Federal Agency for Financial Market Stabilization

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Federal Agency for Financial Market Stabilization
- FMSA -

FMSA Logo.gif
State level Federation
legal form Federal institution under public law with legal capacity
Supervisory authority Federal Ministry of Finance
founding October 17, 2008
Headquarters Frankfurt am Main
Authority management Wolf-Dieter von Keil
Web presence fmsa.de

The Federal Agency for Financial Market Stabilization (FMSA, until July 23, 2009 Finanzmarktstabilisierungsanstalt ), based in Frankfurt am Main, is a federal, legally competent institution under public law that was founded on October 17, 2008 by the Financial Market Stabilization Act and a subsequent ordinance . Until the end of 2017 she managed the special fund Finanzmarktstabilisierungsfonds , which was founded in October 2008 to stabilize and recapitalize the German banking system, which was affected by the financial crisis . From January 2015 to December 2017, the FMSA also took on the role of national resolution authority in Germany under the European Bank Resolution Directive . It also raised the bank levy for the Single Resolution Fund and the restructuring fund during this time .

On July 20, 2016, the Federal Cabinet passed a draft law to reorganize the tasks of financial market stabilization (FMSA Reorganization Act), according to which the FMSA is to be split up in 2018. Thus, in 2018, the remaining SoFFin investments were transferred to the Federal Finance Agency , which is already responsible for borrowing and debt management for the federal government. The national resolution authority of the FMSA was affiliated with the Federal Financial Supervisory Authority (BaFin). Under the new European supervisory regime, it assesses the resolvability of banks and decides on the resolution of institutions that have run into difficulties.

Today, the FMSA only exercises legal supervision over the resolution agencies FMS Wertmanagement (FMS-WM; founded in 2010) and Erste Abwicklungsanstalt (EAA; founded in 2009), the so-called bad banks of the former Hypo Real Estate Holding AG (HRE) and the Westdeutsche Landesbank (WestLB).

The FMSA is an institution under public law. It is subject to the legal and technical supervision of the Federal Ministry of Finance .

Background and organization

Until the end of 2017, the Financial Market Stabilization Agency was led by a steering committee, the three members of which were appointed by the Federal Ministry of Finance in agreement with the Deutsche Bundesbank. However, all important decisions are made by a steering committee, which decides on the stabilization aid on the basis of proposals from the steering committee. The steering committee consists of one representative each from the Federal Chancellery, the Federal Ministries of Finance, Justice and Economics and Technology, as well as a country representative. Two Bundesbank representatives are on the steering committee in an advisory capacity. In the initial phase (up to July 2009) the establishment was located at the Deutsche Bundesbank , but organizationally separated from it; 21 employees worked for the establishment, most of whom came from the Bundesbank.

Under the leadership of the former CEO of Landesbank Hessen-Thüringen , Günther Merl , the institution's management committee began its work on October 27, 2008. The former Baden-Württemberg Finance Minister Gerhard Stratthaus (CDU) and the former head of the Rhenish Savings Banks and Giro Association, Karlheinz Bentele (SPD), were appointed as further members of the three-person management committee. Just two months after the start, Karlheinz Bentele resigned from his position in mid-December 2008. Just one month later, the chairman of the management committee, Günther Merl, announced his resignation "for personal reasons" with effect from January 31, 2009. According to press reports, however, it should have tipped the balance that central decisions are not made in the steering committee led by him, but in the politically occupied steering committee and can then only be implemented by the steering committee. He was succeeded as chairman by Hannes Rehm , ex-CEO of NordLB . The other vacant position was taken over by Christopher Pehmen , former President of the Federal Association of Volks- und Raiffeisenbanken.

From July 1, 2011 to December 31, 2014, Christopher Pleister was Chairman of the Management Committee. In December 2014, the FMSA announced that Herbert Walter , former CEO of Dresdner Bank, will take over from Christopher Pleist on January 15, 2015. On January 1, 2015, Jutta Dönges, who previously worked at SEB and Goldman Sachs Germany, also joined the management committee. On February 1, 2016, Dönges took over the chairmanship of the management committee from Herbert Walter. Since November 2016, Dr. Thorsten Pötzsch, who was previously responsible for the areas of financial market regulation and national and international financial markets in the Federal Ministry of Finance, is the third member of the FMSA's steering committee.

With the reorganization of the tasks of the FMSA 2018, only Günter Borgel, who had been a member of the former management committee since July 1, 2011, remained as the new head of the FMSA. He was replaced by Wolf-Dieter von Keil on January 1, 2020. Jutta Dönges became Managing Director of the Federal Republic of Germany - Finanzagentur GmbH on January 1, 2018 , into which the administration of the Financial Market Stabilization Fund (FMS or SoFFin) was integrated. Thorsten Pötzsch moved to the Federal Financial Supervisory Authority (BaFin) as Executive Director with the responsibility of the National Resolution Authority.

The Financial Market Stabilization Agency is controlled by a parliamentary control body , the Financial Market Committee, which is made up of nine members of the German Bundestag. The supervisory body also questions representatives of the Federal Ministry of Finance. The weekly meetings are secret. The nine MPs are:

The statutes of the FMSA ordered by the Federal Ministry of Finance were revised by ordinance of February 21, 2011 ( Federal Law Gazette I p. 271 ) and last amended on December 20, 2017 ( Federal Law Gazette I p. 4019, 4020 ).

Web links

See also

Individual evidence

  1. ↑ Ordinance on the implementation of the Financial Market Stabilization Act (FMStV) website of the BMJV, accessed on January 5, 2018
  2. ^ Chronicle of the FMSA website of the FMSA, accessed on January 5, 2018
  3. ↑ press release. (No longer available online.) Federal Ministry of Finance, July 20, 2016, archived from the original on July 21, 2016 ; accessed on July 21, 2016 .
  4. ↑ Banking section, BaFin website, accessed on January 10, 2020
  5. ↑ Taxpayers have lost 50 billion euros. FAZ article, accessed on December 24, 2015
  6. ↑ FMSA resolution agencies, FMSA website, accessed on January 5, 2018
  7. ↑ Former finance minister manages billions of euros , Focus article, accessed on January 5, 2018
  8. ↑ The rescue fund Soffin go to the rescuers from the world article, accessed on January 5, 2018
  9. ↑ Sebastian Jost and Norbert Schwaldt: Former NordLB boss takes over the head of the rescue fund . In: THE WORLD . January 27, 2009 ( welt.de [accessed February 17, 2020]).
  10. ↑ Pleistern replaces SoFFin boss Rehm from tagesschau.de article, accessed on January 5, 2018
  11. ↑ press release. FMSA, December 17, 2014, accessed January 5, 2018 .
  12. ↑ press release. FMSA, February 7, 2016, accessed January 5, 2018 .
  13. ↑ press release. FMSA, October 19, 2016, accessed January 5, 2018 .
  14. ↑ press release. FMSA, December 18, 2019, accessed January 10, 2020 .
  15. ↑ 100 bank liquidators go to the BaFin Börsen-Zeitung article, accessed on January 5, 2018
  16. ↑ German Bundestag: Parliamentary Financial Market Committee website, accessed on January 5, 2018
  17. ↑ Articles of Association of the FMSA website, accessed on January 5, 2018