German Bundesbank

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View of the headquarters of the Deutsche Bundesbank in Frankfurt am Main (from the Main Tower )
Main entrance of the Deutsche Bundesbank on Wilhelm-Epstein-Strasse
Miquel plant, "front yard" of the Bundesbank
Benefit certificate for DM 333.33 from the Deutsche Bundesbank dated October 2, 1961

The Deutsche Bundesbank ( short: BBk, internationally also: DBB) is the central bank of Germany with its headquarters in Frankfurt am Main and part of the European system of central banks . It is a federal legal entity under public law and belongs to the indirect public administration . The head office of the bank in Frankfurt am Main has the position of a supreme federal authority (see Bundesbank Act ).

story

Predecessor "Bank deutscher Länder" (1948–1957)

The history of the Deutsche Bundesbank is closely linked to the currency history of Germany after the end of the Second World War . In view of the complete breakdown of the German currency after the war, a currency reform became necessary. In the western zones of occupation, including West Berlin, the German mark replaced the practically worthless Reichsmark on June 21, 1948 . The currency reform was based on the laws of the Allied military government . In preparation, the Western powers established a new, two-tier central bank system in their zones of occupation , based on the Federal Reserve System of the United States of America (USA) in its strictly federal structure . It consisted of the legally independent state central banks in the individual countries of the western occupation zones and the Bank deutscher Länder in Frankfurt am Main , which was founded on March 1, 1948 . The state central banks acted as central banks in their areas. The Bank deutscher Länder, whose share capital was held by the state central banks, was responsible for issuing banknotes, coordinating policy and for certain central tasks - including foreign exchange management  . The highest body of the two-tier central banking system was the Central Bank Council set up at the Bank deutscher Länder. It consisted of its President, the Presidents of the State Central Banks and the President of the Board of Directors of the Bank of German States. In particular, the Central Bank Council determined the discount policy and the newly introduced minimum reserve policy . It also drew up guidelines for open market policy and lending .

After the bad experience with a central bank tied to instructions from the government, the principle of an independent central bank prevailed in Germany after the Second World War . From the beginning, the Bank deutscher Länder was independent of German state organs , including the federal government that became active in September 1949 ( Adenauer I cabinet ). It gained its autonomy from the Allies in 1951.

Before the Maastricht Treaty (1958–1993)

By Article 88 of the Basic Law , which came into force on May 24, 1949 , the federal government was obliged to set up a currency and central bank as the Bundesbank, thereby replacing the occupation law that had previously been in force with German law. However, the legislature did not comply with this mandate until 1957. With the law on the German Federal Bank (BBankG) of July 26, 1957, the two-tier structure of the central bank system was eliminated. Responsibilities were transferred to the newly founded Deutsche Bundesbank. To this end, the state central banks, including the Berlin Central Bank, were merged with the Bank of German States. The state central banks were no longer legally independent central banks, but became part of the Bundesbank as main administrations. They retained the name “Landeszentralbank” and in some cases remained independent in their decisions, for example with regard to their involvement in monetary policy decisions in the Central Bank Council (so-called reservation responsibility).

The Frankfurt-based directorate consisted of the President and Vice-President of the Deutsche Bundesbank and up to six other members. As the managing body, it was responsible for implementing the decisions of the Central Bank Council. The board of directors managed and administered the bank and was in particular responsible for business with the federal government and its special funds, for business with credit institutions operating throughout Germany, for foreign exchange transactions and transactions with foreign countries as well as for transactions on the open market.

The Central Bank Council continued to function as the highest decision-making body of the Deutsche Bundesbank , which decided on the Bundesbank's currency and credit policy and established guidelines for management and administration. In addition to the members of the board of directors, it also included the eleven presidents of the state central banks.

The state central banks carried out the business and administrative matters falling within their area on their own responsibility. The Bundesbank Act expressly assigned them to do business with public authorities and administrations as well as with credit institutions in their area. The branches (now branches) were also subordinate to the state central banks. The management was incumbent on a board of directors, which usually consisted of the president and the vice-president of the Landeszentralbank.

During the Cold War , the Bundesbank bunker in Cochem was built in the Moselle valley from 1962 to 1964 to store an emergency currency . Up to DM 15 billion were stored in the top secret facility, which was operated until 1988.

On December 5, 1974, after adopting monetarist principles , the Deutsche Bundesbank became the first central bank to announce a money supply target for the following year.

With the State Treaty on the creation of a currency, economic and social union between the Federal Republic of Germany and the then German Democratic Republic (GDR), which came into force on July 1, 1990 , the D-Mark became the sole legal tender in both German states. At the same time, responsibility for monetary policy in the extended area of ​​application of the D-Mark was transferred to the Deutsche Bundesbank. For this purpose, on May 3, 1990, in an early implementation of the State Treaty of May 18, 1990, the provisional administrative office was set up in Berlin, which was active beyond the state association on October 3, 1990 until October 31, 1992. The organizational structure of the Deutsche Bundesbank was adjusted and streamlined at the same time through an amendment to the Bundesbank Act to the changed circumstances due to the accession of the GDR area on October 3rd. From the former eleven state central banks and the provisional administrative office in Berlin, nine state central banks with main administrative areas of almost the same size were created.

After the Maastricht Treaty (1993)

The Maastricht Treaty, which came into force on November 1, 1993, laid the foundations for European Economic and Monetary Union . National responsibilities for monetary policy have been transferred to the European System of Central Banks (ESCB), consisting of the European Central Bank (ECB) and the national central banks (NCBs) of the EU countries, at Community level . With regard to the European Economic and Monetary Union, the Bundesbank Act was last fundamentally amended in 2002 with the 7th Act amending the Act on the Deutsche Bundesbank of April 30, 2002 and gave the bank its current organizational structure.

Financial crisis

In the course of the financial crisis from 2007 and the euro crisis , the balance sheet total , TARGET2 balance and deposit facility of the Deutsche Bundesbank increased significantly. In March 2012, the balance sheet total rose to over one trillion euros for the first time. The average balance sheet total in 2002 was EUR 222.4 billion. In August 2012, at 1,135.4 billion euros, it was five times as much as in 2002. The central banks of the euro zone, including the Deutsche Bundesbank, operate the European large-value payment system TARGET2. When the platform was launched in November 2007, the Bundesbank had a balance of 72.6 billion euros. In August 2012, the Bundesbank's claim against the other national central banks in the euro area (positive TARGET2 balance) rose to an all-time high of EUR 751.4 billion. Since November 2007 this corresponds to an increase of 935 percent. Between 1999 and 2006, the average international position was 1.6 billion euros.

Commercial banks made use of the Bundesbank's deposit facility in April 2012, a record amount of EUR 276.9 billion. The mean value for the period from January 2002 to August 2008 is 200 million euros.

Controversial money transfers with Iran (2011)

In connection with its function as a clearing house (see section Central Bank ), the Bundesbank, together with the Federal Foreign Office and the Ministry of Economic Affairs , came under fire at the end of March 2011 when it became known that the Deutsche Bundesbank had been executing transfers in one volume since the beginning of February 2011 of 9 billion euros is said to have enabled Iran to circumvent US sanctions. Because of the sanctions, oil buyers do not transfer money directly to the Iranian state, but to the European-Iranian Commercial Bank (EIHB) in Hamburg via the Bundesbank . The EIHB is owned by the Iranian banks Bank of Industry and Mine , Bank Mellat , Bank Tejarat and Bank Refah , all of which operate under the control of the Islamic Republic of Iran - and in some cases even affected by international sanctions . The sanctions, in the form of trade restrictions and asset freezes, are intended to restrict the proliferation of conventional and nuclear weapons.

tasks

The Deutsche Bundesbank continues to exist after the Maastricht Treaty. Their new tasks were redefined with the 7th law amending the "Law on the Deutsche Bundesbank" of April 30, 2002. They are defined in Section 3 of the Bundesbank Act . There it says: “As the central bank of the Federal Republic of Germany, the Deutsche Bundesbank is an integral part of the European System of Central Banks. It contributes to the fulfillment of its tasks with the primary goal of ensuring price stability, holds and manages the currency reserves of the Federal Republic of Germany , ensures the bank-based processing of domestic and international payment transactions and contributes to the stability of the payment and clearing systems . "

The Bundesbank's four areas of activity are derived from the Bundesbank Act and the ECB Statute , which it usually works on together with the ECB .

In the Financial Planning Council, the Deutsche Bundesbank supports the coordination between budget planning and multi-year financial planning of the regional authorities .

Central bank

Valuables transporter of the Deutsche Bundesbank
Bundesbank (BBk) - Deutsche Mark - Shredded

As the central bank, the Bundesbank supplies the economy with cash and ensures the physical fitness of cash . She checks the cash deposited by the banks and value service providers, secures counterfeit money and hands it over to the police. It exchanges DM stocks that are still in circulation without notice and replaces banknotes that have been destroyed ( NAC - National Analysis Center ). In addition, it provides information about the cash security features and weekly about the amount of cash in circulation .

Central bank

A distinction is made between two main functions: First, the Bundesbank is a refinancing source and clearing house for credit institutions . The credit institutions can cover their need for central bank money through the Bundesbank / ECB using so-called refinancing instruments. The related control of the money supply was an essential task of the Bundesbank until the end of 1998. Since January 1, 1999, the primary objective of the ECB has been to ensure price level stability with the help of its monetary policy strategy . Credit institutions can invest funds that are not required at short notice with the Bundesbank / ECB (so-called deposit facility ). The Bundesbank supports cross-network payment transactions between domestic and foreign commercial banks , for example large -value payments via RTGSplus , TARGET and, in the future, TARGET2 . This is intended to transfer amounts in the billions to the second between banks across the EU.

A bank's sort code (BLZ) acts as the bank's account number at the Bundesbank.

Banking supervision

On the other hand, the Bundesbank is involved in banking supervision . She works closely with BaFin on this. The main concern here is to ensure the stability of the financial system. The Bundesbank takes on the ongoing monitoring of the banks, i.e. evaluates the annual financial statements of the institutes and carries out audits in accordance with Section 44 of the KWG (see German Banking Act ). It supplies the statistical data on the economic situation of the credit institutions. BaFin issues rulings, audit orders and circulars, mostly in coordination with the Bundesbank.

Deutsche Bundesbank - Headquarters North Rhine-Westphalia in Düsseldorf

Banking business

The nine main administrations of the Bundesbank
Headquarters in Hessen, Frankfurt am Main
Bundesbank branch in Chemnitz

As the state bank, the Bundesbank maintains free accounts for federal, state and local authorities (including universities) as well as for social security agencies and processes normal banking services for them; this function is known as a fiscal agent. However, not all public authorities make use of this option to conduct their banking transactions through the Bundesbank; the Free State of Bavaria, for example, uses the Bayerische Landesbank as its house bank.

All accounts are kept on a credit basis, i. H. Due to the prohibition of monetary state financing by the central banks enshrined in Article 101 of the EU Treaty (now: Article 123 (1) TFEU), the Bundesbank is not permitted to grant loans to the public sector.

The Bundesbank also maintains current accounts and custody accounts for charitable institutions and for its own employees. The service for the latter came under fire in 2013 for its cost. Furthermore, the accounts at the Deutsche Bundesbank are not subject to supervision according to the lending business. Until the end of 2012 it was still possible for all private individuals to open a securities account and to purchase federal securities (from 2003 through the Federal Securities Administration , now the German Finance Agency , for which the Bundesbank, however, continued to carry out the securities business). In addition, it enabled private individuals without a current account to pay cash into current accounts in Germany for a fee of one euro per transaction. Since March 1, 2012, for economic reasons, this has only been possible for payments to authorities or institutions that have an account with the Bundesbank.

The Bundesbank has nine main administrations (the former state central banks ) and 31 branches in the federal states . The branches are available to banks , public administrations , value service providers (WDL) and Bundesbank employees for the supply of cash and the processing of cashless payments . It is also possible to exchange DM cash for euros.

The Bundesbank also collects statistical data on the currency and financial system as well as on foreign trade. Some of these are available in the macroeconomic time series database. In its research data center , the Bundesbank also provides high-quality microdata for research purposes.

Currency reserves

The Bundesbank is responsible for managing the currency reserves . These are all assets of the Bundesbank that are not on euro denominated, for example, gold reserves , varieties , securities in foreign currency and deposits in foreign currency at banks. The currency reserves are equivalent to their own currency. They are invested as profitably as possible and also provide an opportunity to intervene in the event of strong fluctuations in the exchange rate . The Bundesbank's gold reserves are the second largest after the US Federal Reserve's gold reserves. According to its own information, the Bundesbank currently manages 3384 tons of gold from Frankfurt (as of December 31, 2014) at a market value of around 140 billion euros (as of November 4, 2011). Historically and for market reasons, most of these gold reserves are stored at the Bundesbank in Frankfurt, the Federal Reserve Bank of New York , the Bank of England in London and, to a small extent, in Paris at the Banque de France . The Bundesbank decided at the beginning of 2013 to revise the gold storage concept. In the future, half of the gold reserves are to be stored in Germany. The Paris warehouse is to be completely abandoned by 2020.

The Bundesbank repeatedly rejected calls for the gold reserves to be sold, including with reference to the lack of interest income . She writes: Even in a monetary union, national gold reserves have a function of securing confidence and stability for the common currency. […] Against this background, gold represents an asset for the Bundesbank that meets its demands for intrinsic value and diversification of its portfolio - consisting of foreign exchange and gold as currency reserves. This thesis is controversial among economists.

organization structure

Presidents

(with predecessor institutions since 1948)

The signatures of the respective presidents and vice-presidents, here Welteke , Stark, were on the DM notes

Vice President

Board of Directors

The board of directors is the highest body of the Bundesbank. It is made up of:

  • the president
  • the Vice President and
  • four other members of the board of directors.

For three board members (President, Vice-President and one further member) the right of proposal lies with the Federal Government . The other three members are proposed by the Federal Council in agreement with the Federal Government. All members of the Board of Management are appointed by the Federal President in accordance with Section 7 (3) of the Bundesbank Act , usually for eight years, but at least for five years.

The remuneration of the President in 2015 amounted to EUR 436,355.56, that of the Vice President to EUR 348,061.83.

As of October 1, 2018, the Executive Board consists of the following members:

  • President Jens Weidmann (communication, law, economics, research center) - since May 1, 2011
  • Vice President Claudia Buch (Financial Stability, Audit, Statistics) - since May 13, 2014
  • Johannes Beermann (cash, human resources, administration and construction, procurement center) - since January 16, 2015
  • Joachim Wuermeling (banking supervision, information technology, risk controlling) - since November 1, 2016
  • Burkhard Balz (payment transactions and settlement systems, economic education, University of the Deutsche Bundesbank and international central bank dialogue) - since September 1, 2018
  • Sabine Mauderer (Markets and Human Resources) - since September 1, 2018

staff

The Deutsche Bundesbank employs civil servants , employees and workers . ( Section 31 (1) BBankG ) The Deutsche Bundesbank had 12,022 employees (10,407.3 full-time equivalents ) as of December 31, 2020, including 6170 civil servants and 5852 collective bargaining employees . In addition, there are 85 employees in external service, 243 employees on leave without pay and 56 employees in the release phase of partial retirement. A total of 6249 people were employed in the head office, 3,087 in the main administration and 2,686 in the branches. 736 people were in training. 3,122 employees were employed part-time, 329 were temporary. The workforce in full-time equivalents has decreased by 29.7 percent since the end of 2001.

Bank allowance

Civil servants and employees receive a bank allowance of nine percent when used in the head office, and five percent of the relevant basic salary when used in a head office. For grades A 3 to A 12 and pay group E 1 to E 12, the basic salary as of March 1, 2015 is relevant, for grades A 13 to A 16 the basic salary as of March 1, 2012 and for grades of the Federal Salary Code B the Base salary as of January 1, 2011. This means that the bank allowance does not increase in the event of salary or collective bargaining increases. ( § 2 BBankPersV ) For example, for a Bundesbank director in salary group A 15 and experience level 8, the gross bank allowance when used in the head office is 524.57 euros.

Officer

The President of the Deutsche Bundesbank appoints the bank officials. He is the highest service authority . ( Section 31 (2 ) BBankG ). The officials of the Deutsche Bundesbank are federal officials . For them, generally applicable regulations apply to federal civil servants, unless the law on the Deutsche Bundesbank provides otherwise. ( Section 31 (3 ) BBankG ) The tasks of the Federal Personnel Committee for Bundesbank officials are carried out by a committee appointed by the Executive Board of the Bundesbank. ( § 4 BBankPersV )

At the Deutsche Bundesbank, in addition to the careers in accordance with the Federal Careers Ordinance, the careers of medium-level banking, senior banking and senior banking can be set up. ( Section 2 BBankLV ) Preparatory services have been set up for the three careers . ( MBankDVDV ; GBankDVDV ; HBankDVDV ) The preparatory service for the candidates for the upscale banking service is carried out in a course at the University of the Deutsche Bundesbank in Hachenburg . ( § 4 BBankLV ) Qualification for a career in the higher banking service is also given to those who are qualified to hold the office of judge . ( § 5 BBankLV ) Civil servants qualified for the expiring career of the money processing service can acquire qualification for the career of the middle banking service through a one-year professional introduction . ( Section 9 BBankLV )

The allocation of careers, offices and official titles is shown in the following table:

career Offices belonging to the career path Official title
Simple
non-technical
administrative service 		Grade A 2 Federal bank clerk
Grade A 3 Bundesbank main office assistant
Grade A 4 Bundesbankamtsmeister
Grade A 5 Bundesbank chief official
Grade A 6 Bundesbank chief official
Medium Grade Grade A 6 Federal Bank Secretary
Grade A 7 Federal Bank Secretary
Grade A 8 Bundesbank chief secretary
Grade A 9 Federal Bank Inspector
Higher service Grade A 9 Bundesbank inspector
Grade A 10 Bundesbank chief inspector
Grade A 11 Bundesbankamtmann
Grade A 12 Bundesbankamtsrat
Grade A 13 Bundesbank Oberamtsrat
Higher service Grade A 13 Bundesbankrat
Grade A 14 Bundesbank Oberrat
Grade A 15 Bundesbank director
Grade A 16
Grade B 3
Grade B 5
Grade B 6
Grade B 9

An official title beginning with the Bundesbank is generally used by all civil servants in the Bundesbank, not just civil servants in a banking service career.

profit

Annual profits 1989-2010
Bundesbank profit, 1989-2020
(in billion euros)
year profit year profit
1989 5.1 2004 0.7
1990 4.3 2005 2.9
1991 7.4 2006 4.2
1992 6.7 2007 4.3
1993 9.4 2008 6.3
1994 5.2 2009 4.1
1995 5.3 2010 2.2
1996 4.5 2011 0.6
1997 12.1 2012 0.7
1998 8.5 2013 4.6
1999 3.9 2014 3.0
2000 8.4 2015 3.2
2001 11.2 2016 0.4
2002 5.3 2019 5.85
2003 0.2 2020 0.0

Up to and including 2010, the Bundesbank achieved profits of over one billion euros (see graphic), primarily from the refinancing of credit institutions and from an interest-bearing investment of currency reserves . The result from the investment of currency reserves is also influenced by currency fluctuations: Rising exchange rates for foreign currencies tend to have a positive effect, while falling exchange rates have a negative effect. The amount of the profits from the refinancing of the credit institutions runs parallel to the interest rate level .

Since it has no private owners, the Deutsche Bundesbank transfers its profits to the federal government as the owner in accordance with the provision in Section 27 of the Bundesbank Act. Up to 3.5 billion euros are available for the current federal budget , the excess amount has been used since 1995 to repay the debts of the Inherited Debt Redemption Fund . In the years 1976–1979, the Bundesbank made losses from the revaluation of its currency reserves (the reason was the weakness of the US dollar and pound sterling (Great Britain)). In 1997 it made a profit of the equivalent of 12.4 billion euros, the highest profit in its history.

As a result of the law to secure employment and stability in Germany ( economic stimulus package II ), the distribution of the Bundesbank profit changed from January 1, 2010. Last but not least, since the Inherited Debt Repayment Fund will soon be fully repaid, the profit in excess of the share for the federal budget will flow into the repayment of the special assets for the economic stimulus package II from 2010 onwards. At the same time, the share of the profit that is transferred to the federal government will decrease from 2012 gradually to 2.5 billion euros.

In March 2012 the Bundesbank published a drop in profits for 2011 of 70%. Only 643 million euros, instead of the expected 2.5 billion euros, could be transferred to the Federal Ministry of Finance. The reason lies in the increase in loan loss provisions from EUR 4.1 billion to EUR 7.7 billion. The risk of defaults on government bonds, for example from Greece, which the European Central Bank (ECB) bought during the financial crisis, made this decision necessary, according to Bundesbank President Jens Weidmann.

In 2012 the Bundesbank only made a profit of EUR 664 million. The Federal Minister of Finance had taken into account 1.5 billion euros. In 2012, too, the Bundesbank set up new billions in provisions for risky transactions on behalf of the European Central Bank (ECB).

In 2013 the profit rose to 4.6 billion euros. The federal government had expected at least 2.5 billion euros in its budget. The Bundesbank President explained the clear plus mainly by the fact that there was no need for further risk provisioning. The background to this was the easing of the euro debt crisis.

In 2014 the profit amounted to 2.95 billion euros; a decrease of 35% compared to 2013. Since interest income from refinancing operations is still the largest source of income for the Bundesbank, the lowering of the key interest rate to 0.05% in 2014 resulted in lower revenues. The risk provision (as of: 14.4 billion euros) was not released to increase profit, since, according to Joachim Nagel, member of the board of directors of the Bundesbank, the low interest rate is an increased risk factor in the context of lending, as well as a worsened annual forecast for 2015 brings itself.

For 2015, the Bundesbank posted a profit of 3.2 billion euros. Compared to the previous year, the surplus increased mainly due to an increase in the net result from financial operations, depreciation and risk provisioning. In contrast, net interest income fell.

In 2020, for the first time since 1979, the Bundesbank did not distribute a profit to the federal government because of the increased risk provisioning.

Others

The Bundesbank has a large specialist library that can also be used by the public and the Deutsche Bundesbank's Money Museum .

The Deutsche Bundesbank maintains a conference center in Eltville am Rhein .

On August 9, 2007, on the occasion of the 50th anniversary of the Deutsche Bundesbank, the Federal Republic of Germany issued a 10 euro silver commemorative coin and a special stamp.

Since 2011, the Bundesbank has maintained a special account at the Bundeskasse Halle (Saale) (IBAN DE17860000000086001030, BIC MARKDEF1860) to which citizens can transfer funds under the subject "Debt repayment" to repay Germany's national debt without the possibility of tax deductibility .

In January 2016, the Deutsche Bundesbank announced that a fundamental and extensive renovation of the main building of its headquarters is planned. For this purpose, the staff there will move to offices that can still be rented for the duration of this work. After the approx. Two-year planning phase, construction work will begin in 2018 at the earliest.

The Institute of Contemporary History was awarded in 2017 by the Bundesbank the contract for an extensive research project. The period from 1923 to 1969 is to be examined under economic, social and cultural-historical aspects. The project is set to run for four years and has two blocks with four sub-projects each. The first block focuses on the biographies of the first Bundesbank President Wilhelm Vocke and his successor Karl Blessing, as well as a group biography of the management staff of the young Bundesbank. A country study on occupied Poland is to examine the role of the Reichsbank as an actor in the war of conquest. The second block focuses on the institutional self-image and political fields of action of the central bank in Germany in the period from 1924 to 1969. Are also examined

  • Gold and foreign exchange transactions of the Reichsbank in the Third Reich
  • Monetary policy (1940 to 1944) in Western Europe as a policy of exploitation
  • Participation of the Reichsbank in the financial exploitation of Greece from 1941 to 1943 .

literature

Web links

Commons : Deutsche Bundesbank  - Collection of images, videos and audio files
Wiktionary: Bundesbank  - explanations of meanings, word origins, synonyms, translations

Individual evidence

  1. ↑ Currency reserves and foreign currency liquidity of the Federal Republic of Germany. (PDF; 46 kB) In: bundesbank.de. Deutsche Bundesbank, accessed on February 13, 2021 (as at the end of January 2021).
  2. ↑ Bundesdruckerei GmbH
  3. ^ Giesecke + Devrient GmbH
  4. ↑ Otmar Issing : "Forty Years of the Expert Council 1963–2003" . Contribution to the panel discussion “The annual reports of the German Council of Economic Experts in the Mirror of Politics”, Berlin May 6, 2003
  5. ^ Annual report of the Deutsche Bundesbank for 1990. In: bundesbank.de. April 18, 1991, accessed on July 27, 2021 : "on May 3, 1990 [...] Berlin-Dahlem"
  6. ^ Deutsche Bundesbank: total assets
  7. ^ Deutsche Bundesbank: TARGET2 balances
  8. ↑ Deutsche Bundesbank: Deposit Facility
  9. ↑ a b Handelsblatt : March 29, 2011 The Bundesbank's Iran Connection
  10. ↑ Handelsblatt , March 28, 2011: The Bundesbank's secret Iran transactions (only print version, online edition incomplete)
  11. ↑ Article 2 Paragraph 2 of the Law on the Bayerische Landesbank.
  12. ↑ Criticism: Free accounts of the Deutsche Bundesbank ( Memento from November 23, 2013 in the web archive archive.today )
  13. ↑ Stiftung Warentest: Deutsche Bundesbank - No more papers for private individuals , in: Finanztest 04/2003 (accessed online on April 2, 2017)
  14. ^ Stiftung Warentest: Federal securities - Aus für Bundesschatzbriefe , test.de , August 31, 2012 (accessed on April 2, 2017).
  15. ↑ branches of the Deutsche Bundesbank. In: Deutsche Bundesbank. Retrieved October 7, 2021 .
  16. ↑ Time series databases , on bundesbank.de
  17. ^ Deutsche Bundesbank: Research Data and Service Center (FDSZ). Retrieved December 21, 2020 .
  18. ↑ a b Press release of the Deutsche Bundesbank from January 19, 2015 (accessed on March 2, 2015)
  19. ↑ The gold treasure of the Bundesbank in FOCUS-Online
  20. ↑ Bundesbank brings half of the gold treasure to Frankfurt FAZ.net
  21. ↑ Information from the Bundesbank on gold and currency reserves ( memento of March 20, 2008 in the Internet Archive )
  22. ↑ Annual Report 2015 (PDF; 739 kB) In: bundesbank.de. Deutsche Bundesbank, accessed on August 3, 2016 .
  23. ^ Board of the Deutsche Bundesbank. Bundesbank, accessed on April 15, 2017 .
  24. ↑ a b Annual Report 2020. (PDF) In: bundesbank.de. March 3, 2021, accessed May 21, 2021 .
  25. ↑ Up to and including 1998 data from "Comments of the Federal Audit Office 2007 on the budget and economic management of the federal government" , then from the respective annual financial statements of the Deutsche Bundesbank ( Memento of the original from May 12, 2013 in the Internet Archive ) Info: The archive link was inserted automatically and not yet checked. Please check the original and archive link according to the instructions and then remove this notice. , Section "Income Statement" (offline) @1@ 2Template: Webachiv / IABot / www.bundesbank.de
  26. ↑ Fragdenstaat.de - notification 2014 - blackened.pdf , accessed on May 23, 2018
  27. ^ German Bundestag: Law to secure employment and stability in Germany. In: bundestag.de. (PDF; 1.2 MB, § 6).
  28. ↑ Crisis causes Bundesbank profits to collapse. Süddeutsche Zeitung , March 13, 2012, accessed on April 2, 2017 .
  29. ↑ "The price for the rescue madness". Politicians are alarmed by the shrinking Bundesbank profit as a result of the euro crisis. The FDP fears that Germany will face further burdens. The Greens are calling for Schäuble to be more honest in the debate. In: handelsblatt.com of March 12, 2013, accessed on January 14, 2017.
  30. ↑ Bundesbank transfers a profit of 4.6 billion euros to finance minister. Augsburger Allgemeine , March 13, 2014, accessed April 2, 2017 .
  31. ↑ Followed up: How high was the Bundesbank's profit in 2014? (No longer available online.) Smava, March 17, 2015, archived from the original ; Retrieved April 2, 2017 .
  32. ↑ Bundesbank achieved a surplus of 3.2 billion euros in 2015. In: bundesbank.de. Deutsche Bundesbank, accessed on August 2, 2016 .
  33. ↑ Flyer from the conference center of the Deutsche Bundesbank. (PDF) (No longer available online.) In: bundesbank.de. Archived from the original on June 5, 2013 ; accessed on January 14, 2017 .
  34. ↑ Donations without a donation receipt: The federal debt repayment account is special. Germany's Finance Minister Olaf Scholz is swimming in money. It collects billions in taxes like none of its predecessors. Nevertheless, our country sits on a huge mountain of debt. But there is a little-known way to help our government reduce debt. Focus Online , November 25, 2020, accessed January 30, 2021 .
  35. ↑ Bundesbank press release of January 27, 2016
  36. ↑ New research project

Coordinates: 50 ° 8 ′ 2 ″  N , 8 ° 39 ′ 35 ″  E