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State development bank of North Rhine-Westphalia From Wikipedia, the free encyclopedia
NRW.Bank (incorporated as NRW.BANK) is a German state development bank of North Rhine-Westphalia (NRW) based in Düsseldorf and Münster.[3] Its status is that of a public agency. It is owned by the North Rhine-Westphalia state[4] and supports its structural policy.
 | |
| Company type | Anstalt des öffentlichen Rechts (public agency) |
|---|---|
| Industry | Banking, Financial services |
| Founded | 2002 |
| Headquarters | Düsseldorf and Münster , |
Area served | Germany |
Key people | Mona Neubaur[1] Eckhard Forst (Chairman) Gabriela Pantring Claudia Hillenherms Dr. Peter Stemper[2] |
| Total assets | 147,583,809,613.28 Euro (2017)  |
Number of employees | 1,559 (2023) |
| Website | www |
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]
In 2015, 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]
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