17 January 1820

Portrait von Christian von Rother

Under the "Ordinance Regulating the Future Treatment of the Entire Public Debt" issued with the aim of radically reorganising Prussia's public finance system, the "Preussische Hauptverwaltung der Staatsschulden" (Prussian Central Administration for Public Debt) is set up as an "administrative body entirely separate from the other state and fiscal administrations".

It is founded as part of reforms to the financial constitution, as part of which the Prussian Federal Chancellor, Prince von Hardenberg, restructures the Federal budget, which was in disorder following the wars of liberation, with the aim of improving trust in the government's ability to borrow. For the first time, the royal ordinance contains the requirements and process for government borrowing, some of which continue to have an effect on the financial constitution of the German Reich and the Federal Republic of Germany. Christian von Rother is its first president. He has four direct reports.

24 February 1850

With the passing of a constitution for the State of Prussia, the responsibilities and status of Prussia’s public debt administration are reorganised with the "Law concerning the Administration of Public Debt and the Creation of a Public Debt Commission".

The Central Administration for Public Debt remains an independent authority. However, it becomes part of the Ministry of Finance and its supervision is assigned to the Public Debt Commission.

26 July 1867

With the passing of the constitution of the North German Confederation, the Central Administration for Public Debt is assigned responsibility for administering its debt.

16 April 1871

With the proclamation of King William of Prussia as German Emperor ("Kaiserproklamation"), the Central Administration for Public Debt assumes the responsibilities of public debt administration for the German Empire and also manages the conversion of the old bonds into Reichsmark.


The Prussian Public Debt Register is introduced to simplify the management and settlement of public debt.

19 March 1900

The first "Public Debt Order of the German Empire" consolidates various laws regulating the raising and administration of public debt. Administration of the bonds of the German Empire ("Reichsanleihen") is assigned to the Central Administration for Public Debt, which is renamed the "Reichsschuldenverwaltung" (Public Debt Administration of the German Empire).

13 February 1924

Photo of Public Debt Administration building in Oranienstrasse

After the currency reform, the second "Public Debt Order of the German Empire" regulates the way in which public debt is raised and confirms the administrative authority’s independence.

In the same year, the Public Debt Administration moves to a new office building in Oranienstrasse in Berlin.

24 March 1933

Under the "Law for the Alleviation of the Plight of the German People and the Empire" (known also as the "Ermächtigungsgesetz", Enabling Act), the powers to authorise public borrowing are transferred from the German parliament ("Reichstag") to the government.


The "Depotgesetz" (Law on the Deposit and Acquisition of Securities) allows the creation of financial institutions for the collective clearing and depositing of securities, which enables securities to be issued at low cost and quickly in the form of debt register claims (loan stock rights not evidenced by certificates).


With the introduction of the Hollerith punched card system, the share of securities issued in non-certificate form increases enormously.

3 February 1945

Photo of the new Public Debt Administration building in Oranienstrasse

Most of the debt register files at the Public Debt Administration building in Oranienstrasse are destroyed during an air raid.

1 June 1945

The government property bureau assigns the National Debt Administration a building in the Berlin Grunewald district.

17 January 1946

The Public Debt Administration is placed under the control of the Allied Military Command.

March 1948

The Reich Public Debt Administration in Berlin is renamed "Verwaltungsgruppe für Archive der ehemaligen Reichsschuldenverwaltung" (Administrative Group for Archives of the Former Public Debt Administration).

13 July 1948

Photo of building of Public Debt Administration of the Unified Economic Area) in Bad Homburg v.d.H.

With the passing of the "Law on the Creation of a Debt Administration for the Unified Economic Area", the "Schuldenverwaltung des Vereinigten Wirtschaftsgebietes" (Debt Administration of the Unified Economic Area) is set up, based in Bad Homburg v.d.H., as the smallest of the bizonal administrative offices (three senior officials).

One of its first major tasks is the implementation of the London Debt Agreement (1953).

13 December 1949

Under the "Ordinance on the Administration of the Public Debt of the Federal Republic of Germany", the administrative body is given the new name of "Bundesschuldenverwaltung" ("BSV", Federal Debt Administration) and is transferred to the jurisdiction of the Federal German Government.

1 April 1951

The Federal German Government takes over jurisdiction of the "Verwaltungsgruppe für Archive der ehemaligen Reichsschuldenverwaltung" in Berlin and places it under the control of the BSV under the name "Archiv der Bundesschuldenverwaltung" (Federal Debt Administration Archive).

1 April 1955

The BSV Archive is renamed "Aussenstelle Berlin der BSV" (Berlin Branch Office of the BSV).


Photo of bureau of Federal Debt Administration at the Platz der Luftbrücke in Berlin-Tempelhof

The authority assumes responsibility for the regulation of internal old debt under the "Allgemeines Kriegsfolgengesetz" (General Consequences of War Act). For this purpose, a bureau is set up at the Platz der Luftbrücke in Berlin-Tempelhof.

The Federal Debt Administration is assigned responsibilities in connection with coins (sales office for collector’s coins). 


Introduction of retail business with the issuance of the first Type A Federal Savings Note ("Schatzbrief"). This is followed by the Type B Federal Savings Note in the same year, Federal Treasury financing paper ("Finanzierungsschätze") in 1975, and five-year Federal Notes ("Bundesobligationen") in 1979.

Start of 2000

On the basis of an appraisal by an external consultant, the Federal German Government resolves to transfer the principal debt management functions to a government-owned private limited company ("GmbH"), with the aim of centralising these activities over the medium term.

19 September 2000

Photo of headquarters of Finance Agency in Frankfurt/Main

The "Bundesrepublik Deutschland – Finanzagentur GmbH" (German "Finance Agency"), based in Berlin, is founded by adoption of its articles of association. (In 2001, its headquarters are relocated to Frankfurt am Main. In a first step, the activities previously carried out by the Federal Ministry of Finance related to borrowing and debt management are transferred to the Finance Agency.)

11 June 2001

The Finance Agency commences its operations in the money market. The company’s first managing directors are Dr. Peter Jabcke and Gerhard Schleif.

1 January 2002

Under the "Law for the Reform of the Debt Register Law of the Federal Republic of Germany and the Legal Principles for the Administration of German Government Securities" ("Bundeswertpapierverwaltungsgesetz", Federal Securities Administration Act),the Federal Debt Administration becomes a higher federal administrative authority within the legal and technical area of responsibility of the Federal Ministry of Finance under the new name "Bundeswertpapierverwaltung" ("BWpV", Federal Securities Administration). The law creates powers to delegate principal debt management functions within the area of responsibility of the BWpV to the Finance Agency. In place of the Federal Debt Committee, a parliamentary committee is formed that only contains members of the German Bundestag; the Federal Ministry of Finance reports to this committee on all issues related to debt management and Federal Government borrowing.

1 January 2006

The Federal Ministry of Finance assigns the distribution of collectors' coins as from 1 January 2006 to Deutsche Post AG (Philately Division).

12 July 2006

The "Law for the Modernisation of Federal Government Debt Management"("Bundesschuldenwesenmodernisierungsgesetz") provides for all the government debt functions previously performed by the BWpV to be transferred completely to the Finance Agency and for the BWpV to be wound up as of 31 July 2006.

1 August 2006

The winding up of the BWpV and the integration of its functions into the Finance Agency creates "debt management from a single source".

1 July 2008

Photo of Testimonial Guenther Schild besides Bull & Bear at Frankfurt Stock Exchange

After more than thirty years, the German Government widens its product offering for private investors with the introduction of the Day Bond ("Tagesanleihe").

8 June 2010

The Council of European Finance and Economics Ministers issue the Finance Agency with the mandate as service provider to provide market support for the European Financial Stability Facility ("EFSF"). The Finance Agency's activities include issuing and transferring financial instruments on behalf and for the account of the EFSF as well as the EFSF's liquidity and risk management. This mandate expires at the end of 2013.

19 September 2012

An amendment to §§ 4a to 4k of the Federal Government Debt Management Act ("Bundesschuldenwesengesetz" allows for the introduction of restructuring clauses for German government securities. A text passage to this effect is included in the issue conditions as of 1 January 2013, bringing these into line with one of the requirements of the "European Stability Mechanism" ("ESM") contract. 

31 December 2012

At year-end 2012, the direct sale of German government securities to private investors is suspended. This marks the end of the launch of new Federal savings notes and Federal treasury financing paper, the direct offering of Bobls and the Federal Day bond as well as the safekeeping of newly issued German government securities.

26 June 2013

For the first time, the Federal Government issues a bond jointly with ten Federal states. It has a maturity of seven years and a volume of EUR 3 billion. The issuers of Bund-Länder bonds assume partial liability for this in line with their respective shares of the issue volume. The Federal Government's share in this is 13.5%.

1 January 2018

According the FMSA Reorganisation Act (FMSA-Neuordnungsgesetz) the Finance Agency gets entrusted with maintenance of the Federal Agency for Financial Market Stabilisation (Bundesanstalt für Finanzmarktstabilisierung, FMSA). Thereby the FMSA still independently and legally oversees the two wind-down agencies FMS-Wertmanagement and Erste Abwicklungsanstalt. The formerly by the FMSA managed Financial Market Stabilisation Fund (Finanzmarktstabilisierungsfonds, SoFFin or FMS) gets fully integrated into the Finance Agency. The SoFFin comprises the Federal Government's share of Commerzbank AG, Hypo Real Estate Holding AG and Portigon AG.

March 2020

Resulting from the coronavirus pandemic, the German Government decides to establish an aid package for companies in the real economy. An economic stabilisation fund has been activated. The administration of that fund resides with the Finance Agency as defined by the Economic Stabilisation Fund Act.

2 September 2020

Foto Titelseite Rahmenwerk für grüne Bundeswertpapiere

For the first time, the German Federal Government issues a green security. The Green Federal bond has a maturity of ten years and its issuance volume of € 6.5 bn is five times oversubscribed. Reporting on the Green German Government securities makes green spending in the federal budget transparent. The new twin bond concept safeguards the liquidity and for the first time makes the added value of green bonds directly measurable.