Economic Stabilisation

Economic Stabilisation Fund

The German Government established the Economic Stabilisation Fund in March 2020 to counteract the economic impact of the coronavirus pandemic. Using guarantees and capital aid it is intended to stabilise companies in the real economy and thus preserve jobs.

The fund originally had a total volume of € 600 billion. As part of an extension of the Economic Stabilisation Fund, the total volume was adjusted to € 250 billion as of 1 January 2022. The fund comprises the following instruments:

  • a guarantee framework of € 100 billion which is intended to help companies refinance themselves in the banking markets and capital markets (bridging liquidity shortage)
  • a credit authorisation of € 50 billion to strengthen the equity base of companies (recapitalisation)
  • another credit authorisation of € 100 billion to refinance the special programmes of the promotional bank KfW

The Economic Stabilisation Fund in principle is addressed to commercial enterprises that meet two of the following three criteria: a balance sheet total of more than € 43 million, more than € 50 million in sales revenue and more than 249 employees on annual average. Applications can be submitted to the Federal Ministry for Economic Affairs and Climate Action. The Federal Ministry of Finance, in agreement with the Federal Ministry of Economic Affairs and Climate Action, decides at the company's request on stabilisation measures to be taken, taking account of

  1. the importance of the company for the German economy,
  2. the urgency,
  3. the effects on the labour market and the competition and
  4. the principle of the most economical and efficient use of the resources of the Economic Stabilisation Fund.

An inter-ministerial committee was also established which is chaired by the Federal Ministry of Finance and in which the Finance Agency, among others, acts as advisory member. This Economic Stabilisation Fund committee decides consensually on fundamental questions and matters of particular importance and takes decisions on essential measures and requirements. The Finance Agency was entrusted with the administration of the Economic Stabilisation Fund. In addition, the Finance Agency supports the Federal Ministry of Finance with advisory services on the structuring and implementation of stabilisation measures.


Up to now, the following measures have been decided and contractually agreed with the companies:

Guarantees (§ 21 StFG)      
Company Amount of
stabilisation measure
  Contract formation
- -   -
Recapitalisation (§ 22 StFG)
Company Amount of
stabilisation measure
  Contract formation
Deutsche Lufthansa AG € 5,847.1 million   Jun 2020;
Sep 2020 (adjustment)
FTI Touristik GmbH
- 1. measure
- 2. measure
- 3. measure

€ 235.0 million
€ 250.0 million
€ 118.0 million
Aug. 2020
Dec. 2020
Oct. 2021
- 1. measure
- 2. measure

€ 150.0 million
€ 1,091.0 million
Sep. 2020
Jan. 2021
MV Werften Holdings Limited € 300.0 million   Oct. 2020; Jun. 2021 (extension)
German Naval Yards Kiel GmbH € 35.0 million   Oct. 2020
Schlote Holding GmbH
- 1. measure
- 2. measure

€ 25.5 million
€ 10.0 million
Nov. 2020
Sep. 2021
NOVUM Hospitality GmbH € 45.0 million   Dec. 2020
A-Kaiser GmbH € 12.5 million   Jan. 2021
Blacklane GmbH € 10.0 million   Jan. 2021
SANHA GmbH & Co. KG € 10.0 million   Jan. 2021
GALERIA Karstadt Kaufhof GmbH € 460.0 million   Feb. 2021
Berge & Meer Touristik GmbH € 20.0 million   Mar. 2021
Trendtours Holding GmbH € 23.0 million   Mar. 2021
Georgsmarienhütte Holding GmbH € 58.0 million   Mar. 2021
Orcan Energy AG € 4.5 million   Mar. 2021
Ludwig Görtz GmbH € 28.0 million   Apr. 2021
Adler Modemärkte AG € 10.0 million   May 2021
FRIMO Group GmbH € 10.0 million   May 2021
eno energy GmbH € 28.0 million   Jun. 2021
Global Retool Group GmbH € 3.8 million   Jul. 2021
ORSAY GmbH € 33.0 million   Aug. 2021
Total € 8,817.4 million    
Special programmes of KfW (§ 23 StFG)
The Economic Stabilisation Fund can grant the KfW loans to refinance its special programmes which were assigned to it by the Federal Government in consequence of the coronavirus pandemic. The loan volume currently amounts to € 35,412.9 million.

Decided and contractually agreed measures as of 18 January 2022
Rounding differences may occur.

Companies that receive stabilisation measures from the Economic Stabilisation Fund can be requested by law to submit a declaration of commitment. This requirement depends on the type and the recipient of the stabilisation measure. The companies’ submitted declarations of commitment are published in the Federal Gazette (Bundesanzeiger):

  • Lufthansa AG (publication on 21 July 2020)
  • FTI Touristik GmbH (publications on 14 September 2020 and 9 February 2021)
  • MV Werften Holdings Limited (publications on 20 October 2020 and 12 July 2021)
  • TUI AG (publication on 27 January 2021)
  • German Naval Yards Kiel GmbH (publication on 10 February 2021)
  • GALERIA Karstadt Kaufhof GmbH (publication on 19 February 2021)