Bavarian State Foundation

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The Bavarian State Foundation is a foundation under public law that emerged from the merger of the Bayerische Staatsbank with the Bayerische Vereinsbank . It was established in 1972 and pursues charitable and charitable purposes in the social and cultural field. Your seat is in Munich.

The main focus of the funding activity is the funding of structural measures. In the cultural sector, these are maintenance and repair measures for important architectural and art monuments and construction measures at supra-regionally important non-state museums as well as important socio-political construction projects in the social sector, especially in the elderly and the disabled. Since its inception, the foundation has approved grants and loans of over 500 million euros, thereby providing financial support to around 8,000 projects.

The Süddeutsche Zeitung wrote that, for the state foundation, smaller amounts of funding are typical for projects that are considered particularly important by members of the state parliament in their respective constituencies .


The decision-making body is the foundation board. It is composed of the Bavarian Prime Minister as chairman, the State Minister of Finance as deputy chairman and representatives of the Bavarian State Parliament and the highest state authorities of Bavaria.


The foundation has awarded a culture prize and a social prize every year since 1980, and an environmental prize since 1985. The prizes are currently endowed with prize money of 30,000 euros each, with two winners being named for each prize.

Foundation assets and administration

When it was founded in 1972, the foundation was endowed with registered shares of the Bayerische Vereinsbank with restricted transferability at the then market value of € 141.1 million and a monetary amount of € 7.7 million. This was the entire share that the Free State received for the Bayerische Staatsbank in the Vereinsbank created by the merger. Until 1995 the foundation received a further € 101 million from the Bavarian state budget in order to be able to participate in capital increases of the Vereinsbank and thus to keep its share in the company. It was not until 2003 and 2004 that the foundation sold shares from its holdings for the first time and some of the assets were converted into fixed-income securities. As of December 31, 2004, over 80% of the foundation's capital was still in the shares of the merged HypoVereinsbank and the spun off Hypo Real Estate . The Bavarian Supreme Audit Office criticized this financial conduct of the foundation for the first time in 1996 and again in 2005; she would not have built up her own expertise in asset management, but expose herself to considerable risks by investing in just one investment position, as before. The foundation capital was closed on December 31, 2005 with € 885.6 million. The equity share was still 68%. At the end of 2006 it was reduced to 39%.

The foundation was therefore hard hit by the 2007 financial crisis . At the express request of the Bavarian Ministry of Finance , the foundation withdrew at short notice a sale of all shares, which had been planned for 2007 in 2005 and which had in the meantime been merged to Unicredit . However, as a result of the financial crisis, the bank's share price collapsed. In the 2012 annual report, the Supreme Court of Auditors found a loss of the foundation's assets of € 152 million, the foundation capital had fallen below 800 million as a result and the previous funding volume could no longer be maintained. The responsibility lies with the two chairmen of the foundation council, the prime minister and the finance minister. Critical decisions would have been made during the terms of office of Edmund Stoiber and Kurt Faltlhauser on the one hand and, most recently, Horst Seehofer and Markus Söder . Faltlhauser in particular would have caused damage by withdrawing the full sale of shares in mid-2007.

In 2013 the foundation responded to the criticism and suggestions of the Court of Auditors. With € 390 million, it handed over around 40% of Allianz SE's assets and invested it in a conservative combination of a fixed-income investment and a fund developed individually with Allianz . In contrast, around 60% of the foundation's capital is transferred to an external asset management company, which is supposed to look for more risk-oriented investments with higher returns.

Web links

Individual evidence

  1. a b Helpless board members , March 19, 2012
  2. Bavarian Supreme Court of Auditors: Annual Report 2005 - Chapter Bayerische Landesstiftung TNR.23
  3. ^ A b Bavarian Supreme Court of Auditors: Annual Report 2012 , pages 77–81
  4. ^ Süddeutsche Zeitung: Losses of the Landesstiftung considerably higher than previously known , March 16, 2012, page R14
  5. Institute for Foundation Advice: Bayerische Landesstiftung is reorganizing the management of the foundation's assets ( memento of the original from July 14, 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. , October 9, 2013 @1@ 2Template: Webachiv / IABot /
  6. ^ Süddeutsche Zeitung: Landesstiftung regulates financial transactions anew , March 19, 2013, page R14