Reichsheim working group
The Reichsheim working group was after the First World War, a management organization of companies in the life insurance companies -Bank and. The purpose of this working group was to develop concepts so that funds from life insurance could be made available as capital for the building cooperatives .
In December 1927, eleven life insurance companies organized themselves into the Reichsheim Working Group, as emerged from a 1928 publication by the Reich Supervisory Office for Private Insurance . Life insurers should provide housing construction funds to housing associations through mortgages .
Reichsheim AG acted as a representative of the working group for settlement and building loans . In its prospectuses, the AG propagated its offers to help the building cooperatives with obtaining credit , because the life insurers' funds for building credit remained almost entirely closed. The fundraising should not only be limited to the individual financing of a building project, but the AG also wanted to be available for the needs of real estate loans .
In return, the building cooperatives should arrange for their members to advertise life insurance. This obligation was announced on April 25, 1928 at the general meeting of the Main Association of German Building Cooperatives in Berlin. In this context, a loan of 90 million Reichsmarks was to be taken out, which was to be guaranteed by the life insurance companies set up in the working group, several banks and interested parties. A special purpose vehicle should be founded in New York for this purpose .
However, this project failed due to the objections of German authorities and their experts, who fundamentally refused to use foreign funds in German housing construction. The committee examining the production and sales conditions of the German economy acted as the authoritative body that raised the objections . There were also developments on the American capital market in 1928 that spoke against raising capital. Since this action made it clear that there were foreign interests in this financing of building projects for the building cooperatives, these plans of the working group had little chance of success.
List of life insurances of the consortium
- Aachener and Mannheimer Lebensversicherungs AG, Potsdam
- Allgemeine Rentenanstalt, Lebens- und Rentenversicherungs AG, Stuttgart
- Concordia Lebensversicherungsbank AG, Cologne
- Gerling Group Lebensversicherungs AG, Cologne
- Janus, Hamburger Versicherungs AG, Hamburg
- Magdeburger Lebensversicherungsgesellschaft AG, Magdeburg
- Münchener Lebensversicherungsbank AG, Munich
- New Atlas Lebensversicherungsbank AG, Ludwigshafen
- Nordstern Lebensversicherungsbank AG, Berlin-Schöneberg
- Phönix Lebensversicherungsgesellschaft, Vienna, Directorate for Germany in Munich
- Schlesisch-Kölnische Lebensversicherungsbank AG, Berlin
Individual evidence
- ^ Rudolf E. Blumenthal, Housing and Life Insurance, in: Alfred Manes (Ed.), Publications of the German Association for Insurance Science, Issue 51, Berlin 1932.
- ^ Sievert, Lebensversicherung und Bausparen, in: Gerhard Albrecht et al. (Ed.), Handwortbuch des Wohnungswesens, Jena, 1930, pp. 503–508.
- ↑ Publications of the Reich Supervisory Office for Private Insurance XXVII, Jg., Berlin and Leipzig, 1928, p. 108, in: Rudolf E. Blumenthal, ibid., P. 58.
- ↑ Rudolf E. Blumenthal, ibid, p. 58, footnote 165.
- ^ Rudolf E. Blumenthal, ibid., P. 58, footnote 166.
- ↑ Rudolf E. Blumenthal, ibid, p. 59, footnote 168.