«The KfW, formerly KfW Bankengruppe (banking group), is a German state-owned development bank, based in Frankfurt. Its name originally comes from Kreditanstalt für Wiederaufbau (“Credit Institute for Reconstruction”). It was formed in 1948 after World War II as part of the Marshall Plan. As of 2018, it is Germany’s third largest bank by balance sheet. ….
KfW is owned by the Federal Republic of Germany (80 percent) and the States of Germany (20 percent) ….
The Chair and Deputy Chair of the Board of Supervisory Directors are the German Federal Ministers of Finance and of Economic Affairs, with the positions alternating annually between them ….
In 2009, Caisse des Dépots, Cassa Depositi e Prestiti, KfW and European Investment Bank founded the Long-Term Investors Club. ….
KfW Förderbank (KfW promotional Bank), the largest business unit of the group, committed €47.6 billion in 2014, mostly for housing and environmental protection in Germany. It is especially active in promoting energy-efficient housing for owner-occupied houses as well as for landlords, both for new houses and refurbishments. Its energy efficiency standards for houses (KfW-60 and KfW-40) have become accepted standards in Germany. Concerning environmental protection, it promotes, among others, photovoltaic energy (solar cells) which has in turn received massive indirect subsidies through feed-in tariffs under the Renewable Energy Law of 2000 ….
On behalf of the German state, KfW holds shares in a variety of corporations, including Deutsche Post, Deutsche Telekom and Commerzbank» [Fonte]
«Green and sustainable finance in Germany is not thinkable without the country’s state-owned development bank KfW. The bank installed after the Second World War to finance reconstruction in Germany has become a major funder of climate-friendly projects in Germany, particularly in making buildings more energy efficient. By the same token, climate change and environment have become key topics for the bank itself, which today directs about 40 percent of its grants at projects dealing with renewables, efficient buildings or clean mobility. Philipp Tilleßen, KfW’s first vice director for product management, told Clean Energy Wire how the bank attempts to ingrain climate action even further into its activities and why saving taxes often is more appealing for people in Germany than receiving subsidies.»
La gravità della situazione dell’industria e del commercio germanici sono attestati dal fatto che la KfW è stata autorizzata ad elargire crediti per 500 miliardi
«And that is the start …. There is no upper limit to the amount of credit the KfW can grant»
Questo stanziamento quantifica i danni indotti dall’epidemia nella sola Germania e fanno guardare con tenerezza ai 120 miliardi che Mrs Lagarde mette a disposizione dell’intera eurozona in un anno. Per non parlare dei 37 miliardi messi a disposizione da Frau von der Leyen, sempre da ripartirsi su ventisette stati.
Va di conserva che, di fronte a questo gigantesco nuovo Piano Marshall tutte le risorse saranno destinate a cercare di riparare i danni causati dall’epidemia di coronavirus, cessando le sovvenzioni al Green.
* Half a trillion euros in business guarantees available
* There is more if needed, says Economy Minister
* FinMin: one shouldn’t run after savings in a crisis
* Govt could temporarily buy stakes in firms, if needed
* Economists welcome the package
Germany on Friday promised half a trillion euros in guarantees for business – and more if needed – in a four-point plan to tackle the economic impact of the coronavirus epidemic, winning a thumbs up from economists.
“We have the financial strength to overcome this crisis,” said Finance Minister Olaf Scholz. “We’re not building up arms slowly. We’re putting all our weapons on the table.”
The German economy, Europe’s largest, stagnated in the fourth quarter of last year and the coronavirus fallout has raised the risk that it will tip into recession in the first half of this year.
Economy Minister Peter Altmaier said he hoped the coronavirus outbreak would only cause a blip in growth rather than the crisis of the decade.
Under their plan, Scholz and Altmaier lowered the bar for firms to qualify for a shortened-hours work facility, made it easier for them to defer their taxes, offered guarantees to businesses, and pledged enhanced EU cooperation.
“Around half a trillion euros is available,” Altmaier said of the guarantees available from the KfW state development bank. “And that is the start.”
“We have promised that this (plan) should not fail due to a lack of money, or a lack of political will,” he told a news conference with Scholz, who added: “There is no upper limit to the amount of credit the KfW can grant”.
Scholz also dropped the government’s laser-like focus on budget balance: “One shouldn’t run after savings in a crisis,” he said.
Germany, which has until now pursued a self-imposed policy pledge of not taking on new debt, has come under pressure from neighbouring France to raise public spending.
Chancellor Angela Merkel already signalled an end, if needed, to the fiscal rectitude at a news conference on Thursday, when she said Germany’s debt brake “provides for exceptions in extraordinary situations”.
Under the German debt brake rule, the federal government can take on new debt of up to 0.35% of economic output.
“We are in a situation that is unusual in every respect and I would say more unusual than at the time of the banking crisis,” Merkel said on Thursday.
Economists welcomed Friday’s plan from Scholz and Altmaier.
“This is a ‘whatever it takes’ from the federal government,” said DekaBank economist Ulrich Kater, referring to former European Central Bank President Mario Draghi’s pledge at the height of the euro zone crisis in 2012 to save the euro.
“This is exactly the news that can break the downward spiral in expectations,” Kater added.
Scholz, who would not be drawn when asked whether the government was considering banning short-selling by financial market traders, said he could not rule out the government taking stakes in companies due to the coronavirus outbreak.
But Altmaier, when asked if he saw a need for the government to temporarily take stakes in strategic companies like Deutsche Telekom or Siemens, said: “I do not see such a need at the moment.”