop financing coal projects .

Total loss at IKB

In the Mittelstandsbank IKB , KfW held 90.8% of the bank with a share of 10 billion euros. These shares were sold to the investment company Lone Star in 2008 for around 137 million euros .

See also

literature

  • Werner Balsen: Small companies receive loans without bribes , in: Frankfurter Rundschau , May 18, 1999, No. 113, p. 13.
  • Heinrich Harries von Knapp: Financing the Future, KfW - the German Bank with a Public Mission . Frankfurt 1998.
  • Gunter Kayser: SME Financing in the Federal Republic of Germany between Bank Loans and Public Financial Aid - A current review of the period from 1960 to 1990 . In: Bankhistorisches Archiv 2/2003, Zeitschrift für Bankengeschichte, published by the Scientific Advisory Board of the Institute for Bank History Research, Frankfurt am Main.
  • Jan Klasen: The Reconstruction Loan Corporation and its role in West German housing finance 1949-1967 . Hamburg 1999, ISBN 3-86064-866-7
  • KFW (Ed.): The KfW - 1948 until today . Frankfurt 1997.
  • KfW Bankengruppe (Ed.): What defines successful companies. Findings from science and practice. Series: KfW publications on start-ups and SMEs. Springer Verlag 2004, ISBN 3-7908-0147-X .
  • Manfred Pohl: Reconstruction, art and technology of financing 1947–1953 - The first years of the credit institution for reconstruction . Frankfurt a. M. 1973.
  • Armin Grunbacher: Reconstruction and Cold War in Germany: The Kreditanstalt Fur Wiederaufbau (1948-1961) . Ashgate Publishing 2004, ISBN 978-0754638063 .
  • Holger Appel: 8.55 a.m. - The investment bank Lehman staggered for weeks, on September 15, 2008 it fell over. (KfW slept through it - at 8:55 a.m. it transfers almost 320 million euros to the Americans). in: Frankfurter Allgemeine Zeitung September 18, 2010, page 13 ( FAZ archive ) (offline)

Web links

Commons : KfW  - collection of images, videos and audio files

Individual evidence

  1. ↑ a b Master data of the credit institute at the Deutsche Bundesbank
  2. ↑ a b Law on the Reconstruction Loan Corporation (KredAnstWiAG), accessed on October 30, 2014
  3. ↑ KfW: [1] , accessed on July 10, 2020
  4. ↑ a b c KfW: Board of Directors and its committees , accessed on October 11, 2014.
  5. ↑ a b KfW: Executive Board , accessed on February 26, 2018.
  6. ↑ Federal Association of German Banks : The 100 largest German credit institutions ( Memento of the original from October 30, 2014 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. , accessed on October 30, 2014 (offline) @1@ 2Template: Webachiv / IABot / bankenverband.de
  7. ↑ Federal Ministry of Finance: Answer to a small request from the FDP ( Memento of the original from January 5, 2015 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. , BT no. 16/7777 of January 16, 20118, accessed March 25, 2013. (offline) @1@ 2Template: Webachiv / IABot / www.bundesfinanzministerium.de
  8. ↑ Myth or master plan? ( Memento of the original from December 14, 2018 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. In: First German television. Called in December 2018. @1@ 2Template: Webachiv / IABot / www.daserste.de
  9. ↑ http://www.wiwo.de/politik/deutschland/hohe-risiken-fuer-steuerzahler-kfw-wird-zur-krake-in-der-krise/7162326.html
  10. ↑ n-ecology-concepts-for-environment / dp / 3409148221 Henner Schierenbeck, Eberhard Seidel: Banks and ecology: concepts for the environment, 1992, page IX
  11. ↑ industrieanzeiger.de of November 7, 1999
  12. ↑ The history of KfW on two kilometers of shelf space. KfW, accessed on April 2, 2017 .
  13. ^ First woman at the top of KfW , Die Welt, September 11, 2006.
  14. ↑ http://www.wiwo.de/politik/deutschland/hohe-risiken-fuer-steuerzahler-kfw-wird-zur-krake-in-der-krise/7162326.html
  15. ↑ http://www.ftd.de/unternehmen/finanzdienstleister/:%DCbernahme_perfekt_Lone_Star_erh%E4lt_Zuschlag_f%FCr_IKB/403179.html ( Memento from September 5, 2012 in the web archive archive.today )
  16. ↑ Anna Seegers: Kfw makes record profits. Frankfurter Rundschau , March 27, 2010.
  17. ↑ KFW at a glance ( Memento from November 25, 2011 in the Internet Archive )
  18. ^ Yasmin Osman: The problem with KfW's new image , Handelsblatt , accessed on April 2, 2017
  19. ↑ Markus Weber: Fischer Appelt becomes KfW's lead agency. In: Advertise & Sell. July 30, 2012, accessed April 2, 2017 .
  20. ↑ Federal Ministry of Finance : New rules for the largest development bank , accessed on March 25, 2013
  21. ↑ a b c KfW: KfW at a glance . kfw.de, accessed on April 10, 2019 (PDF).
  22. ↑ § 1a KredAnstWiAG
  23. ↑ KfW: The Executive Board , accessed on March 26, 2018.
  24. ↑ Financial Report , accessed April 10, 2019.
  25. ↑ http://www.kfw.de/kfw/de/KfW-Konzern/Medien/Aktuelles/Pressearchiv/2012/20121108_59114.jsp (offline)
  26. ↑ KfW GründerChampions 2016. In: kfw.de. 2017, accessed March 24, 2018 .
  27. ↑ Founding a KfW Award. In: kfw.de. 2017, accessed March 24, 2018 .
  28. ↑ Overview of all current KfW funding programs in the areas of building, housing and energy saving - with funding finder , provided by the non-profit co2online GmbH, accessed on July 22, 2014.
  29. ↑ KfW funding promotes climate protection. (No longer available online.) Kfw.de, August 31, 2012, archived from the original on January 25, 2013 ; Retrieved March 29, 2013 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.kfw.de
  30. ↑ KfW business and promotional figures September 2012. (No longer available online.) Kfw.de, November 8, 2012, archived from the original on February 10, 2013 ; accessed on March 28, 2013 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.kfw.de
  31. ↑ KfW IPEX-Bank finances 18 trams. (No longer available online.) KfW, July 9, 2010, archived from the original on January 25, 2013 ; accessed on March 28, 2013 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.kfw.de
  32. ↑ KfW business and promotional figures September 2012. (No longer available online.) KfW, November 8, 2012, archived from the original on February 10, 2013 ; accessed on March 28, 2013 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.kfw.de
  33. ↑ KfW Bankengruppe and L-Bank sign global loan for EUR 600 million. (No longer available online.) KfW, April 2, 2012, archived from the original on January 25, 2013 ; Retrieved March 29, 2013 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.kfw.de
  34. ↑ KfW: EU global loan (special tasks) , accessed on October 30, 2014.
  35. ↑ Financial year 2017. Accessed on May 25, 2018 (German).
  36. ↑ Successful placement of 5.0% shares in Deutsche Post AG by KfW. (No longer available online.) KfW, September 7, 2012, archived from the original on January 25, 2013 ; Retrieved March 29, 2013 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.kfw.de
  37. ^ German Government's KfW Further Reduces Deutsche Post Stake. (No longer available online.) In: foxbusiness.com. April 10, 2013, formerly in the original ; accessed on April 12, 2013 .  ( Page no longer available , search in web archives )@1@ 2Template: Dead Link / www.foxbusiness.com
  38. ↑ Elia to partner with Bank KfW as shareholder in German transmission system operator 50Hertz. In: elia.be. July 27, 2018, accessed July 29, 2018 .
  39. ↑ tagesschau.de: Federal government prevents China's entry into the German power grid. Retrieved on July 29, 2018 (German).
  40. ↑ KfW: Locations and external offices , accessed on October 30, 2014
  41. ↑ Autodesk Magazine 14; July 2008 p. 12 ( Memento of the original dated June 16, 2009 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. (PDF; 3.0 MB) (offline) @1@ 2Template: Webachiv / IABot / images.autodesk.com
  42. ↑ KfW Westarkaden in the KulturPortal Frankfurt am Main
  43. ↑ Best skyscraper in the world in Frankfurt . In: Saarbrücker Zeitung , November 7, 2011, p. B4.
  44. ↑ https://www.kfw.de/Download-Center/Anfahrtspl%C3%A4ne/Zugang-und-Zufahrt-KfW-Frankfurt.pdf  ( page no longer available , search in web archives )  Info: The link was automatically defective marked. Please check the link according to the instructions and then remove this notice.@1@ 2Template: Dead Link / www.kfw.de  
  45. ↑ KSP Jürgen Engel Architects: KfW Senckenberganlage ( Memento of the original from October 30, 2014 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. , accessed on October 30, 2014 (offline) @1@ 2Template: Webachiv / IABot / www.ksp-architekten.de
  46. ↑ Frankfurter Neue Presse : New building causes unrest ( Memento of the original from October 30, 2014 in the Internet Archive ) Info: The archive link has been inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. , accessed October 30, 2014. @1@ 2Template: Webachiv / IABot / www.fnp.de
  47. ↑ KfW: Villa Bockenheimer Landstrasse 102 , accessed on October 30, 2014.
  48. ↑ Details and photos of the renovation history on the website of Villa 102 , accessed on February 14, 2019
  49. ↑ KfW Parade: The 37 inspectors of the breakdown bank
  50. ↑ Daily newspaper tz , August 5, 2013: Luxury car, driver, rental included - the sumptuous extras of the state bankers ( memento of November 28, 2016 in the Internet Archive ), accessed on November 29, 2016
  51. ↑ KfW fires two board members . In: Süddeutsche Zeitung , September 29, 2008.
  52. ↑ Süddeutsche Zeitung October 22, 2008: Financial crisis - buses must be (raid on KfW)
  53. ^ Süddeutsche Zeitung October 22, 2008: Suspicion of infidelity. Raid on KfW headquarters
  54. ^ Spiegel-Online October 22, 2008: Raid on the crisis bank. BKA is also investigating against KfW boss Schröder
  55. ↑ KfW gets money back spiegel.de, December 12, 2009
  56. ↑ sueddeutsche.de May 2, 2010
  57. ↑ Klaus Ott: The million dollar margin remains unpunished . sueddeutsche.de, May 2, 2010.
  58. ↑ Report of the Frankfurter Allgemeine Zeitung After Lehman bankruptcy: infidelity investigations against KfW stopped. September 7, 2010, accessed February 14, 2019 .
  59. ↑ Germany's breakdown bank. KfW threatens to lose millions in Iceland . In: Spiegel Online , November 6, 2008.
  60. ↑ KfW is losing millions in Iceland . In: Handelsblatt , November 6, 2008.
  61. ↑ Why KfW supports Norwegian SMEs . In: Spiegel Online , November 6, 2008.
  62. ↑ Destruction of the Great Barrier Reef - "Gabriel makes Germany a laughing stock" . In: Handelsblatt , July 25, 2014.
  63. ^ The lavish extras of the state bankers at KfW | Economy. November 28, 2016, archived from the original on November 28, 2016 ; accessed on November 28, 2016 .

Coordinates: 50 ° 7 ′ 13.4 ″  N , 8 ° 39 ′ 19.6 ″  E