SoFFin

The SoFFin (Sonderfonds Finanzmarktstabilisierung - Special Financial Market Stabilization Funds) is a program of the German government with the purpose to stabilize and restore confidence in the financial system. It was created during the 2008 financial crisis on October 17, 2008 by the German Parliament and enacted on October 20, 2008. As of December 31, 2010, it stopped offering new services but continued managing existing guarantees.

In November 2011, it was announced that it would be revived for potential new issues if necessary.

Initially it was established as an agency of the Deutsche Bundesbank and was supervised by the federal ministry of finance. The fund was managed by Dr. Hannes Rehm (speaker), Dr. Christopher Pleister and Gerhard Strattthaus.

Operations were conducted through three tasks:

Providing Liquidity by means of guarantees for specially issued debt by eligible financial institutions Investing in Equity (recapitalization) Purchasing securities in open market operations

The SoFFin may grant guarantees of up to 400bn euros and recapitalize or purchase assets for an additional 80bn euros.

In January 2011 the SoFFin was reorganized under the then created German Agency for the Stabilization of the Financial Markets. Since the end of 2015, it has no longer been possible to apply for aid measures from it. Instead, the FMS manages the holdings that have existed since then and is endeavoring to reduce them. In its stabilization function, the FMS was replaced by the new Single Resolution Fund of the European bank resolution mechanism. At the beginning of 2018, the Financial Market Stabilization Fund was integrated into the Federal Republic of Germany - Finance Agency GmbH.

SoFFin guaranteed issues

Issuer Issue date ISIN Amount Issued [€] Coupon Maturity HYPO REAL ESTATE11/13/2008DE000A0XXY0015,000,000,0000.72612/23/2009 COMMERZBANK AG1/15/2009DE000CB896A75,000,000,0002.751/13/2012 HSH NORDBANK AG1/20/2009DE000HSH25393,000,000,0002.751/20/2012 BAYERISCHE LNDBK1/23/2009DE000BLB5N075,000,000,0002.751/23/2012 IKB DEUT INDUSTR1/28/2009DE000A0SMN032,000,000,0002.8751/27/2012 SDB-SICHERUNGS2/5/2009DE000A0AD7F4447,000,0001.022/3/2012 SDB-SICHERUNGS2/5/2009DE000A0AD7G2223,000,0001.022/3/2012 DUESSELDORF HYP3/13/2009DE000DUS1S07125,000,0000.9783/12/2010 DUESSELDORF HYP3/13/2009DE000DUS2S06125,000,0001.0313/11/2011 IKB DEUT INDUSTR3/13/2009DE000A0SMN452,000,000,0002.6253/13/2012 AAREAL BANK AG3/26/2009DE000AAR00412,000,000,0002.6253/26/2012 IKB DEUT INDUSTR4/30/2009DE000A0SMN521,000,000,0002.254/29/2011 HSH NORDBANK AG5/11/2009DE000HSH27X23,000,000,00025/11/2011 HYPO REAL ESTATE5/14/2009DE000A0XFP115,000,0000.6835/15/2011 COREALCREDIT6/2/2009DE000A0BVBN31,000,0001.2256/1/2011 HYPO REAL ESTATE6/3/2009DE000A0XFP295,000,0001.1246/4/2012 HYPO REAL ESTATE6/12/2009DE000A0Z1J145,000,000,0003.7726/12/2014 COREALCREDIT7/13/2009DE000A0BVBQ61,000,0002.027/13/2011 HSH NORDBANK AG7/23/2009DE000HSH29Z33,000,000,0002.257/23/2012 IKB DEUT INDUSTR9/10/2009DE000A0SMN602,000,000,0002.1259/10/2012 COREALCREDIT10/16/2009DE000A0BVBW415,000,0000.82310/4/2011 COREALCREDIT11/2/2009DE000A0BVBX215,000,0000.87211/2/2011 DT PFANDBRIEFBAN11/11/2009DE000A1A6PM35,000,000,0000.7686/30/2010 DT PFANDBRIEFBAN11/11/2009DE000A1A6PL55,000,000,0000.7686/30/2010 DT PFANDBRIEFBAN11/11/2009DE000A1A6PN15,000,000,0000.7686/30/2010

SoFFin Equity recapitalizations

Institution contracted amount [€] Aareal Bank AG 380,000,000 Commerzbank AG 18,200,000,000 Hypo Real Estate Holding AG7,700,000,000 WestLB AG3,000,000,000

SoFFin

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