Governmental rescue measures were needed after the financial market crisis and especially the following insolvency of Lehman Brothers spread over and affected the USA and Germany in September 2008. The Federal Government reacted immediately and precisely. It introduced a comprehensive package of measures in order to stabilize the financial market:
|1. January 2018|
According the FMSA Reorganisation Act (FMSA-Neuordnungsgesetz, FMSANeuOG) the Federal Republic of Germany – Finance Agency (Bundesrepublik Deutschland – Finanzagentur GmbH, Finance Agency) gets entrusted with maintenance of the FMSA. Thereby the FMSA still independently and legally oversees the two winding-up agencies FMS-Wertmanagement and Erste Abwicklungsanstalt.
The Financial Market Stabilisation Fund gets fully integrated into the Finance Agency. The remaining range of duties of the FMSA, deriving from its role as the National Resolution Authority, gets integrated into the BaFin as a new independently operating division.
|1. January 2015||Assuming the role and responsibilities of the German National Resolution Authority the FMSA carries out additional duties of financial market stabilisation, legally based on the Act on the Recovery and Resolution (Sanierungs- und Abwicklungsgesetz, SAG). The act creates the prerequisites, to wind up banks that ran into difficulties. It is part of the BRRD implementation act - wherewith the requirements of the European Bank Recovery and Resolution Directive (BRRD) get transposed.|
|13. May 2014||The interministerial steering committee and the shareholders' meeting of the HRE vote for the preparation of an acquisition and winding up of Deutsche Pfandbriefbank (DEPFA Bank plc.) by the federally owned FMS Wertmanagement.|
|18. March 2013||Based on the Financial Stability Act (Gesetz zur Stärkung der deutschen Finanzaufsicht, FinStabG) of 28 November 2012 the Financial Stability Committee (Ausschuss für Finanzstabilität, AFS) gets established. It consists in equal shares of representatives from the Federal Ministry of Finance (BMF), from the Bundesbank and from the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin). The FMSA is represented by its Chairman of the Management Committee as an advisory member with no voting right.|
|1. January 2013||The Third Financial Market Stabilisation Law prolongs the application period for measures of financial market stabilisation once more till year-end 2014. Financial Market Stabilisation Fund and Restructuring Fund become closely interlinked: The Restructuring Fund can be tapped in order to compensate losses that arise from future Financial Market Stabilisation Fund's measures.|
|1. March 2012||On the basis of the ‚Second Financial Market Stabilisation Law' it is possible to ‘reopen’ the Financial Market Stabilisation Fund and to apply to its measures till year-end 2012. Within this time frame the, since 2010 available and proven, set of measures for financial market stabilisation can be tapped again.|
|1. January 2011||The Act of Restructuring Fund (Restrukturierungsfondsgesetz, RStruktFG) creates a legal foundation for the establishement of a restructuring fund for credit institutions that is managed by FMSA. Its funding source is the bank levy that FMSA collects for the first time and henceforth.|
|31. December 2010||For now there is no chance to apply for new measures out of the Financial Market Stabilisation Fund's budget. Tough, the fund keeps assuming responsibilities stemming from existing stabilising measures.|
|8. July 2010||The FMSA founds the "FMS Wertmanagement" upon application of the HRE.|
|11. December 2009||The FMSA establishes the "Erste Abwicklungsanstalt" upon an application of the Westdeutsche Landesbank (WestLB).|
|13. October 2009||The Financial Market Stabilisation Fund completes the full acquisition of HRE.|
|22. July 2009||The Financial Market Stabilization Development Law (Finanzmarktstabilisierungsfortentwicklungsgesetz FStFEntwG) paves the way for guarantees in favour of special purpose entities and winding-up agencies under Federal law as new instruments. Furthermore the application period for stabilizing measures of the Financial Market Stabilisation Fund was prolonged till 31 December 2010. Additionally, the FMSA becomes a legally independent Federal Agency for Financial Market Stabilisation under the authority of the Federal Ministry of Finance.|
|2. June 2009||Following a capital increase, the Financial Market Stabilisation Fund holds a 90 % stake in HRE.|
|4. May 2009||After the expiration of the acceptance period for Hypo Real Estate Holding AG (HRE) shareholders, the Financial Market Stabilisation Fund holds 47.31 % of all shares.|
|7. April 2009|
The Financial Markets Stabilisation Amendment Act (Finanzmarktstabilisierungsergänzungsgesetz, FMStErgG) prolongs the maturity limit for security issuances guaranteed by the Financial Market Stabilisation Fund from 36 to 60 months.
The Rescue Takeover Act (Rettungsübernahmegesetz, RettungsG) allows a special solution for the complete acquisition of stricken financial institutions by the Federal Republic of Germany. However, the act was never applied.
|17. October 2008||The Financial Market Stabilisation Fund Act (Finanzmarktstabilisierungsfondsgesetz, FMStFG) comes into effect. It founds the Financial Market Stabilisation Fund (Finanzmarktstabilisierungsfonds, FMS or SoFFin) that is equipped with an operational framework of € 480 bn in total. Additionally the Federal Agency for Financial Market Stabilisation (Bundesanstalt für Finanzmarktstabilisierung, FMSA) was established as legally dependent institution at Deutsche Bundesbank in order to coordinate and supervise the stabilizing measures.|
Federal Agency for Financial Market Stabilisation
60439 Frankfurt am Main
Phone: 069 25 616 1607
Fax: 069 25 616 1429