Investor Relations

The EAA is a winding-up agency under German federal law pursuant to section 8a of the German Financial Market Stabilisation Fund Act (Stabilisierungsfondsgesetz – StFG1).

It was established by the German Federal Agency of Financial Market Stabilisation (Bundesanstalt für Finanzmarktstabilisierung – FMSA) as a public law entity with partial legal capacity within the FMSA. Its Charter is based on the provisions of the StFG and is binding for the governing bodies and stakeholders of the EAA. The liability mechanisms for the EAA are anchored in the Charter.

According to the EAA's Charter:

  • The EAA is not a bank within the meaning of the German Banking Act (Kreditwesengesetz - KWG), does not require a banking license and is accordingly not supervised by BaFin like a bank in the meaning of the KWG.
  • It does not initiate transactions that require authorisation pursuant to EU Directives 2006/48/EC (the business of credit institutions) or 2004/39/EC (markets in financial instruments).
  • It is subject to supervision by the FMSA pursuant to section 16 of the EAA's Charter.

The EAA is not a special purpose vehicle or a "bad bank"; rather, it operates on the basis of a consolidation model that facilitates the transfer of non-strategic businesses/assets. The EAA is a structurally and financially independent public law entity within the FMSA. It is thus not a subsidiary of WestLB. It has assumed risk exposures and non-strategic businesses/assets from WestLB.

The EAA does not assume new risks and is not geared toward new business. Rather, its objective is to wind up its portfolio in a manner that minimises risk.

The EAA operates on the basis of these principles:

  • risk minimisation (by winding up existing exposures)
  • sustainability (long-term success of its activities)
  • responsibility toward its statutory mandate (wind-up objectives)


1 formerly known as Financial Market Stabilisation Fund Act (FMStFG)