Aareal Bank AG received a silent participation of € 0.5 bn from the FMS on 13 March 2009. This silent participation was remunerated by Aareal Bank AG in accordance with the contract and repaid to the FMS on 30 October 2014.
Aareal Bank AG was provided with a guarantee facility of € 4.0 bn by the FMS on 13 March 2009. Under the guarantee facility, guarantees were granted for liabilities of Aareal Bank AG in a maximum total amount of € 4.0 bn. The guarantee facility and the guarantees granted were remunerated by the bank in accordance with the terms of the agreement, and expired again by 31 December 2012 without any defaults or drawdowns.    

Bayern LB was provided with a guarantee facility of € 15.0 bn by the FMS on 3 December 2008. Under the guarantee framework, guarantees were granted for liabilities of Bayern LB in a maximum total amount of € 5.0 bn. The guarantee framework and the guarantees granted were remunerated by the Bank in accordance with the contract and expired again by 23 January 2012 without any defaults or drawdowns.

Commerzbank AG was granted capital measures totalling € 18.2 bn by the FMS in 2008 and 2009, of which € 16.4 bn was in the form of a silent participation and € 1.8 bn in the form of a shareholding of 25% plus one share.

A total of € 13.1 bn of the silent participation was repaid in the course of capital measures in 2011 and 2013. The remaining € 3.3 bn were converted into shares. The silent participation was thus repaid much earlier than expected.

Commerzbank AG was provided with a guarantee facility of € 15.0 bn by the FMS on 30 December 2008. Under the guarantee framework, guarantees were granted for liabilities of Commerzbank AG in a maximum total amount of € 5.0 bn. The guarantee facility and the guarantees granted were remunerated by the Bank in accordance with the contract and expired again by 31 December 2012 without any defaults or drawdowns.

Currently, the outstanding capital measure of Commerzbank AG amounts to € 5.1 bn. FMS still holds 15.6% of the shares.

Corealcredit Bank AG was provided with a guarantee facility in the amount of € 0.5 bn by the FMS on 15 September 2009. Under the guarantee facility, guarantees were granted for liabilities of Corealcredit Bank AG in a maximum total amount of € 0.5 bn. The guarantee framework and the guarantees granted were remunerated by the Bank in accordance with the contract and expired again by 11 March 2011 without any defaults or drawdowns.

Corealcredit Bank AG was taken over by Aareal Bank AG in 2014.

Depfa Bank plc originally belonged to Hypo Real Estate Holding GmbH, which acquired it in 2007. As part of the wind-down of the entire Hypo Real Estate Group, an international bidding process was initially conducted for Depfa Bank plc in 2014. After considering all options, the FMS, as the sole owner of Hypo Real Estate Holding GmbH, then decided not to sell the bank but to have it wound up internally by FMS Wertmanagement AöR. The deconsolidated environment took over Depfa Bank plc in December 2014 at the maximum bid in the bidding process of € 320 mn. Following a successful wind-down process lasting several years, Depfa Bank plc was then sold to BAWAG Group AG at the end of 2021.
The internal wind-down and subsequent sale enabled a multiple of the original purchase price offer of € 320 mn to be achieved.

Deutsche Pfandbriefbank AG, the "healthy" part of Hypo Real Estate Group, was fully reprivatised by the FMS in November 2021. 
The first major step in the reprivatisation of the holding resulting from the nationalisation of Hypo Real Estate Group was taken with the IPO and placement of 80% of the shares in Deutsche Pfandbriefbank AG in the summer of 2015. The bank was successfully placed on the market - despite turbulence on the markets during the height of the Greek crisis. 
Three years later, a further 16.5% of the shares in Deutsche Pfandbriefbank AG were sold to institutional investors within a few hours in May 2018 via a so-called accelerated bookbuilding process. 
The last remaining 3.5% shareholding was sold on the stock exchange within a time window of three months from September 2021 within the framework of a so-called "dribble out". Due to the chosen sales structure, the FMS was also able to participate in the price increases during the sales period. 
With the completion of the transaction, the FMS further increased the positive balance from the investment in the bank held over several years. In total, the IPO in 2015, the share placements in 2018 and 2021 as well as the dividends received in the meantime generated proceeds of around € 2.5 bn, which exceed the capital injections of € 2.3 bn granted directly to Deutsche Pfandbriefbank AG.

Düsseldorfer Hypothekenbank AG was provided with a guarantee facility of € 2.5 bn by the FMS on 12 March 2009. Under the guarantee framework, guarantees were granted for liabilities of Düsseldorfer Hypothekenbank AG in a maximum total amount of € 2.5 bn. The guarantee framework and the guarantees granted were remunerated by the bank in accordance with the contract and expired again by 13 December 2013 without defaults or drawdowns.
Düsseldorfer Hypothekenbank AG was taken over by Aareal Bank AG in 2018.

Erste Abwicklungsanstalt AöR was founded at the end of 2009. This enabled the former WestLB AG to outsource and wind down non-strategic business areas in the interest of sustainable business models. Its mandate is to wind up the portfolio transferred to it in 2009 and 2012 while minimising potential losses. Erste Abwicklungsanstalt AöR is an organisationally and economically independent public law institution with partial legal capacity. At times it was active in almost 100 countries and had around 60 currencies to manage in its systems. 
The activities of Erste Abwicklungsanstalt AöR have been extremely varied to date. In order to fulfil its mandate, it continuously checks what it is selling and when, or what it is holding to maturity with the prospect of better results. In addition
question of how losses can be avoided or limited when contractual
losses can be avoided or limited if contractual partners do not meet their payment obligations.
For example, Erste Abwicklungsanstalt AöR was involved in the restructuring of a glass producer in the South Pacific region. After two earthquakes, the company could no longer service its loans. The solution was to convert debt into equity (debt equity swap). The shares taken over could later be sold at a profit. In order to save loan collateral in other cases, Erste Abwicklungsanstalt AöR had a drilling ship towed from South Atlantic coastal areas to international waters or had a ship's crew flown to a freighter in the Indian Ocean. In the USA it transferred loan collateral such as land or buildings
In the USA, it transferred loan collateral such as land or buildings into specially founded companies or gained direct access to around 1,400 insurance policies in order to protect its rights in the best possible way. It can already be said today that the establishment of Erste Abwicklungsanstalt AöR was a good step to protect the interests of the owners, primarily state actors, in the best possible way.
Within the framework of the so-called liability cascade, the FMS is liable for the future losses of Erste Abwicklungsanstalt AöR and Portigon AG up to a maximum amount of € 1.0 bn.

FMS Wertmanagement AöR was founded in 2010 as a Federally owned deconsolidated environment for the nationalised Hypo Real Estate Group with the aim of taking over and winding up risk positions and non-strategic business areas. As of 1 October 2010, it took over risk positions and non-strategic business areas with a nominal value of € 175.7 bn from the Hypo Real Estate Group and its subsidiaries and special purpose entities in Germany and abroad, as well as short-term refinancing funds in the corresponding amount and associated derivatives for hedging purposes. As an economically independent institution under public law, it defines and implements the optimal settlement strategies in each case. In doing so, the maxim is: exploit earnings opportunities and minimise losses. The portfolio managers of FMS-Wertmanagement improve the risk profile and/or the profitability of the financings in coordination with the owners and other creditors, be it through an investment in operators or project companies or through intensive negotiations with the other capital providers.
Since 1 January 2019, the total borrowing of the FMS also includes the funds raised for refinancing FMS-Wertmanagement AöR. This refinancing via the FMS replaces the EAA's independent refinancing activities on the euro capital market and leads to lower costs for the FMS-Wertmanagement AöR due to the better refinancing conditions of the FMS. The corresponding volume amounted to a total of € 55.0 bn as at 31 December 2021.

HSH Nordbank AG was provided with a guarantee facility totalling € 30.0 bn by the FMS on 26 November 2008. Under the guarantee facility, guarantees were granted for liabilities of HSH Nordbank AG up to a maximum total amount of € 24.0 bn. The guarantee facility and the guarantees granted were remunerated by the Bank in accordance with the contract and expired again by 23 July 2012 without any defaults or drawdowns. 

The Hypo Real Estate Group was provided with direct capital measures totaling € 9.8 bn by the FMS in the years 2009 to 2011. In the course of the repayment of the silent participation of Deutsche Pfandbriefbank AG in 2015 (€ 1.0 bn) and the receipt of the privatisation proceeds from its IPO in 2016 (€ 1.2 bn), stabilisation measures totalling € 2.2 bn have since been repaid. This brings the outstanding volume of measures to € 7.6 bn. In addition, assets and liabilities with a nominal volume of € 175.7 bn were transferred to FMS-Wertmanagement AöR in 2010. There is a loss compensation obligation of the FMS towards the FMS-Wertmanagement AöR, through which additional capital in the amount of € 9.3 bn has been injected so far.
At the time, the stabilisation measures were mainly granted to Hypo Real Estate Holding, but then partially transferred within the group. As the stabilisation measures were granted against the background of the crisis of the HRE Group at that time, the status of the measures is always shown at the level of the entire HRE Group.
The FMS provided the Hypo Real Estate Group with a maximum guarantee framework of € 128.5 bn in the years 2008 to 2011. Under the guarantee framework, guarantees in a maximum total amount of € 124.0 bn were granted for liabilities of companies of the Hypo Real Estate Group. The guarantee framework and the guarantees granted were remunerated by the Bank in accordance with the contract and expired again by 28 September 2010 without defaults or utilisations.

Hypo Real Estate Holding has been in the exclusive ownership of the FMS since its nationalisation in 2010. Its remaining tasks are to accompany the legal proceedings and other legal disputes, to manage the necessary capital and to carry out the operational business. In perspective, the company will be completely wound up in the next few years and then dissolved.

IKB Deutsche Industriebank AG was provided with two guarantee facilities totalling € 12.0 bn by the FMS on 8 January 2009 and 18 August 2009. Under the guarantee facilities, guarantees were granted for liabilities of IKB Deutsche Industriebank AG in a maximum total amount of € 10.0 bn. The guarantee facilities and the guarantees granted were remunerated by the Bank in accordance with the contract and expired again by the end of 2012 without any defaults or utilisations.

Portigon AG, the legal successor of WestLB AG, received silent participations totalling € 3.0 bn from the FMS on 12 December 2009, 4 January 2010 and 30 April 2010. On 1 September 2012, the State of North Rhine-Westphalia acquired € 1.0 bn of these silent participations. In return, the FMS is liable for the future losses of Portigon AG and Erste Abwicklungsanstalt AöR up to a maximum amount of € 1.0 bn within the framework of the so-called liability cascade.
Today, the FMS still holds a stake in Portigon AG through a silent participation of € 2.0 bn.

SdB-Sicherungseinrichtungsgesellschaft deutscher Banken mbH was provided with a guarantee framework of € 6.7 bn by the FMS on 3 February 2009. Under the guarantee framework, guarantees were granted for liabilities of SdB-Sicherungseinrichtungsgesellschaft deutscher Banken mbH in a maximum total amount of € 6.7 bn. The guarantee framework and the guarantees granted were remunerated in accordance with the contract and expired again by the end of 2013 without defaults or utilisations.
The guarantees granted served to secure the advance financing of the payments of the voluntary deposit guarantee to German savers in connection with the insolvency of Lehman Brothers Bankhaus AG. The proceeds from the insolvency estate enabled the liabilities and the guarantees granted to be repaid in full.

WestLB AG was an internationally active state bank headquartered in Düsseldorf. In the course of the 2008/2009 financial crisis, the bank received support measures from the FMS and was merged into Portigon AG and Erste Abwicklungsanstalt AöR at the end of 2009.

To bridge the period until the EAA was formed, Portigon AG received a temporary risk assumption from the FMS for a total of € 5.9 bn from 6 June 2009 to 30 November 2009.