Agricultural pension bank
Coordinates: 50 ° 7 ′ 1.5 ″ N , 8 ° 40 ′ 43.3 ″ E
| Agricultural pension bank | |
|---|---|
|
|
| Country |
 Germany
|
| Seat | Frankfurt am Main , Germany |
| legal form | Institute of public right |
| Bank code | 500 205 00 |
| BIC | LARE DEFF XXX |
| founding | May 11, 1949 |
| Website | www.rentenbank.de |
| Business data 2018 | |
| Total assets | EUR 90.161 billion |
| Employee | 304 |
| management | |
| Board of Directors | Joachim Rukwied (Chairman) |
| Board | Horst Reinhardt (speaker), Dietmar Ilg, Marc Kaninke |
The Landwirtschaftliche Rentenbank (short: Rentenbank ), based in Frankfurt , the German development bank for agriculture and rural areas .
General
It promotes diverse investments in agriculture, in the upstream and downstream areas and in rural areas , mainly through low-interest loans . The refinancing takes place on the international capital markets . The Rentenbank was founded in May 1949 as a federal institution under public law with a statutory sponsorship mandate (various historical predecessor institutes go back to the early 19th century). The institutional liability borne by the federal government, which is also for the liabilities of the bank liable .
Legal issues
As a specialist bank, Landwirtschaftliche Rentenbank is a credit institute which, in accordance with Section 1 (1) No. 2 KWG, mainly conducts lending business and therefore has a license from the BaFin banking supervisory authority pursuant to Section 32 (1) KWG. Since its sole sponsor is the federal government , it belongs - also because of its legal form - to the public credit institutions .
Promotion of agriculture and rural areas
The Rentenbank program loans are aimed at production companies in agriculture , forestry and viticulture and horticulture ( agricultural loans ), manufacturers of agricultural production equipment, and trading and service companies that are closely related to agriculture. The bank also finances projects in the food industry and other upstream and downstream areas. It also promotes investments by municipalities and other public corporations in rural areas as well as private engagement in rural development. It refinances banks, savings banks and local authorities related to rural areas. The statutory funding mandate explicitly includes agricultural environmental protection , renewable energies and renewable raw materials from agriculture, the spread of organic farming , agricultural consumer protection and animal welfare in agriculture.
The loans are granted through the respective house bank in a non-competitive manner .
Rentenbank generally provides its promotional services from its own income. The balance sheet profit is also used entirely to promote agriculture and rural areas. Half of it is allocated to the federal special-purpose assets at the Rentenbank and half to the Rentenbank development fund. While the special purpose fund is used to promote agricultural innovations , the funding fund supports a large number of individual projects and institutions that are important for agriculture and rural areas. In the event of particular hardship such as droughts or price crises, Rentenbank can open its liquidity support program . It can also grant special interest rate reductions or guarantees or pass grants through on behalf of the federal government or individual federal states.
Refinancing
Rentenbank refinances its lending business on the international capital market by taking out loans and issuing securities. The issues are in numerous currencies, but mostly in euros and US dollars . The liabilities of Rentenbank from the three major credit rating agencies each with the top rating AAA rated.
history
- First bond banks in the 19th century
The term "Rentenbank" goes back to "Rentenbriefe". Formerly, this was the name of fixed-income securities , which the first pension banks issued in the 19th century as part of the liberation of the peasants : Since the Middle Ages, the peasants have been obliged to provide their landlords with easements ( manual and clamping services , compulsory services , payments in kind ). In the early 19th century, agricultural reforms in Prussia and other German states aimed to dissolve these obligations. This initially failed because there was no developed credit system in the country at that time. The farmers were not creditworthy and therefore could not raise the necessary compensation. In order to accelerate the desired agricultural reforms, so-called "Rentenbanken" were founded in numerous German states. They issued state-guaranteed, freely tradable and fixed-interest bonds (bonds) to the landlords. For their part, the farmers paid the Rentenbanks fixed amounts of money, from which the Rentenbanks could service the interest and repayment of the pension letters. As a result, the agricultural reforms and the peasant liberation gained momentum. There were considerable increases in productivity in agriculture.
- Deutsche Rentenbank
The Deutsche Rentenbank, based in Berlin, was founded in 1923 by agriculture, industry, trade and commerce as the second currency bank alongside the Reichsbank to combat hyperinflation . From November 15, 1923, the Deutsche Rentenbank issued the Rentenmark , which was covered by mortgages on the land of the companies and was thus scarce and stable in value . The new currency was immediately accepted by the population and replaced the paper mark that had become worthless . The hyperinflation stopped suddenly ("miracle of the Rentenmark"). Rentenmark notes and coins remained in circulation - alongside the Reichsmark introduced in 1924 , which was, however, linked 1: 1 to the Rentenmark - until the German mark was introduced in 1948.
- Deutsche Rentenbank-Kreditanstalt (RKA)
Industry, trade and commerce were able to quickly repay the mortgages taken out when the Rentenmark was introduced, but the farms mostly were unable to. That is why the Deutsche Rentenbank-Kreditanstalt (RKA) was founded on November 1, 1925 from the Deutsche Rentenbank. The RKA should ensure the supply of credit to agriculture. After 1945 their reactivation failed. Instead, the Landwirtschaftliche Rentenbank was founded.
- Agricultural pension bank
With the passage of the Rentenbank laws, the Landwirtschaftliche Rentenbank was founded on May 11, 1949 as a central refinancing institute with a mandate to promote agriculture. The naming, namely the retention of the part of the name Rentenbank , makes it clear that the Landwirtschaftliche Rentenbank was to take over the tasks previously performed by the RKA as the central refinancing institute. When raising the own funds, the RKA's Rentenbank mortgages were used and transferred by law to the Landwirtschaftliche Rentenbank: Between 1949 and 1958, all western German farms (including forestry and horticulture) paid Rentenbank mortgage interest of 0 annually with a unit value of DM 6,000 or more , 15% of the respective unit value of the contaminated land. As a result, the agricultural profession raised a share capital of € 135 million today.
In the 1950s and 1960s, Rentenbank's lending business was largely based on budget funds or other public sources. After predominantly medium-term investment loans for measures to mechanize and increase production in agriculture had been granted in the early years , from the mid-1950s there was a shift in funding activities to improve the agricultural structure.
Until 1972, government subsidy programs were the focus of Rentenbank's lending business. This changed with the laws on the joint tasks of improving the agricultural structure and coastal protection and improving the regional economic structure . The implementation of the promotion of agriculture passed from the competence of the federal government to the political responsibility of the federal states. Most of the federal states now carried out credit promotion and interest rate reductions themselves and commissioned Landesbanken or state-owned development institutes with these tasks.
Rentenbank began developing its own special loan programs after the state subsidy programs were discontinued. The rural areas, the economic sectors upstream and downstream of the agricultural economy, as well as rural communities and communal institutions were also included in the funding activities. In addition to the special loans for the promotion of special purposes, the Rentenbank also expanded the lending business with general promotional loans for agriculture and rural areas. Global refinancing for the bundled financing of medium and long-term loans became increasingly important.
After 1972, Rentenbank could no longer rely on public funds to refinance its lending business, but was solely dependent on capital market funds. The raising of capital market funds had already started in 1953, but has now been expanded considerably. Until the mid-1980s, promissory note loans, registered bonds and covered issues (agricultural letters and cash bonds) played an important role. Uncovered bonds were increasingly issued in the 1990s.
Fundraising opportunities on the international financial markets have been used to a greater extent since 1994, initially through the conclusion of a Euro Medium Term Note program (EMTN). The prerequisite for this was a rating by an internationally recognized rating agency. In the years that followed, Rentenbank continued to expand its international activities. In 2000, it added the Euro Commercial Paper (ECP) program and an MTN program in Australian dollars to its refinancing instruments. The first issue in Australia was placed with institutional investors in 2002. Since 2001, the bank has been registered with the US Securities and Exchange Commission, which enables it to issue global bonds.
literature
- Christiane Gothe (eds.), Braunberger / Degenhart / Krick / Martinez / Rudolph / Schneider / Schultze / Wixforth (authors): At the side of the farmers. The history of the Rentenbank. Piper, Munich, 2014, ISBN 978-3-492-05691-5
- Manfred Pohl & Andrea H. Schneider: The Rentenbank. From the Rentenmark to the promotion of agriculture. 1923 - 1949 - 1999. Piper, Munich / Zurich 1999, ISBN 3-492-04143-4 .
- Andrea H. Schneider: Evergreen Change. 85 years of Rentenbank. Gabler, Wiesbaden 2009, ISBN 978-3-8349-1925-0 .
Web links
- Website of the Landwirtschaftliche Rentenbank
- Agricultural pension bank in the company database of BaFin
- The history of the Landwirtschaftliche Rentenbank
- Early documents and newspaper articles on the Deutsche Rentenbank-Kreditanstalt in the 20th century press kit of the ZBW - Leibniz Information Center for Economics .
Individual evidence
- ↑ a b Master data of the credit institute at the Deutsche Bundesbank
- ↑ Annual Report 2018
- ^ History of the Rentenbank 1923-1948
- ↑ Files of the Reich Chancellery on the transfer of capital from Rentenbank to Rentenbank-Kreditanstalt
- ↑ Historical milestones of the Landwirtschaftliche Rentenbank (PDF file; 170 kB)
- ^ History of the Landwirtschaftliche Rentenbank
- ^ History of the Landwirtschaftliche Rentenbank
- ^ History of the Landwirtschaftliche Rentenbank
