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Germany Taps BHW Banker as Finance Agency Co-Head

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(Bloomberg) — Germany plans to appoint banker Eva Grunwald as joint managing director of the state Finance Agency, which manages the federal government’s debt, two people familiar with the matter said on Tuesday.

Grunwald, who is on the board of Deutsche Bank AG’s BHW Bausparkasse mortgage lending unit, takes over from Jutta Doenges, who left the organization in October and will become finance chief of gas utility Uniper from March.

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The country’s ruling coalition will discuss the appointment at a cabinet meeting on Wednesday, according to the people, who spoke on condition of anonymity ahead of an official announcement. A spokesperson for the Finance Agency declined to comment.

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Grunwald takes on the role, alongside co-head Tammo Diemer, as Germany prepares to issue record debt of about €539 billion ($584 billion) this year to help fund aid for households and companies hit by the energy crisis.

In addition to managing the government’s debt portfolio and maintaining its position as a benchmark euro-area bond issuer, the Finance Agency oversees the Economic Stabilization Fund set up in 2020 to support the economy during the Covid pandemic.

This was repurposed last year to provide €200 billion to help cushion the impact of high energy prices on households and companies.

Read more: Germany’s Debt Dilemma Tempts Finance Chief Into Bending Rules

Since 2018, the agency has also been managing the Financial Market Stabilization Fund, set up in 2008 to deal with the financial crisis and which holds the government’s 15.6% stake in lender Commerzbank AG.

—With assistance from Steven Arons.

(Corrects spelling of name in fourth paragraph)


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