Robert Habeck and Christian Lindner have initiated additional corporate support.
(Photo: via REUTERS)
Berlin The federal government has agreed on an aid package for companies suffering from the consequences of the Ukraine war and the detachment from Russia.
Parts of the package are extended guarantee programs, a subsidy program, liquidity support on the futures markets and the already announced loan program from the state development bank KfW. Equity instruments are still being examined, but initially they should only exist in individual cases. This emerges from a joint paper by the Federal Ministry of Finance and the Federal Ministry of Economics, which is available to the Handelsblatt.
Credit lines from the KfW, backed by a federal guarantee, are planned for the battered energy industry. A total credit volume of up to EUR 100 billion is planned for this measure. Energy companies that have to deposit very high additional securities, so-called margins, on the stock exchange should be able to use this.
For companies suffering from high energy prices, a “limited-time and narrowly defined cost subsidy” is planned in order to provide direct financial support for energy-intensive production in necessary areas.
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Economics Minister Robert Habeck (Greens) explained when presenting the package that only certain companies were eligible to apply. The basis would be the energy costs from 2021. If the costs are now more than twice as high, the companies are entitled to the subsidy. The height increases as the energy load increases.
Companies of all sizes should have access to low-interest, liability-free loans under the KfW loan program. The credit volume is estimated at seven billion euros.
No agreement at the WSF
In addition, individual extensions to the federal and state guarantee programs for companies demonstrably affected by the Ukraine war, which were already introduced during the corona pandemic, are to be continued. This affects the guarantee banks and the large guarantee program.
“We will cushion hardship and prevent structural breaks,” said Finance Minister Christian Lindner (FDP). He spoke of an “economic policy shock absorber” for companies. Habeck added that not every hardship, every euro more in energy costs, could be offset: “However, the burden must not be so high that the economy collapses.
The reallocation of the 150 billion euro Economic Stabilization Fund (WSF) was considered as an instrument for securing equity. While Economics Minister Habeck is committed to this, Finance Minister Lindner still has doubts about the plan, the Handelsblatt learned from government circles.
More: Habeck wants to rededicate 150 billion euros corona fund for the Ukraine war – Lindner walls