Our History

History of the Federal Republic of Germany - Finance Agency from its historical predecessors to the present.

Following previous partial sales, the Economic Stabilisation Fund (ESF) is now selling its last remaining shareholding of 9.92 per cent in Deutsche Lufthansa AG in full, which will enable the stabilisation of the company to be successfully completed at an early stage. In June 2020, the WSF and Lufthansa agreed on stabilisation measures of up to € 6 bn. Of this, € 5.7 bn was granted to the airline as silent participations. € 0.3 bn was injected through the purchase of shares, resulting in a shareholding of ESF of about 20 %. In October 2021, the ESF partially participated in Lufthansa's capital increase, at which time the ESF's share was still 14.09 %.

By November 2021, the company had already repaid the silent participations granted in full. The amount of € 306 mn used by the ESF is offset by proceeds from the sale of the equity stake amounting to €1.07 bn. The positive balance from the participation thus amounts to € 760 mn.

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