Federal Agency for

Financial Market Stabilisation

FMSA

The Federal Agency for Financial Market Stabilisation (Bundesanstalt für Finanzmarktstabilisierung – FMSA) is an institution of the Federal Republic of Germany. It is legally and operationally supervised by the Ministry of Finance.

After its foundation in 2008, in the midst of the global financial crisis, the FMSA became an important pillar of Germany’s financial market architecture. The FMSA managed not only numerous shareholdings with financial institutions on behalf of the Federal Government, but was also responsible for nationally administering the Restructuring Fund's and since 2016 the Single Resolution Fund’s bank levy. Between 2015 and 2018, the FMSA assumed the role and responsibilities of the German National Resolution Authority within the European Single Resolution Mechanism, too. Thus, in close cooperation with the Single Resolution Board, the FMSA drafted resolution plans for German banks.

Today, the FMSA solely supervises the two wind-down agencies, Erste Abwicklungsanstalt (EAA) and FMS Wertmanagement (FMS-WM) as well as Portigon AG that have been founded under its auspices in order to stabilize the financial market.

To the wind-down agencies

About our history

Statutes of FMSA (PDF, German language)

Financial Market Stabilisation Fund

The Financial Market Stabilisation Fund ("Sondervermögen Finanzmarktstabilisierungsfonds"; FMS or SoFFin) is a special fund of the Federal Government. It was created in October 2008 and since then managed by the Financial Market Stabilisation Agency (FMSA). Today it comprises the Federal Government's shareholdings of Commerzbank AG, Hypo Real Estate Holding AG and Portigon AG. The management and administration of the FMS has been incorporated into the Federal Republic of Germany - Finance Agency (Bundesrepublik Deutschland - Finanzagentur GmbH) as from January 2018.

FMS

National Resolution Authority

The National Resolution Authority (Nationale Abwicklungsbehörde, NAB) is an independent operating department within the German Federal Financial Supervisory Authority (BaFin). Within the framework of the European Single Resolution Mechanism it aims to ensure financial stability and to protect public funds: It collects the bank levy and assess and drafts resolution plans for German banks. In case, the NAB also supports distressed German banks in order to get them recovered or resolved. This range of responsibilities it assumed from the Financial Market Stabilisation Agency (FMSA) as from January 2018.

National Resolution Authority