KfW Financing education, the foundation for future economic growth
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1 KfW Financing education, the foundation for future economic growth Investment Plan for Europe and Education: Joint Event European Commission and European Investment Bank Kerstin Kiehl First Vice President, Head of Product Management KfW Bank aus Verantwortung
2 65 years of KfW Financing with a public mission Promotional bank of the Federal Republic of Germany Established in 1948 as Kreditanstalt für Wiederaufbau Shareholders: 80% Federal Republic, 20% federal states Headquarters: Frankfurt am Main Branches: Berlin, Bonn and Cologne Representative offices: 80 offices and representations worldwide Balance sheet total 2014: EUR billion Financing volume 2014: EUR 74.1 billion 5,518 employees (2015) 1 Best long-term rating: AAA/Aaa/AAA 1) The average number of employees including temporary staff but without members of the Executive Board and trainees 2
3 KfW s business segments A bank with a wide array of functions Domestic promotion International business We promote Germany We support internationalisation We promote development SME s Municipal Level / Private Customers / Banks KfW IPEX-Bank KfW Development Bank, DEG Promotion of SMEs, business founders, start-ups Promotion of housing construction and refurbishment, improved accessibility and education Financing of municipal infrastructure and global loans International export and project finance Promotion of developing and transition countries Promotion of environmental and climate protection 3
4 KfW financing education A mission to promote education Law concerning KfW Implicit mission Explicit mission KfW s mission to promote education KfW has the function of promoting technical progress, innovation and competitiveness Article 2(1): KfW has the function of Financing measures with purely social goals and or the promotion of education. 4
5 High demand for investments in education (Germany) An investment in knowledge pays the best interest Benjamin Franklin Knowledge society Share of employees in tertiary sector (Germany) 1950: < 40% 2014: >70% Demographic change Number of school enrollments (Germany) 2005 to 2015: down by 14% Source: Federal Statistical Office, Federal Agency of Civic Education 5
6 Million people Million people The population of Germany is decreasing Labor force is expected to decrease by around 5 million by 2030 Inhabitants Total with age 15 to ,2 m (-3,9 %) m (-7,7 %)
7 Growth relevant policy areas in the context of demographic change in Germany Priority Indicators to reach 2% growth per person Parameters Status quo 2012 KfW-growth path 2030 necessary until 2030 Improvement achieved since 2000 Spread Priority Work volume Participation rate 69,5 % 73,5 % 0,3 % p.a. 0,3 % p.a. 0,0 Pp. Medium Unemployment rate 5,3 % 4,0 % 1,5 % p.a. 2,8 % p.a. -1,2 Pp. Low Annual working time h h 0,0 % p.a. -0,4 % p.a. 0,4 Pp. Medium Net immigration * ,9 % p.a. -0,9 % p.a. 2,9 Pp. High Capital stock Investment rate 17,4 % 23,0 % 1,6 % p.a. -1,1 % p.a. 2,6 Pp. High Total factor productivity TFP 0,8 Pp. 1,0 Pp. 1,2 % p.a. -2,2 % p.a. 3,5 Pp. High *Five year average Explanation of priority assessment High: Difference between necessary improvement until 2030 and achieved improvement since 2000 above 1 percentage points. Medium: Difference between necessary improvement until 2030 and achieved improvement since 2000 between -1 and 1 percentage points. Low: Difference between necessary improvement until 2030 and achieved improvement since 2000 lower than -1 percentage points. 7
8 Financing education activities of the KfW A variety of KfW programs foster investments in education Commitments in the education sector 2014 Private Customers KfW student loan 1,407 million EUR Meister-BAföG 291 million EUR Education loan 90 million EUR BAföG bank loan 29 million EUR Refinancing global loan: BAföG state loan (773 million EUR) Infrastructure Investments: Municipal investment loan (226 million EUR) 1 & Investment loan for energy-efficient building refurbishment (40 million EUR) 1 Investments in school buildings, date of analysis:
9 Focus: KfW student loan 86% of students receiving the KfW student loan state that they could not have financed their studies without Unique selling points Commitments Flexibility, students can vary disbursement and repayment rates reenter the disbursement period when continuing studies after working take a break from studying via holiday semesters (not financed) Wide access No securities, no assets required Independent of parental income All subjects are financed KfW-student loan is a successful program addressing challenges of the knowledge society and demographic change Source: Evaluation KfW student loan (2011) 9
10 Focus KfW student loan Key program conditions Eligibility criteria Up to 7 years disbursement period, max. EUR 650 per month (max. EUR ) German citizens younger than 45 years and studying at a state or state-recognized tertiary institution KfW student loan Grace period of usually 18 months (min. 6 months, max. 23 months)? EU citizens 1 Educational residents Repayment period of up to 25 years (min. repayment amount EUR 20 per months) 1 EU citizens who have been lawfully residing in Germany on a permanent basis for at least three years. 10
11 KfW student-loan under the Juncker Plan (EFSI) Current ideas & discussions EU citizens Extension of the KfW student loan to all EU citizens Currently EU citizens are eligible when they have been lawfully residing in Germany for at least three years Additional commitments of around 450 million EUR ( ) possible Foster the idea of European integration by supporting investment in human capital Current discussions with EIB / EIF on risk sharing facility under EFSI Guarantee to cover risks of the KfW student loan on a pro rata basis A current challenge faced by KfW & EIB is to bring into line the EIB design of the guarantee with the existing structure and processes of the KfW student loan Cooperation with EIB / EIF would extend long existing partnership 11
12 Picture Credits / References Credits for all pictures used in this presentation Cover slide: full-page image / KfW picture library / Stephan Sperl Slide 2: KfW headquarters Frankfurt, main building from outside / KfW picture library / Rüdiger Nehmzow Slide 5: Notebook and conference table / KfW picture library / Thomas Klewar Pedestrian zone with people passing by / KfW picture library / Thomas Klewar Slide 8: Students at a lecture / KfW picture library / photothek.net Slide 10: Students in lecture hall / KfW picture library / Thomas Klewar Employees in open space office / KfW picture library / - 12
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