NRW.Bank (incorporated as NRW.BANK) is a German state development bank of North Rhine-Westphalia (NRW) based in Düsseldorf and Münster.[3] Its status is that of a public agency. It is owned by the North Rhine-Westphalia state[4] and supports its structural policy.
 | |
| Company type | Anstalt des öffentlichen Rechts (public agency) |
|---|---|
| Industry | Banking, Financial services |
| Founded | 2002 |
| Headquarters | Düsseldorf and Münster , |
Area served | Germany |
Key people | Mona Neubaur[1] Eckhard Forst (Chairman) Gabriela Pantring Claudia Hillenherms Dr. Peter Stemper[2] |
| Total assets | 147,583,809,613.28 Euro (2017)  |
Number of employees | 1,559 (2023) |
| Website | www |
History
editNRW.Bank was separated from WestLB in 2002.[5]
In 2015, NRW.Bank was included in a European Central Bank list of European institutions and national agencies whose bonds would be eligible for the ECB to buy alongside sovereign debt.[6]
In 2015, the bank was assigned to act as a community development financial institution.[7]
Activities
editThe bank hands out development loans and manages refinancing. Attracting strong criticism, the bank used Credit Default Swaps (CDS).[8] The refinancing by CDS, though thought to be safe by the bank,[9] was illegal.[10]
Controversy
editIn April 2015, NRW.Bank filed a lawsuit against Austrian "bad bank" Heta Asset Resolution AG for failing to pay €275.5 million in bonds following the suspension of its debt, imposed by Austrian financial regulators.[11] The North Rhine-Westphalia state government subsequently asked German finance minister Wolfgang Schäuble to intervene and "to do what is politically and legally possible so that contracts or commitments are met."[12]
See also
edit
References
edit- ^ "Company Overview of NRW.BANK". Bloomberg Business. Retrieved 19 February 2019.
- ^ "Executive bodies of NRW.BANK". NRW.BANK. Retrieved 2024-08-12.
- ^ To be compared with US Community development bank
- ^ "Owner structure". NRW.BANK. Archived from the original on 2015-12-22. Retrieved 2015-12-16.
- ^ James Wilson (September 26, 2011), Finance industry: Demise of WestLB is a sign of changing times Financial Times.
- ^ Marc Jones (March 5, 2015), ECB will "gradually" lend back government bonds it buys Reuters.
- ^ "Satzung der NRW.Bank vom 24. September 2015" (in German).
- ^ "NRW.Bank wegen Kapitalanlagen in der Kritik" (in German). Handelsblatt. 2012-03-26.
- ^ (in German) "Diese CDS "referenzieren überwiegend auf Staaten und befinden sich nahezu ausschließlich im sehr guten und guten Investment Grade-Bereich. Mit einer Inanspruchnahme wird derzeit nicht gerechnet" in NRW.Bank, Financial report 2013, page 106
- ^ (in German) VGH NRW, Urteil vom 13. Dezember 2011, Az: VGH 11/10
- ^ Jonathan Gould, Andreas Kroener and Maria Sheahan (April 14, 2015), Germany's NRW Bank sues over Austrian bad bank bonds Reuters.
- ^ Matthias Inverardi (April 16, 2015), German state asks Schaeuble to intervene in Heta case Reuters.