NRW.Bank



NRW.Bank (incorporated as NRW.BANK) is a German state development bank of North Rhine-Westphalia (NRW) based in Düsseldorf and Münster. Its status is that of a public agency. It is owned by the North Rhine-Westphalia state and supports its structural policy.

History
NRW.Bank was separated from WestLB in 2002.

In 2015, NRW.Bank was included in a European Central Bank list of European institutions and national agencies whose bonds would be eligible for the ECB to buy alongside sovereign debt.

In 2015, the bank was assigned to act as a community development financial institution.

Activities
The bank hands out development loans and manages refinancing. Attracting strong criticism, the bank used Credit Default Swaps (CDS). The refinancing by CDS, though thought to be safe by the bank, was illegal.

Controversy
In April 2015, NRW.Bank filed a lawsuit against Austrian "bad bank" Heta Asset Resolution AG for failing to pay €275.5 million in bonds following the suspension of its debt, imposed by Austrian financial regulators. The North Rhine-Westphalia state government subsequently asked German finance minister Wolfgang Schäuble to intervene and "to do what is politically and legally possible so that contracts or commitments are met."