Company 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] |
Total assets | 147,583,809,613.28 Euro (2017) |
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 (NRW) 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.
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]
The bank was assigned to act as a community development financial institution. [7]
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]
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]
Company 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] |
Total assets | 147,583,809,613.28 Euro (2017) |
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 (NRW) 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.
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]
The bank was assigned to act as a community development financial institution. [7]
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]
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]