NRW.Bank

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  NRW.Bank
logo
Country GermanyGermany Germany
Seat Düsseldorf and Münster
legal form Institute of public right
Bank code 300 220 00
BIC NRWB DEDM XXX
founding 2002
Website www.nrwbank.de
Business data 2018
Total assets 149.083 billion euros
insoles 14.472 billion euros
Customer credit 58,041 billion euros
Employee 1,397
Offices Düsseldorf and Münster
management
Board of Directors Andreas Pinkwart , chairman
Board Eckhard Forst, chairman;
Gabriela Pantring,
Michael Stölting,
Dietrich Suhlrie
Headquarters of the NRW.Bank in Düsseldorf
Headquarters of the NRW.Bank in Münster
NRW.Bank Düsseldorf, view from Reichsstrasse

The NRW.Bank ( own name NRW.BANK ) is the development bank for North Rhine-Westphalia based in Düsseldorf and Münster . Its legal form is that of an institution under public law . The state of North Rhine-Westphalia is the sole sponsor of the bank .

assignment

The NRW.Bank is the development bank for the state of North Rhine-Westphalia. The public mandate of the bank results from its statutes . According to Section 5 (1) of its Articles of Association, the bank has the state mandate to support the state and its municipal bodies in the performance of their public tasks, in particular in the areas of structural, economic, social and housing policy, and to provide support measures in the Implement and manage in accordance with European Community state aid rules. Here it is based on the principle of sustainability.

In order to fulfill its mandate, NRW.Bank is active in three funding areas: In the "Economy" funding area, it secures and improves the medium-sized structure of the economy, in particular through financing for business start-ups and consolidations. In the “Housing” funding field, it enables affordable housing within the framework of state social housing funding and supports cities and municipalities in North Rhine-Westphalia with structural developments and infrastructure measures in the “Infrastructure / Municipalities” funding field.

In order to do justice to this task, it uses the entire spectrum of financial support products, e.g. B. Development loans, equity offers or structured finance. NRW.Bank acts in a non-competitive manner in the house bank procedure as a partner of banks and savings banks .

organs

According to Section 7 (1) of the Articles of Association, the organs of the bank are the Management Board , the Administrative Board and the Board of Guarantors. While the board of directors runs the bank, its activities are monitored by the board of directors. The Guarantors' Meeting takes on the corporate law tasks of a general meeting as in the case of a stock corporation .

history

The NRW.Bank emerged from the former Westdeutsche Landesbank Girozentrale . This was split up in August 2002 into WestLB AG and Landesbank NRW, which took over the areas of economic and structural development carried out on behalf of the public. The so-called Understanding I between the European Commission and the Federal Republic of Germany of July 17, 2001 provides that the legal form of the public-law banks remains unaffected. However, the liability instruments Anstaltslast and guarantor liability should be abolished after a transitional phase that was valid until July 18, 2005 . The liability obligations should then be designed in such a way that they correspond to the relationship between a private shareholder and a company under private law.

In a later agreement, Understanding II of March 1, 2002, the European Commission and the Federal Government then created special regulations for the legally independent development banks with competition-neutral structural and development business. Thereafter, the liability instruments Anstaltslast and guarantor liability for this type of bank will remain permanently. This ensures optimal refinancing conditions for these banks , because the ongoing guarantor liability ensures very good ratings by the rating agencies that are close to the state and thus bank issues at public institutions have lower interest rates than those at institutions without guarantor liability.

These advantages may only be used for specific tasks in economic and structural development. Tasks that had to be laid down in a law by March 31, 2004. In order to meet these formal requirements as an Understanding II institute, the state parliament of North Rhine-Westphalia passed the “Law on the Restructuring of the Landesbank NRW to the Development Bank of the State of North Rhine-Westphalia” (Restructuring Act) in March 2004 in a broad political consensus. NRW.BANK thus officially received the status of a promotional bank, where the institutional burden and guarantor liability continue to apply.

The restructuring law also contains the assumption of an explicit guarantee for the NRW.Bank by its guarantor. The consequence of this legally standardized joint and several liability is a solvency weighting of "zero" for the issues issued by NRW.Bank . The so-called Solva zero crediting means that credit institutions do not have to back these claims with liable equity .

After the state's own housing development agency in North Rhine-Westphalia (Wfa) was dissolved with effect from January 1, 2010, its assets remained with NRW.Bank and became the share capital of NRW.Bank. The NRW.Bank took over all tasks and business of the Wfa and stepped into their rights and obligations.

criticism

In particular, the credit default swaps (CDS) entered into by NRW.Bank have come under public criticism , in other words credit default insurance, for which it usually acts as protection provider for country risks . Thus occurs at a safe by CDS State a credit event one, CDS amount must NRW.Bank the transferred to the secured party pay. The NRW.Bank has now risen to become one of the largest issuers of these CDS in Germany and across Europe. The rating agency Moody’s puts the nominal volume of these credit derivatives at the bank at around 25 billion euros in 2011.

These CDS “mostly refer to countries and are almost exclusively in the very good and good investment grade range. A claim is not currently expected. ”These are CDSs in which the bank predominantly takes on the role of the provider of collateral for government risks. These exposures are not covered by the Bank's Articles of Association. According to the funding mandate in § 5 No. 2 of the statutes, specific funding areas are finally listed in which the assumption of state risks cannot be interpreted. According to Section 5 No. 5, the bank may purchase and sell financial instruments , but only in direct connection with the funding areas. This direct connection is not recognizable. Even if the state risks are very good and good according to NRW.Bank, migration to lower rating levels - with a correspondingly higher risk - cannot be ruled out, especially since their counterparties are more skeptical of the risk situation simply by concluding the CDS. With these CDS, NRW.Bank actually takes on the task of export credit insurance , which it is not. Because the takeover of CDS as the provider of collateral does not constitute a promotional business, it is consequently part of the competitive business that NRW.BANK is prohibited from doing. According to Section 2 No. 3 of the Articles of Association, the guarantor is also unlimitedly liable for the risks from CDS. According to a ruling by the Constitutional Court of North Rhine-Westphalia (VGH NRW) in December 2011, the State Audit Office of North Rhine-Westphalia is allowed to audit the NRW.Bank comprehensively because of the state's far-reaching liability obligations for this bank, so that its audit is not limited to its promotional business.

Web links

Individual evidence

  1. ↑ a b Master data of the credit institute at the Deutsche Bundesbank
  2. ↑ Financial reports NRW.Bank
  3. ↑ Company profile of NRW.BANK. Retrieved September 12, 2012 .
  4. ^ Statutes of NRW.Bank dated September 24, 2015
  5. ^ Law on the dissolution of the North Rhine-Westphalia Housing Promotion Agency (Wfa Dissolution Law) of December 8, 2009 , [1] , accessed on March 22, 2013.
  6. ↑ Handelsblatt of March 26, 2012, NRW.Bank because of investments in the criticism
  7. ^ Nicole Bastian : NRW-Bank is big in the derivatives business. In: Wirtschaftswoche . March 13, 2012, accessed February 13, 2012 .
  8. ↑ NRW.Bank, Financial Report 2013 , p. 106
  9. ↑ VGH NRW, judgment of December 13, 2011, Az .: VGH 11/10

Coordinates: 51 ° 13 ′ 2.6 ″  N , 6 ° 46 ′ 13.8 ″  E