NRW.BANK
 | |
|
Anstalt des öffentlichen Rechts (public agency) | |
| Industry | Banking, Financial services |
| Founded | 2002 |
| Headquarters | Düsseldorf and Münster |
Area served | Germany |
Key people |
Garrelt Duin (Ex-Officio member of the Supervisory Board)[1] Klaus Neuhaus (Chairman) Michael Stölting Dietrich Suhlrie[2] |
| Website | www.nrwbank.de |
The 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 carved out of 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]
Controversy
In April 2015, NRW.Bank filed a law suit against Austrian "bad bank" Heta Asset Resolution AG for non-payment of 275.5 million euros in bonds following a suspension of its debt imposed by Austrian financial regulators.[7] The North Rhine-Westphalia state government subsequently asked Finance Minister Wolfgang Schäuble to intervene and "to do what is politically and legally possible so that contracts or commitments are met."[8]
External links
References
- ↑ "Company Overview of NRW.BANK". Bloomberg Business. Retrieved 16 December 2015.
- ↑ "Executive bodies of NRW.BANK". NRW.BANK. Retrieved 2015-12-16.
- ↑ To be compared with US Community development bank
- ↑ "Owner structure". NRW.BANK. 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.
- ↑ 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.