Company:NRW.BANK
| Type | Anstalt des öffentlichen Rechts (public agency) |
|---|---|
| Industry | Banking, Financial services |
| Founded | 2002 |
| Headquarters | Düsseldorf and Münster |
Area served | Germany |
Key people | Andreas Pinkwart (Ex-Officio member of the Supervisory Board)[1] Eckhard Forst (Chairman) Gabriela Pantring Michael Stölting Dietrich Suhlrie[2] |
Number of employees | 1,348 |
| Website | www.nrwbank.de |
NRW.Bank (incorporated as NRW.BANK) is the state development bank[3] of North Rhine-Westphalia based in Düsseldorf and Münster. Its status is that of a public agency. It is owned by the North Rhine-Westphalia state[4] and supports its structural policy.
History
NRW.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]
Assignment
The bank was assigned to act as a community development financial institution.[7]
Activities
The 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
In 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]
External links
References
- ↑ "Company Overview of NRW.BANK". Bloomberg Business. https://www.bloomberg.com/research/stocks/private/people.asp?privcapId=6688369. Retrieved 19 February 2019.
- ↑ "Executive bodies of NRW.BANK". NRW.BANK. http://www.nrwbank.com/en/about-us/executive-bodies.html.
- ↑ To be compared with US Community development bank
- ↑ "Owner structure". NRW.BANK. http://www.nrwbank.com/en/about-us/executive-bodies.html#Further-information.
- ↑ 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 de). https://recht.nrw.de/lmi/owa/br_vbl_detail_text?anw_nr=6&vd_id=15237&ver=8&val=15237&sg=0&menu=1&vd_back=N.
- ↑ "NRW.Bank wegen Kapitalanlagen in der Kritik" (in de). Handelsblatt. 2012-03-26. https://www.handelsblatt.com/unternehmen/banken-versicherungen/cds-geschaeft-nrw-bank-wegen-kapitalanlagen-in-der-kritik/6439892.html.
- ↑ (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 .