The Federal Agency for Financial Market Stabilisation (FMSA), which manages the Financial Market Stabilisation Fund (SoFFin) and is supervised by the Federal Ministry of Finance, plays a key role in supervising and regulating FMS Wertmanagement.

Structure and Control

The governance framework applicable to FMS Wertmanagement is derived from its Charter. The governing bodies of FMS Wertmanagement are the Supervisory Board and the Executive Board. The organisational structure of FMS Wertmanagement comprises four divisions.



In its capacity as the legal regulator overseeing FMS Wertmanagement, FMSA has comprehensive information, controlling, audit and instruction rights.  It determines the composition of FMS Wertmanagement's Supervisory Board, approves revisions of its wind-up plan and is integrated into decisions of strategic importance in respect of its business activities.  FMS Wertmanagement regularly reports to FMSA on its current activities and submits its annual financial statements and management report as well as the audit report to it.

Whilst FMSA serves as the legal regulator, the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht - BaFin) plays the role of the financial regulator.  Its tasks concern compliance with the requirements of the German Banking Act, German Securities Trading Act and German Money Laundering Act that are set out in the Charter of FMS Wertmanagement and are binding on the latter.

In accordance with Section 10a of the Financial Market Stabilisation Act, the Parliament of the Federal Republic of Germany elects a nine-member supervisory body comprising Budget Committee members for the duration of one legislative period. Among other things, this supervisory body is authorised to summon representatives of the corporate bodies of an enterprise that is the beneficiary of a SoFFin measure. The members of this supervisory body are required to sign non-disclosure agreements prohibiting them from revealing any matters of which they become aware in the course of their work.

Supervisory Board

The Supervisory Board fulfils its task as the corporate body of FMS Wertmanagement charged with supervising the organisation in accordance with applicable laws and FMS Wertmanagement's Charter. Aside from carrying out the resultant rights and duties, the Supervisory Board also advises the company's Executive Board on matters of particular strategic importance. FMSA employees not entitled to vote generally also participate in the meetings of the Supervisory Board in their capacity as the representatives of the legal regulator and as the statutory agents of the owner (Financial Market Stabilisation Fund). This facilitates the smooth flow of information between the owner, the legal regulator and FMS Wertmanagement. The Supervisory Board has six members who are appointed by FMSA. It is tasked with advising the Executive Board of FMS Wertmanagement and monitoring its management activities. It is also responsible for

  • decisions pertaining to the wind-up plan and deviations therefrom,
  • the resolution on the annual wind-up report,
  • appointing and dismissing the members of the Executive Board,
  • issuing the Rules of Procedure for the Executive Board,
  • appointing the auditor of the financial statements and
  • approving the annual financial statements.

Furthermore in matters of particular significance under the Executive Board’s purview, the Supervisory Board may reserve decision-making authority for itself on a case-by-case basis or in general. This shall not affect the authority of the Executive Board to represent FMS Wertmanagement externally to legal effect.


Members of the Supervisory Board

  • Jan Bettink (Chairman)
  • Dr. Jutta Dönges (Deputy Chairwoman)
    Co-Chief Executive Officer at Federal Republic of Germany - Finance Agency
  • Rita Geyermann (Deputy Chairwoman)
    First Vice President, Head of Asset Management KfW Group
  • Dr. Axel Berger
  • Dr. Tammo Diemer
    Managing Director at Federal Republic of Germany - Finance Agency
  • Birgit Dietl-Benzin
    Member of the Executive Board and Chief Risk Officer at UBS Europe SE
  • Michaela Maria Eder von Grafenstein
    Member of the Executive Committee and Head of Business Unit Real Assets of Aquila Group
  • Ingo Mandt
    Diplom-Betriebswirt (FH)