Chronicle of the Legal Foundations of the FMS

December 2020

The separate borrowing authorisation of the FMS for refinancing the deconsolidated environment will be doubled to € 60 bn. Since at the same time the general credit authorisation of the FMS was reduced from originally € 60 bn to € 30 bn, the total credit authorisation of the FMS of € 100 bn did not change.

March 2020

The FMStFG was amended in the wake of the Corona pandemic by the Act on the Establishment of an Economic Stabilisation Fund (WStFG). Since then, the FMStFG has been called the "Law on the Establishment of a Financial Market and an Economic Stabilisation Fund (StFG)".

January 2019

The FMS receives a separate borrowing authorisation for the refinancing of the deconsolidated environment of € 30 bn.

January 2018

With the Act on the Reorganisation of the Tasks of the Federal Agency for Financial Market Stabilisation (FMSANeuOG), the Finance Agency was assigned the administration of the FMS, which had already been financed by it and previously administered by the FMSA.

November 2014

The FMSA becomes the national resolution authority in Germany. As a result, closure of the FMS for new measures as of 31 December 2015 (amendment of the FMStFG).

December 2012

The Third Financial Market Stabilisation Act (FinStabG) extends the deadline for applying for financial market stabilisation measures once again until the end of 2014.

February 2012

The deadline for applying for financial market stabilisation measures was initially 31 December 2010. The Second Financial Market Stabilisation Act allows the "reopening" of the FMS until the end of 2012.

October 2008

Entry into force of the Financial Market Stabilisation Fund Act (FMStFG) and establishment of the Financial Market Stabilisation Fund (FMS; publicly also often referred to as "SoFFin") with a total volume of € 480 bn. The FMS was initially administered by the Federal Agency for Financial Market Stabilisation (FMSA), which was founded together with the fund.

Federal Agency for Financial Market Stabilisation (FMSA)

The Federal Agency for Financial Market Stabilisation (FMSA) exercises legal supervision over the deconsolidated environment FMS Wertmanagement (FMS-WM) and Erste Abwicklungsanstalt (EAA). Again, it is itself subject to the legal and technical supervision of the Federal Ministry of Finance. Since 1 January 2018, the FMS has been managed by the Federal Republic of Germany - Finance Agency.

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National Resolution Authority (NRA)

As an independently operating division of the Federal Financial Supervisory Agency (BaFin), the National Resolution Authority (NRA) ensures the preservation of financial stability and the protection of public funds: Since 2018, it has been assessing the resolvability of credit institutions and financial groups, drawing up resolution plans, and collecting and administering the bank levy. FMSA was responsible for this task from 2011 to 2017. 

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