Industriefinanzierungs-Aktiengesellschaft Ost

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Industriefinanzierungs-Aktiengesellschaft Ost (IFAGO), founded on July 16, 1926 in Berlin, was a German company to promote trade relations between German industry and the countries of the East, in particular to finance delivery transactions to these countries. For the next 15 years she acted in an advisory capacity between the industry and twelve successive “loan consortia Russia” formed by banks .

During the negotiations on the German-Soviet economic agreement, the Export Association East was founded in 1925 for the purpose of coordinated action against the Soviet foreign trade monopoly . When it became known that Economics Minister Julius Curtius was aiming to create a special bank for the processing of a 300 million loan , Deutsche Bank pushed ahead with the organization of a 27- bank loan consortium under its leadership and the establishment of the one with a capital of 1.5 Million Reichsmark endowed IFAGO. The starting signal was in the Reichsanzeiger of April 21, 1926, the print of an "announcement about the deficiency guarantee of the Reich in the amount of 35 percent and the federal states in the amount of 25 percent for delivery transactions to the USSR".

In the following series of loan agreements, blocks of 100 to 300 million Reichsmarks were combined - also with a guarantee from the Russian state bank - and the so-called Russian bills of exchange were issued depending on the individual delivery agreement between the factory and the trust . With a term of two to four years, these Soviet commercial bills were not discountable. Until the original was redeemed by the Soviet commercial agency , the delivery company was able to bridge the gap with a bill of exchange credit from IFAGO: It drew an equivalent three-month bill on IFAGO, which was discounted by the credit syndicate and credited to the exporting company after deducting a discount and calculating fees. This "liquidation change" now had to be extended every three months for 2–4 years. In the years of the global economic crisis , the IFAGO circular did not fail to mention that “the credit needs of small and medium-sized industries should be given special consideration”. The intended purpose of “stimulating the German labor market” remained no wish: 150,000 workers probably found employment in the days of mass unemployment . In 1931, a very busy year, IFAGO liquidated 1,100 loan applications from 639 companies, and in the same year the Soviet Union paid Germany 230 million marks in gold to balance the trade balance. In 1932, which was characterized by small world trade sales, deliveries to the Soviet Union made up 10.9 percent of total German exports.

With the beginning of the war against the Soviet Union , the end of the granting of loans was reached - apart from an imposed loan for Romania - the company was dissolved. Most recently, the Supervisory Board consisted of 9 members, while after it was founded it had 29 members, including Professor Carl Duisberg as Chairman . His first deputy was Otto Wolff , the second deputy was Privy Councilor Ludwig Kastl. Deutsche Bank was the only bank represented on the Supervisory Board with Paul Bonn , successively replaced by Gustaf Schlieper , Hermann J. Abs and Helmut Pollems . Carl Schubert and Gerhard Schauke were appointed to the board.

literature

  • Manfred Pohl : Business and Politics. German-Russian / Soviet economic relations 1850-1988. v. Hase & Koehler Verlag, Mainz 1988, pp. 81-110.

Individual evidence

  1. ↑ Gerald D. Feldman : The Deutsche Bank from the First World War to the Great Depression. 1914-1933. In: Lothar Gall u. a .: Deutsche Bank 1870-1995 , Munich 1995, p. 251 [1] .
  2. ↑ Franz Jung : The way down. Notes from a great time , (Neuwied 1961), reprint in Uwe Nettelbeck (Ed.): Die Republik , Salzhausen 1979, p. 345.
  3. ↑ Werner Beitel / Jürgen Nötzold: German-Soviet economic relations during the period of the Weimar Republic. A balance sheet with regard to current problems , Nomos Verlagsgesellschaft, Baden-Baden 1979, p. 69
  4. ↑ Werner von Knorre: The construction of the foreign trade monopoly . In: Werner Markert (Ed.): Eastern Europe Handbook. Soviet Union. The economic system , Böhlau Verlag, Cologne and Graz 1965, p. 474